Abuja‑based Nigeria Sovereign Investment Authority (NSIA) announced the launch of the $300 million Nigeria Distributed Renewable Energy (DRE) Fund on the sidelines of the United Nations General Assembly in New York. The fund is intended to accelerate private‑sector investment in renewable energy and widen electricity access for underserved communities and businesses across Nigeria.
The commercial launch marks the transition of the DRE Fund from a structuring phase to active capital deployment in the country’s distributed renewable‑energy sector, NSIA said in a statement released on Tuesday. By channeling financing into off‑grid and mini‑grid projects, the initiative aims to address Nigeria’s persistent electricity‑access gaps, where millions still lack reliable power.
The fund is being implemented through a partnership that includes NSIA, Africa50, Sustainable Energy for All (SEforALL), the World Bank and the International Solar Alliance. “This is a major development milestone. It is a strategic signal to markets, investors, governments and development partners that Nigeria’s distributed renewable energy market is investable, credible and ready to operate at scale,” said Aminu Umar‑Sadiq, Managing Director and Chief Executive Officer of NSIA.
“The strength of the partnership behind the Fund is one of its major advantages, combining NSIA’s knowledge of the Nigerian market with Africa50’s pan‑African investment and fund‑management capabilities,” said Alain Ebobissé, Chief Executive Officer of Africa50. “SEforALL brings energy‑access expertise, while the World Bank provides global energy‑sector leadership and catalytic capital.”
Damilola Ogunbiyi, CEO of SEforALL and UN Special Representative for Sustainable Energy for All, said the launch “represents an important step towards achieving Nigeria’s electricity‑access ambitions and advancing Mission 300.” Ashish Khanna, Director General of the International Solar Alliance, called the fund “a landmark initiative within the Mission 300 platform” for its potential to mobilise private capital. Anna Bjerde, Managing Director of Operations for the World Bank Group, added that “reliable and affordable electricity is critical to job creation and economic transformation across Africa.”
<small>Source: Vanguard News — read the original story there.</small>
