According to the latest data provided by PowerGen Statistics, Nigeria imported a total of 28,678 power-generating units worth over $185.5 million (about N40.8 billion) in 2014, The Guardian reports.
It noted that the epileptic power crisis, coupled with high economic growth in the country, is the main factor driving growth in the diesel genset market. High demand for gensets is coming from industries across the board.
The Nigerian genset market is, therefore, entering a period of steady growth, the report added.
It however noted that a key issue is the absence of quality control regulations in the region. This is proving to be the major challenge for original equipment manufacturers (OEMs).
The importation of generator sets in Nigeria is also forecast to see growth rates of 8.7 per cent driving up market volume from $450 million in 2011 to reach $950.7 million (N209 billion) by 2020 according to global research firm GBI Research.
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