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Over the span of half a decade Nigeria has risen to the forefront of renewable energy investment in the developing world.
Developers and investors alike are flocking to the sunny African nation with the hopes of becoming one of the early pioneers in a solar energy market that is projected to expand tenfold over the next ten years. The mood among stakeholders is unanimously positive. The Nigerian government stands as a role model for its serious and progressive attitude towards the rising threat of climate change.
Undoubtedly, a big reason for this is the fact that Nigeria is already suffering the early effects of climate change: it has suffered ever intensifying streaks of extreme weather and scorching droughts. This has disillusioned both the people and the government, and currently climate change is among Nigeria’s three most serious concerns.
Despite being faced with political unrest, domestic currency inflation and low oil prices, the Nigerian government has enacted new regulations, frameworks and reforms to encourage renewable energy at an unprecedented pace.
The purpose of this report, which was created in partnership with the Renewable Energy Association Nigeria (REAN), is to provide an overview of the key facts and figures related to Nigeria’s political situation, power sector and solar market developments. It serves as a prelude to The Solar Future Nigeria conference Solarplaza will be organizing 25-26 April 2017 in Lagos.
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