Nigeria’s solar power market which is valued at $20 billion could electrify an estimated 14% of the population and generate annual returns of $3bn for investors by 2023.

At present, there are 30 solar-powered mini-grids in Nigeria serving around 6000 customers by scaling up the mini-grid market to 10,000 sites, each with a 1-KW capacity, Based on a report issued in late August by private sector think tank Nigerian Economic Summit Group and the US-based sustainability NGO, Rocky Mountain Institute.

The report, based on a study of 10 solar-powered mini-grids with a combined capacity of 364 KW, said that development of off-grid systems, including mini-grids and solar home systems, could save individuals and businesses $6bn per year.

Increasing activity in Nigeria’s solar-powered mini-grid industry, coupled with government support for off-grid solutions, has the potential to electrify a significant portion of the rural population and circumvent transmission issues.

Source: IWIN