By Adaobi Rhema Oguejiofor
The Rural Electrification Agency (REA), a Federal Government Agency under the Ministry of Power, has held its first match-making fair in order to seek more investors to join the N140 billion Solar Power Naija (SPN) scheme.
The Managing Director of REA, Ahmad Salihijo Ahmad, while speaking at the fair, which held in Abuja on Thursday, stated that SPN and REA have engaged financiers and developers several times in discussions that have yielded significant progress.
In his words, “we, therefore, thought it prudent to take the next step by setting up this Investor Matchmaking event to allow investors and selected developers to network.”
The SPN, which was launched in 2020, was developed to roll-out 5 million new solar connections in off-grid communities. This is expected to add a N7 billion increase in tax revenues per annum and $10 million, which is equivalent to N4.6 billion, in annual import substitution. The project is also set to impact 25 million individuals with the 5 million connections, as well as create 250,000 new jobs in the energy industry.
The Director of Investments and Power Sector Development in the Federal Ministry of Power, Mrs E.O. Babalola, said that the country will require an investment of $3.5 billion, which is equivalent to N1.6 trillion, annually in power generation in order to achieve electricity goals by 2030. She also urged investors to key into the scheme.