Nigeria faces significant electricity supply challenges stifling industrial growth, limiting commercial ventures’ expansion and profitability, and the well-being of people. Presently, the primary energy sources are gas and hydroelectricity. In the face of the current low level of diversification, It is estimated that about 92 million of the over 200 million people that make up the entire population of Nigeria have no access to electricity.
This massive expected increase is 30 per cent higher than the growth forecast just a year ago, highlighting how quickly governments have thrown additional policy weight behind renewables. The report finds that renewables are set to account for over 90% of global electricity expansion over the next five years, overtaking coal to become the largest source of global electricity by early 2025.
The EPSRA is the principal law that governs the Nigerian power sector. It also establishes the Nigerian Electricity Regulatory Commission , the principal regulator of the power sector in Nigeria. The NERC, in the performance of its functions, has established several policies and regulations like the NERC Mini-Grid Regulation 2016, NERC Renewable Energy Feed-In Tariff Regulations 2015, and recently the Independent Electricity Distribution Network licence.
Multilateral agencies and institutional investors have made impact investments in players in the sector. For example, the World Bank and the African Development Bank are currently partnering with the Rural Electrification Agency concerning the Nigeria Electrification Programme with a US$350m commitment from the World Bank and about US$148m from the AfDB.
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