LOTUS Bank, REA Partner to Deepen Renewable Energy Access in Nigeria

Kayode Tokede

LOTUS Bank Limited, one of Nigeria’s leading ethical, non-interest banking service providers, has reaffirmed its commitment to inclusive, sustainable development of the country through a strategic partnership with the Rural Electrification Agency (REA), aimed at expanding access to renewable energy solutions across underserved communities.

In a demonstration of its commitment, LOTUS Bank signed a Memorandum of Understanding (MoU) with the REA in Abuja, under which it will provide accessible funding of up to N100 billion to empower certified Renewable Energy Service Companies (RESCOS)

Speaking during the signing of the deal, Managing Director/CEO of LOTUS Bank, Dr. Isiaka Ajani-Lawal, described the collaboration as a clear reflection of the bank’s mission to harness ethical finance to address critical, important and national development needs.

“LOTUS Bank was established to redefine the impact that financial institutions can have on the society we serve – not simply through financing, but through partnership, empowerment, and shared prosperity.

“Our involvement with REA and the DARES program underscores our commitment to supporting sustainable development goals, while driving financial inclusion across Nigeria. We believe non-interest finance must go beyond innovation — it must deliver tangible socio-economic value to all segments of society,” Ajani-Lawal assured.

Speaking, the Managing Director/CEO of the REA, Abba Abubakar Aliyu, emphasised the importance of addressing financing barriers for off-grid energy developers.

He said: “While Nigeria has made strides in expanding energy access, financing remains a key constraint for RESCOs. Collaborations like this are essential in unlocking private sector investment and delivering sustainable energy solutions at scale.”

The partnership is expected to accelerate clean energy project delivery, reduce financing bottlenecks, and stimulate private sector participation — a development that supports Nigeria’s National Electrification Strategy and Implementation Plan (NESIP) and contributes to Sustainable Development Goal 7 (SDG7) for affordable, reliable, and clean energy for all.