Federal MDAs Invest N22 Billion In Solar Projects In 2024

Federal MDAs Invest N22 Billion In Solar Projects In 2024

According to a report from BudgIT’s accountability platform, GovSpend, Federal ministries, departments, and agencies in Nigeria collectively allocated N22,782,065,914.14 for solar power installations throughout 2024…READ MORE…

This funding aims to enhance rural electrification, street lighting, and infrastructure improvements across various projects.

Highlights of the expenditures include:

• On March 6, 2024, the Federal Ministry of Agriculture and Food Security paid M3 @ JW Ltd N573,537,170.75 for solar streetlights in Kebbi State.
• The National Rural Electrification Agency allocated N508,587,421.44 on March 18, 2024, to LRB Global Investment Ltd for solar streetlights in Lagos markets.
• Further funding was issued for installations across multiple states, including significant payments for solar projects in Kano and Lagos throughout the year.

This investment aligns with the government’s goal to expand renewable energy access across crucial sectors such as education, health, and transportation. Plans include deploying mini-grids to benefit 80 million Nigerians currently without electricity, supported by a $700 million investment from the African Development Bank aimed at harnessing solar energy in northern Nigeria.

However, critics like Mr. Kunle Olubiyo of the Nigeria Consumer Protection Network express concern that Nigeria’s solar energy investments are insufficient compared to global standards, particularly when compared to China’s rapid solar capacity growth.

Olubiyo points out that Nigeria’s entire solar investment for 2024, equating to approximately $13 million, is minimal given the severe devaluation of the naira and the urgent need for sustainable energy solutions. He stresses that Nigeria needs a significant shift in policy and funding to enhance its renewable energy sector.

Meanwhile, Chief Princewill Okorie of the Electricity Consumer Protection Advocacy Centre raised concerns about the quality and oversight of solar installations in Nigeria, calling for stricter monitoring of standards and compliance, given past failures in similar projects by public officials.

Okorie also criticized the lack of involvement from key stakeholders in renewable energy discussions, urging the creation of a Commission of Inquiry to evaluate the power sector’s effectiveness and consumer satisfaction comprehensively

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