Arnergy, a Nigerian company focused on clean energy, has secured $3 million in funding to help more people switch to renewable energy sources like solar power.
This boost in funds will allow them to expand their efforts across the country.
The CEO of Arnergy mentioned that while solar panels and batteries have become cheaper worldwide, in Nigeria, their prices could have been even lower if it wasn’t for the ups and downs in the exchange rate.
Recently, Nigeria has been experiencing a lot of changes in how much its currency, the Naira, is worth compared to the US dollar.
Arnergy has mainly sold its products outright, but now they are looking to offer more leasing options. This means people can use their solar panels and batteries without having to buy them outright.
Nigeria has been facing problems with its electricity grid, with power output dropping to only 93.5% at the end of 2023, causing blackouts. This has led more people to consider using off-grid solutions like solar power.
In fact, in the second quarter of 2022, Nigeria had the highest sales of solar products in West Africa, making up 78% of all sales. And between 2017 and 2022, sales of solar products in Nigeria increased by a huge 450%.
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