World Bank to help fund 1,000 mini solar power grids in Nigeria

Date:

ABUJA, Aug 5 – The World Bank is aiming to help fund construction of 1,000 mini solar power grids in Africa’s biggest economy Nigeria in partnership with the government and private sector, the lender’s president Ajay Banga said on Saturday.

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Nigeria, with a population of more than 200 million people, has installed power generation capacity of 12,500 megawatts (MW) but produces a fraction of that, leaving millions of households and businesses reliant on petrol and diesel generators.

Mini grids, made up of small-scale electricity generating units, typically range in a size from a few kilowatts to up to 10 MW, enough to power some 200 households.

Speaking during a visit to a mini grid site on the outskirts of the capital Abuja, Banga told reporters that nearly 150 mini grids had been built, partly funded by the World Bank, to bring power to communities without access to electricity.

“We are putting another 300 in, but our ambition with the government is to go all the way to 1,000. We’re talking about hundreds of millions of dollars that are being invested,” said Banga, without giving a timeline.

“Now the idea is not for the World Bank to be the only person putting the money. We put part of the money like a subsidy.”

World Bank data shows that in sub-Saharan Africa, 568 million people still lack access to electricity. Globally, nearly 8 out of 10 people without electricity live in Africa.

Godwin Okafor, The Naija247news
Godwin Okafor, The Naija247newshttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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