Renewable capacity in Nigeria is anticipated to grow almost threefold to 4.6 GW by 2023, encouraged by renewable energy targets, electrification efforts and the need for new power capacity. Hydropower accounts for 60% (1.5 GW) of the expansion, followed by PV [photovoltaic systems] (1.2 GW). However, limited access to affordable financing, the poor financial performance of local distribution companies, policy uncertainty concerning possible renegotiations of signed PPAs [Power Purchase Agreements] and weak grid infrastructure are still key obstacles.

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