Commercial energy storage project financing options in Nigeria 2030

When did the Nigeria Energy Transition Plan come out?

The Government of Nigeria officially launched the Nigeria Energy Transition Plan at COP26 in November 2021. To ensure the plan remained aligned with evolving realities and assumptions, a stakeholder consultation with public and private sector participants was held in October 2024 to review and refine the original plan.

What is the potential of concentrated solar power in Nigeria?

The potential for concentrated solar power (CSP) is also very significant with a potential of approximately 88.7 GW and is mostly located in northern Nigeria, where the direct normal irradiance is highest (Ogunmodimu, 2013).

Is the World Bank financing the Nigerian electricity transmission access project?

Currently, the World Bank is financing a USD 486 million International Development Association credit for the Nigerian Electricity Transmission Access Project, to support the development of Nigeria’s transmission system (World Bank, 2018).

How much energy do we need in 2030?

Significant investments are required in energy storage and emerging technologies, with battery energy storage systems needing 137 GW of capacity and hydrogen infrastructure requiring 36 GW. 72% of diesel decentralized generators are expected to be phased out by 2030.

How much power does Nigeria have in a three-phase electrification project?

Recently, the Nigerian federal government signed a six-year deal with Germany’s Siemens AG for a three-phase electrification project aimed at increasing Nigeria’s power to 25 000 megawatts (MW) that amounts to NGN 1.15 trillion (around USD 3.8 billion ) (U.S. Department of Trade, 2021).

How much money will be needed for Nigeria's electricity grid?

The Transmission Company of Nigeria (TCN) suggests that rehabilitation and expansion of the grid will require an annual investment of USD 1 billion for the next ten years (TCN and PMU, 2017).