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NSIA boosts power sector with N10bn for supply of solar system

As part of effort to boost power supply and deepen economy, Nigeria Sovereign Investment Authority (NSIA) in partnership with the Rural Electrification Agency (REA) is creating an initial revolving fund of ~N10 billion for qualified developers to distribute and manufacture Solar Home Systems. The agreement signed yesterday in Abuja, entails rolling over 200,000 solar home systems under the “Solar Power Naija” initiative. The NSIA is investing in the off-grid renewable space in partnership with REA.

The Solar Power Naija Program is being launched under the Buhari Administration’s Economic Sustainability Plan (ESP) and supervised by Vice PresidentYemi Osinbajo. A statement by NSIA disclosed the fund will be accessible by the Nigerian Electrification Program qualified developers under the existing REA and World Bank scheme that guides technical qualification and provides grants for developers to invest and participate in off-grid electrification projects.

 

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