Osinbajo announces plan to deploy Solar Electricity to 5 million homes

In line with the Economic Sustainability Plan (ESP), the Vice President, Yemi Osinbajo has disclosed plans to begin the installation of 5 million solar systems in as many as 5 million homes in off-grid communities across the federation. 

The programme is expected to boost the local manufacturing industry by assembling and manufacturing the components locally. The first set of installations is set to commence by December 2020. 

As incentives, the Central Bank of Nigeria will give private companies in the renewable energy sector directly involved in the manufacture and assembling of solar equipment loans at interest rates of 5% to 10% to facilitate the process.