The Nigeria Sovereign Investment Authority (NSIA) – an institution that manages the west-African country’s sovereign wealth fund – will allocate $24 million for the assembly and deployment of over 200,000 solar home systems throughout Nigeria. The investment forms part of the sovereign wealth authority’s Solar Power Naija Program.
Established to support the electrification of 5 million households, or 25 million Nigerians, in the country’s rural areas, the Solar Power Naija Program is an initiative implemented by the Federal Government of Nigeria and will involve a partnership between the NSIA and decentralized renewable energy developer, the Rural Electrification Agency (REA), with Nigeria’s Ministry of Power providing technical and advisory support throughout the process.
Mandated by Nigeria’s Vice President, H.E. Yemi Osinbajo, in line with the Buhari Administration’s Economic Sustainability Plan, the robust program is expected to create over 20,000 manufacturing, assembly, and installation jobs in Nigeria and will lead to the development of over 500,000 solar home systems in the country by 2023.
Managing Director for the NSIA, Uche Orji, has stated that the sovereign wealth manager is determined to develop sustainable, affordable electrification systems for Nigeria’s rural populations, 66% of whom are currently lacking access to reliable electricity.