Breaking News
Translate

Nigeria’s mini-grid initiative to open $9.2bn market opportunities

By Ediri Ejoh

A new report has shown that the development of off-grid power alternatives to complement the grid in Nigeria will create a $9.2 billion market opportunity for mini-grids and solar power systems.

The report, titled: “Minigrids in Nigeria: A Major Investment Opportunity”, is an independent assessment of the Nigerian mini-grid market, articulated in a partnership between Rural Electrification Agency (REA), the World Bank (Energy Team) and Rocky Mountain Institute (RMI).

The report stated: “There is an annual $9.2 billion market opportunity today for mini-grids and solar home systems that will save Nigerians $4.4 billion annually.”

The report also pointed out that Nigeria was providing an enabling environment for off-grid market growth, including developer protection through the Nigerian Electricity Regulatory Commission (NERC) Mini-grid Regulations.

Meanwhile, the REA is tasked with developing the Nigerian off-grid power market.

Senate confirms 22 as NPC commissioners, rejects Kaduna nominee

The agency created the Off-Grid Electrification Strategy as part of the Power Sector Recovery Programme (PSRP). The strategy’s primary objective was to increase electricity access to rural and under-served clusters.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.