Nigerian Government has awarded $75 Million (KSh7.7 billion) to Lumos Global BV, to power rural households with Off-grid solar power, reports Bloomberg.
The funds are part of a $350 million World Bank grant to facilitate Nigeria’s rural electrification program. The Nigerian government intends to use the remaining share of the $350 Million to build Solar Minigrids.
Lumos, a Dutch company, has been an off-grid solar power player in the West African country. It launched in Nigeria in 2016, and has powered over 100,000 homes with solar power systems.
Nigeria, with a population of around 200 million people, has only about 60% of the people connected to power.
Nigeria ails from an outdated power grid system, which offers unreliable electricity and this has negatively affected the Nigerian economy. According to the International Monetary Fund (IMF), frequent power cuts cost Nigeria approximately $29 billion (KSh 3 Trillion) worth of economic loss every year.