A roadmap showing how electric mini grid technology can help produce electricity at just 20 cents ($0.20) per kilowatts is to be unfolded in May by an American not-for-profit organisation, Rocky Mountain Institute (RMI), working in collaboration with Nigeria’s Rural Electrification Agency (REA).
Already, snippets suggest that Nigerians currently spend a staggering $14 billion annually on powering generator sets across the country, according to data compiled by RMI, an NGO devoted to providing electricity to rural areas in Africa.
For a country that is home to over 190 million people, Nigeria is supposed to be generating at least one megawatt per person. However, the country is only generating just around 5,000 megawatts.
Despite the huge potential for economic activities, over 85 million Nigerians do not have reliable access to electricity or are not connected to the grid.
- REA delivers 100kW hybrid solar mini grid to Edo community
- Hyundai to recall 82,000 electric cars over battery malfunction
- Insurance M&A record highest growth in Africa, Middle East in 2020
- United Capital posts strong numbers as earnings rise 50% to N12.87bn in 2020
- Nigeria’s cocoa earnings put at N135bn in 2020 by Cocoa Research Institute
The Rocky Mountain Institute (RMI) hosted a workshop recently during which it revealed its plan with Nigeria’s Rural Electrification Agency (REA) to release of a three-year roadmap for Africa on how to achieve $0.20kWh from electric mini grid technology by 2020.
Richard Branson, an RMI donor and the founder of the Virgin Group, said: “Nigeria has all the right drivers to become a leader in the mini grid market in Africa: great entrepreneurial tradition, a large self-employed population and market size. I’m looking forward to seeing how entrepreneurs in Nigeria leverage this opportunity over the next few years.”
Also, Damilola Ogunbiyi, managing director of REA said: “The electricity market for off-grid energy in Nigeria is huge and profitable for developers. Installing 1,000 mini grids each year for the next 10 years would provide power to millions of Nigerians currently off-grid.”
“I am excited and optimistic about cracking the mini grid challenge in Nigeria. Nigeria is blessed with some of the region’s most amazing entrepreneurs. We urge venture capitalists and impact investors from around the world to get involved with us,” said Jules Kortenhorst, chief executive officer of Rocky Mountain Institute.