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Nigeria installed about 73 megawatts of solar power in 2024, marking steady progress in its adoption of renewable energy and contributing to a surge in renewable energy in Africa.
This is contained in a report published on Wednesday by the Global Solar Council (GSC)
The report noted a trend of solar energy expansion across West Africa, where solar installations are rapidly increasing.
According to the report, Nigeria grew its solar capacity by 73 megawatts, while Ghana nearly quadrupled its solar capacity to 94 megawatts last year. Burkina Faso reportedly saw an impressive 120% increase to 87 megawatts.
- The GSC report also notes a modest pace in the growth of Solar energy in Africa, noting that the continent as a whole installed 2,400 megawatts of solar capacity in 2024.
- This was slightly lower than the previous year, largely due to a slowdown in South Africa. However, the industry is said to be poised for significant growth in 2025.
- The report predicts a 42% increase in new installations, driven by delayed projects coming online and the growing appeal of solar as an alternative to expensive and unreliable grid electricity.
“Africa is expected to cumulatively install 23 gigawatts of new solar capacity between 2025 to 2028, more than doubling its 2024 cumulative installed capacity in only four years,” the report stated.
Why solar energy is becoming more attractive
The report notes that the rising cost of fossil fuels and frequent power outages have made solar an attractive option for businesses and households across the continent.
“Many African countries continue to face electricity shortages and frequent power outages, pushing businesses and households toward solar as a reliable alternative,” it noted.
Despite this momentum, Africa’s solar expansion is still hindered by financial challenges.
The report highlights that capital costs for solar projects in Africa remain up to seven times higher than in developed countries, making it difficult to secure funding.
Africa accounts for just 3% of global energy investment, and many projects are stalled due to high interest rates, currency risks, and the lack of financial guarantees.
“Many projects are struggling to secure financing because of high interest rates, currency risks, and lack of guarantees,” said Léo Echard, policy officer at GSC and lead author of the report.
“If we can reduce the cost of capital, Africa could become one of the fastest-growing solar markets in the world,” he added.
Analysts who spoke to Bloomberg said that US President Donald Trump’s withdrawal from climate action, including terminating major initiatives to spur the transition to green energy in countries, won’t derail billions of dollars of climate projects.
What you should know
- Amid persistent electricity shortages, many Nigerians are switching to solar energy but experts say financial constraints make the transition slow.
- While the industry’s future remains promising, unlocking affordable financing will be key to ensuring that Nigeria and the rest of Africa fully benefit from the solar revolution.
