Among the amendments endorsed by NERC include an attractive renewable energy feed-in-tariff and a regulation that ensures that local electricity distribution companies (Discos) source up to 50% of their power from renewable sources.

Three words: feed-in tariff. This guarantees that the price solar, wind and other projects will be paid for the power they produce. Nigeria has had one for a little while, but there’s been no activity because it was seen as too risky.

The Nigerian Electricity Regulatory Commission recently approved feed-in tariff regulations for renewable energy sourced electricity. As per the provisions of the regulations, electricity distribution companies will be required to source at least 50% of their total procurement from renewable energy sources.

The regulation, Feed-in Tariff Regulations for Renewable Energy Sourced, estimates that Nigeria will generate at least 1,000MW from renewables by 2018, The Guardian reports.

The more players that can be involved in the power revival project, the shorter it will take for Nigeria and much of the region to attain energy security. Feed-in-tariff, FiT, is a renewable energy payment system that has been used to accelerate the development of renewable sources of electricity by countries in Europe, Asia and North America.