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Latest report of the Nigerian minigrid market report conducted by Rural Electrification Agency (REA), the World Bank (Energy team), and Rocky Mountain Institute (RMI), has shown that Nigeria has the biggest and most attractive off-grid opportunity in Africa.
Besides, the report also revealed that Nigeria doubles as the country best situated and recognised as one of the best locations in the world for minigrids.
Currently 10 commercial minigrids with a combined capacity of 364kW can serve 2000 households and 250 businesses. Installing 10,000 minigrids of 100kW each will only satisfy 30% of anticipated demand over the next 10 years.
The Nigerian minigrid market offers revenue opportunity of $8 billion a year. Installing several hundred minigrids can reduce costs by around 60% in 2020, increasing annual revenue by $5 billion and unlocking a large rapidly expanding market.
This is coming as promoters of the 2018 edition of Power Nigeria exhibition and conference have assured that the event, planned for the Landmark centre in Lagos, will gather 20+ industry experts, 100+ regional and international suppliers from 17+ countries, to address the ways we can improve power coverage and funding of new offgrid strategies.
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