African Development Bank Approves $500,000 for Sustainable Energy in Nigeria

• African Development Bank Approves $500,000 for Sustainable Energy in Nigeria

African Development Bank has approved a $500,000 grant for sustainable energy project in Nigeria, the bank stated on Friday.

The grant, which was approved under the bank’s Sustainable Energy Fund for Africa, would help develop clean energy in Africa’s largest economy.

In the released statement, the bank’s Acting Vice-President for Power, Energy, Climate Change and Green Growth, Wale Shonibare, said the $500,000 grant would help to further establish the Nigeria Energy Access Fund (NEAF).

The Nigeria Energy Access Fund is a private equity fund established by an impact investment firm financed by Shell, All On.

The Fund, according to Shonibare, will invest in sustainable energy in Nigeria, especially in the off-grid and mini-grid sectors.

He also said the fund would help viable projects and businesses access equity solutions currently not available in the market.

Shonibare said, “Nigeria requires bespoke and innovative market-based solutions to provide its off-grid population, estimated at 100 million, access to sustainable sources of energy.

“The SEFA grant will be instrumental in the constitution of NEAF, and ultimately, the mobilisation of much-needed private sector investment for clean energy.

“The grant will support specific work streams to set NEAF in motion and enhance its engagement with private and public sector investors.”