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FG Launches $300m Fund for Off-Grid Power Project
The Federal Government, through the Nigeria Sovereign Investment Authority (NSIA) and Africa50, has commercially launched a $300m investment fund to expand off-grid electricity and distributed renewable energy projects nationwide.
The Nigeria Distributed Renewable Energy Fund, announced on the sidelines of the UN General Assembly, will mobilise public and private capital for mini-grids, standalone solar systems and other decentralised projects serving communities and businesses underserved by the national grid.
NSIA Managing Director Aminu Umar-Sadiq said the launch signals investor confidence in Nigeria’s renewable energy market.
“This is a major development milestone. Nigeria’s distributed renewable energy market is investable, credible and ready to operate at scale,” he stated.
Africa50 CEO Alain Ebobissé highlighted the partnership’s strength, combining NSIA’s local expertise, Africa50’s pan-African investment capabilities, SEforALL’s energy-access leadership and the World Bank’s catalytic capital.
The World Bank has contributed $25m through the International Development Association.
SEforALL CEO Damilola Ogunbiyi said the fund supports Nigeria’s electricity-access ambitions while advancing Mission 300, which aims to provide power to 300 million Africans by 2030.
The International Solar Alliance described the initiative as the first country-level demonstration linked to the continental platform.
The fund is designed to attract private-sector investment by blending public and development financing, addressing one of the biggest challenges facing renewable-energy developers: securing long-term financing for projects outside conventional infrastructure.
Officials said the launch provides a foundation for scaling distributed renewable energy solutions across Nigeria, while offering a financing model that could be replicated in other African markets as part of the continent’s energy transition.