- The Nigerian energy sector is a very lucrative one if start-ups and entrepreneurs know how to enter the market
- Mojola Ola, Director of Marketing, Business Development at Schneider Electric stated that entrepreneurs need to study the energy market in Nigeria
- According to him, Schneider Electric is partnering with distribution companies in Nigeria to improve access to electricity by deploying connected devices
The role of digitising the Nigerian energy sector is crucial, and that is where Schneider Electric, the French multinational energy company comes in.
In an exclusive interview with Legit.ng during the Lagos Start-up Week, Mojola Ola. Director - Marketing, Business Development & Access to Energy at Schneider Electric (Anglophone W. Africa), said Nigeria has about 55 per cent electricity access.
The need to integrate IoTs in the energy sector
Ola said that what Nigeria needs to do in the energy sector is to improve access, saying that the company has an eco-structure, that integrates the Internet of Things (IoTS) which allows users to remotely monitor and control various devices.
PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!
He stated that the company is partnering with electricity distribution companies in the country to digitise the Nigerian energy market.
He said at the stage that Nigeria is in right now in terms of energy, the country needs connected products in order to allow it to monitor power, saying that digitisation will help to reduce the downtime and improve the optimisation of the energy sector.
The energy management professional stated that before the country can scale it needs to have connected products which will allow it to monitor other devices in the spectrum.
Ola said for start-ups wanting to enter the energy industry in Nigeria, the need to study the market is very crucial and to understand the segment they want to play in. He stated the energy sector in Nigeria is a very complicated one and that entrepreneurs need to understand where they can start before setting up and knowing where their powers stop.
Firm partners with distribution company to improve electricity access
Meanwhile, the company has announced that it is partnering with Ikeja Electric, one of the electricity distribution companies in Nigeria to improve distribution.
The company said the partnership will address common problems faced by distribution companies in the country like traceability of faults in the system which usually leads to prolonged outages.
The company said one of the first steps is to digitize the grids, beginning with transformers as part of its eco structure technology, which are connected solutions that would enable remote monitoring and control of the grid, thereby improving the quality and reliability of the network and reduce costs for the DisCo.
Firm moves to address energy deficit in Nigeria, unveils microgrid as it makes case for curbing climate change
Legit.ng reported that Energy sustainability in Nigeria has proven a herculean task for successive governments who grapple to tackle the challenge in Africa’s most populous nation.
Available statistics show that Nigeria has the highest energy deficit in the world with about one per cent of the population having access to electricity.
One per cent increase in electricity consumption leads to 1.72 per cent increase in economic growth (Electricity Consumption and Economic Growth, 2021).