According to reports, Nigeria may soon have steady power supply at very affordable rates.
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The Rocky Mountain Institute may have cracked the problem with their partners, the Nigerian Rural Electrification Agency and the World Bank.
At a recent summit in Nigeria, the
organisations released an independent investment brief that touts Nigeria as the nation which can now unlock the nascent mini-grid market in Africa in 2018. Nigeria is the biggest and most attractive off-grid opportunity in Africa. It has the largest economy in Sub-Saharan Africa (GDP of $405 billion), a population of 180 million people, and flourishing growth (15 per cent a year since 2000).
A significant amount of the economy is already powered largely by small-scale generators (10–15 GW) and almost 50 per cent of the population have limited or no access to the grid. As a result, Nigerians and their businesses spend almost $14 billion annually on inefficient, polluting and noisy generation that is expensive, and suffers from poor quality.
Developing off-grid alternatives to complement the grid could create a $9.2B/year market opportunity for mini-grids and solar home systems that will save $4.4B/year for Nigerian homes and businesses. And there is large potential for scaling - installing 10,000 mini-grids of 100 kW each can occur for 10 years and only meet 30 per cent of anticipated demand.
The combination of large revenue opportunity (USD $9.2 billion per year), a supportive government, and a dynamic entrepreneurial environment unite to make Nigeria the ideal location. If you are an impact investor that wants to make a difference in energy access next year, I’d suggest a trip to Nigeria.
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