RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Business

Nigeria’s Solar Panel Imports Reach N242.68 Billion in Early 2025 Amid Local Production Push

Victoria Attah by Victoria Attah
October 7, 2025
in Business, Money Market
Reading Time: 2 mins read
A A
0
Nigeria Procures $1.5 Billion Loan from the US to Support Solar Power Infrastructure
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

In a sign of growing appetite for clean energy amid persistent power challenges, Nigeria imported solar panels worth N242.68 billion during the first six months of 2025, according to fresh data from the National Bureau of Statistics.

This substantial outlay highlights the nation’s ongoing reliance on foreign-sourced renewable technologies, even as authorities ramp up initiatives to foster homegrown manufacturing and cut import dependency.

AlsoRead

FX Market Turnover Surges to $3.05 Billion, Highest in Three Months

Dangote Refinery Opens Direct Petrol Sales to All Marketers, Cuts Price to N1,075 per Litre

Naira Maintains Stability Around N1,370 as Reserves Climb

The statistics, released Tuesday and reviewed by this outlet, rank solar panels as a leading imported good. Imports of photovoltaic modules totaled N125.29 billion from January to March, followed by N117.39 billion in the April-to-June period, culminating in the half-year figure.

Notably, this represents a dip from the N237.3 billion spent in the last quarter of 2024, suggesting a possible easing in import volumes.

Government officials are doubling down on strategies to shift toward domestic supply chains. Abba Aliyu, head of the Rural Electrification Agency, highlighted a surge in local solar production capabilities, now at 600 megawatts annually—more than five times the prior 110-megawatt level.

Among the standout projects are a 100-megawatt factory in Lagos and a larger 250-megawatt site in Abuja, alongside operations in Idu and Port Harcourt, all aimed at bolstering national self-sufficiency.

Aliyu pointed to the expansion of the renewable sector, with over 50 firms now operating in the space, up from a mere handful just years ago. “We’re rewriting the story of energy in Nigeria,” he remarked. “Our local facilities can now meet the needs of the green energy shift.”

Echoing this momentum, Science and Technology Minister Uche Nnaji revealed in March plans for an executive directive to limit solar panel imports, emphasizing local content in technical sectors. He stressed that partnerships between the National Agency for Science and Engineering Infrastructure and private sector players are already yielding enough output to satisfy internal markets.

Nigeria’s rich lithium reserves are also being tapped to support battery production, paving the way for reliable mini-grids in households, healthcare facilities, and public buildings. “I’ve run my own setup off-grid for three years now, and it’s proven reliable,” Nnaji shared.

Yet, not everyone supports a swift clampdown on imports. A recent analysis by global advisory group PricewaterhouseCoopers cautions that abrupt curbs could hinder energy rollout, deter funding, and trigger temporary gaps in availability.

Titled “Reassessing Nigeria’s Solar Import Strategy,” the PwC study praises the industrialization goals but urges a gradual taper-off over three to five years. It calls for supportive policies to help domestic producers grow, coupled with rigorous checks to block low-quality imports.

On the governmental front, the State House is leading by example with a new solar installation at its conference center, part of a broader pivot to self-reliant power. The 2025 budget earmarks N10 billion specifically for a solar mini-grid at the Presidential Villa, upping the site’s overall funding from N47.11 billion proposed to N57.11 billion approved.

This boost stems from a N10 billion jump in capital spending, to N43.55 billion total, with the solar initiative designed to wean the facility off the erratic national grid and offset rising electricity costs— a subtle nod to broader frustrations with the country’s power infrastructure.

Tags: Import
Previous Post

NGX Bulls Charge Ahead: Market Cap Climbs N786 Billion on Seplat, Mansard Surge

Next Post

Tinubu Greenlights N4 Trillion Bond to Settle Power Sector Debts, Boosting Market Stability

Related News

Nigeria’s Stock Market Records N1.81 Trillion Gain in July.

FX Market Turnover Surges to $3.05 Billion, Highest in Three Months

by Victoria Attah
July 8, 2026
0

Nigeria’s foreign exchange market posted its strongest weekly performance in over three months, with total turnover reaching $3.053 billion in...

Dangote Refinery Opens Direct Petrol Sales to All Marketers, Cuts Price to N1,075 per Litre

by Akpan Edidong
July 6, 2026
0

(petrol) to all licensed marketers, scrapping its previous consortium arrangement. The refinery also announced a fresh reduction in its ex-gantry...

Naira depreciates to N755/$ in the parallel market.

Naira Maintains Stability Around N1,370 as Reserves Climb

by Jide Omodele
July 6, 2026
0

The Nigerian naira has demonstrated remarkable resilience in 2026, trading within a relatively narrow range and holding steady around N1,370...

Oil Prices Waver Near $80 as OPEC+ Meeting Looms and Supply Concerns Persist

OPEC+ Members Agree to Increase Oil Output by 188,000 bpd in August

by Akpan Edidong
July 6, 2026
0

Seven major OPEC+ producers have decided to raise their collective oil production quotas by 188,000 barrels per day starting in...

Next Post
2024 Budget Outline: Oil Price Set at $77.96, Naira Stands at 750 Against the Dollar

Tinubu Greenlights N4 Trillion Bond to Settle Power Sector Debts, Boosting Market Stability

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Nigeria’s Stock Market Records N1.81 Trillion Gain in July.

FX Market Turnover Surges to $3.05 Billion, Highest in Three Months

July 8, 2026
Nigeria Plans New FX Rules, Targeting 750 Naira Exchange Rate

Naira Weakens to N1,410 in Parallel Market as Summer Travel Demand Intensifies

July 8, 2026

Popular Story

  • NEC Affirms CBN $3 Billion Loan for Naira Stability

    CBN Revokes Licences of 46 Microfinance Banks in Major Regulatory Sweep

    0 shares
    Share 0 Tweet 0
  • DMO Launches July FGN Savings Bonds at Record 15.716% Interest Rate

    0 shares
    Share 0 Tweet 0
  • FX Market Turnover Surges to $3.05 Billion, Highest in Three Months

    0 shares
    Share 0 Tweet 0
  • MainOne Graduate Trainee Program now open to Nigerian applicants.

    0 shares
    Share 0 Tweet 0
  • EU Fines Delivery Hero and Glovo €329M for Online Food Delivery Cartel

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>