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Home Sectors Energy

FG to start the installation of 5 million solar power across the country next week

Chike Olisah by Chike Olisah
November 29, 2020
in Energy
Solar, FG to slash import duties on tractors, buses, others in 2020 Finance Bill, Nigeria will not issue Eurobonds, says Vice President Yemi Osinbajo, FG guarantees mortgage loan to low income buyers at low interest rate, FG inaugurates gold refinery project in a landmark event

Nigeria’s Vice President, Professor Yemi Osinbajo

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

This move is in continuation of coordinated implementation of the Economic Sustainability Plan (ESP) which is being coordinated by a committee headed by Vice President Yemi Osinbajo, across the country.

READ: FG says 174,574 successfully register for N75 billion MSME survival fund in 48 hours

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This disclosure is contained in a series of tweet posts by the Presidency on Sunday, November 28, 2020, through their official Twitter handle.

It stated that the programme will include the assembly and manufacturing of components of off-grid solutions to facilitate the growth of the local manufacturing industry, while there will be incentives for use of local content. The first set of installation will be done nationwide in December 2020.

READ: FG disburses MSMEs Survival Fund in Lagos, Kano, FCT and 9 other states

The tweet post from the Presidency stated, ‘’In continuation of a coordinated implementation of the Economic Sustainability Plan (ESP) across the country, the Buhari administration will next week commence the process of installation of 5 million solar-home systems in under-served and off-grid communities across the country.’’

According to the statement, the Central Bank of Nigeria will make available funds to the private companies in the solar power sector involved in the manufacture, assembling installation, servicing of the solar systems, at rates ranging between 5 to 10%.

READ: FG guarantees mortgage loan to low income buyers at low interest rate

It also states that apart from 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.

READ: FG goes after AMCON’s N5trillion debtors, sets up task force on funds recovery

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What you should know

The NESP, which was approved by the Federal Executive Council on June 24, 2020 and developed by the Economic Sustainability Committee, chaired by Vice President Yemi Osibanjo, is to develop a plan that responds robustly and appropriately to the challenges posed by the Covid-19 pandemic amongst other terms of reference.

A major part of the plan is the installation of solar home systems that targets 5 million households, serving about 25 million individual Nigerians who are currently not connected to the National Grid. The solar manufacturers will be required to set up production facilities in Nigeria and provide the materials required.

READ: Covid-19: Nigerian government explains how it will fund proposed N2.3 trillion stimulus

In continuation of a coordinated implementation of the Economic Sustainability Plan (ESP) across the country, the Buhari administration will next week commence the process of installation of 5 million solar home systems in under-served and off-grid communities across the country.

— Presidency Nigeria (@NGRPresident) November 29, 2020

 


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Tags: Economic Sustainability PlanNigeria News
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 1

  1. Casmir C. N. says:
    November 30, 2020 at 12:57 pm

    How can one apply to be a beneficiary?

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