FG to introduce N140bn solar power solution nationwide 

30 Nov FG to introduce N140bn solar power solution nationwide 

The Federal Government will next week commence the installation of 5 million solar home systems in under-served and off-grid communities across the country.

The programme is in continuation of a coordinated implementation of the Economic Sustainability Plan (ESP).

In a statement titled “25m Nigerians to own 5m solar systems at N4,000 monthly.” the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, said the solar programme nicknamed Solar Power Naija, for which installations starts in December, is being implemented by the Rural Electrification Agency.

He explained that beneficiaries will be expected to pay about N4,000 monthly over a period of three years.

He said “An important aspect of the scheme is the option of outright ownership by beneficiaries at a cost ranging from N1, 500 per week to N4, 000 monthly depending on the capacities, for a period of three years,”

The presidential aide said, “The programme, which allows as many as 25 million Nigerians to own personal solar systems in their homes, will include the assembly or manufacturing of components of off-grid solutions to facilitate the growth of the local manufacturing industry.

“In view of the scale of materials required, solar equipment manufacturers/assemblers will be incentivised to set up facilities in Nigeria, thereby offering additional job opportunities to Nigerians.

“In addition, installation, servicing and payment collections are expected to provide thousands of other jobs. In all, at least 250, 000 jobs will be created.”

He added that as indicated in the Economic Sustainability Plan, the five million connections initiative is a private sector-led electricity access acceleration scheme to be facilitated by a low-cost loan facility from the Central Bank of Nigeria and implemented by REA.

The Central Bank of Nigeria (CBN) is expected to make funds available to the private companies in the solar power sub sector involved in the manufacture, assembling, installation, servicing of the solar systems, at rates ranging between 5 to 10 percent, way below the current commercial lending rates in the country.