“Nigeria’s solar market to hit $17 billion by 2040”- CEO, Seplat Energy

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“Nigeria’s solar market to hit $17 billion by 2040”- CEO, Seplat Energy

As the market for new solar inventions opens up and more Nigerians adopt solar energy in their homes and companies, the future of solar energy in Nigeria is looking bright.

In light of this, Roger Brown, CEO of Seplat Energy Plc asserts that Nigeria’s solar market is expected to grow to $17 billion (roughly N6.983 trillion) by 2040. Seplat energy Plc supports Nigeria’s social and economic prosperity by providing accessible, reliable, and sustainable energy.

Mr. Brown made the remarks in a statement announcing the 2021 Seplat Energy Summit (SES) on Thursday in Abuja, where Vice President Yemi Osinbajo would lead a discussion on Nigeria’s energy transformation with other key speakers at the hybrid event which took place digitally, the focus of this event is  “Global Trends in Energy Transition and the African Perspective.”

In his words, “The sun is Nigeria’s most plentiful natural resource, and technological advancements are boosting its cost competitiveness and power generation efficiency”. 

He stated that Nigeria’s off-grid solar business is forecast to develop at a compound annual growth rate (CAGR) of 26% from 2020 to 2040, and is expected to be worth approximately $17 billion by 2040. Nigeria will determine its energy transition path, but expanding energy access will be critical to the country’s economic success. Given Nigeria’s growing importance in Africa, whether or not it is able to address this problem will have global ramifications.

It was during this event that Seplat also announced that it would unveil its new energy brand with a focus on the company’s name change from Seplat Petroleum Development Company Plc to Seplat Energy Plc.

Daniel Yergin, a Pulitzer Prize-winning journalist and energy expert; Damilola Ogunbiyi, CEO & Special Representative of the UN Secretary-General for SEforALL and former MD of Nigeria’s Rural Electrification Agency, were among the keynote speakers (REA).

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