The Nigeria Sovereign Investment Authority (NSIA) is investing in the Off-Grid renewable space in partnership with the Rural Electrification Agency (REA) to install over 200,000 Solar Home Systems (SHS) with N10 billion funding.
In a joint statement by both agencies, they said the project is part of the Solar Power Naija programme under the Economic Sustainability Plan (ESP). It is supervised by the Vice President, Prof. Yemi Osinbajo.
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The NSIA-REA partnership will see the NSIA creating an initial fund of N10 billion for qualified developers to distribute and manufacture the solar devices, it noted.
The fund will be accessible by qualified firms through REA/World Bank’s Nigerian Electrification Programme while REA under the Ministry of Power will provide technical and advisory support to the NSIA for the project.
“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,” the statement noted.
Commenting on the partnership, Managing Director of REA, Ahmad Salihijo, said, “The partnership with NSIA is exciting in so many ways, we believe this investment commitment as approved by the NSIA Board is a harbinger for increased investments in the Off-Grid renewable space that will help Nigeria achieve its goals under COP-26 and eliminate the electrification gap in the country”.
On his part, the MD of NSIA, Uche Orji, said, “NSIA recognises the latent potential in these communities and believes that access to power is fundamentally important to enhancing the capacity of SMEs in these communities to support the economic growth of the country and employment creation”.