• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Sectors Energy

25 million Nigerians to pay N4,000 monthly for solar power system

Chike Olisah by Chike Olisah
November 30, 2020
in Energy, Spotlight
US-based solar company to invest $300m in Nigeria, 25 million Nigerians to pay N4,000 monthly for solar power system
Share on FacebookShare on TwitterShare on Linkedin

The Presidency has disclosed that an estimated 25 million Nigerians that will benefit from the Federal Government’s Solar Home Systems which is expected to commence this week will be expected to pay about N4,000 monthly over a 3-year period.

According to a report by the News Agency of Nigeria (NAN), this disclosure was made by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, through a statement on Sunday titled “25m Nigerians to own 5m solar systems at N4, 000 monthly.”

READ: Ikeja Electric tops with 10.7% approved meter allocation – NERC

RelatedStories

Power line

REA signs agreement with 9 energy firms to provide electricity to 17.5 million Nigerians

April 29, 2025
Tinubu appoints Abba Aliyu as head of Nigeria’s Rural Electrification Agency 

REA secures approval to establish renewable asset management company in Nigeria, targets N1 trillion 

March 11, 2025

While giving further insight into earlier reports that the Federal Government will from next week commence the process of installation of 5 million solar-home systems in underserved and off-grid communities across the country, Akande said the solar programme nicknamed Solar Power Naija, whose installations would start in December, is being implemented by the Rural Electrification Agency.

The Presidential media aide who pointed out that the programme was designed to boost ongoing efforts to fix Nigeria’s energy supply challenge, also said that priority would be given to Nigerians residing in rural areas and urban settlements either under-served or cut off the national grid.

(READ MORE: World Bank approves $2.2 billion loan for Nigeria)

He said an important aspect of this scheme is the option of outright ownership by beneficiaries at a cost ranging from N1, 500 per week to N4, 000 per month depending on the capacities for the 3 years.

He noted that that the arrangement allows as many as 25 million Nigerians to own personal solar systems in their homes.

READ: FG delivers 100 KWP Solar Mini-Grid to serve off-grid community in Ogun State

He added that, as indicated in the Economic Sustainability Plan, the 5 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.

Akande said, “The programme 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.’’

READ: Nigeria’s inflation rate to moderate by first half of next year

“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.”

Optics: If religiously implemented, this will help provide affordable energy to the under-served Nigerians in rural areas with the objective of improving social, economic, and environmental welfare of 25 million Nigerians while generating jobs, increasing revenues, and import substitution.

READ: FG set to create at least 5 million jobs for youths in the power sector – Minister of Power 

However, the fear is whether this will go the same way as other government’s programmes or initiatives in the past.

Explore Data on the Nairametrics Research Website


Follow us for Breaking News and Market Intelligence.
Tags: Economic Sustainability PlanLaolu AkandeNigeria NewsRural Electrification AgencySolar Home SystemsSolar Power Naija
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.

Related Posts

Power line
Corporate deals

REA signs agreement with 9 energy firms to provide electricity to 17.5 million Nigerians

April 29, 2025
Tinubu appoints Abba Aliyu as head of Nigeria’s Rural Electrification Agency 
Energy

REA secures approval to establish renewable asset management company in Nigeria, targets N1 trillion 

March 11, 2025
Adamawa, REA partner to establish 300MW solar PV farm, unlocking $1.9 billion investment 
Energy

Adamawa, REA partner to establish 300MW solar PV farm, unlocking $1.9 billion investment 

March 4, 2025
Tinubu appoints Abba Aliyu as head of Nigeria’s Rural Electrification Agency 
Energy

FG allocates N100bn for solar mini-grids in public institutions to cut energy costs 

February 11, 2025
Tinubu appoints Abba Aliyu as head of Nigeria’s Rural Electrification Agency 
Energy

New REA Managing Director targets electrification of 25 million Nigerians in three years 

February 3, 2025
Tinubu appoints Abba Aliyu as head of Nigeria’s Rural Electrification Agency 
Appointments

Tinubu appoints Abba Aliyu as head of Nigeria’s Rural Electrification Agency 

January 31, 2025
Next Post
cryptocurrency, Bitcoin on steroids, rages higher

Bitcoin jumpstarts strongly, daily trading volume hits $25 billion

Comments 10

  1. Henry smile says:
    November 30, 2020 at 8:06 am

    HOW do I get my own

    Reply
    • ame fregene says:
      November 30, 2020 at 3:52 pm

      am interested o,hw do i get

      Reply
    • Victor Okorie Ndukwe says:
      November 30, 2020 at 5:13 pm

      I want to be part of those to benefit from this project

      Reply
      • Anonymous says:
        November 30, 2020 at 8:29 pm

        Please sir, am interested sir I want to be among those to benefit on this sir Thanks sir

        Reply
      • Ukoha Daniel oka says:
        December 2, 2020 at 6:15 am

        Place sir am interested I hope my request well be granted thanks

        Reply
  2. Tabuko Onorieyereraye says:
    November 30, 2020 at 8:40 pm

    Please sir, am interested sir I want to be among those to benefit from this opportunity sir

    Reply
  3. Ilumah olufunmilayo says:
    December 1, 2020 at 9:26 pm

    Pls I need 1 o tanks in advance

    Reply
  4. Paul I mafidon says:
    December 2, 2020 at 8:42 am

    Is this real,if yes please I need ooo

    Reply
  5. adeyeye nurudeen says:
    December 2, 2020 at 9:54 am

    I commend the Federal government for having us in mind. I am interested in solar power system as beneficiary, thank you and God bless the Federal Republic of Nigeria

    Reply
  6. Daniel Okwa says:
    December 13, 2020 at 8:03 pm

    My frend bought Fenix International solar home system and it was vry gud. they do things right

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • CBN FORBEARANCE: New RENCAP report names banks facing dividend suspension till 2028
  • SEC to launch ‘Crypto Smart, Nigeria Strong’ initiative for stablecoin regulation 
  • Lagos Govt suspends building permits along Lagos-Calabar Coastal Highway corridor  

Follow us on social media:

Recent News

CBN FORBEARANCE: New RENCAP report names banks facing dividend suspension till 2028

June 16, 2025
SEC warns Nigerians against investing in Risevest and Stecs  

SEC to launch ‘Crypto Smart, Nigeria Strong’ initiative for stablecoin regulation 

June 16, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics