The Federal Government Tuesday launched a five million solar connection programme with target of generating annual tax revenues of N7 billion and $10 million in annual import substitution.
The programme, “Solar Power Naija” is a five million solar connection project to off-grid communities nationwide under the Rural Electrification Agency (REA).
This formed part of the Federal Government’s support for economic recovery as part of the Economic Sustainability Plan (ESP) in response to the COVID-19 pandemic.
The Scheme objectives include to:
“Expand energy access to 25 million individuals (5 million new connections) through the provision of Solar Home Systems (SHS) or connection to a mini grid;
Increase local content in the off grid solar value chain and facilitate the growth of the local manufacturing and assembly industry;
Incentivize the creation of 250,000 new jobs in the energy sector.”
The Solar Connection Intervention Facility from the Central Bank of Nigeria (CBN), will complement the Federal government’s effort of providing affordable electricity to unserved rural communities through the provision of long-term low interest credit facilities to the Nigeria Electrification Project (NEP) pre-qualified SHS distributors and mini grid development companies.
This also include qualified home solar value chain players such as manufacturers and assemblers of solar components
According to the Vice President, Prof. Yemi Osinbajo, “The Nigerian Government is committed to resolving the challenges and delivering the president’s objective to deliver efficient, stable, and reliable power to Nigerians and put Nigeria on the path to economic recovery.”
On his part, the REA Managing Director, Ahmad Salihijo Ahmad, expressed optimism over the determination of the Federal Government to transform the power sector in accordance with its Next Level agenda.
He said: “This is a testament to our dedication and commitment to scaling the off-grid solar market through provision of long term low interest credit facilities to the Nigeria Electrification Project (NEP) pre-qualified home solar value chain players that include manufacturers and assemblers of solar components and off-grid energy developers and retailers in the country”.
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