Recently, the Nigerian government officially approved the priority financial support for the development of power infrastructure;
- The Federal Government of Nigeria will increase renewable power generation to 5,000 megawatts by 2020;
- U.S. Agency for International Investment (USAID) will invest $760,000 to support new energy development in Nigeria;
- Abuja DisCo will install 80,000 smart meters for free for electricity customers;
- The Nigerian-German Joint venture company will contract to build a 10-megawatt solar power station for the University of Ibadan.
- Amaya has raised $300 million dollars to build a new power station.
- Faced with growing demand for electricity, Nigeria’s Minister of Electricity, Professor Barth Nnaji, expects the government to install 40,000 megawatts of capacity by 2020, with an annual investment of more than $10 billion.
- Natural Gas: Nigeria has the seventh-largest natural gas reserves in the world and will invest $400 million annually in natural gas power generation;
- Power Transmission and Distribution: the government will invest $5 billion over the next 10 years to improve the power transmission and distribution infrastructure network, and will work to introduce new private investors, with installed capacity expected to increase by 3500-4000mw per year
- Power Generation: The annual output is expected to reach 2.5GW by 2020, including solar power, coal power, small and medium-sized hydro-power stations and off-grid schemes, as well as the recently restarted Zungeru and Mambilla large-scale hydro-power projects.