‘Nigeria is second largest off-grid market globally’
The off-grid sector of the Nigerian power industry has been described as the second largest global market after India.
With reference to the Off-grid Solar Market Trends report 2018, Power for All, a group with the vision to accelerate energy access through decentralised renewables, said the country’s market potential lies at eight per cent of global off-grid households after’s India’s 36 per cent.
According to the organisation’s Country Manager, Ifeoma Malo, the mini grid market alone in-country is worth about N3.2 trillion and the switch to solar home systems can as well save the country another N1.5 trillion yearly.
Malo, at a media training/workshop on decentralised renewable energy in Lagos, organised by Power for All and All On, noted that the huge energy gap in Nigeria makes it a fertile grounds for investments.
She, however, regretted that as huge as the market potential was, about 85 per cent of the investments are from expatriate and not local investors.
She therefore urged local investors to look into the market not only to diversity the industry but to create employment as well because “in two to three years to come, it would have been late for investments given the pace of the sector.”
In his presentation, the Power for All’s Lead, Strategic Communication, Mark Amaza, highlighted how a look into the sector would bridge the gap of about 93 million Nigerians who lack access to electricity.
The technologies and business models, he said, have commenced in Nigeria, adding that scaling up the sector. Remained the next move.