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Power generation in Nigeria is one of the the biggest markets in the country. At least 60 million Nigerians own generator sets and more than N3.5 trillion is spent yearly on fuelling these sets. 82.1% of the 28.9 million households in Nigeria do not have access to electricity from the national grid making generators an imperative part of people's lives. Investment is this field is needed to increase reliability and provide power generation solutions.
Investment needs for transmission and distribution (T&D) range from USD 270 billion to USD 400 billion in Africa. The bulk of this investment is for domestic transmission as opposed to international connections. The solution for lowering the cost of T&D is looking at investing into alternative power methods such as renewable-promotion scenarios in countries and regions such as Nigeria.
Renewable energy technologies are a constant challenge for governments, utilities and private projects, however through increased digitisation, retrofits and hybrid approaches progress is being made. Nigeria is emerging to be one of the most attractive solar energy markets in the region, initiatives such as solar mini-grids are part of new efforts in Nigeria to increase electricity and bolster energy security in Africa’s most populous country.
Among the countries in the Africa region, Nigeria is the largest market for LED and OLED displays and lighting products and accounted for the largest market share. This growth is primarily attributed to the development of telecommunications infrastructure and increasing internet governance, which in turn is driving the smartphones penetration in the country