World Bank: “Nigeria’s Mini-Grid Sector Set to Boom in 5 Years Time”
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The World Bank and Nigeria’s Rural Electrification Agency (REA) operate a tender which aims to define the level of performance grant for 250 new mini-grids in the country.The World Bank hopes the tender element of its Nigerian mini-grid development program will enable the money to go further.
A World Bank presentation which took place in London recently, centered its main focus on the Nigerian market by explaining why the mini-grid segment will take off in the next 12 months.
The World Bank’s Jon Exel has predicted the five-year mini-grid program run in Nigeria since June by the lender will prove a game-changer in a nation with a population of around 200 million people. If successful, the initiative could be rolled out across the continent.
The number of developers selected will ensure only investors able to develop multiple mini-grids will succeed. Shortlisted investors will gain free access to an online database containing information about the 250 locations which will enable them to develop site-specific business models.
A report from pv magazine in the summer reported on the $550 million World Bank loan to Nigeria for the development of mini-grids and solar home systems. The project which is financing the completion of mini-grids to power four Nigerian universities.
Under the World Bank scheme, mini-grid developers can claim $350 for each user connected to their network but a tender element to the program could significantly drive down that figure.
The number of developers selected will ensure only investors able to develop multiple mini-grids will succeed. Shortlisted investors will gain free access to an online database containing information about the 250 locations which will enable them to develop site-specific business models.
