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Nigeria’s solar power ambitions faced a major setback as plans for 14 new solar farms, initially expected to invigorate the nation’s underdeveloped solar industry and provide significant power output, failed to materialize. These projects, aimed to generate about 20% of Nigeria’s current electricity grid capacity, were stalled due to the government’s reluctance to offer critical guarantees to developers.
Najim Animashaun, Managing Director of Nova Solar Power, who worked on one of the projects in 2016, expressed disappointment over the halted progress. “We were very excited because we were pioneers,” he said, reflecting the initial optimism surrounding the projects.
While demand for clean energy remains high in Nigeria, especially with the growing popularity of small-scale solar systems for homes, large-scale developers continue to struggle against the country’s reputation as a high-risk investment destination.
This challenge is not unique to Nigeria but is prevalent across sub-Saharan Africa, where 83% of the world’s population without electricity resides. Despite the region’s vast solar potential, large-scale installations remain scarce.
At a recent panel on Africa’s green transition during global climate negotiations in Baku, Azerbaijan, UN Secretary-General António Guterres highlighted the systemic hurdles facing many African nations. “Many of your countries face sky-high borrowing costs, runaway debt, and inadequate climate finance and investment,” he said, emphasizing the need for global support in overcoming these challenges.
As Nigeria and its neighbors work to attract the necessary investment for renewable energy development, overcoming policy and financing obstacles will be crucial to unlocking the region’s vast solar potential. |
