In a bold move to tackle the nation’s persistent power woes and reduce dependence on fossil fuels, a coalition of Nigerian firms has unveiled a massive $500 million fund targeted at expanding renewable energy initiatives across the country.
The fund, which is expected to drive investments into clean energy infrastructure, was launched by the Renewable Energy Association of Nigeria (REAN) in collaboration with key players in the private sector. Stakeholders say the initiative is a timely intervention that aligns with Nigeria’s energy transition plan and the push for sustainable power solutions.
According to REAN, the fund will focus on supporting solar, wind, and other renewable energy projects, especially in underserved communities battling epileptic power supply. Experts believe the initiative will not only deepen energy access but also create jobs and boost economic development.
Industry analysts have hailed the move as a game-changer that could reposition Nigeria as a key player in Africa’s clean energy revolution.
