Nigerian universities may soon receive a major boost in electricity supply as a proposed $500 million solar energy investment targets campuses struggling with persistent power shortages across the country.
According to The Punch, the funding proposal was unveiled on Thursday in Abuja during the launch of the Tinubu Light Initiative, organised by the National Board for Technology Incubation under the Federal Ministry of Science and Technology.
Chief Executive Officer of renewable energy company Gigawatt Global, Yosef Abramowitz, said the firm is prepared to provide up to $500 million in financing, covering as much as 90 per cent of the cost of solar power projects for universities, provided the institutions meet internationally bankable power purchase agreement requirements and other agreed project milestones.
“We’re honoured to be able to present up to `$500 million in project finance. That will represent 90 per cent financing for solar power plants at universities, which will also anchor power supply to the rural communities surrounding them,” he said.
Abramowitz noted that many higher institutions currently rely heavily on expensive diesel generators, leaving students and staff with only a few hours of electricity daily.
“How do you run a university in three, four or five hours? How do you not have internet because you don’t have electricity?” he asked.
He explained that each solar installation is expected to generate between 10 and 20 megawatts of electricity, sufficient to power university campuses while also supplying excess electricity to neighbouring rural communities through prepaid metering systems.
“The plants will produce more power than the universities need. The surplus electricity will be supplied to the surrounding communities through prepaid metering systems, helping to expand access to reliable electricity,” he said.
According to Abramowitz, the initiative is expected to reduce institutions’ dependence on diesel generators while cutting energy costs.
“We want to bring down your costs, increase the amount of energy, make it green and sustainable, and empower the communities around each of these universities,” he added.
He also disclosed that the projects would prioritise local participation by engaging Nigerian manufacturers and service providers, while indigenous companies would oversee the operation and maintenance of the solar facilities to ensure long-term sustainability.
Abramowitz stressed that stable and affordable electricity would allow universities to devote more resources to teaching, research and other academic responsibilities.
The proposed investment comes as many Nigerian tertiary institutions continue to battle rising energy costs, with several universities spending billions of naira annually on diesel to keep lecture halls, laboratories, hostels and research facilities operational.
Some federal universities have also warned that escalating electricity expenses are disrupting academic activities, forcing them to ration power supply and increase utility charges for students.
The project aligns with the Federal Government’s broader renewable energy agenda under the Tinubu Light Initiative, which seeks to provide clean energy to one million micro, small and medium enterprises, create jobs, reduce production costs and accelerate Nigeria’s transition to sustainable energy.
