It is estimated that about 92 million of the over 200 million people, that make up the entire population of Nigeria have no access to electricity.
Where access to electricity is available, a full day of uninterrupted supply is not guaranteed. Despite the abundance of natural energy sources, Nigeria faces significant electricity supply challenges stifling industrial growth, limiting commercial ventures’ expansion and profitability, and the well-being of people. Presently, the primary energy sources are gas and hydroelectricity. Although the country is diversifying to renewables, progress is extremely slow.
Global renewable power capacity is now expected to grow by 2,400 gigawatts over the 2022-2027 period, an amount equal to the entire power capacity of China today, according to Renewables 2022. This massive expected increase is 30% higher than the growth forecast just a year ago, highlighting how quickly governments have thrown additional policy weight behind renewables.
Aside from laws and policies, the Federal Government of Nigeria has put incentives such as the VAT 2020. This exempts specified renewable energy equipment from the application of VAT with respect to the importation or in-country sale of the equipment. The FGN also launched the Solar Power Naija Project. The project focuses on providing five million households with solar home systems for off-grid communities, under the Nigeria Economic Sustainability Plan .
According to the REA, the programme has so far provided electricity to five million consumers. The International Finance Corporation has launched a sustainable energy financing and advisory programme, the Climate Change Investment Programme for Africa, which will provide funds and advisory services to banks to help them increase financing for private sector energy efficiency, renewable energy, and cleaner production projects.
In addition to the large number of mini-grids and small scale solar Independent Power Projects springing up across the country, the FGN is also taking steps to boost the existing hydroelectric generation capacity, with the concession of Gurara Hydropower Project, the proposed concession of the Zungeru Hydropower Project and the planned development of the 3,050 MW Mambilla Hydropower Project.
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