World Bank to Support Nigeria, Others With N254bn Solar Power Fund as Fuel Subsidy Removal Bites Hard
- Nigeria and other West African countries will benefit from the World Bank’s N254 billion for solar power projects
- The World Bank, Clean Technology Fund and Dutch Cooperation would finance the projects
- The partnership aims to carry out a project known as the Regional Off-grid Electricity Access Project (ROGEAP)
Solar power projects worth $338.7 million (or N254 billion at the official currency rate of N750.6/$) in Nigeria and other West African nations would be financed by the World Bank, Clean Technology Fund and Dutch Cooperation.
The parties to the agreement are providing the money to facilitate the implementation of the Economic Community of West African States (ECOWAS)' Regional Off-Grid Electricity Access Project.
Source: Facebook
This is coming after the Nigerian President, Bola Ahmed Tinubu, stated that his administration will not continue with payment of fuel subsidy.
The Federal Government's intention to give out N8,000 as temporary relief after eliminating the fuel subsidy drew a reaction from the World Bank.
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Firms to provide technical, financial assistance
According to a statement from ECOWAS seen by Punch, it had contracted a group of enterprises to offer financial and technical support to financial institutions in the 19 project countries and businesses in the off-grid solar PV industry as part of efforts to implement the ROGEAP project.
According to the document, the TSC Global/Intech-GOPA/AFC/BB and Co group and the Regional Off-Grid Electricity Access Project (ROGEAP) officially signed a contract as the project fund manager of the ROGEAP project on August 1, 2023, in Abuja.
The ECOWAS commission retained the TSC Global/Intech-GOPA/AFC/BB consortium as the ROGEAP fund manager to offer technical and financial support after a procurement process that followed the donor's guidelines.
In addition to the private sector, commercial banks and microfinance organisations in the project's target nations will also get funding, according to the statement, to help the Project Management Unit, which has offices in Abuja and Lomé.
Regarding the project's cost and the sponsors, ECOWAS stated that the World Bank, the Clean Technology Fund, and the Dutch Cooperation contributed $338.7 million to its funding.
It stated that the ROGEAP project fund manager's primary duty was to assist ECOWAS in carrying out the project by assuring the establishment of the regional ecosystem to expand the off-grid business.
Project will solve supply-side limitation
According to the statement, the fund manager will ensure market information exchange, facilitate trading among interested parties, and boost regional demand through consumer education and promotion efforts.
ECOWAS added that the supply-side limitations would be lifted by enhancing the capabilities of commercial banking institutions and other key partners.
The community further said the ROGEAP project fund manager would also get involved in implementing technical assistance for building up the capacity of businesses, which will be differentiated support throughout the life cycle of business development.
The Regional Off-Grid Electrification Project (ROGEAP), which started in 2017 under that name, was later reorganised and given its present name, Regional Off-Grid Electricity Access Project, by ECOWAS and its technical and financial partners.
It sought to provide access to affordable electrical services for households, businesses, public infrastructure, health care, education, and other needs in the 15 ECOWAS member countries and four additional sub-Saharan African nations (Mauritania, Central African Republic, Cameroon, and Chad).
The project would be carried out by the West African Development Bank and the Regional Centre for Renewable Energies and Energy Efficiency of the ECOWAS Commission.
According to ECOWAS, their responsibility is to guarantee the creation of a regional market and access to financing for isolated solar systems.
Tinubu receives World Bank president, says audit ongoing on CBN, civil service payroll
Legit earlier reported that President Bola Ahmed Tinubu has disclosed that the Central Bank of Nigeria (CBN) is undergoing a comprehensive forensic audit, and a thorough overhaul of the Civil Service payroll is imminent.
The President disclosed this at the presidential villa on Friday, August 4, when he received the President of the World Bank, Mr Ajay Banga.
Source: Legit.ng
