The International Energy Agency (IEA) said in its 2022 renewables report that Nigeria’s renewable energy growth would be 1 gigawatt (GW) by 2027.
According to the report, Nigeria would add 1 gigawatt (GW) of renewable capacity between 2022 and 2027, less than the expected growth in South Africa, Ethiopia, Tanzania, Angola, and Kenya.
The report also noted that Nigeria currently lacks enabling policies for large-scale renewables. And the situation hinders the extensive development of renewable energy.
This challenge also hampers energy access when placed side-by-side with constant power outages caused by ageing infrastructure.
Global growth: The IEA report noted that on a global level, renewable energy will account for over 90% of global electricity capacity expansion, noting that capacity expansion in the next five years will be much faster than what was expected just a year ago. The report stated:
- “Over 2022-2027, renewables are seen growing by almost 2400 GW in our main forecast, equal to the entire installed power capacity of China today.”
Regional capacity: The IEA report projects that Sub-Saharan Africa’s renewable power capacity is expected to almost double with the addition of over 40 GW from 2022 to 2027. South Africa, Ethiopia, Tanzania, Angola, and Kenya will account for over 60% of all renewable capacity additions in the period highlighted.
Global energy crisis: According to the IEA report, energy security challenges as a result of the Russia-Ukraine war, have led to a truly global energy crisis.
- However, this crisis has kickstarted unprecedented momentum for renewable energy across countries. The report pointed out that fossil fuel supply disruptions have underlined the energy security benefits of domestically generated renewable electricity, leading many countries to strengthen policies supporting renewables.
- Meanwhile, higher fossil fuel prices worldwide have improved the competitiveness of solar PV and wind generation against other fuels.
More projections for renewables: The IEA report projects that renewables will become the largest source of global electricity generation by early 2025, surpassing coal. Renewable energy share of the power mix is forecast to increase by 10 percentage points over the forecast period, reaching 38% in 2027.
In the same vein, electricity from wind and solar PV will more than double in the next five years, providing almost 20% of global power generation in 2027. These variable technologies account for 80% of the global renewable energy generation increase over the forecast period, which will require additional sources of power system flexibility.
In case you missed it: On September 29, Nigeria’s Rural Electrification Agency (REA) launched the four-year Africa mini-grids program (AMP). The program will support access to clean energy by increasing financial viability and promoting scaled-up commercial investment in renewable energy mini-grids, with a focus on cost-reduction levers and innovative business models.