The Nigeria Sovereign Investment Authority (NSIA), the institution that manages Nigeria’s sovereign wealth fund, is allocating $24 million (10 billion naira) in funding for renewable energy. This investment is aimed at the deployment of more than 200,000 solar home systems in Nigeria.

This is another step forward in renewable energy investment in Nigeria. The Nigeria Sovereign Investment Authority (NSIA), the institution that manages Nigeria’s sovereign wealth fund, will finance the local assembly and deployment of 200,000 solar home systems to the tune of $24 million (10 billion naira).

This investment is part of the “Solar power Naija” partnership between NSIA and Nigeria’s Rural Electrification Agency (REA), in line with the Buhari administration’s economic sustainability plan under the supervision of Nigerian Vice President YemiOsinbajo. REA, under the Nigerian Ministry of Power, is providing technical and advisory support to NSIA in this process.

The Solar Power Naija program was established to provide access to electricity to 5 million households, or 25 million Nigerians in rural areas and underserved urban communities nationwide. The program is also expected to create 20,000 manufacturing, assembly, and installation jobs to catalyze over 500,000 off-grid systems by 2023.

According to Uche Orji, NSIA’s managing director, his institution is prioritizing climate-smart infrastructure to create access to affordable electricity for Nigeria’s underserved communities, especially in rural areas where 66% of the rural population still lacks access to electricity according to Power Africa.

In 2022, South Korea will allocate just over $12.4 million in funding to the Nigerian federal government for the installation of solar mini-grids in rural areas. The project, led by energy providers S&D Powernics and ILJIN Electrics, will bring the benefits of electricity, including improved security and nighttime activity, to unserved populations. After developing six mini-grids to facilitate rural electrification in Nasarawa State, energy provider Husk Power Systems will deliver its seventh mini-grid to SabonGida in Lafia City in 2022.  The company plans to reach 500 solar hybrid mini-grids by 2026.