|Policy status:||In Force|
|Policy Type:||Economic Instruments>Direct investment>Infrastructure investments, Economic Instruments>Fiscal/financial incentives>Tax relief, Policy Support>Strategic planning|
|Renewable Energy Policy Targets:||Wind, Bioenergy, Biomass for power, Solar, Solar photovoltaic, Hydropower, Multiple RE Sources|
|Size of Plant Targeted:||Small and Large|
|Agency:||Federal Ministry of Envronment|
|Renewable Energy Description:|
Nigeria is facing the need for larger electricity supply and improved grid reliability and security.
The Renewable Energy Master Plan (REMP) seeks to increase the supply of renewable electricity from 13% of total electricity generation in 2015 to 23% in 2025 and 36% by 2030. Renewable electricity would then account for 10% of Nigerian total energy consumption by 2025.
The Plan also encompasses installed capacity targets for a set of suitable renewable energies, declining as follows:
Simultaneously to this increase in power supply, the REMP targets higher electrification rates, from 42% in 2005 to 60% in 2015 and 75% by 2025.
The REMP also implements a set of fiscal and market incentives to support RE deployment. On the short term, the plan includes a moratorium on import duties for renewable energy technologies. On the longer run, the plan advises the design of further tax credits, capital incentives and preferential loan opportunities for renewable energy projects.
Last modified: Wed, 03 Jul 2013 17:51:20 CEST