TheCable

The federal government has launched a universal energy facility that would make grants available to solar energy companies to enable them to expand their operations in Nigeria.

Vice-President Yemi Osinbajo announced this at the launch of Nigeria’s energy transition plan on Wednesday. 

He said the grants will help solar companies contribute to the energy transition plan by spreading their activities to small and medium enterprises, growing their businesses and creating jobs. 

“Significantly today, we’re also launching an innovative results-based finance programme that focuses specifically on scaling up electricity access for productive users,” he said. 

“The universal energy facility will provide grant payments to enable solar companies to expand their operations to small and medium-sized enterprises across Nigeria while crowding in additional private capital.

“Projects that are sponsored by the universal energy facility will help grow businesses and create jobs, making them key contributors to our energy transition plan. And I’d like to encourage solar companies in attendance today to engage with this innovative financing opportunity, which has been managed by the Sustainable Energy for All (SEforAll).

“We developed our energy transition plan to engage with the rest of the world in a serious, thorough and data-backed manner. We’re hopeful that investors and the global community particularly in the lead up to COP27 will recognise the immense opportunities and potential for impact on the African continent.”

Damilola Ogunbiyi, CEO SEforAll, said Nigeria has proved to be a global theme champion on energy transition. 

She said pathways and “urgent actions” for a just and equitable transition are needed to address the climate crisis, energy poverty and sustainable economic development.

“The Energy Transition Council of which I co-chair with the COP26 president supported the government in the development of an energy transition plan that is backed by comprehensive and robust data and analysis and outlines the country’s unique energy transition pathway,” she said.

“Nigeria has also championed a just equitable and inclusive energy transition through its role as a global theme champion on energy transition. At last year’s United Nations high-level dialogue on energy and by submitting an ambitious energy compact. 

“In this pivotal decade of action, we must collaborate to succeed in achieving our multiple goals on climate, energy and development.”