The Nigeria Sovereign Investment Authority (NSIA) has established that it is joining forces with the Rural Electrification Agency (REA) to invest an initial sum of N10 billion to provide over 200,000 solar power for homes under the ‘Solar Power Naija’ programme.
The Solar Power Naija programme, which is part of the current administration’s Economic Sustainability Plan (ESP) is to be supervised directly by Vice President Yemi Osinbajo.
According to NAN, this disclosure is contained in a statement issued by the Communication Officer of NSIA, Mr Titilope Olubiyi, on Thursday, December 23, 2021, in Abuja.
The NSIA said the fund would be accessible by Nigerian Electrification Programme qualified developers under the existing REA and World Bank scheme, guiding technical qualification and providing grants for developers to invest and participate in off-grid electrification projects.
It also pointed out that the REA, under the Ministry of Power, would provide technical and advisory support to the NSIA as it rolled out the programme.
The NSIA in its statement said, “This investment by NSIA is targeted at catalysing 200,000 off-grid connections in the first instance with a goal of reaching over 500,000 systems as the fund revolves and is expanded through to 2023.
“The programme is estimated to also create up to 20,000 jobs across manufacturing, assembly, installation and retail over the period.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate