When conversations about energy transition turn to numbers, they often stop at megawatts installed or dollars deployed. All On’s newly released Impact Evaluation Report, covering 2018–2024, pushes the narrative further, showing how capital becomes capability, and how energy access reshapes lives, businesses, and entire communities across Nigeria.
Since entering Nigeria’s off-grid energy sector in 2016, All On has deployed over $25 million in direct investments and more than $3.5 million in grants, supporting over 50 renewable energy businesses and enabling more than 230,000 energy connections. Behind these figures lies a deeper story of market creation in a country where roughly 90 million people once lacked electricity and where diesel generators—over 22 million of them—filled the gap at immense economic and environmental cost.
The report, independently evaluated by Dalberg Advisors, shows that All On’s approach has delivered results precisely because it went beyond writing cheques. Through a combination of impact investing, enabling finance, venture building, and ecosystem support, All On helped early-stage and growth-stage developers survive, mature, and scale in one of Africa’s most complex energy markets. Installed clean energy capacity linked to All On-supported businesses reached 25MW by 2024, representing a ten-fold increase compared to pre-investment levels for many developers.
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For end users, the change has been immediate and tangible. Eighty percent of households surveyed confirmed that clean energy solutions now meet their basic needs, from lighting to powering appliances. Households spend on average about ₦10,000 monthly on energy compared to roughly ₦44,750 for generator-dependent households, meaning energy costs have dropped to about a quarter of what they once were. Cleaner air, quieter nights, and improved safety followed, with 50 percent of households reporting better indoor air quality, reduced noise pollution, and enhanced security from reliable lighting.
Small businesses tell an equally compelling story. More than 85 percent reported revenue growth after gaining access to reliable off-grid power, driven by longer operating hours, reduced downtime, and better service delivery. Cold rooms powered by solar mini-grids now allow fishermen and farmers to preserve produce, delay sales until prices improve, and reduce post-harvest losses. Viewing centres, tailors, welders, and shop owners operate without the daily burden of fuel costs and generator breakdowns.
Central to these outcomes is All On’s willingness to take risks others avoided. As several investees noted, All On was often the only institution willing to invest at ideation or early-commercial stages, particularly for locally manufactured energy solutions considered “too risky” by conventional financiers. Its financing terms—typically 3–5 percent cheaper than commercial bank rates and structured with flexible repayment and convertible options—allowed businesses to grow rather than collapse under debt pressure.
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One of the report’s standout interventions is the Demand Aggregation for Renewable Technology (DART) programme. Through an $8.8 million contribution to a $20 million facility, All On helped developers reduce procurement costs by 25–50 percent between 2022 and 2024 by bundling equipment purchases. For developers, this meant cheaper systems; for communities, it translated into more affordable and scalable energy access.
The human story behind these interventions is echoed in the words of Dr. Osagie Okunbor, All On’s founding chairman, whose reflections feature prominently in the organisation’s sixth podcast episode and the report itself. He describes All On as a platform built on the belief that energy access is a right, not a privilege. Behind every statistic, he notes, are communities now able to power schools, clinics, businesses, and homes with dignity.
What makes the Impact Report particularly relevant for policymakers, investors, and development partners is its broader implication: Nigeria’s off-grid energy market is maturing. Since 2018, sector investment has nearly tripled, and the number of active players has more than doubled. All On’s role as a catalyst—de-risking early stages, building pipelines, and strengthening institutions—has helped unlock confidence across the ecosystem.
As Nigeria looks toward 2030 and universal energy access, the report positions All On not just as an investor, but as an architect of systems that work. The lesson is clear: when capital is paired with patience, local knowledge, and ecosystem support, energy investment becomes a tool for development, resilience, and long-term growth.
