Date: 26 October 2022
Location: Lagos, Nigeria
Description: Nigeria is to install 600 MW of C&I solar in view of a 1 GW plan by 2030, as recently announced by the Lagos State and the World Bank. This is a promising signal at a time the country is seeking for renewable energy to contribute 30% to the available energy mix by 2030. With an estimated 85 million Nigerians (i.e. 43% of the country’s population) without access to grid electricity, the opportunities for developing clean power solutions and off-grid renewable in particular are big. While the focus in Nigeria seems to be on solar, other renewable energy solutions like wind farms, off-grid hydroelectric power and biofuels will have a significant contributing role. Investment in batteries, solar panels, inverters and other technologies is scaling up, featuring growing market opportunities for those companies providing innovative solutions and latest technology. Flexible financing options from commercial banks and other fund providers should keep backing to drive renewable investment in the country.
