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

CBN Prepares for N8.57 Trillion Liquidity Influx as OMO and Bond Maturities Hit Banks

FG Raises N6.69 Billion from September Savings Bond at Rates of Up to 15.12%

Foreign Exchange Supply Rises 20.5% to $8.94 Billion in 2025, CBN Data Show

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

DMO Announces Subscription Offering for Federal Government Savings Bonds.

CBN Prepares for N8.57 Trillion Liquidity Influx as OMO and Bond Maturities Hit Banks

by Stephen Akudike
September 28, 2026
0

Nigeria’s banking system is set for a sharp rise in liquidity this week, with net cash levels potentially climbing to...

DMO Announces Subscription Offering for Federal Government Savings Bonds.

FG Raises N6.69 Billion from September Savings Bond at Rates of Up to 15.12%

by Stephen Akudike
September 24, 2026
0

The Federal Government has raised N6.69 billion through its September 2026 Federal Government of Nigeria Savings Bond, offering retail investors...

Naira depreciates to N755/$ in the parallel market.

Foreign Exchange Supply Rises 20.5% to $8.94 Billion in 2025, CBN Data Show

by Stephen Akudike
September 22, 2026
0

Nigeria’s foreign exchange supply increased by 20.5 per cent to $8.94 billion in 2025 from $7.43 billion in 2024, according...

Nigerian Banks to Demand Tax Clearance Certificate Before Customers Can Buy Dollars, Other Foreign Currencies

Foreign Exchange Turnover Falls 30.23% as Spot and Derivatives Activity Decline

by Jide Omodele
September 21, 2026
0

Trading in Nigeria’s foreign exchange market contracted sharply last week, with total turnover falling 30.23 per cent to $2,366.30 million...

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

DMO’s campaign boosting investment in securities – stockbroker

Federal Government Allots N6.69 Billion in September Savings Bonds

September 28, 2026
World Bank Emphasizes Cash Transfers to Break Poverty Cycle in Nigeria

Federal Government Seeks Fresh $1.5 Billion in World Bank Financing

September 28, 2026

Popular Story

  • DMO Announces Subscription Offering for Federal Government Savings Bonds.

    CBN Prepares for N8.57 Trillion Liquidity Influx as OMO and Bond Maturities Hit Banks

    0 shares
    Share 0 Tweet 0
  • NFEM Turnover Drops 17.7% to $2.25 Billion as CBN Lowers Benchmark Rate to 23%

    0 shares
    Share 0 Tweet 0
  • Federal Government Allots N6.69 Billion in September Savings Bonds

    0 shares
    Share 0 Tweet 0
  • Federal Government Seeks Fresh $1.5 Billion in World Bank Financing

    0 shares
    Share 0 Tweet 0
  • 31 Nigerian States Grapple with N2.57 Trillion Domestic Debt Amid No Foreign Inflows

    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}
?>