The Nigeria Sovereign Investment Authority (NSIA), Africa50 and Sustainable Energy for All (SEforALL) have launched a $300 million fund to expand electricity access in underserved communities and businesses across Nigeria.

The Nigeria Distributed Renewable Energy (DRE) Fund will finance renewable energy solutions, including mini-grids and standalone solar systems, to help close the country’s energy access gap and create opportunities for economic growth.

Co-managed by NSIA and Africa50, with SEforALL providing energy-access leadership, the fund is designed to mobilise investment for distributed renewable energy projects and support Nigeria’s broader development goals.

Managing Director and Chief Executive Officer of Renewables Investment Platform for Limitless Energy (RIPLE), launched by NSIA, Yusuf Umar, said addressing the country’s energy access challenges required financing structures that could deliver practical solutions to communities and businesses.

Umar said: “Closing Nigeria’s energy access gap requires more than recognising the scale of the challenge; it requires financing structures that can bring viable solutions to the communities and businesses that need them most.”

He described the fund as an important step towards mobilising capital for distributed energy solutions at scale, adding that collaboration, disciplined investment and effective implementation would be necessary to expand electricity access and support businesses.

Chief Executive Officer of Sterling One Foundation, Olapeju Ibekwe, said the fund reflected the need to turn development discussions into practical investments that improve people’s lives.

“At ASIS, we believe that the true value of development conversations lies in what they make possible beyond the room. The launch of the Nigeria DRE Fund is an important example of the kind of action Africa needs: partnerships that mobilise capital, support practical solutions and respond to the needs of people and communities,” she said.