General
CrossBoundary to Invest $16m in Mini-Grids in Nigeria
By Dipo Olowookere
Africa’s first project financing facility for mini-grids, CrossBoundary Energy Access (CBEA), has announced its launch, with funding commitments from The Rockefeller Foundation and Ceniarth.
The company is planning to initially invest $16 million into mini-grids serving 170,000 people, providing first-time power to homes and businesses. The focus is on markets with supportive mini-grid regulatory frameworks, such as Tanzania, Nigeria, and Zambia.
CrossBoundary Energy Access has an innovative blended finance structure that demonstrates a pathway to unlocking more than $11 billion for mini-grids needed from investors to connect at least 100 million people.
Over 600 million people in Sub-Saharan Africa still lack access to electricity. CrossBoundary conservatively estimates that at least 100 million of these people can be most cost effectively served by mini-grids today, and that using private sector development and investment could accelerate the buildout of those grids.
However, so far, private sector mini-grids have not attracted the needed funding. Like all energy infrastructure projects, mini-grids require a significant upfront investment while delivering predictable returns over a 10–15 year period. To scale, the capital provided must be long-term, affordable and accept lower yield returns. Operating in an emerging asset class with smaller balance sheets, mini-grid companies have so far struggled to raise that kind of financing.
CrossBoundary Energy Access bridges the gap to commercial scale, allowing private capital to invest today by blending it with patient equity from impact-first investors such as Ceniarth and development-focused debt from institutions such as The Rockefeller Foundation. The facility also allows private investors to invest in the projects themselves, similar to how most of the world’s 1,000 gigawatts of wind and solar projects have been financed.
Private sector capital and private sector mini-grids have an essential role to play in achieving Sustainable Development Goal 7 (SDG7): Ensure access to affordable, reliable, sustainable and modern energy for all. CrossBoundary Energy Access is seeking additional equity investment to expand this blended finance vehicle that provides both social and financial returns.
Shell Foundation and UK aid, through the Transforming Energy Access programme, provided support to design and launch CrossBoundary Energy Access.
CrossBoundary was advised by Norton Rose Fulbright, and Rockefeller Foundation was advised by Simpson Thacher & Bartlett.
Gabriel Davies, Head of Energy Access at CrossBoundary, says, “Mini-grids are critical to achieving universal electrification in Africa at the least cost. We believe long-term project finance structures will allow mini-grids to scale. We’re building investment portfolios that will attract the long-term, infrastructure-type capital the sector needs from institutional investors.”
Ashvin Dayal, Managing Director, Power, The Rockefeller Foundation, says, “We’re proud and excited to be an early investor in the CBEA facility because it represents an ambitious, concrete effort to realize the comparative advantage mini grids have to serve over 100 million people in Africa. The opportunity cost of energy poverty is huge, both in terms of suppressed human wellbeing and lost economic development. We believe that CBEA brings a much-needed sense of urgency, and provides a platform for more effective public and private sector coordination that can transform the pace of last-mile electrification.”
Diane Isenberg, Director, Ceniarth, says, “We believe CrossBoundary Energy Access has developed a thoughtful, blended approach to the challenge of unlocking capital for the mini-grid sector. We hope that as more data emerges to support the economics of the model, additional capital will flow into the sector at terms that allow us to gain increased leverage on our subordinate investment.”
Sam Parker, Director, Shell Foundation, says, “Shell Foundation has been a strong supporter of mini-grids for almost a decade. We believe the sector is now ready for the larger scale infrastructure finance that will enable it to scale. We are supporting CrossBoundary Energy Access because we believe that its aggregation approach will catalyze the hundreds of millions of dollars of private capital that is needed, alongside public finance, to grow the sector.”
Matt Tilleard, Co-managing Partner, CrossBoundary, says, “This first close for CrossBoundary Energy Access is a first step towards unlocking the private and public capital needed to scale the mini-grid sector. At CrossBoundary we believe that distributed renewables will be crucial to powering African homes, businesses, and industries. Our role is to mobilize the financing to make it happen.” Sebastian Deschler, General Counsel, CrossBoundary, says, “This facility is a template that can benefit the whole sector. CrossBoundary Energy Access will not invest in individual developers. Instead, it will acquire portfolios of mini-grid assets using low-cost, long-term project finance structures. This provides the sector with a repeatable model for accessing the project finance market that is needed for mini-grids to scale.”
By Adedapo Adesanya
Preparing a pot of Nigeria’s most valued delicacy, jollof rice, costs as much as N29,578 in June 2026 compared to N25,798 in July 2025, an increase of 14.6 per cent, according to a new survey by SBM Intelligence.
The data and research firm, in its Jollof Index Q2 2026 report, titled Rebasing, Redefining, and the Weather’s Toll on the Pot, stated that it rebased the index in the July edition to a higher standard as of July 2025 and introduced re-standardised ingredient measures.
According to the report, the index now more accurately captures how households navigate the current affordability crisis.
The study collected monthly price data on 12 key ingredients: rice, vegetable oil, turkey or chicken, beef, tomatoes, pepper, onions, tinned tomatoes, salt, curry, thyme, and seasoning cubes from 13 markets across Nigeria’s six geopolitical zones.
The markets include Nyanya and Wuse II (North Central), Bauchi (North East), Kano (North West), Awka and Onitsha (South East), Port Harcourt, Calabar Municipal, and Bayside Mbakpa (South South), and Bodija, Dugbe, Trade Fair, and Balogun (South West).
The report stated that the upward trajectory in the cost of jollof rice since July 2025 was non-linear, with prices dipping in September and October 2025 before accelerating from November through the first half of 2026.
It revealed that the index has risen from N4,087 in July 2016 to N29,578 in June 2026, a staggering 624 per cent increase over 10 years.
“The data confirms that food inflation is not a cyclical phenomenon but a structural crisis, embedded in Nigeria’s failure to secure supply chains, stabilise its currency, invest in agricultural resilience, and now adapt to a changing climate,” the SBM survey stated.
Throughout the second quarter of 2026, Nigeria’s agricultural supply chain has been gripped by a compounding crisis driven by extreme weather patterns and structural logistical failures, the report stated.
From April through June, reports from urban markets across the country- Port Harcourt, Calabar, Onitsha, Lagos, Ibadan, Bauchi, Kano, and Abuja- revealed a consistent pattern of food scarcity and sharp price volatility.
Meanwhile, the National Bureau of Statistics (NBS) said Nigeria’s food inflation stood at 17.52 per cent on a year-on-year basis in June.
“The crisis has been most acute for perishable crops, particularly tomatoes and peppers, but its reach has extended to staples such as yams, plantains, garri, and even grains.
“Across every region, the story is the same: heavy rains have flooded roads, damaged farmland, delayed harvests, and driven up transport costs. Consumers are adapting, but their options are narrowing,” the report stated.
According to the report, consumers across the country are responding in similar ways: buying in smaller quantities, substituting fresh produce with dried or processed alternatives, and reducing portions.
“But these are coping strategies, not solutions,” the report added.
Geographically, the gap between Nigeria’s cheapest and most expensive markets has widened to N14,700.
According to the SBM report, Calabar Municipal is the most expensive market to cook a pot of jollof rice at N34,750, while Awka is the cheapest at N22,050.
“The most expensive markets are either in the South-South (where protein costs and import restrictions have surged) or in Lagos (the import gateway).
“The cheapest markets are in the South-east, which has benefited from local farming and shorter supply chains,” the report stated.
In North-central, ingredient prices at Abuja’s two markets, Nyanya and Wuse II, rose significantly.
Over the year to June 2026, Nyanya rose from N24,300 to N25,450, a modest 4.7 per cent increase, while Wuse II climbed from N28,150 to N29,200, a 3.7 per cent increase.
The report stated that Abuja’s food economy is fundamentally distorted by its dependence on distant supply corridors.
“Every grain of rice, every tomato, every onion must travel from Benue, Kaduna, Nasarawa, Niger, or beyond.
“When diesel prices surge, when insecurity blocks roads, when checkpoints multiply, or when heavy rains flood roads, Abuja’s markets feel it first and most acutely,” the report stated.
In the North-east, Bauchi recorded the most dramatic price movement of any market. The index fell from N38,850 in July 2025 to N32,350 by June 2026, a 16.7 per cent decline.
This correction followed a period of hyperinflation in mid-2025, during which Bauchi’s index peaked above N41,000.
“The decline reflects a combination of factors: a localised influx of early harvest yields, a collapse in demand as prices became unsustainable, and some improvement in supply routes,” the report stated.
In the North-west region, Kano’s Jollof Index rose from N24,520 in July 2025 to N25,820 in June 2026, a 5.3 per cent increase.
The modest rise showed a deeper reality because Kano’s index has been structurally expensive for years, driven by high protein costs and logistical challenges in moving goods into the region.
“Customers will have less money to spend on beauty products when they are struggling to buy food,” a cosmetics seller in Kano captured the sentiment.
Additionally, the South-east remains Nigeria’s cheapest region for jollof, but the gap with the rest of the country is narrowing.
At Awka, the index price of jollof rice rose from N21,700 in July 2025 to N22,050 in June 2026, a 1.6 per cent increase, while the index price at Onitsha market climbed from N22,200 to N22,550, a similar increase.
“These are the only markets below N23,000. The region’s relative affordability reflects its strong local farming culture and shorter supply chains,” the report stated.
It further clarified that the trend is upward because of the South-east’s reliance on food imports from North-central states for staples such as yams and vegetables.
The report stated that this reliance exposed the region to the same transport cost increases that impact Abuja and Kano.
The South-south region recorded the steepest increases of any zone, driven by a combination of structural shifts, policy changes, weather disruptions, and logistics costs.
Port Harcourt rose from N26,400 in July 2025 to N31,200 in June 2026, an 18.2 per cent increase.
Calabar Municipal jumped from N25,500 to N34,750, a 36.3 per cent surge, while Bayside Mbakpa climbed from N25,500 to N34,650, a 35.9 per cent increase.
The South-west region, and Lagos in particular, recorded dramatic price increases.
According to the report, the index price at Trade Fair and Balogun markets rose from N23,200 in July 2025 to N34,700 in June 2026, a 49.6 per cent increase, the sharpest of any market.
“The surge reflects Lagos’s position as Nigeria’s import gateway,” the SBM report stated.
According to the survey, when global oil prices spike, when the naira weakens, when shipping costs rise, or when heavy rains disrupt supply routes, Lagos feels it first.
The Iran war fuel shock in March 2026 pushed both markets from N20,400 in February to N25,200 in March, a 23.5 per cent monthly increase, the report stated.
The upward momentum continued through April, May, and June.
At Ibadan’s markets, Bodija and Dugbe, prices rose more moderately but still significantly.
Both increased from N25,930 in July 2025 to N28,550 in June 2026, a 10.1 per cent rise.
“The gap between Lagos and Ibadan has widened, reversing a trend of convergence seen in previous years.
“In Oyo State, researchers reported that fresh pepper, tomatoes, yam, and plantain are in extreme short supply,” the report stated.
By Adedapo Adesanya
The House of Representatives has called for a comprehensive investigation into the losses, casualties and properties abandoned by Nigerians following recent xenophobic attacks in South Africa.
This development comes after the final batch of Nigerians was evacuated from South Africa following mass protests calling for the exit of other Africans from their country, leaving many to abandon their livelihoods and businesses.
The lawmakers urged the federal government to intensify diplomatic engagements, pursue legal measures and strengthen bilateral cooperation with South Africa to ensure the safety and protection of Nigerians living in the country.
The resolution followed the adoption of a motion sponsored by the member representing Ikorodu Federal Constituency of Lagos State, Mr Babajimi Benson, during Tuesday’s plenary session presided over by Speaker Abbas Tajudeen.
The motion seeks to mandate the House Committees on Diaspora and Foreign Affairs to document the human and economic losses suffered by Nigerians during the attacks, compile an inventory of abandoned properties and recommend diplomatic and legal measures to improve the protection of Nigerians residing in South Africa.
Lawmakers argued that a thorough assessment of the impact of the attacks is necessary to support affected Nigerians and strengthen the country’s response to future incidents.
Also at plenary, the House considered a motion calling for a comprehensive audit of all seized, forfeited and recovered assets since May 29, 1999.
The motion, sponsored by Ibe Osonwa, who represents Arochukwu/Ohafia Federal Constituency of Abia State, advocates the creation of a national digital registry of recovered assets and the establishment of an ad hoc committee to enhance transparency, accountability and legislative oversight in asset management.
By Aduragbemi Omiyale
The federal government has promised to collaborate with stakeholders in the real estate sector to drive affordable and inclusive housing, aligning with broader initiatives aimed at improving access to decent homes for low-income and informal-sector workers.
The Minister of Housing and Urban Development, Mr Muttaka Rabe Darma, made this pledge at the 2026 Abuja International Housing Show (AIHS), where industry heavyweights like Dangote Cement, HBM Nigeria and others showcased their products.
Mr Darma noted that the government was ready to partner with organisations to address Nigeria’s housing challenges, remarking that the exhibition’s theme, Housing Solutions for Low-Income and Informal Workers in Africa, aligned with government efforts to expand access to affordable and inclusive housing.
He lauded Dangote Cement and others for their significant contribution to affordable housing and infrastructure development in Nigeria, describing them as key partners in efforts to bridge the nation’s housing deficit and improve access to quality building materials.
The Minister also commended Mr Aliko Dangote for his commitment to Africa’s industrialisation and economic transformation, noting that his investments continue to drive sustainable growth across the continent.
In the same vein, the chief executive of AIHS, Mr Festus Adebayo, described Dangote Cement as a dependable partner whose consistent support has contributed to the growth and success of the annual housing exhibition.
Dangote Cement’s Regional Sales Director for North Central, Mr Bankole George, who represented the National Sales Director, Dolapo Alli, said housing remains critical to dignity, social stability, economic productivity and inclusive development.
He identified major barriers to affordable housing as high land costs, expensive building materials, limited access to mortgage financing, weak rental systems and planning regulations.
He advocated innovative housing finance models tailored to low-income earners and informal workers, including micro-mortgages, rent-to-own schemes, cooperative savings programmes, employer-assisted housing and incremental housing loans.
The exhibition attracted thousands of policymakers, investors, housing professionals, exhibitors and delegates from several countries, reinforcing its status as one of Africa’s leading platforms for housing and urban development dialogue.
