Nigeria’s solar market to hit N7tn by 2040 – Seplat | Dailytrust

Nigeria’s solar market to hit N7tn by 2040 – Seplat

Seplat Petroleum Development Company Plc Seplat

The Chief Executive Officer of Seplat Energy Plc, Roger Brown, has said that Nigeria’s solar market is expected to grow to $17 billion (about N6.983 trillion) by 2040.

Mr Brown said this in a statement announcing the 2021 Seplat Energy Summit (SES) on Thursday in Abuja where Vice President Yemi Osinbajo will lead other key speakers on a discourse on Nigeria’s energy transition.

He said: “The sun is Nigeria’s most abundant natural resource, and the advancement in technology is improving its cost competitiveness and efficiency in power generation.

“It is noteworthy that Nigeria’s off-grid solar has an expected market growth capacity Compound Annual Growth Rate (CAGR) of 26 per cent (2020-2040) and is projected to be worth nearly $17bn by 2040.

“Nigeria will chart its energy transition journey, but improving access to energy will be essential to its economic growth. Given Nigeria’s increasing importance in Africa, the success or failure in addressing this challenge will have global implications.”

The hybrid event also holding virtually has the theme: ‘Global Trends in Energy Transition and the African Perspective”.

Seplat also said, at the event it would launch its new energy brand with a focus on its name change from Seplat Petroleum Development Company Plc to Seplat Energy Plc.

The keynote speakers include Daniel Yergin, a Pulitzer Prize winning and energy commentator; Ms Damilola Ogunbiyi, CEO & Special Representative of the UN Secretary General for Sustainable Energy for All and immediate past MD of Nigeria’s Rural Electrification Agency (REA).