As Nigeria continues to struggle with inadequate and unsteady power supply, a report, Renewable Energy Roadmap Nigeria, has said the country would need to invest about $34.5 billion to provide electricity access by 2030.
This means that the nation, which supply currently hovers around 4,500MW, according to the Nigeria Electricity System Operator’s data, would need to invest about $4.93 billion annually in the next seven years to meet the target of delivering 20,000MW to over 200 million population.
The report disclosed that although the nation had the capacity to generate 13,000MW of power, current supply still hovered around only 4,500MW. It maintained that the situation was fuelled by problems, including lack of gas, machine breakdowns, seasonal water shortages and limited grid capacity.
According to the report, this has resulted in frequent blackouts, while many households and businesses take to self-generation of off-grid electricity using diesel and gasoline generator sets.
It stated that: “Around USD34.5 billion in total investment will be required to provide electricity access to all households by 2030”.
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