Nigeria’s Mini Grid Electricity Investment Opportunities Hit $9.2bn

The Rural Electrification Agency (REA) yesterday disclosed that  its study on Nigerian mini grid electricity development potential  revealed an annual investment opportunities of 9.2  billion dollars.
Its Managing Director, Mrs Damilola Ogunbiyi, disclosed this while making a presentation at the mini grid action learning event in Abuja yesterday.
Ogunbiyi, who spoke on  “Overview of the Off-Grid Opportunities and Challenges in Nigeria”, said there were enormous opportunities than challenges  in the provision of electricity through mini grid and solar house system.
The event was organised by REA in collaboration with the World Bank Group, Department for International Development (DEFID), Energy Sector Management Assistance Programme (ESMAP) and Climate Investment Fund (CIF).
The conference, with the theme “Up scaling Mini Grids For Low-Cost and Timely Access to Electricity”, was convoked to initiate programmes to accelerate uptake of mini grids for low cost access to electricity in Africa.
“We believe  that Nigeria is the biggest and most attractive off grid opportunity destination  in Africa, and one of the  best locations in the world on developing mini grid  and solar home system.
“Our population of about 180 million is very attractive, even though we have also part of our population with limited and low energy access.
“We do have significant mark of the population having small scale generation, which relates to something in the region of 10 to 12GW; this can be translated to sustainable power supply.”
She also revealed that Nigeria spent about 14 billion dollars yearly on inefficient generation of electricity, adding that acceleration of mini grid electricity development could  reduce the huge amount spent by Nigerians.
“We also believe that off-grid alternative like creating mini grid and solar home system can easily be at 9.2 billion dollars a year, which  can serve the Nigeria  public and citizens  4.2 billion dollars.” She also disclosed that REA, with the support of the World Bank Group, was working together to  provide  required  funding  for the Nigerian Electrification Programme.
According to her, the support from World Bank is expected to bring in 350 miilion dollars expected to be dedicated on development of mini grid electricity in Nigeria.