Nigeria’s off-grid sector saw significant funding both from local and international sources in the past year. One of the biggest funds came to Rubitec Solar who built an 85kw solar hybrid mini-grid in Gbamu Gbamu, Oyo state, with 500 million euros financing from GIZ, a German development agency.
With an off-grid market estimated at over $9.2billion, there are vast opportunities for companies willing to take a risk in a market where over 75million Nigerians are without access to reliable electricity.
The opportunities are huge. According to the World Bank’s Off-grid Solar Market Trends Report for 2017, Nigeria is the second largest market in the world for off-grid electricity with 8% of global off-grid households and the Nigerian Rural Electrification Agency (REA) says solar home systems can save Nigerians $4.4bn a year in energy cost.
In the last three years, organisations like the United States Africa Development Foundation, ( USADF) African Development Bank (AFDB), GIZ, All On and Heinrich Boell Foundation, have ramped funding and advocacy about the prospect of off-grid to deliver energy access for millions of Nigerians without power.
Source: Press Reader/Business Day