The Rural Electrification Agency (REA), on Tuesday, disclosed that its study on Nigerian mini-grid electricity development potential revealed an annual investment opportunities of 9.2 billion dollars.
Its Managing Director, Damilola Ogunbiyi, disclosed this while making a presentation at the mini-grid action learning event, on Tuesday, in Abuja.
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.