BOI/UNDP: Nigeria?s household energy market worth $5.1b
Tuesday, January 3, 2012
The Bank of Industry (BOI)and United Nations Development Programme (BOI/UNDP) partnership has identified the potential in investing in household energy through supplies of energy-efficient equipment and bulbs adding that the market is worths $5.1 billion.
The Project Manager, UNDP/BOI Access to Renewable Energy Project, Segun Adaju in his paper titled ’Investing in clean energy for the Base of the Pyramid (BOP) in Nigeria’ presented at a forum in Lagos, said the BOP is the largest of the pyramid, but poorest socio-economic group, which in global terms, refer to the four billion people who live on less than $2 per day.
“The phrase “bottom of the pyramid (BOP)” is used in particular by people developing new models of doing business that deliberately target that demography, often using new technology. The BOP bottom of the pyramid has been seen as the biggest potential opportunity in the history of commerce. It makes up US$5 trillion global consumer market in local purchasing power, yet highly underserved.”