Annual investment potentials in Nigeria’s mini grid electricity market is now worth up to $9.2 billion, the Rural Electrification Agency (REA) has disclosed.
The REA said its recent study on Nigeria’s mini grid market potentials indicated there were enormous opportunities than challenges in it.
Managing Director of REA, Damilola Ogunbiyi, said in a presentation: “Overview of the Off-Grid Opportunities and Challenges in Nigeria“, she made at the recently concluded mini grid conference in Abuja, that the country’s federal authorities had created an enabling environment for mini grid operators with the provision of a regulation to support the market’s growth.
Ogunbiyi, also said REA had made provisions for rural electrification fund, which she asked investors and developers to tap from to develop mini grid projects.
She explained that a $350 million support from World Bank would be dedicated to the development of mini grid electricity in Nigeria, and it would fund electricity projects to electrify 200,000 household and 50,000 entrepreneurs.