Nigeria, in collaboration with a United Nations agency, has set a $500 million target for a fund designed to support local developers of renewable energy, with a focus on expanding access to solar power in rural areas.
According to Bloomberg, the initiative aims to boost renewable energy adoption through solar home systems and mini-grids, providing electricity to communities currently underserved by the national grid.
The fund is backed by the Nigerian Sovereign Investment Authority and the UN’s Sustainable Energy for All and will be managed by Africa50, an infrastructure investment platform established by the African Development Bank.