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.
“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.
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.
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