In this paper, we present the results of a simulation of a 3 MWp photovoltaic plant in Nigeria using four case study scenarios: ground-mounted fixed inclined monofacial, and bifacial photovoltaic installation, as well as monofacial and bifacial photovoltaic installations with trackers. The bifacial gains, tracker gains, and bifacial-tracker gains were calculated for each configuration. The fixed ground-mounted inclined bifacial PV system gained 12% annual average bifacial gain over a fixed ground-mounted monofacial system, while the bifacial system with a solar tracker gained 8.9% over a monofacial system with a solar tracker. A monofacial PV system with a tracker over a fixed inclined monofacial system has a tracker gain of 16%, while a bifacial PV system with a tracker over a fixed inclined bifacial system has a tracker gain of 13.2%. The monofacial system with a solar tracker outperforms a fixed inclined bifacial system by about 4%. The sensitivity analysis performed to determine the effect of system parameters such as albedo and ground clearance height on bifacial PV systems reveals that the increase in specific energy production per kilowatt-hour per year is directly proportional to the albedo of the surface area on which the bifacial PV systems are installed, and adequate ground clearance height is required between the ground and the installed bifacial PV plants.