About $40 -$200 billion is needed to cover off grid gap in Nigeria.
This was made known by the Chief Executive Officer, All On, Wiebe Boer, during a virtual Media Engagement last week in Lagos.
He noted that 75 per cent of the households and Small and Medium Enterprises, SMEs, either off grid or bad grid get 4 hours of electricity supply per day.
The All On boss maintained that 120 million people are affected in Nigeria, adding that Nigeria has largest off grid population in the world which according to him has negative impact in Nigeria’s social-economic performance.
He revealed that there are about 20 million generating sets in Nigeria which is made up diesel and petrol engine solution to fill the gap. The generating sets according to him emit 5-7 million Co2 annually.
Boer however noted that $15-20 billion has been spent already on alternative energy solution in Nigeria, but there about 10 times needed for the grid.
He also noted that there is $10 billion investment opportunity in mini-grids in Nigeria. All On, he said, supports the development of a pipeline of investable scalable and sustainable off grid energy businesses.
Speaking further on impact Investment, he said, investing in debt equity directly in existing energy firms to help grow and achieve scale.
On enabling finance, he said is investing in enabling finance facilities that leverage additional capital for off-grid companies.
“30-40 million Nigerians are under served. So to achieve 50 per cent growth and 70 percent growth in energy businesses in Nigeria, more investments will be made. All On according to him facilitates enabling environment to accelerate scaling of the off-grid energy sector.
Supporting this view, All On Hub Manager, Sele Inegbedion, said All On is an independent impact investing company, was seeded with funding from Shell, and works with partners to increase access to commercial energy products and services for under-served and un-served energy markets in Nigeria, with a special focus on the Niger Delta. “All On invests in off-grid energy solutions spanning solar, wind, hydro, biomass and gas technologies deployed by both foreign and local access-to-energy companies that complement available grid power across Nigeria and help bridge the significant energy access gap. All On Hub is funded and supported by the Rockefeller Foundation”, he revealed”.
Also speaking at the event, the CEO of Nigeria Climate Innovation Center, NCIC, Bankole Oloruntoba, CEO said that NCIC was created in 2018 by the World Bank and the Federal Government of Nigeria through the Office of the Vice President with the mandate to lead the growth of the Nigerian green economy in developing and deploying solutions to climate change challenges, with footprints in venture development, green investment and capacity building services to climate-smart entrepreneurs. “NCIC’s primary thematic areas of engagement include renewable energy, waste management, smart agriculture and innovative water solutions”, he said.
The CEO noted that All On has supported 43 businesses in Nigeria while 16 businesses got $10, 000 grants.
