Nigeria is set to receive US $165m investment from the European Union (EU) for the country’s Renewable Energy Master Plan which will see the development of several projects.
Head of the EU’s delegation to Nigerian and the Economic Community of West African States, Ketli Karlsenn affirmed the reports and said that the funds are the union’s unions continued support of the country’s efforts to further implement renewable energy in its energy mix.
“Nigeria has a huge population and this informed the decision by the EU to support its renewable programme. Renewable is the energy for the future because it is clean, affordable and provides a conducive habitat for the people,” said Ketli Karlsenn.
The investment is estimated to improve power access for nearly 90 million people and contribute to economic growth, creating jobs through the financing of several youth-led projects in the country’s renewable energy sector. The Renewable Energy Master Plan was launched in 2011, and aims to increase renewable energy in the country 10% by 2025.
With a share of 2% in the total final energy consumption, electricity remains a marginal source of energy in Nigeria. Furthermore, electricity only represents 9% of the household’s total energy consumption.
Electricity consumption from residential and commercial sectors represented 80% of the total electricity demand. The rest is covered by the Industrial, Street Lighting and Special Tariff sectors. The share of large consumers, such as industry or large commercial areas, only represented 1% of the total electricity consumption.