Nigeria loses about ₦10 trillion in economic output yearly due to unreliable electricity, a shortfall that forces millions to rely on costly generators, according to GET.invest Nigeria.
Lawrence Edeke, Country Coordinator, GET.invest Nigeria. Image Credit: GET.invest
According to a statement issued ahead of today’s launch of GET.invest Nigeria, the annual loss amounts to about EUR 24.3 billion – representing roughly 5–7% of Nigeria’s GDP – and it hits micro-, small- and medium-sized enterprises the hardest.
GET.invest Nigeria, which was established in October 2024 with funding from the European Union and Germany, reckons that the chronic power shortfall forces millions of Nigerians to depend on costly petrol- and diesel-powered generators.
With an installed generation capacity of 12.5 gigawatts from which only about 5 gigawatts is available, GET.invest Nigeria estimates that up to 90 million individuals currently lack access to reliable electricity in Nigeria.
With an installed generation capacity of 12.5 gigawatts from which only about 5 gigawatts is available, GET.invest Nigeria estimates that up to 90 million individuals currently lack access to reliable electricity in Nigeria.
At its local launch, GET.invest Nigeria will introduce its new country window designed to unlock financing for sustainable energy projects. The programme, building on the broader GET.invest initiatives, offers services such as Finance Access Advisory and GET.invest Edge Finance, hoped to help businesses secure funding for renewable energy solutions.
A telecoms mast is seen in the image above. Image credit: Technology Times/Rilwan Oladapo.
Get.invest: Immediate action needed to deploy decentralised renewable energy
Get.invest says its initiative also provides market intelligence and capacity development aimed at enhancing local stakeholders’ ability to scale clean energy projects.
“Immediate action is needed to deploy decentralised renewable energy (DRE) solutions, replacing generators and contributing to universal electrification goals,” Get.invest says on Nigeria’s energy situation.
According to the funders, this will require “6.3 GW of DRE capacity by 2030, electrifying about 1.5 million households annually.
“Expanding transmission and distribution networks and upgrading centralised generation capacity to 42 GW by 2030 are also part of the concrete actions laid down by the Nigeria Energy Transition Plan,” according to GET.invest.
In addition to these measures, the initiative works closely with other donor programmes in the country such as the Nigerian Energy Support Programme (NESP) and supports industry associations like the Renewable Energy and Energy Efficiency Associations Alliance (REEEA-A) and the Renewable Energy Association of Nigeria (REAN).
Below is a list of the Nigerian companies identified in the GET.invest portfolio data:
Watt Renewables – Proof of concept (technical and business)
Watt Renewables – Scaling existing operations
Watt Renewables – Series A raising to scale and diversify portfolio of clients
GET.invest supports Amped Innovation—a social enterprise reinventing high-quality, affordable solar appliances for off‐grid communities in Africa and Asia—by providing tailored financial and advisory services. According to GET.invest, its Finance Catalyst team conducted detailed due diligence and built a professional financial model that enabled ElectriFI to structure an innovative working capital facility. This support helped double the funding from an initial €2.22 million in 2020 to a €5.9 million revolving credit facility in 2021—an instrument expected to deliver solar home systems to more than 500,000 people across over 20 countries. GET.invest says that the programme is now assisting Amped Innovation in raising €10 million in a Series A2 round to further expand its distribution network, retail and microfinance partnerships, and product portfolio in key sub-Saharan markets.
Koolboks, another company supported by GET.invest, is transforming off-grid refrigeration for small African businesses with its solar-powered fridge that uses an ice “battery”—a gel pack that freezes during sunny periods to keep products cold for up to four days without the need for expensive batteries or diesel generators.
GET.invest’s Finance Catalyst supported Koolboks by developing a detailed financial model—integrating a pay-as-you-go approach and remote monitoring—that enabled the company to secure improved seed funding terms and close a €2.5 million financing round in November 2022. This seed capital will help expand inventory and support plans for a local assembly plant in Nigeria to facilitate duty-free sales across West Africa, while ongoing GET.invest support is now aimed at raising €25 million in a Series A round to drive further growth in this accessible, zero-emissions refrigeration solution.
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