With the choice of Solar power as the main alternative to the national electricity grid in the country, the Economic Sustainability Plan (ESP) has projected 25 million new solar connections in 2021.
Dr. Muda Yusuf, Director-General of the Lagos Chamber of Commerce and Industry (LCCI) made this known while speaking on the economic and business review for 2020 and outlook for 2021. He also disclosed that electricity tariff increment is unavoidable due to the increase in the cost of power generation.
Yusuf stated that the Generation Companies (GenCos) need more funding to purchase the required facilities to help enhance the power supply. The Distribution Companies (DisCos) on the other hand need improved liquidity to boost efficiency.
The Director revealed his expectations for solar power as it becomes widespread. 25 million individuals would be provided with solar home systems or a connection to a mini-grid through the ESP.
According to him, the success of the policy would lead to a rise in infrastructure and also growth and productivity in the rural community.