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- On the sidelines of the United Nations General Assembly, the Nigeria Sovereign Investment Authority (NSIA), Africa50 and Sustainable Energy for All (SEforALL) unveiled a new investment vehicle to spur renewable energy investments in Nigeria
The [$300 million] Nigeria Distributed Renewable Energy (DRE) Fund has reached a major milestone with its commercial launch, marking the transition from fund structuring to active capital deployment and creating a dedicated investment platform to scale distributed renewable energy across Nigeria.
Strategically aligned with Nigeria’s national development priorities, the Nigeria DRE Fund is designed to contribute to the country’s ambitions to expand reliable, affordable and sustainable energy access. It also supports Mission 300, the ambitious effort to connect 300 million people across Africa to electricity by 2030.
The commercial launch signals growing market readiness and investor confidence in Nigeria’s distributed renewable energy sector. The Fund represents an important step towards mobilizing the scale of capital required to expand off-grid and distributed renewable energy solutions and reach communities and businesses that remain underserved by traditional energy infrastructure.
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“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, the Managing Director and Chief Executive Officer of the Nigeria Sovereign Investment Authority (NSIA)
The Nigeria DRE Fund’s operationalization comes at a critical moment for Nigeria and the wider African continent. Distributed renewable energy solutions, including mini-grids and standalone solar systems, have an increasingly important role to play in closing energy access gaps, supporting productive economic activity and strengthening energy security.
“What sets the Nigeria DRE Fund apart is the strength of the partnership: NSIA’s local market expertise, Africa50’s pan-African investment and fund management capabilities, SEforALL’s energy-access leadership, and the World Bank’s global energy thought leadership and catalytic capital. Together, we are turning Nigeria’s energy needs into investable opportunities and building a model that can scale across Africa,” said Alain Ebobissé, Group Chief Executive Officer of Africa50
As Nigeria advances its energy transition and works to accelerate progress towards universal electricity access, the commercial launch of the Nigeria DRE Fund provides an important foundation for scaling distributed renewable energy solutions across the country. It offers a model for how strong national leadership, aligned development priorities and innovative financing can come together to unlock investment at the scale required to deliver energy ambitions.
“The commercial launch of the Nigeria Distributed Renewable Energy Fund is a significant step towards delivering Nigeria’s electricity access ambitions and advancing the objectives of Mission 300. By creating a dedicated financing mechanism to scale distributed renewable energy, Nigeria is demonstrating how country-led action can translate Mission 300’s ambition into concrete investment and connections,” said Damilola Ogunbiyi, the CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All (SEforALL)
The Nigeria DRE Fund represents a landmark financing model that demonstrates how public finance can be leveraged to mobilize private capital, accelerate clean energy investment and transform Africa’s energy sector and wider economy.
“The Nigeria DRE Fund represents an important milestone in the Mission 300 platform for Africa energy access by building an ecosystem of investment platforms for private sector-led distributed renewable energy across Africa. As the first country-level demonstration linked to a continental financing platform, given the ambition and scale in Nigeria, it shows how innovative financial structures can mobilize capital more efficiently, support local market development and accelerate progress towards universal energy access. We believe this model and its associated knowledge transfer between Africa and India can be replicated across African countries to help unlock investment at scale,” said Ashish Khanna, the Director General of International Solar Alliance
The Nigeria DRE Fund offers a model that can be replicated across the continent, helping to accelerate progress towards Mission 300 and bring reliable, affordable and sustainable energy to more people across the continent.
“Reliable and affordable energy is required for job creation and economic transformation in Africa, and the Nigeria DRE Platform contributes through a bold, collaborative approach needed to accelerate it – bringing together development finance, private capital, and regional expertise as partners under one platform to achieve universal energy access. The World Bank is proud to be a founding partner, and our initial $25 million IDA contribution reflects our commitment to bridging funding sources and delivering real connections to people and communities across the continent,” said Anna Bjerde, Managing Director of Operations, World Bank Group.
The Nigeria DRE Fund, co-managed by Africa50 and NSIA, is designed to scale — becoming a model for other countries and helping build the next generation of African DRE champions.
