The largest international Trade Fair curated exclusively for the energy, power, renewables and electrical segment will be hosted at Lagos between 20,21,22 Feb 2024.
Indeed, it will bring stalwarts from the entire power, energy, renewable and electrical segment value chain under one roof.
Known as Nigeria’s financial centre and economic heart, Lagos offers a perfect platform for all international and national players to forge partnerships and business deals. Being well connected and the eclectic business atmosphere coupled with superior infrastructure makes Lagos the first choice for an international trade fair like Power Elec
The highlight of POWERELEC NIGERIA 2024 shall be the 500+ pre-arranged B2B meetings for our exhibitors.
Currently, Nigeria generates 50 per cent of the installed capacity of 13.5GW.
The gap reflects power insufficiency. At present, only 45- 60 per cent of the Nigerian population is connected to the grid; but get about four hours of power supply.However, in the corporate sector, about 90 per cent depend on private generators to meet the power requirement. To address the acute shortage, the Federal Government of Nigeria has initiated investments in the solar power sector.
These reforms are ably aided by private investments. Privatizing the generation and distribution assets has helped significantly.
The country power peak demand is expected to touch 15GW by 2025.
The government aims to reach electricity to 90 per cent of the people in the country by 2030.
Though generation capacity has been increased through private investments, the actual power generation is lesser than the envisaged capacity. Also, the lack of transmission and distribution infrastructure is a major hurdle
As per a government communique, the country requires immediate funding of $40 billion in the generation, transmission and distribution segments. On its part, the government plans to invest $3 billion to $5 billion over the next 24 months. At the outset, experts estimate the investment opportunity in the range of 100 billion in the region.
The country has set an ambitious target to harness renewable source power. The government has set a target to achieve 23 per cent of the energy mix by 2025 and 36 per cent by 2030 through renewable power sources
Wind : Nigeria estimated solar potential is pegged at 427 GW or $9.2 billion per year solar mini gird opportunity. It imported $150 million worth of equipment in 2019. The import value of solar equipment grew by 51 per cent in the recent past.
The African continent has metamorphosed from continent of hopelessness to an investment destination in the last few years. The transformation has attracted global attention to the African region. Lead by infrastructure development, the investments in emerging sectors such as financial services, educational technology, financial technology etc., recorded a steady flow into the region. The power and energy segment, in particular, witnessed a higher focus towards generation, transmission and distribution. The investments in renewable energy, the most powerful tool for decentralised power distribution, also marked a significant rise in the region. Considering the massive power demand and supply gap, Nigeria offers a gold mine of opportunity for global power stakeholders.
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