FG Suspends Ban on Solar Imports, Moves to Provide N5bn to Women to Light Homes, Businesses
- The Nigerian government has backtracked on the planned ban on solar panel imports
- The managing director and chief executive of the Rural Electrification Agency (REA), Abba Aliyu, said the policy is not immediate
- He disclosed that the move will only come into effect when Nigeria becomes self-reliant in solar panel manufacturing
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian government has said that the plan to ban the import of photovoltaic solar panels in Nigeria will no longer be immediate.
Abba Aliyu, the managing director and chief executive of the Rural Electrification Agency (REA), said the government is not thinking of banning solar panel imports immediately.
Source: Getty Images
Nigeria begins solar panel manufacturing
He said that despite Nigeria starting solar panel production, the capacity falls below the country’s requirements and needs to be scaled up to improve power generation and achieve universal access.
Legit.ng earlier reported that the Minister of Science and Technology, Uche Nnaji, disclosed that Nigeria was mulling a ban on solar imports to encourage local manufacturing.
The minister stressed Nigeria’s capacity to produce solar panels via the National Agency for Science and Engineering Infrastructure (NASENI),
According to Nnaji, NASENI has a factory and has begun producing solar panels, and other individuals are also producing the panels.
He said Nigeria needs to go through Presidential Executive Order No. 5 and stop solar panel imports to support local industries.
REA boss said Nigerians imported N200bn worth of PVs
However, at a recent round table, the REA boss highlighted ongoing efforts to change the status quo and domesticate renewable equipment manufacturing in Nigeria.
Aliyu disclosed that over N200 billion has been spent on importing solar panels into Nigeria.
He said that while there is a need for imports, one critical thing REA is doing is encouraging domestic manufacturing of the renewable equipment.
Punch reports that Aliyu clarified that comments to ban imports did not mean the policy would take immediate effect.
He stressed that the ban would not be implemented unless Nigeria’s production capacity increases to meet local demand for solar panels.
He said:
“We are not banning solar importation for now. We are incentivising our local manufacturing for us to take over. But for now, we cannot address the needs of the country.
He said REA has close to 600mw capacity of solar panel manufacturing and is working to catalyse the investment in a Lithium battery assembly plant in Lagos.
FG moves to empower women with N5 billion
The REA CEO said talks are ongoing with an oil and gas firm to build a 14-stage manufacturing of lithium batteries.
The development comes as the Nigerian government, via the Nigerian Consumer Credit Corporation (CREDITCORP), has launched a N5 billion clean energy scheme to provide affordable access to solar home systems for Nigerian women in all the 774 local government areas nationwide.
Source: Getty Images
CreditCorp’s managing director, Uzoma Nwagba, disclosed that the credit would be disbursed under the Credit Access for Light and Mobility (CALM) Fund.
Scheme allows women to power homes, businesses
Nwagba said the scheme seeks to create sustainable and inclusive funding opportunities, allowing women to power their homes and small businesses with clean and reliable power.
According to the CreditCorp boss, the initiative provides a pathway for women to earn, save, and build a verifiable credit history.
He stated that the CreditCorp mission is to enable over 35,000 civil servants to access general credit and support life-changing products such as mobility solutions and clean energy.
“We’re expanding access to digital devices, home improvements, and micro machinery. This is how consumer credit should work, unlocking everyday possibilities for better living,” he said.
CreditCorp opens application to get loans for solar power
Legit.ng earlier reported that the Nigerian Consumer Credit Corporation (CreditCorp) has opened applications for the CALM Fund, which provides consumer credit to help Nigerians access CNG conversions and solar home systems via partner financial institutions.
Dada Olusegun, special assistant to President Bola Tinubu on social media, announced this on Monday, October 28, 2024, asking Nigerians to leverage the initiative.
Olusegun said Nigerians seeking to convert their cars or build solar systems to power their homes can apply using the link provided.
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