Nigeria, UN target $500 million for renewable energy

ABUJA, March 4, 2025 – Nigeria and the United Nations seek to raise USD 500 million to finance distributed renewable energy in Nigeria, Bloomberg reported on Monday.

The fund is backed by the Nigerian Sovereign Investment Authority and the UN’s Sustainable Energy For All. It will be managed by Africa50, a company established by African governments and the African Development Bank (AfDB) to support infrastructure investment in Africa. Nigerian pension funds will also be investors. The fund will be used to build and install solar-home and mini-grid systems for those without electricity in Nigeria.

The fund is part of an overarching World Bank initiative called Mission 300. The programme’s mission is to electrify sub-Saharan Africa by providing electricity to 300 million people by 2030. The World Bank and the AfDB have pledged USD 48 billion. Another USD 8 billion have been committed to Mission 300 as of January 2025, predominantly from other international development banks.

570 million people in sub-Saharan Africa have no access to electricity. Among these, 86 million live in Nigeria.

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