The Nigerian government is planning a N152.4bn-solar power funding to power five million homes, covering 25m Nigerians, with the aim to also create 250,000 jobs.
Vice President Yemi Osinbajo stated this while presenting an overview of the Economic Sustainability Plan at the just-concluded First Year Ministerial Performance Review Retreat organised for ministers, permanent secretaries and top government functionaries.
The solar power project is one of the components of the government’s N2.3tn stimulus package underway.
According to Osinbajo, the government is already working to provide the required funds through the Central Bank of Nigeria-supported structured loans to manufacturers of the solar home systems.
He said, “The World Bank is working closely with us, and supporting the scheme so that once we are able to get fully out there. If we are able to do all of the five million homes, we should be able to provide 250,000 jobs in low and high-skilled categories, 25m individuals with new or improved access to electricity. We are looking at five individuals per home.”
The vice president, while speaking on the importance of implementing the stimulus plan, said, “I think that if we are able to implement this faithfully, if we are able to ensure that we bring in the resources, then we certainly will be able to turn around the economic fortunes of Nigeria.
“The truth is that, if you look at stimulus packages all over the world, what has happened is that, in many economies that have been able to lessen the impact of COVID-19, the funds have been provided and they have been provided at great pains.”
