All On, a leading impact investment company focused on expanding clean energy access in Nigeria, has released its Impact Evaluation Report 2025, revealing that its strategic investments and interventions have improved the lives of more than one million Nigerians through increased access to reliable, affordable, and sustainable energy solutions.
During the report evaluation period between 2018 and 2024, All On invested in over 50 clean energy businesses and provided grants and technical assistance to more than 80 enterprises. These interventions enabled the connection of over 230,000 households, businesses, and public facilities to reliable energy solutions, while strengthening the operational capacity of energy providers and improving affordability and service reliability for end users.
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The report highlights significant social and environmental outcomes arising from cleaner energy adoption. Half of supported households reported improved air quality, enhanced safety, and reduced noise pollution, contributing to better health outcomes and improved quality of life, alongside measurable environmental benefits.
Prior to the commencement of All On’s operations in 2016, nearly half of Nigeria’s population lacked access to electricity, and the sector faced an estimated 92 percent annual funding gap. In response, All On adopted a bold, risk-tolerant strategy—deploying catalytic capital, innovative financing instruments, and ecosystem-building initiatives to unlock private sector participation and drive progress toward universal energy access.
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Central to these achievements is All On’s holistic support model, which combines rigorous, tailored due diligence, deep sector expertise, and active ecosystem engagement. This approach has positioned All On as a trusted partner capable of delivering both commercial viability and systemic impact. Flagship initiatives such as the Demand Aggregation for Renewable Technology (DART) programme have further amplified results by reducing procurement costs for supported businesses by up to 50 per cent, enabling developers to scale faster and pass cost savings on to consumers.
Commenting on the report findings, Caroline Eboumbou, Chief Executive Officer of All On, noted:
“This report confirms that our approach is delivering real results. By combining patient capital, technical assistance, and ecosystem support, we are enabling scalable and sustainable energy solutions for Nigeria’s unserved and underserved communities,” she said. “While the progress to date is encouraging, our work is far from done. As we look toward 2030, we remain committed to deepening our impact and creating even more meaningful connections across Nigeria.”
Beyond individual investments, All On’s work has contributed to broader market transformation. Since 2018, the number of active energy players in Nigeria has doubled, while total sector investment has nearly tripled, growing from $90 million to over $250 million. Investee companies report that All On’s support has enhanced their visibility and credibility, unlocking additional financing and partnerships.
Looking ahead, All On plans to scale proven models, strengthen local capacity, and expand its reach—particularly in underserved regions such as the Niger Delta. With a strong track record and a clear roadmap, the organisation is well positioned to drive the next phase of Nigeria’s clean energy transition.
The full Impact Evaluation Report 2025 is available for download here.
About All On:
All On Partnerships for Energy Access (All On), an independent impact investing company, was seeded by Shell to catalyze the growth of Nigeria’s off-grid energy market to provide affordable, reliable, and sustainable energy for low-income households and small businesses.
All On provides debt and equity funding, as well as non-financial support, to Nigerian energy companies that align with its mission of closing Nigeria’s access-to-energy gap through renewable energy solutions. Visit here to learn more. For media enquiries, contact [email protected]
