$300m Fund Launched To Close Nigeria’s Energy Access Gap

The Nigeria Sovereign Investment Authority (NSIA), Africa50 and Sustainable Energy for All (SEforALL) have launched a $300 million Nigeria Distributed Renewable Energy (DRE) Fund aimed at expanding electricity access for underserved populations and businesses across Nigeria.

The launch was highlighted as a key outcome of the inaugural ASIS Global Action Forum held in New York on the sidelines of the 81st United Nations General Assembly (UNGA81).

The Forum was convened by Sterling One Foundation in partnership with NSIA, the United Nations Population Fund (UNFPA), RALLY and other partners, building on the outcomes of the fifth Africa Social Impact Summit (ASIS) held in Lagos in July.

Co-managed by NSIA and Africa50, with SEforALL providing energy-access leadership, the DRE Fund is designed to mobilise investment for distributed renewable energy solutions including mini-grids and standalone solar systems.

The solutions will target communities and businesses currently without reliable power, helping to close energy access gaps, strengthen economic opportunities and support Nigeria’s broader development ambitions.

Speaking on the significance of the initiative, the managing director and chief executive officer of Renewables Investment Platform for Limitless Energy (RIPLE), Yusuf Umar launched by NSIA, said financing remains critical to solving energy poverty.

“Closing Nigeria’s energy access gap requires more than recognising the scale of the challenge; it requires financing structures that can bring viable solutions to the communities and businesses that need them most. The $300 million Nigeria Distributed Renewable Energy Fund represents an important step towards mobilising capital for distributed energy solutions at scale,” he said.

“Through collaboration, disciplined investment and effective implementation, we can help expand electricity access, support businesses and create opportunities for more Nigerians to participate in economic growth,” Umar added.

The chief executive officer of Sterling One Foundation, Mrs. Olapeju Ibekwe said the Fund exemplifies the kind of action Africa needs.

“At the Africa Social Impact Summit, we believe that the true value of development conversations lies in what they make possible beyond the room. Reliable energy can unlock opportunities for businesses, improve essential services and strengthen livelihoods,” she said.

Stakeholders noted that as Nigeria works to address its energy access challenges, the Fund’s long-term success will depend on its ability to expand electricity access, support economic activity and improve outcomes for communities it serves, requiring sustained collaboration among public institutions, investors, development organisations and private-sector partners.