Nigerian universities struggling with chronic electricity shortages are set to benefit from a proposed $500 million solar power investment aimed at reducing energy costs and expanding access to reliable electricity.
The investment was announced on Thursday at the launch of the Tinubu Light Initiative, organised by the National Board for Technology Incubation, an agency under the Federal Ministry of Science and Technology, in Abuja.
Speaking at the event, the Chief Executive Officer of renewable energy company Gigawatt Global, Yosef Abramowitz, said the firm would provide up to $500 million in project financing, covering as much as 90 per cent of the cost of university-based solar power projects, subject to internationally bankable power purchase agreements and agreed project milestones.
“We’re honoured 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,” Abramowitz said.
He noted that many Nigerian universities currently rely on expensive diesel-powered generators, leaving campuses with electricity for only a few hours each day.
“How do you run a university on three, four or five hours of electricity? How do you provide internet access without reliable power?” he asked.
According to him, each solar installation is expected to generate between 10 and 20 megawatts of electricity—enough to meet the energy needs of the host institution while supplying excess power to surrounding rural communities through prepaid metering systems.
“The plants will produce more power than the universities need. The surplus electricity will be supplied to neighbouring communities through prepaid metering systems, helping to expand access to reliable electricity,” he said.
Abramowitz said the initiative would significantly reduce universities’ dependence on diesel, lower electricity costs and promote clean, sustainable energy.
“We want to reduce your costs, increase the amount of energy available, make it green and sustainable, and empower the communities around each of these universities,” he added.
He also said the company would prioritise local manufacturing and service providers to maximise the project’s economic impact, while local firms would be responsible for operating and maintaining the facilities to ensure their long-term sustainability.
According to Abramowitz, access to cheaper and more reliable electricity would enable universities to devote more resources to teaching, research and innovation.
The proposed investment comes as Nigeria’s tertiary institutions continue to grapple with rising energy costs. Many universities spend billions of naira annually on diesel to power lecture halls, laboratories, hostels and research facilities, with several institutions warning that escalating electricity costs are disrupting academic activities and forcing them to ration power and increase utility charges for students.
