The Sustainable Energy Fund for Africa (SEFA), managed by the African Development Bank, has approved a US$500,000 grant to support the development and launch of the Nigeria Energy Access Fund (NEAF).
The grant will support specific workstreams to set NEAF in motion and enhance its engagement with private and public sector investors
“Nigeria requires bespoke and innovative market-based solutions to provide its off-grid population, estimated at 100 million, access to sustainable sources of energy,” said Wale Shonibare, the Bank’s Acting Vice President for Power, Energy, Climate Change and Green Growth.
“The SEFA grant will be instrumental in the constitution of NEAF, and ultimately, the mobilisation of much-needed private sector investment for the sector.”
Once operational, NEAF is expected to complement the Bank’s wide range of sustainable energy initiatives currently being implemented in Nigeria.
SEFA’s support to NEAF is aligned with the New Deal on Energy for Africa and the Bank’s High 5 priorities, especially ‘Light Up and Power Africa’ and ‘Improve the Quality of Lives of Africans.’ The project conforms with the Bank’s Energy Sector Strategy and will boost the Nigerian government’s power sector recovery plans.