The Nigeria Sovereign Investment Authority (NSIA) has joined forces with Sustainable Energy for All (SEforALL), the International Solar Alliance (ISA), and Africa50 to establish a $500 million Distributed Renewable Energy (DRE) Nigeria Fund.
This initiative aims to enhance energy access and stability in Nigeria by addressing key challenges such as currency instability, tariff structures, and limited local funding. The fund was introduced at the SEforALL Global Forum in Barbados, where stakeholders emphasized its potential to attract private sector investment and drive industrial growth.
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Enhancing energy access
The DRE Nigeria Fund is designed to support the development of mini-grids, solar home systems, commercial and industrial power solutions, and energy storage technologies. According to Damilola Ogunbiyi, CEO of SEforALL, the fund represents a critical step toward achieving universal energy access in Africa. Aminu Umar-Sadiq, Managing Director and CEO of NSIA, highlighted that the fund, which will be co-managed by NSIA and Africa50, could serve as a model for other African countries seeking to strengthen their renewable energy sectors.
Ashish Khanna, Director-General-Elect of ISA, stated that the fund would benefit from catalytic capital provided through the Africa Solar Facility, with initial projects targeting Nigerian households and businesses before expanding to other parts of Africa. Alain Ebobisse, CEO of Africa50, described the partnership as a breakthrough that will unlock financing instruments to scale renewable energy investments and create opportunities for public-private partnerships. The collaboration is expected to mobilize institutional capital and accelerate Africa’s transition to renewable energy.
