Nigeria and a United Nations agency have set a $500 million target for a fund that would be accessed by local developers of renewable energy.
As reported by Bloomberg, the fund is aimed at expanding access to renewable energy through solar home systems and mini-grids, especially for people in rural areas.
The initiative, backed by the Nigerian Sovereign Investment Authority and the UN’s Sustainable Energy for All (SEforALL), will be managed by Africa50, an infrastructure investment platform established by the African Development Bank (AfDB).