The African Development Bank (AfDB) on September 20 approved a $500,000 (180 million naira) grant for Nigeria to support the development and launch of the Nigeria Energy Access Fund ( NEAF).

The facility, made available through the Sustainable Energy Fund for Africa (SEFA), is part of the AfDB's Sustainable Energy Fund for Africa.

“Nigeria needs tailored and innovative market-based solutions to provide its estimated 100 million off-grid population with access to sustainable energy sources. The SEFA grant will help build NEAF and ultimately mobilize much-needed private sector investment in this sector,” said Wale Shonibare, the Bank’s Acting Vice President for Energy, Climate Change and green growth.

Wale Shonibare said the grant will also support the inauguration of NEAF.

Nigeria Energy Access Fund is a private equity fund developed by 'All On', an impact investment firm funded by Shell. The Fund will make strategic investments in sustainable energy in Nigeria, particularly in the off-grid and mini-grid sectors.

In November 2018, the Bank's Board of Directors approved a $200 million package to support the Nigeria Electrification Project (NEP), designed to help scale up green mini-grid solutions with grants .