The Latest Rocky Mountain Institute and the Nigerian Renewable Energy Roundtable report shows US$20 billion investment opportunity for Nigeria in scaling minigrids
Abuja, Nigeria – Aug 28, 2018, Rocky Mountain Institute and the Nigerian Economic Summit Group released a report today entitled ‘Minigrid Investment Report: Scaling the Nigerian Market’ which shows how minigrids can improve business profitability and stimulate a US$20 billion investment opportunity throughout Nigeria.
Today in Nigeria only 45% of the population has access to electricity, and only 36% of the population in rural areas has access to a centralized power source. Minigrids can provide a cost-effective solution to the demand for rural electrification which could help businesses tap into a revenue opportunity of up to N2.8 trillion ($8 billion) per year.
“The Nigerian minigrid space is ready to take off, and there is a huge opportunity for investment to scale the market,” said Sachi Graber, an Associate at Rocky Mountain Institute and co-author of the study. “These minigrids could drive a significant economic change in rural Nigeria,” she added.
This research presents the following findings to show how necessary minigrids are to the future of Nigeria’s business structure:
- Scaling minigrids could create a $20 billion investment opportunity
- Over 80% of Nigerian business owners cite electrification challenges as their most significant obstacle, and minigrids could solve the most common challenges through high reliability and consistent quality
The report also provides recommended best practices for the minigrid sector, based on currently operating minigrid projects, which can ensure success from both a business and development perspective.
The Minigrid Investment Report presents a clear pathway to scale in Nigeria, where the minigrid market is taking off. RMI and NESG hope that this industry will be able to provide power to millions of individuals and small businesses within the next several years.
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Notes to Editors
About Rocky Mountain Institute
Rocky Mountain Institute (RMI)—an independent nonprofit founded in 1982—transforms global energy use to create a clean, prosperous, and secure low-carbon future. It engages businesses, communities, institutions, and entrepreneurs to accelerate the adoption of market-based solutions that cost-effectively shift from fossil fuels to efficiency and renewables. RMI has offices in Basalt and Boulder, Colorado; New York City; Washington, D.C.; and Beijing.
About Nigerian Economic Summit Group
The NESG is an independent, non-partisan, non-sectarian organization, committed to fostering open and continuous dialogue on Nigeria’s economic development. The NESG strives to forge a mutual understanding between leaders of thought so as to explore, discover and support initiatives directed at improving Nigeria’s economic policies, institutions, and management.
www.nesgroup.org| or follow us on Twitter @nesgnigeria
About Nigerian Renewable Energy Roundtable
NiRER is a multi-stakeholder engagement platform, established to provide an enduring framework to address the challenges limiting renewable energy advancement as well as provide a scaling up and expansion of investments in order to create jobs, improve business value chains, and increase access to reliable electricity supply.
For more information on NiRER contact us at firstname.lastname@example.org