NewsFG raises CBN’s solar intervention disbursement to N140 billion

FG raises CBN’s solar intervention disbursement to N140 billion

-

- Advertisment -

The federal government is expanding funds from the N140 billion solar intervention fund, a facility set up by the Central Bank of Nigeria (CBN) to alleviate Nigeria’s large energy shortage, particularly in rural areas.

The CBN announced the creation of a fund in the fourth quarter of 2020 that would offer obligors with up to N500 million in credit, with the purpose of providing rural populations with inexpensive mini-grid solutions.

The apex bank claimed that the roads to energy access, financial inclusion, and poverty reduction were intrinsically intertwined, and that rapid deployment of pay-as-you-go off-grid technology, which would produce a $2 billion yearly market potential, was required.

Ahmad Zakari, Special Adviser to the President on Infrastructure, pledged that off-grid power will make substantial progress this year, and that the Rural Electrification Agency (REA) would speed up the process.

“We have already disbursed to a few developers, and we hope that in the future, we can scale up the disbursement so that we can manufacture renewable energy components and provide electricity through mini-grids and solar.

“We anticipate multiple commissioning of large mini-grid projects across the country in universities, markets, and rural areas,” he said,” he said.

While more funds have been allocated toward conventional energy generation sources, Jaiyeola noted that investment in the renewable sector, where the government hopes to create 30% of the 30,000 megawatts expected by 2030, has fallen short.

He recommended that the intervention be structured so that recipients can repay the money, allowing the fund to contribute to the development of other industries.

According to the CBN, 85 million Nigerians, or 43 percent of the country’s population, lack access to grid electricity, making Nigeria the world’s largest energy access deficit country.

In the 2020 World Bank Doing Business report, Nigeria was placed 171 out of 190 countries in terms of power access.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

2022 Mushin Day: Malaika to headline All White Party celebration in London June 3

The echoes of fun life in a popular community in Lagos is about to be heard in the faraway...

Iyabo Ojo blows hot as she reacts to allegations about daughter, Priscilla dating Kizz Daniel

Nollywood actress, Iyabo Ojo has spat fire while reacting to an allegation about her daughter, Priscilla dating singer, Kizz...

Abuja female Corps member bathed with acid, killed over boyfriend

The Federal Capital Territory Police Command has paraded three suspects in connection with the murder of a female member...

Poetry and essay competition to celebrate Tokunbo Wahab at 50

A poetry and essay competition has been instituted by renowned filmmaker and the President of Association of Movie Producer...
- Advertisement -

Tokunbo Wahab: An uncommon legal eagle soaring daily to a greater place in history

By Victor Ojelabi It amazes many how some politicians quickly gather court-like followership that often transcend their generation. Why would...

Ecobank aided AMCON to steal my N5b worth Hotel, Suru Group boss laments

Chairman of Suru Group traces the origin of his problem with AMCON to when Ecobank without notice, sold their...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you