- REA calls for more investment to acquire N140bn to provide energy to 25m Nigerians.
- The MD, Ahmad Salihijo Ahmad, said the program is also anticipated to create an additional N7 billion increases in tax income.
The Rural Electrification Agency (REA) invited the private sector to make investments to the N140 billion Solar Power Naija program, which aims to provide energy to 25 million people, to increase energy access in the nation. Five million new connections will be made possible by the plan thanks to solar residential and mini-grid installations. The Managing Director of REA, Ahmad Salihijo Ahmad, noted that the program is also anticipated to create an additional N7 billion increases in tax income, $10 million in import substitution, and 250,000 new employments in the energy industry while speaking at the first-ever matchmaking event in Abuja. Ahmad emphasized that the REA and SPN teams had multiple meetings with financiers and developers.
“These engagements and discussions have resulted in significant progress,” he said. As a result, we decided that it would be wise to organize an Investor Matchmaking event so that investors and particular developers could network. In his remarks, he stated that REA has been striving to support private developers by fostering an environment that encourages investments, including data access, policy support, grants, capacity building, stakeholder management, and developer finance.
Speaking at the occasion, Mrs. E.O. Babalola, Director of Investments and Power Sector Development for the Federal Ministry of Power, predicted that the nation would need to invest $3.5 billion yearly in power generation to meet its electricity targets by 2030. She urged investors to participate in the plan.
The first investor matching event, according to SPN Head Barbara Izilein, is anticipated to assist participants in forming quick alliances in order to achieve the goal of the five million connections. Stephen Menard, the acting Deputy Missions Director at USAID (Nigeria), stated that the US government, through Power Africa, had helped Nigeria with 3.6 million grid and off-grid connections, supported the development of over 1,000 megawatts, and trained about 4,000 people at a time when there are still 85 million people in Nigeria without access to electricity. He revealed that the Nigerian off-grid sector is worth N9.2 billion while appealing for new investors.