Nigeria has formally launched a $300 million renewable energy fund aimed at expanding access to off-grid electricity and accelerating clean energy investment across Africa, the country’s sovereign wealth fund said on Monday.
The Nigeria Sovereign Investment Authority said the Distributed Renewable Energy Fund had moved from its development and structuring phase into commercial deployment.
The fund is designed to combine public and private financing for renewable energy projects, with a focus on distributed and off-grid power systems in areas underserved by traditional electricity grids.
Officials said the initiative aims to help connect about 300 million people across Africa to electricity by 2030, supporting investment in solar and other decentralised energy technologies.
The World Bank Group is a founding partner in the initiative and has provided an initial $25 million commitment through the International Development Association, according to the NSIA.
Nigeria, Africa’s most populous country, continues to face significant electricity shortages, with millions of households and businesses relying on generators and other alternative sources because of unreliable grid supply.
The new fund is expected to support projects capable of expanding energy access while attracting additional private-sector investment into Nigeria’s growing renewable power market.
