The Federal Government, through the Nigeria Sovereign Investment Authority, NSIA, and its development partners have commercially launched a 300-million-dollar fund to expand off-grid electricity and distributed renewable energy projects across Nigeria.

The Nigeria Distributed Renewable Energy Fund is jointly managed by the NSIA and Africa50.

The fund is expected to mobilise public and private capital for mini-grids, standalone solar systems and other decentralised electricity projects, particularly in communities and businesses underserved by the national grid.

The NSIA, Africa50 and Sustainable Energy for All announced the commercial launch on the sidelines of the United Nations General Assembly.

In a statement, the NSIA said the launch marks the transition of the fund from its structuring phase to active capital deployment.

The initiative is designed to provide dedicated financing for investments in Nigeria's distributed renewable energy market.