Nigeria – Key Highlights
- Annually, certified SAS are reaching less than 2% of Nigeria’s enormous off-grid (15.4 million household) and under-served populations.
- 2019-2020 currency volatility and GDP decline from oil shocks was worsened by COVID-19 restrictions, but 2021 projections show stabilisation and recovery.
- Mobile transactions are skyrocketing, albeit from a low base — up more than tenfold.
- Government is actively promoting SAS electrification and local solar assembly and manufacturing, including through the “Solar Power Naija” COVID relief package.
- Commercial investment has been growing for big international players, while most solar retailers (80%) operate without any credit line.
- Government support, increasing financial inclusion, consumer lending options and a COVID-related boost in awareness of the value of solar all make for strong potential growth.