Home Business Nigeria: FG Commences N140bn Solar Installation in 5m Homes Nationwide

Nigeria: FG Commences N140bn Solar Installation in 5m Homes Nationwide

Namibia: Peugeot Will Export 'Once Issues Are Resolved'

-Offers 5 to 10 percent interest rate to solar companies to fund initiative

-Consumers to pay less than grid power customers

By Omololu Ogunmade

In pursuit of economic recovery and implementation of the Economic Sustainability Plan (ESP), the federal government has announced the installation of N140 billion solar systems in five million homes this week.

According to the government, beneficiaries of the initiative would be the under-served and off-grid communities across the country.

THISDAY learnt yesterday that the package would include assembly and manufacturing of components of off-grid solutions to facilitate growth of the local manufacturing industry with the use of incentivised local content.

Confirming the development, Senior Special Assistant to the President on Media & Publicity (Office of the Vice-President), Mr. Laolu Akande, said work plan for implementation of the solar home systems, which he described as a component of the ESP, showed that the first set of installations would be executed nationwide this December.

The programme, it was learnt, would be beneficial to about 25 million Nigerians in 5 million homes, who live mostly in rural communities and not connected to the national grid.

Being one of the recommendations of the Economic Sustainability Committee chaired by Vice-President Yemi Osinbajo earlier in the year, the initiative will be funded by the Central Bank of Nigeria (CBN).