Currently access to power is limited to only approximately 40% of the Nigerian population and power supply averages about 4000MW versus a suppressed demand that is estimated at 10,000MW daily. The Federal Government’s target is to connect an average of 1.5 million households annually through grid extension as well as non-grid solutions using renewable energy (i.e. solar, wind, small and medium hydro).
- The Energy Commission of Nigeria has foreseen a growth of up to 100,000MW electricity generation in the country by 2030.
- Nigeria plans to generate as much as $16.4 billion through asset sales in the next four years to reduce the burden on the public budget
- Transmission and distribution up to $5 billion is required for energy
- USAID supports renewables energy development. The United States Agency for International Development (USAID) has announced a grant commitment of $767,512 to support the development of renewable energy in Nigeria.
- Nigeria has the 7th largest natural gas reserve in the world and significant opportunities exist in supplying the infrastructure required.
- AFDB approves $100 million for the rehabilitation of the hydro plants to increase available capacity to 1,338.4 MW
- $1.9 million grant signed by AfDB and the West African Power Pool for the Nigeria-Benin Interconnector Reinforcement Project