22 February 2013: The Climate Investment Funds (CIF) will release US$50 million to stimulate energy efficiency and renewable energy generation in Nigeria. The funds, administered by CIF’s Clean Technology Fund (CTF), will be used to support investments by local banks in efficient, clean and affordable energy, as part an existing program of the African Development Bank (AfDB).

The CTF funds, in combination with financing from the AfDB’s private sector window, will stimulate local investments in power, agribusiness, transport, telecommunications, education and other critical sectors positioned to leverage a range of cleaner and more efficient technologies, such as industrial energy efficiency, renewable-based hybrid systems, and clean fuels and combustion.

The investments will contribute to Nigeria’s national Investment Plan, which CIF endorsed in 2010. The AfDB is one of five the CIF’s five implementing agencies. [AfDB Press Release]