A former member of the House of Representatives, Sam Onuigbo, has said that Nigeria’s electricity deficit presents enormous investment opportunities for investors, particularly in renewable energy, mini-grids and off-grid power solutions.
Speaking at the inaugural Nigeria Climate Investment Summit held in London on Tuesday, Onuigbo said more than 90 million Nigerians still lack access to electricity, creating a vast market for investments aimed at expanding energy access.
According to a statement issued on Wednesday, the President of GLOBE Legislators said, “Over 90 million citizens lack electricity. This challenge presents major opportunities for local and international investors in renewable energy, mini-grids and off-grid solutions.”
Onuigbo noted that Africa possesses vast untapped solar resources but contributes less than one per cent of global solar capacity, making the continent an attractive destination for green energy investments.
He said Nigeria, as Africa’s largest economy and most populous nation, is strategically positioned to benefit from
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