Nigeria, UN Set Up $500m Distributed Renewable Energy Fund
Mar 04, 2025
According to a report by Bloomberg, Nigeria and the UN agency have joined forces to set up a total of $500 million to fund projects aimed at boosting the uptake of distributed renewable energy solutions, such as solar home systems and microgrid technologies.
The project is supported by Nigeria's Sovereign Investment Authority (SIA) and the UN's Sustainable Energy for All (SEforALL) programme, and will be managed by Africa50, the infrastructure investment platform of the African Development Bank.
In an interview, the CEO of SEforALL, Damilola Ogunbiyi, disclosed that Nigeria's pension fund is also expected to participate in the project.
She further emphasised that the aim of the project is to create a fund that can be accessed by local developers and denominated in Nigerian currency. The fund forms part of the 'Mission 300' programme led by the World Bank and the African Development Bank (AfDB), which aims to electrify 300 million people in Africa by 2030. The programme is expected to invest large sums of money in countries that meet specific criteria, including reforms and regulatory adjustments of power utilities to facilitate private capital investment.
