Business
FG To Support Agency On Solar Panels Production
The Federal Government has expressed readiness to support the National Agency for Science and Engineering Infrastructure (NASENI) in the production of solar panels for renewable energy.
The Minister of Power, Prof. Chinedu Nebo, made this known when he inspected the NASENI solar panel manufacturing plant in Karshi, in Abuja.
Nebo said, “with the low level of electricity generation in the country which is mainly through gas fired turbines, the Federal Government is now focusing on solar to compliment it.
“We want to grow renewable energy resources utilisation and deployment in Nigeria.
“With the low level of electricity generation and transmission in the country the only way to reach the rural communities is through renewable technology.
“This is one of the technologies that are far away from the national grid,” he said.
He said that with the launch of the Operation Light-up Rural Nigeria (OLRN), using renewable energy, it had become imperative to develop Nigerian solar manufacturing plants.
The minister said the Federal Government was ready to patronise products from the agency, especially for the OLRN.
“Patronising them will give them more encouragement to go into mass production and sales of the solar panels across the country.
“Solar is the only thing you can deploy to every part of Nigeria and get electricity.
“We have challenges with wind because the onshore wind velocity is not quite amenable with wind turbines and only select part of the country will use that,” he said.
He said that partnering with NASENI was part of government effort to ensure local content development in the power sector and the creation of jobs for Nigerian youths.
“I will say this is a learning visit and step to forge a relationship with NASENI solar company.
“It is also to ensure that we even train most of the technical people that will be going out there to deploy this technology in our rural communities.
“That is why the Ministry of Power will like to collaborate with NASENI in the deployment of solar power technology in the country,” he said.
The minister commended the professional and diligent methodology of quality control of the panels.
He stressed the need for NASENI to improve on its marketing and to always comply with international standard.
“We will be promoting NASENI; we will tell our partners that we prefer NASENI solar panels because Mr President is so concerned when it comes to local content development.
“Once the solar panels continue to be of international and best standard why go outside.
We will patronise NASENI no doubt about that,” he said.
Earlier, NASENI Executive Vice Chairman, Mr Mohammed Haruna, said the 7.5mw pilot plant was already producing high quality solar panels that could be found in the market.
“The solar factory as you have seen is a demonstration plant and it was started as part of our research and development and we want to prove that it can work in Nigeria.
“So, it is a 7.5mw pilot plant and it is producing solar panels of high quality standard and the products are available in the market,” he said.
He said that the project started in May 2012 and became a Limited Liability Company in 2013 after surmounting so many challenges.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
