Nigeria’s Off-Grid Solar Market Is Among The Fastest Growing In Africa,

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FG Increases CBN's 140bn Solar Intervention Fund
FG Increases CBN's 140bn Solar Intervention Fund

According to a study conducted by Boston Consulting Group and All On, a Shell-funded impact investment company, Nigeria’s off-grid solar market is among the fastest growing in Africa, increasing at a 22% average annual rate over the last five years.

However, the report stated that the country had underperformed its African peers in terms of off-grid solar penetration and had a long way to go before its solar market could be considered robust.

According to the report, “Nigeria’s installed photovoltaic panel per capita is only about 1 watt, compared to an average of 8 watts in similar emerging markets, indicating a large opportunity for further growth in the country.”

“Given the country’s favorable dynamics for solar deployment, Nigeria’s PV per capita could reach 5-8GW by 2030.”

The use of solar energy, according to the report, is significantly improving education, health outcomes, and food security in Nigeria.

According to a statement, the study was conducted to examine the impact of solar energy implementations on health, education, and food security outcomes, as well as the impact on the environment and commercial activity in the country.

It assessed the developmental benefits that Nigeria had already realized from its limited solar installations, as well as the impact that scaled deployment could have by engaging six different user groups across five socioeconomic dimensions.

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According to a survey of Nigerian primary health care centers that use solar power, there has been a 60 to 70% increase in antenatal care coverage and a 40 to 60% decrease in vaccine waste.

Tolu Oyekan, Managing Director and Partner, BCG (West Africa), commented on the findings, saying, “Installing solar in 18,000 PHCs that do not otherwise have access to reliable power could increase antenatal care coverage from current levels of 50 to 70% of pregnant women, and with improved refrigeration, vaccine wastage could be reduced by up to 20%.”