An impact evaluation report released by has revealed that investment in Nigeria’s renewable energy sector has grown significantly, rising from $90 million to $250 million between 2018 and 2025.
The report also showed that sustained investment across the renewable energy ecosystem has helped transform the lives of over one million Nigerians through improved access to clean and reliable energy solutions.
The disclosures were made during the presentation of All On’s Impact Evaluation Report 2025 at a special session held on Tuesday in Lagos, where stakeholders reviewed the company’s contributions to Nigeria’s evolving energy landscape.
Speaking at the event, All On Chief Executive Officer, Caroline Eboumbou, said the findings of the report confirmed that the organisation’s strategy is delivering results in communities that remain unserved and underserved.
“This report confirms that our approach is working. By combining patient capital, technical assistance, and ecosystem support, we have unlocked scalable and sustainable energy solutions for Nigeria’s unserved and underserved communities,” Eboumbou said.
She explained that when All On entered Nigeria’s energy market in 2016, nearly half of the country’s population lacked access to electricity, while the sector was facing an estimated 92 percent annual funding gap that limited growth and innovation.
According to her, All On responded by adopting a risk-tolerant approach built around catalytic investments, innovative financing mechanisms, and ecosystem-building strategies designed to accelerate progress toward universal energy access.
The report noted that between 2018 and 2024, All On invested in more than 50 businesses operating within the energy space and supported over 80 enterprises through grants and technical assistance.
These efforts enabled the connection of more than 230,000 households, businesses, and public facilities to energy solutions, improving daily activities, productivity, and service delivery across multiple sectors.
All On further disclosed that since 2018, the number of players operating in Nigeria’s energy sector has doubled, while overall sector investment has nearly tripled, increasing from $90 million to over $250 million within the period under review.
The Impact Evaluation Report 2025 highlighted that All On’s sustained interventions have reshaped Nigeria’s energy ecosystem, contributing to measurable improvements in affordability, reliability, and access for end users nationwide.
It also restated that at the time of All On’s market entry in 2016, almost half of Nigeria’s population lacked electricity access, underscoring the scale of the challenge the organisation set out to address.
Against this backdrop, the company implemented a strategy combining catalytic investments, innovative financing options, and ecosystem-building initiatives to drive faster progress toward closing the energy access gap.
Between 2018 and 2024, investments and enterprise support provided by All On strengthened the operational capacity of energy providers while reducing costs and improving service delivery for consumers.
The report added that cleaner energy solutions delivered notable social and environmental benefits, with about half of beneficiary households reporting improved air quality, better safety conditions, and reduced noise pollution.
These improvements were linked to better health outcomes for families and increased environmental sustainability within beneficiary communities.
It further highlighted the effectiveness of All On’s holistic support model, which integrates tailored due diligence, deep sector expertise, and long-term ecosystem engagement to drive both commercial success and social impact.
Innovative tools such as the Demand Aggregation for Renewable Technology, DART, programme were cited for helping developers cut procurement costs by up to 50 percent, allowing them to scale operations more efficiently and pass savings on to consumers.
Beyond individual projects, the report revealed that All On’s interventions have contributed to broader market transformation, reflected in increased investor confidence and a more diversified funding environment.
Several investee companies reported that All On’s backing improved their visibility and credibility, helping them unlock additional financing from local and international sources.
Commenting further on the findings, Eboumbou said that while the progress recorded is encouraging, significant work remains.
“As we look toward 2030, we remain committed to deepening our impact by creating even more meaningful connections in unserved and underserved communities across Nigeria,” she said.
Looking ahead, All On reaffirmed its commitment to scaling proven models, strengthening local capacity, and expanding access to underserved regions, with particular focus on the Niger Delta.
The organisation stated that it remains well positioned to drive the next phase of Nigeria’s clean energy transition, leveraging its track record and a clearly defined roadmap.
All On Partnerships for Energy Access, an independent impact investing company seeded by Shell, provides debt, equity, and non-financial support to Nigerian energy companies aligned with its mission of closing Nigeria’s access-to-energy gap through renewable solutions.
