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FG Increases CBN’s ₦140 Billion Solar Intervention Fund - Politics - Nairaland

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FG Increases CBN’s ₦140 Billion Solar Intervention Fund by BrandSpurNG: 8:36am On Feb 17, 2022
The federal government is increasing the disbursement of the N140 billion solar intervention fund, a facility established by the Central Bank of Nigeria (CBN) to address Nigeria’s massive energy gap, particularly in rural communities.

In the fourth quarter of 2020, the CBN announced the establishment of a fund that would provide obligors with access to a credit facility of up to N500 million, with the goal of providing rural residents with affordable mini-grid solutions.

The apex bank asserted that the pathways to energy access, financial inclusion, and poverty reduction were inextricably linked and necessitated the rapid deployment of pay-as-you-go off-grid technologies, which would generate a $2 billion annual market opportunity.

The federal government is increasing the disbursement of the N140 billion solar intervention fund, a facility established by the Central Bank of Nigeria (CBN) to address Nigeria’s massive energy gap, particularly in rural communities.

In the fourth quarter of 2020, the CBN announced the establishment of a fund that would provide obligors with access to a credit facility of up to N500 million, with the goal of providing rural residents with affordable mini-grid solutions.

The apex bank asserted that the pathways to energy access, financial inclusion, and poverty reduction were inextricably linked and necessitated the rapid deployment of pay-as-you-go off-grid technologies, which would generate a $2 billion annual market opportunity.

He emphasized that the funds were intended to encourage local developers in the renewable energy industry to step up their game, and he confirmed that a number of developers had already benefited from them.
“The loans in naira denominated funds have been a problem because getting funds from outside the country causes foreign exchange problems.”


“We have already disbursed to a few developers, and we hope that in the future, we can scale up the disbursement so that we can manufacture renewable energy components and provide electricity through mini-grids and solar,” he said.

 
In his intervention, Special Adviser to the President on Infrastructure Ahmad Zakari promised that off-grid power would make significant progress this year, adding that the Rural Electrification Agency (REA) would expedite the process.

“We anticipate multiple commissionings of large mini-grid projects across the country in universities, markets, and rural areas,” he said.


Furthermore, Habeeb Jaiyeola, an Energy Expert at PWC, stated that in a developing market like Nigeria, interventions like the current one are critical.


“In developing countries like Nigeria, interventions from government entities such as the CBN are all necessary, but proper integration is required.” “There’s a lot of infrastructure investment in that entire architecture,” he claims.



While more funding has been directed toward conventional energy generation sources, Jaiyeola observed that investment in the renewable sector, where the government intends to generate 30% of the 30,000 megawatts projected by 2030, has fallen short.


He advised that the intervention should be structured in such a way that beneficiaries are able to repay the fund, allowing the fund to contribute to the development of other sectors.


He stated that the government should consider the plan in light of existing initiatives, such as the Siemens power deal, and that the facility would be easier to service than a dollar-denominated loan.


“The currency differential continues to work against the country.” So it’s great that the money is coming from within the country. “This development is applicable across the board, not just in the power sector,” he explained.



Adedoyin Adeleke, Executive Director of the International Network for Africa Development (ISNAD-Africa), stated in his remarks that the N140 billion is a welcome development for developing rural communities by bridging energy access.

According to the CBN, 85 million Nigerians lack access to grid electricity, accounting for 43 percent of the country’s population and making Nigeria the world’s largest energy access deficit country.

Furthermore, Nigeria was ranked 171 out of 190 countries in terms of electricity access in the 2020 World Bank Doing Business report.
https://brandspurng.com/2022/02/16/fg-increases-cbns-140bn-solar-intervention-fund/

Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by Flexherbal(m): 8:41am On Feb 17, 2022
Ok
Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by Mumusaphire: 8:45am On Feb 17, 2022
Good. But I believe all these projects are audio or only north are benefiting from it.

8 Likes 2 Shares

Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by chiokeman(m): 8:46am On Feb 17, 2022
Start from northern states and end in northern states

15 Likes 1 Share

Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by Ilomuanya: 8:47am On Feb 17, 2022
Story again for the gods.
Am watching but sleeping.

2 Likes

Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by Sabadon(m): 8:47am On Feb 17, 2022
chiokeman:
Start from northern states and end in northern states
you know the real koko ma niqqa

6 Likes 2 Shares

Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by Military0001: 8:48am On Feb 17, 2022
Nice
Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by WibusJaga: 8:48am On Feb 17, 2022
FG Increases CBN’s ₦140 Billion Solar Stomach Intervention
Fixed! cool

2 Likes 1 Share

Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by bluefilm: 8:48am On Feb 17, 2022
Solar energy will help in moving his country forward energy-wise

1 Like

Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by tctrills: 8:49am On Feb 17, 2022
140 billion to be stolen. What a country

10 Likes 2 Shares

Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by Emeskhalifa(m): 8:51am On Feb 17, 2022
I too read am but are they talking about money to buy solar power or what?

Summary pls

1 Like

Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by specialmati(m): 8:52am On Feb 17, 2022
cool cool APC saw what Pdp(the thieving party ) stole for 16 good years and made a decision to steal more than that in 8year that’s why they had no plan only how to steal more money

3 Likes

Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by rottennaija(m): 8:54am On Feb 17, 2022
These are wrong interventions and maybe they don't have the right idea. The FG needs to provide the interventions in metering. They need allow gprs smart prepared meters into the market by allowing imports of these. If the market is saturated with energy meters and consumers can get them off the shelf, the price will come down and the discos will see money to expand their capacity. The whole value chain in the energy sector benefits.

1 Like

Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by africanpride1: 8:56am On Feb 17, 2022
cry

1 Share

Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by Aboguede(m): 8:57am On Feb 17, 2022
May this project make impact and more like is need.

We must raise
Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by tophumble(m): 8:57am On Feb 17, 2022
Scam na ni
Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by leofab(f): 8:58am On Feb 17, 2022
.
Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by similoluwa921: 8:59am On Feb 17, 2022
Give bread, starve with butter.
Give butter, starve with bread.

1 Like 1 Share

Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by olopan(m): 9:00am On Feb 17, 2022
While this is good, means to which small to large business can benefit it to work on their model to help underserving communities is left out.

What help would a fund you hear about but cant apply for do for an average solar company owner with no big and deep ppcket to lobby it. Sigh! Naija

1 Like 1 Share

Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by sammyj: 9:00am On Feb 17, 2022
embarassed embarassed Election money loading shocked
Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by truthstands01: 9:01am On Feb 17, 2022
These people will not kill this country.
Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by Frank6738(m): 9:01am On Feb 17, 2022
wow these is very good , it's what I sell , I sell solar panel and solar street light , you can call or whatsapp 08024548525 .we will send you prices . we have solar panel 150w , 180w , 250 , 280 , 300 w etc
Re: FG Increases CBN’s ₦140 Billion Solar Intervention Fund by ceaser: 9:02am On Feb 17, 2022
Fund that is not available for the average Nigerian; like their phantom billions of naira in School Feeding Programme that took place during the lock down.

In developed climes, the government gives tax rebates for individuals who choose to go for alternative renewable energy which lessens pressure on the nations grid power supply.

The government will give long term interest-free loans to individual seeking to Install solar energy in their homes. This way a lot of people get capacity to go solar. In Germany, the citizens have been self sufficient in renewable power generation to the extent that the government has to be pleading with them to use the national power grid.

Right now, countries in the EU planning to ban fossil cars (ICE vehicles) by 2025. And they have incentives to encourage people to buy Battery Electric Vehicles. As a buyer, you're entitled to between 2000 euros to 7000 euros money from the government in form if subsidy payment on your electric vehicle. China also has similar programme for its citizens. And that is why in the past 20 months in China, electric vehicles have topped the percentage of new car purchases.

1 Like

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