Africa has been proven to be a growing market place for electricity, with solar PV becoming more viable as more companies begin to offer solar energy and reliable ways of distributing that energy throughout the continent. The fast pace development of off-grid technologies, software applications and expertise experience in the field has shown great potential for African countries, strengthening their overall economic position. Nigeria is considered one of the biggest economies in Africa and is a very interesting market, especially when it comes to solar PV.
Over the past 5 years, Nigeria has become one of the key developing countries for renewable energy investment. The solar energy market in the sunny African nation has been projected to grow up to ten times its current size over the next ten years, which has led many investors to focus on Nigeria with the hope of becoming one of the first pioneers in the up-and-coming market. Another key factor that has made the solar energy market in Nigeria attractive, is the fact that the country has already been suffering of the early effects of climate change. Intensified streaks of extreme weather conditions and scorching droughts have caused the people and government to take action, with climate change being among Nigeria’s three most serious concerns. Even with political and financial issues present, the Nigerian government has invested much effort in executing new regulations, frameworks and reforms in order to encourage renewable energy at an unprecedented pace.
After last year’s successful event in Lagos, Solarplaza has decided to organize another The Solar Future conference in Nigeria, but this time in the capital city of Abuja. Most of the governmental activity takes place there and it is located closer to the north of Nigeria, which is known for high solar irradiation levels and off-grid solar PV development.
The purpose of this report is to provide an overview of the key facts and figures related to Nigeria’s power sector, political situation and solar energy developments. It serves as a prelude to The Solar Future Nigeria conference that Solarplaza will be organizing on the 15th-16th of May 2018 in Abuja. The Solar Future Nigeria will be a unique international platform and 2-day conference focusing on the opportunities and challenges in this exciting and evolving landscape, to be the key-platform for all stakeholders to connect. This event will connect solar project development and finance & investment in both on-grid and distributed generation solar energy sectors, addressing key issues, latest policies and regulations, and project finance mechanisms in the development of solar PV in the Nigerian market. The Solar Future Nigeria, Solarplaza’s 10th event on the continent, will bring together hundreds of representatives from development banks, investment funds, to solar developers, IPPs, EPCs & other solar stakeholders during exclusive workshops and roundtable sessions.