The Federal Government of Nigeria has announced the commencement of installation of 5 million solar home systems in under-served and off-grid communities across the country. This is done in continuation of the implementation of the Economic Sustainability Plan.
Federal Government noted that the initiative which is programmed to constitute the assembling and manufacturing of components of off-grid solutions to foster growth of the local manufacturing industry, while use of local content will be incentivized.
According to the federal government, the Central Bank of Nigeria will provide funds to the private companies in the solar power sub sector whose services include production, assembling, installation, and servicing of the solar systems, at 5% to 10% per rates.
The main aim of the plan is to improve social, economic and environmental welfare of about 25 million Nigerians by creating jobs, increasing revenues and import substitution.
The federal government noted that the Economic Sustainability Plan, 5m Solar installation is initiated to create about 250,000 jobs in various sectors like manufacturing, assembling, installations, maintenance and payment systems.
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