The Nigeria Sovereign Investment Authority (NSIA), Africa50, and Sustainable Energy for All (SEforALL) have launched a $300 million Nigeria Distributed Renewable Energy (DRE) Fund. This initiative aims to scale power access for underserved communities and businesses across Nigeria. The fund was announced at the Africa Social Impact Summit (ASIS) Global Action Forum, held on the sidelines of the 81st United Nations General Assembly (UNGA81) in New York.
The ASIS Global Action Forum was convened by Sterling One Foundation in partnership with the United Nations Population Fund (UNFPA) and RALLY. The forum brought together stakeholders to discuss critical development needs and align public, development, and private capital to address them. The DRE Fund will deploy capital into distributed renewable energy solutions, including mini-grids and standalone solar systems.
The fund will be co-managed by NSIA and Africa50, with SEforALL providing energy-access leadership. This partnership represents a significant example of moving from commitments to implementation. It demonstrates how different types of capital can be aligned to address critical development needs in Nigeria.
The CEO of Sterling One Foundation, Olapeju Ibekwe, spoke at the forum about the importance of taking conversations started at ASIS in Lagos into a global space. She emphasized the need to connect Africa’s priorities with wider capital and partnerships. Ibekwe highlighted that the measure of these conversations is what happens after the room empties.
The ASIS Global Action Forum was held under the theme ‘Financing for Development: Building Resilience and Transforming Emerging Economies’. Discussions focused on energy, healthcare, education, food systems, and climate resilience. The forum provided a platform for stakeholders to engage in meaningful conversations about development priorities.
The launch of the DRE Fund represents a significant step towards addressing Nigeria's energy access challenges. The fund will help to deploy distributed renewable energy solutions across the country. This initiative is expected to improve lives and contribute to Nigeria's development goals.
The next edition of the ASIS, scheduled for 2027, will build on the conversations held in New York. The theme for ASIS 2027 is ‘From Financing to Transformation: Powering Inclusive Growth and Shared Prosperity in Africa’. Organisers expect the next edition to focus on translating partnerships and investments into tangible outcomes.
Key points
- The Nigeria Distributed Renewable Energy (DRE) Fund aims to deploy $300 million into distributed renewable energy solutions across Nigeria.
- The fund will be co-managed by NSIA and Africa50, with SEforALL providing energy-access leadership.
- The ASIS Global Action Forum will continue to play a crucial role in driving development conversations and partnerships in Africa.
