Nigeria Launches $10 Million Fund for Clean Energy Startups

The Nigerian government has officially launched a $10 million fund aimed at supporting clean energy startups in the country. The fund, which was announced during a press briefing held in Abuja, seeks to boost innovation and investment in Nigeria’s renewable energy sector by providing financial support to early-stage companies working on clean energy solutions.

The initiative is part of Nigeria’s broader commitment to transitioning towards a more sustainable energy future and reducing its carbon emissions. The fund will prioritize startups focusing on renewable energy technologies, including solar power, wind energy, and energy-efficient solutions. It is expected to foster the development of clean energy infrastructure, particularly in rural and underserved communities.

Speaking at the launch event, Nigeria’s Minister of Power, Sale Mamman, emphasized the importance of fostering innovation in the clean energy space. “This fund is a critical step in our efforts to accelerate the transition to a clean and sustainable energy system. By supporting our talented entrepreneurs and innovators, we can ensure that Nigeria plays a leading role in the global fight against climate change,” Mamman stated.

The $10 million fund will be managed by the Rural Electrification Agency (REA) and the Nigerian Investment Promotion Commission (NIPC), which will work closely with stakeholders in the private sector to identify and support promising startups. The goal is to create a pipeline of investable clean energy projects that can scale up to meet the country’s growing energy demands while reducing dependence on fossil fuels.

Nigeria has one of the highest energy access deficits in the world, with millions of people lacking reliable electricity, particularly in rural areas. By investing in clean energy startups, the government hopes to address this challenge while also meeting its environmental goals. The clean energy sector is expected to generate jobs, drive economic growth, and contribute to reducing greenhouse gas emissions.

Industry experts have welcomed the move, noting that the $10 million fund represents a significant boost for Nigeria’s renewable energy sector. Startups that successfully receive funding will benefit from technical support, access to networks, and mentorship, enabling them to scale their innovations and bring clean energy solutions to market.

As the global push for renewable energy continues, Nigeria is positioning itself as a key player in the African clean energy landscape, leveraging this fund to promote sustainability and energy access for all.