Prof. Yemi Osinbajo
The Senior Special Assistant to the President on Media & Publicity in the Office of the Vice President, Mr. Laolu Akande confirmed the development on Monday.
The program is expected to benefit about 25 million Nigerians.
The program will include the assembly and manufacturing of components of off-grid solutions to facilitate the growth of the local manufacturing industry, while use of local content will be incentivized, Akande added.
It is also expected to create about 250,000 jobs including in manufacturing, assembling, installations, maintenance, and payment systems.
Beneficiaries of the program will pay between N1,500 and N4,000 monthly to access power from the solar system.
The solar program is part of plans devised by the Economic Sustainability Committee, which is chaired by Vice President Yemi Osinbajo.
According to government sources, 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, way below the current commercial lending rates in the country.
