Vice President Yemi Osinbajo has revealed the Federal Government will be providing grants through its Universal Energy Facility to solar companies.
Osinbajo said this on Wednesday on his verified social media page, adding that the finance programme will be launched today.
He noted that the programme focuses on an “innovative, results-based, finance programme that focuses specifically on scaling up electricity access for productive uses.”
He further added that the Universal Energy Facility grant payment will help solar companies expand their operations to small and medium-scale enterprises across Nigeria, increasing the supply of electricity to every part of the nation.
The former All Progressives Congress presidential aspirant further explains that the UEF will help grow businesses and create jobs, “making them a key contributor to our (Nigeria) Energy Transition Plan.”
He tweeted, “Significantly, today, we are also launching an innovative, results-based, finance programme that focuses specifically on scaling up electricity access for productive uses.
“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.
Nigeria is pursuing energy transition in order to promote economic growth and is gradually investing in renewable energies, primarily solar, in order to reduce carbon emissions whilst continuing to exploit hydrocarbon resources, especially natural gas – the energy transition fuel for Nigeria.