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Home Business News

Osinbajo flags off ESP solar program, N140 billion to be provided for developers

Chike Olisah by Chike Olisah
April 9, 2021
in Business News, Energy, Spotlight
Reps to probe FG’s N3.4 billion failed solar power project
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Vice President Yemi Osinbajo will on Friday, April 9, 2021, flag off the Solar Power Naija programme in Jigawa, starting with the Jangefe community, whose 5,000 population will get 1,000 Solar Home Systems connections.

This scheme is part of the Federal Government’s Economic Sustainability Plan (ESP) to deliver 5 million connections to off-grid communities.

This disclosure was made by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, through some tweet posts on his official Twitter handle.

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The Federal Ministry of Power through one of the agencies under its supervision, the Rural Electrification Agency (REA), is the implementing public agency for the 5 million off-grid solar connections programme (Solar Power Naija).

This initiative also includes about N140 billion which will be provided in concessionary financing from the Central Bank of Nigeria and the commercial banks for off-grid developers to roll out mini-grids and solar home systems to provide electricity to locations across the country.

This is expected to cost from N3,000 per month and above, depending on system type to provide electricity to locations all across the country.

The community will be making monthly energy payment until the systems are fully paid for at the point in which there will be a transfer of ownership to each consumer in the community.

READ: Why Nigeria should consider using Solar Power

The event marks the inauguration of 100,000 connections through a commercial partnership between A-Solar, a local developer, the Niger Delta Power Holding Company (NDPHC), and Sterling Bank.

The Jangefe community in Jigawa will be the first location covered by the A-Solar company, which has leveraged on Roni LGA and Kazaure Emirate Council to do mass sensitisation for an understanding of the usage of the system and payment mechanisms.

Through a World Bank and REA programme called the Nigerian Electrification Programme (NEP), each connection under the Solar Power Naija programme would receive a 20% rebate for the developer.

It will, therefore, allow the rates charged to consumers to be reduced by the same amount.

What this means

The Solar Power Naija Project which is a component of the Economic Sustainability Plan will ensure that Nigerians who are not on the grid, that is those without electricity, will have the opportunity to enjoy that for the first time.

The Solar Power Naija is also expected to create 250,000 new jobs in the energy sector in addition to the solar equipment manufacturers who will have the incentive to set up facilities in Nigeria thereby offering more job opportunities to Nigerians.

VP in Jigawa today to flag off Solar Power Naija-part of ESP nationwide plan to deliver 5m connections to off-grid communities. Jangefe's 5000 population gets 1000 connections. He's also attending Turbaning of Water Resources Minister Suleiman as Galadima by the Emir of Kazaure

— Laolu Akande (@akandeoj) April 9, 2021

 


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Tags: Economic Sustainability PlanESPSolar 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.

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