LAGOS, Nigeria — Solar battery storage capacity across Africa is projected to grow by more than 20 percent annually through 2030, driven by falling technology costs and rising demand for reliable power, according to the Africa Finance Corporation (AFC) .
Okay News reports that the projection is contained in the AFC’s 2026 State of Africa’s Infrastructure Report, released on April 26, 2026, which highlights accelerating deployment and growing investor interest in the continent’s storage market.
Installed battery storage capacity in Africa rose from 31 megawatt-hours in 2017 to more than 1.6 gigawatt-hours in 2024, the report stated. Lithium-ion battery costs declined by about 20 percent in 2024, supported by global manufacturing scale-up and wider adoption of lithium iron phosphate technologies.
“As a result, storage is becoming increasingly viable across African markets, with capacity projected to grow at over 20% annually through 2030,” the AFC noted.
The report said deployment remains uneven, with South Africa dominating the grid-scale battery storage market through programmes such as the Battery Energy Storage Independent Power Producers Procurement Programme. Many other African countries remain at early stages due to financing constraints and policy uncertainty.
Africa holds abundant reserves of critical battery minerals, including lithium, cobalt, manganese, and graphite, positioning the continent for potential refining, processing, and battery manufacturing opportunities. The report noted early industrial momentum in South Africa, while Nigeria is exploring similar prospects.
The Rural Electrification Agency (REA) has said Nigeria’s domestic solar panel manufacturing capacity has increased to 300 megawatts from 120 megawatts two years ago. The REA recently signed a N100 billion (approximately $66.67 million) revolving credit facility with Lotus Bank to expand renewable energy access to underserved rural communities.
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