DFC gave Lumos Global $35 million to enable the company to accelerate solar household installations throughout Nigeria. The US International Development Finance Corporation (DFC) hopes that Lumos can use the funds to ensure more homes access solar energy to activate the shift to renewables. Lumos Global hopes to deliver renewable energy to all Nigerian citizens both at the household and industry level.
The chief of Lumos Global, Alistar Gordon, stated that this program would enable various Nigerians living in remote areas without electricity to access it at low prices. Alistar expounded that renewable energy will open a supply chain to deploy health resources, food supplies, and create jobs for the residents. The DFC funding comes after Lumos securing similar financing to expand operations in Ivory Coast from the FMO. These two fundings will staple Lumos Global as the pioneer for solar home resource installation in this region.
The chief executive of Lumos Global explained to one media source that small-scale energy programs would not meet the demands of the residents. He retorted that macro grids would facilitate the quick delivery of renewable power to the general public even though it may take considerable time. Economic experts argue that venturing solar energy will minimize the cost of electricity and stir up economic growth. DFC has been pushing for the rapid development of solar systems to create more jobs for the residents and open up the slacking African economy.
DFC’s representative in Africa, Worku Gachou, reported that the deployment for electricity to the communities would help find alternative ways to curb the coronavirus pandemic’s spread. He added that the projections reveal helping Lumos Global would enable over one million Nigerians to have electricity in their homes at low prices. Nigerians are readily accepting the installation of solar systems in their homes due to this resource’s insufficiency. Experts think that the country will be a hub for solar and renewable energy utilities once they complete the pilot project by Lumos Global.
Additionally, the Nigerians’ ever-increasing population will put a lot of pressure on the available solar energy resources. This theory might be the new strategy compelling the solar companies to explore big countries, presuming the market will continue to grow. All electricity utilities are pushing for growth in their operations to access the new market with mega renewable energy deals. In conclusion, many Nigerians cannot afford solar installations considering they operate within a $2 budget daily. Nevertheless, people can pay for the installations in installments until they finish the price.