Nigeria launches $300M DRE Fund for distributed renewable energy

Nigeria and Africa50 launched the Distributed Renewable Energy (DRE) Fund with a $300 million target and a $25 million IDA seed anchor from the World Bank. The earlier NEP programme built 180 solar hybrid mini-grids totaling 19.2MW across 23 states, connecting over 146,000 households, yet 80 million Nigerians still lack electricity access.

• NEP built 180 solar hybrid mini-grids totaling 19.2MW across 23 Nigerian states
• DRE Fund targets $300M with a $25M IDA seed anchor from the World Bank
• Only 62.5% of Nigeria's population had electricity access as of 2024
• Households spent ₦327B on generators versus ₦175B on grid electricity