African Development Bank is set to invest $500,000 towards sustainable energy in Nigeria. This new private equity fund is developed by All On, a Nigerian impact investment firm financed by Shell.
According to a release signed by the AfDB spokesperson, Emeka Anuforo, NEAF will make strategic investments in sustainable energy in Nigeria, particularly in the off-grid and mini-grid sectors.
NEAF will be a first-of-its-kind facility to provide eligible projects and businesses with equity solutions that are currently unavailable in the market.
The Board of Directors of the bank had in 2018 approved a $200 million package to support the Nigeria Electrification Project designed to help scale-up green mini-grid solutions with subsidies, among other measures.