The Federal Government said it will commence the process of an installation of 5 million solar home systems which has amounted to N140bn in under-served and off-grid communities across the country.
Senior Special Assistant to the President on Media & Publicity in the Office of the Vice President, Mr LaoluAkande in a statement said the work plan for this is in continuation of a coordinated implementation of the Economic Sustainability Plan (ESP) ,and the implementation of the N140 billion Solar Home Systems will begin the first set of installation in December 2020.
According to the statement, the programme will include the assembly and manufacturing of components of off-grid solutions to facilitate growth of the local manufacturing industry, while use of local content will be incentivized.”
“By its design, the programme will cover up to 5 million households, serving about 25 million individual Nigerians who live mostly in rural communities and not currently connected to the national grid.
Based on the plan of the Economic Sustainability Committee set up earlier in the year, the Central Bank of Nigeria (CBN) will make available funds 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.
The statement reads: The Solar Home System as an important component of the Buhari administration’s ESP is designed as part of measures by the Federal Government to ramp up power supply across the country by catering specifically for communities not connected to the national grid. It is also part of the administration’s strategy to address the overall challenges and issues in the power sector as Solar is not only cheaper but considered to be cleaner and renewable.
“Aside providing access to affordable energy, the objective of the plan is to improve social, economic and environmental welfare of 25 million Nigerians while generating jobs, increasing revenues and import substitution.”