- Nigeria and the UN’s SEforALL will invest $500 million in mini-grid projects to boost electricity access.
- The initiative is part of Mission 300, aiming to provide electricity to 300 million Africans by 2030.
The Federal Government of Nigeria and the United Nations (UN) are partnering on a $500 million renewable energy initiative to enhance electricity access nationwide. The initiative, which includes investments in mini-grid projects and solar home systems, aims to accelerate Nigeria’s transition to clean energy.
According to Bloomberg, the Fund will be managed by Africa50, an infrastructure investment platform founded by the African Development Bank (AfDB). It is backed by the Nigerian Sovereign Investment Authority and the UN’s Sustainable Energy for All (SEforALL). Nigerian pension funds are also expected to invest in the initiative to build a sustainable funding system.
SEforALL CEO Damilola Ogunbiyi highlighted that the goal is to create a fund that is accessible in local currency, making it easier for local developers to finance energy projects. This initiative is part of the broader Mission 300 programme, led by the World Bank and AfDB, which aims to provide electricity to 300 million people in Africa by 2030.
During the Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania, held from January 27 to 28, 2025, more than $8 billion in new funding commitments were secured. The total estimated cost of the initiative is $90 billion, with the World Bank and AfDB already pledging about $48 billion.
Africa50 CEO Alain Ebobisse stated that while the final size of the Fund is yet to be determined, a separate $200 million Africa Solar Facility is also being set up. Sponsored by the International Solar Alliance, this Fund will support distributed renewable energy projects across the continent.
Mini-grids and solar home systems are critical for electrifying remote and rural areas that are off-grid. In sub-Saharan Africa, over 80% of the 570 million people without electricity reside in these areas, including 86 million in Nigeria. This initiative is expected to drive economic growth, improve livelihoods, and support Nigeria’s clean energy transition.