Nigeria Launches $300m Distributed Renewable Energy Fund

The Nigeria Sovereign Investment Authority (NSIA), Africa50 and Sustainable Energy for All (SEforALL) have commercially launched a $300 million Nigeria Distributed Renewable Energy (DRE) Fund to scale power access for underserved communities and businesses.

The launch was announced at the inaugural Africa Social Impact Summit (ASIS) Global Action Forum held on the sidelines of the 81st United Nations General Assembly (UNGA81) in New York.

The Forum was convened by Sterling One Foundation in partnership with the United Nations Population Fund (UNFPA) and RALLY, as strategic co-hosts.

According to organisers, the Fund will deploy capital into distributed renewable energy solutions, including mini-grids and standalone solar systems, across Nigeria.

It will be co-managed by NSIA and Africa50, with SEforALL providing energy-access leadership.

Organisers said the launch represents a significant example of moving from commitments to implementation, demonstrating how public, development and private capital can be aligned to address critical development needs.

Speaking at the Forum, the CEO of Sterling One Foundation, Olapeju Ibekwe, said the Global Action Forum was designed to take conversations started at ASIS in Lagos in July into a global space and connect Africa’s priorities with wider capital and partnerships.

“The measure of these conversations is what happens after the room empties, which partnerships take shape, which investments move forward and how these efforts improve lives,” she said.

The ASIS Global Action Forum was held under the theme ‘Financing for Development: Building Resilience and Transforming Emerging Economie’, with discussions focused on energy, healthcare, education, food systems and climate resilience.

Organisers said the next edition, ASIS 2027, will build on the New York conversations under the theme ‘From Financing to Transformation: Powering Inclusive Growth and Shared Prosperity in Africa’.