In continuation of a coordinated implementation of the Economic Sustainability Plan (ESP) across the country, the Buhari administration will next week commence the process of installation of 5 million solar home systems in under-served and off-grid communities across the country.
The programme will include the assembly and manufacturing of components of off-grid solutions to facilitate growth of the local manufacturing industry, while use of local content will be incentivized. The first set of installations will be done nationwide in December 2020. The Central Bank of Nigeria (CBN) will make available funds to the private companies in the solar power sub sector involved in the manufacture, assembling, installation, servicing of the solar systems, at rates ranging between 5 to 10 percent. Aside providing access to affordable energy, the objective of the plan is to improve social, economic and environmental welfare of 25 million Nigerians while generating jobs, increasing revenues and import substitution. Regarding jobs, the ESP 5m Solar installation is expected to create about 250,000 jobs including in manufacturing, assembling, installations, maintenance and payment systems.
