With a population of 160 million and a GDP of US$235 billion, Nigeria is Africa’s most populous country and third largest economy. Nigeria leads Africa in terms of crude oil exports, which over the past several decades have fueled the country’s fast-paced economic growth and urbanization. Nearly half of Nigeria’s citizens live in cities, generating higher levels of energy demand. Yet low levels of energy infrastructure investment have left the power sector unable to meet the vast majority of domestic energy demand. Only 40% of urban and 10% of rural residents have access to electricity. To cope with unreliable service and long power outages, Nigerian businesses and households resort to polluting off-grid diesel generators. In transport, many low and middle-income urban dwellers have few alternatives to insufficient, unreliable, and slow modes of public transport. These patterns of inadequate energy generation and use make Nigeria’s economy one of the most energy inefficient in the world.
...the number of people that are without access to electricity
Nigeria has a commitment to accelerating economic growth while reducing its greenhouse gas (GHG) emissions. To support its objective of low carbon development, Nigeria will tap an expected US$250 million in CTF financing for a range of projects that are expected to transform the energy and transport landscapes in three of Nigeria’s largest cities. CTF financing is expected to leverage an additional US$1 billion in public and private support for projects outlined in an investment plan developed under the leadership of the Nigerian government in coordination with the African Development Bank (AfDB), members of the World Bank Group (IBRD, IDA, IFC), and key Nigerian stakeholders. CTF funds will support bus-based urban transport improvements in Lagos, Kano, and Abuja, and a program designed to catalyze private sector financing for renewable energy and energy efficiency projects.
In the News:
Planning For An Economically Successful Africa (Ventures, August 9, 2013)