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NERC says World Bank will Crash Solar Tariff in Nigeria
The Nigerian Electricity Regulatory Commission (NERC) has said the World Bank will soon be executing a solar auction framework that will reduce the cost of solar tariff in Nigeria.
The Head of the Renewable Energy/Corporate Planning and Strategy, NERC, Engineer O. Jonathan stated this during a webinar competency centre renewable series of the Major Energies Marketers Association of Nigeria (MEMAN).
He said: “We are having some challenges which have to do with integrating the solar energy into the national grid. Those challenges, many commissions, have come to the aid of the commission.
“World Bank presently is bringing out a solar auction framework. That solar auction framework, once it commences, it will allow the developers and the cost of solar tariff will go down.
“That is the essence of the solar auction. It will open the space for all the contractors in Nigeria to be in it.
“In financing and investment, the World has outlined how they will support in the distribution and transmission segment, not in the generation.”
Head Supply, HSEQ, and Technical at MEMAN in a communique made available to journalists on Friday remarked on the importance of the workshop in advancing Nigeria’s energy transition agenda. The workshop was titled: “Energy transition through solar energy.”
Permanent Secretary, Lagos State Ministry of Energy and Mineral Resources, Engineer Abiola Kosegbe, said there is a deficit in the energy needs of Nigerians and Lagos State residents, in particular.
She stated that Lagos State has set an ambitious target to generate 50% of its electricity from renewable sources by 2030, with initiatives like the “Solar for All” program playing a crucial role in achieving this goal.
She stressed the need for continued investment in infrastructure, supportive policies, and collaboration to sustain the growth of renewable energy in Lagos and across Nigeria.
Kosegbe said: “Advancement of renewable technologies and the transformative potential for the energy sector. We know that there is a deficit in the energy needs of Nigerians and in Lagos State, in particular. That cannot just be over-emphasised.
“We stand on a new era of advancement in renewable technologies. We need to fill the gaps that we are faced as we are in Nigeria today. Solar, wind, hydro, bioenergy are not just alternative sources.
“They are becoming the backbone of sustainable energy future. Innovations in this fields are driving efficiency, reducing costs and unlocking new possibilities.
“Focusing on solar power, for example, recent breakthroughs in the energy storage are dramatically increasing solar efficiency and making it more accessible than ever.
“Wind energy too, has seen remarkable strides with development of larger more efficient turbines and offshore installations that harness stronger and more consistent winds.
“For Lagos State we have set an ambitious renewable energy target. We are aiming to generate 50% of electricity through renewable sources by 2030. Solar energy is leading the charge with Lagos state government launching initiatives like Solar for all programme, providing affordable solar energy solutions for homes and businesses.
“In Lagos State today, we have seen the solar energy adaption grow by 200% in the last two years.
“The advancement in renewable energy technologies are not just shaping the future of energy, they are defining it, with continues innovation and dedication, we have the opportunity to create energy sector and in deed a society that is clean, resilient and sustainable for generations to come.”
Dr. Mustapha Abdullahi, Director-General, Energy Commission of Nigeria, said both the federal and state governments need to commission and adequately fund national research programmes on specific solar solar photovoltaic (PV) component aspects so that it will enhance the localization of some percentage of technology in Nigeria.
His presentation which focused on advancing solar photovoltaic (PV) technology in Nigeria, was delivered by the Director, Renewable Energy Department, Sulu Bolaji Fulani Ibrahim.
He stated that solar PV holds immense potential to transform Nigeria’s energy landscape, with applications ranging from home systems to large-scale utility projects.
According to him, there is a critical need to adopt the latest solar technologies to ensure cost-effectiveness and value for money.
He underscored the importance of policy documents such as the National Energy Policy and the Renewable Energy Action Plan in guiding the development of solar energy.
He added that the strategic use of Nigeria’s mineral resources, such as lithium, is crucial for supporting local content and driving the renewable energy industry.
He said: “We need do to have parameters for assessment so that we have value for money. This is for cost effectiveness. We also have to look at the technology readiness level and the local content of the solar PV technology.
“For technology readiness, most of the solar PV components we are using in Nigeria today are at the highest meaning that technology is matured. For local content, we have minerals that are key to energy transition.
“One of them is lithium. So we need to take advantage of the minerals reserves that we have. We need to develop the local content.”
PalmPay, Nigeria’s leading digital banking platform, has announced the launch of its ₦400 million festive rewards campaign, designed to reward users with cash prizes and fully sponsored international travel experiences for everyday transactions on the PalmPay app.
The campaign will run from December 17, 2025, to January 8, 2026. The campaign is designed to reward everyday transactions with extraordinary experiences. It runs alongside PalmPay’s Purple December brand campaign, which focuses on wrapping up the company’s key brand and community initiatives for the year.
At the centre of the rewards campaign is the PalmPay World Travel Carnival, an interactive card collection experience that allows users to earn city cards by completing transactions on the app. Users are required to collect five city cards – London, New York, Dubai, Sydney, and Cape Town and combine them into a World Card, which unlocks a share of the prize pool.
The more World Cards a user creates, the larger their share of the cash rewards. Any extra uncombined cards can be swapped with friends and other PalmPay users to help complete additional World Cards.
Beyond cash rewards, the Carnival also offers Free Global Trips. In each round, the top two users with the highest number of eligible transactions (₦100 and above) and at least one World Card will win an all-expense-paid international trip.
The travel grand prize covers:
- Visa fees
- Round-trip international airfare
- 5-day, 4-night hotel accommodation
- Side attraction
- Meal expenses
- Airport pick-up and drop-off
- All transportation for scheduled tour activities during the trip
Winners will be determined through a transparent leaderboard system, with prizes credited automatically at the end of each round on December 25, December 31, and January 8.
Participation is simple:
- Complete tasks on the PalmPay app, such as Airtime, Data, Transfers, and other specific transactions listed in the app, to earn cards.
- Collect all five city cards.
- Swap cards with friends to complete your collection.
- Combine cards to form a World Card and earn cash rewards.
- Perform more transactions to climb the leaderboard for a chance at the global trip prize.
To ensure fairness, PalmPay has instituted strict rules: no cheating, bots, fake accounts, or manipulation. Any violations may lead to disqualification or account bans. Additionally, the Free Travel Prize is limited to one per user throughout the campaign.
Speaking on the launch, Femi Hanson, Head of Marketing & Communication, “This festive rewards campaign is about turning everyday banking into meaningful value for our users. With the World Travel Carnival as the headline activation, we are reinforcing PalmPay’s promise of being the smarter way to bank—where smart financial decisions unlock bigger opportunities.”
The Rural Electrification Agency (REA) and the National Bureau of Statistics (NBS) have signed a Memorandum of Understanding (MoU) to conduct a nationwide energy survey aimed at closing long-standing data gaps in Nigeria’s power sector. The initiative is expected to guide policy, attract investment, and accelerate universal electricity access.
Signed in Abuja, the agreement establishes a National Energy Survey based on the Multi-Tier Tracking Framework (MTF), a globally recognized methodology that measures electricity access not only by grid connection but also by quality, affordability, reliability, and usage of electricity and clean cooking solutions.
The survey will be implemented under the Energy Sector Management Assistance Program (ESMAP) of the World Bank. Dr. Abba Aliyu, REA Managing Director/CEO, said the partnership underscores REA’s commitment to evidence-based rural electrification planning and will generate detailed insights on electricity access and off-grid solutions nationwide.
Prince Adeyemi Adeniran, Statistician-General of the Federation/CEO of NBS, emphasized that reliable statistics are essential for effective policymaking, assuring that NBS will provide technical oversight, sampling expertise, and quality assurance to meet global standards.
The survey will assess energy access, household affordability, expenditure patterns, and the adoption of off-grid technologies such as solar home systems, mini-grids, and clean cooking solutions. REA will provide sector expertise and policy alignment, while NBS manages regulatory approvals, methodology, and technical supervision.
Funded and technically overseen by the World Bank, the exercise will run for 18 months, with the resulting data expected to improve national energy planning, programme targeting, and private sector investment, particularly in underserved and rural communities.
Officials said the collaboration reflects the Federal Government’s commitment to strengthening inter-agency coordination, enhancing energy data availability, and advancing Nigeria’s goal of universal electricity and clean cooking access.
The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), the nation’s foremost self-regulatory body for the blockchain industry, has completed its election cycle, heralding the beginning of a new executive council dedicated to scaling Nigeria’s digital economy.
The highly anticipated elections concluded recently with the emergence of a new leadership team poised to champion industry standards, foster innovation, and drive widespread adoption of blockchain technology across the country.
The newly elected executives, who will officially assume their roles in January 2026, represent a blend of legal, financial, and technical expertise critical for navigating the evolving regulatory landscape.
Leading the charge is Mela Claude-Ake, a lawyer, who has been elected the President of SiBAN to succeed the outgoing President, Obinna Iwuno, whose tenure was marked by significant achievements, including facilitating crucial reforms and forging strategic partnerships with regulators and other critical stakeholders in the digital asset industry. Mr. Iwuno will formally hand over the reins to the new council in January 2026.
Other elected to the executive council are Chimene Chinah – Vice President 1, in charge of Blockchain education and adoption; Oroke Cornelius – Vice President 2, in charge of membership, strategic partnerships, and funding; and Ayo Shonibare – Vice President 3, in charge of policy, regulation, and ethics.
Others are Ugochukwu Peters – Vice President 4 in charge of digital asset operations and capital markets, Mbene Vivian – Chief strategy officer in charge of projects and incubation, Olufunmilayo Tugbobo as Financial Secretary/Chief Financial Officer, and Chiemeka David Ohajionu as Chief Communications Officer.
The newly elected council’s structure reflects SiBAN’s commitment to addressing key pillars of the blockchain ecosystem: from grassroots education and fostering innovation through projects, to establishing robust regulatory frameworks.
In his acceptance speech, Mela Claude-Ake emphasized the vital role SiBAN plays in shaping the future of finance and technology in Nigeria.
“The trust placed in this new council is not one we take lightly. We inherit a great foundation built by the outgoing team. Our mission now is to accelerate. We stand at a critical juncture where the potential of blockchain to revolutionize every sector, from finance and governance to supply chain, is undeniable. This new council will focus relentlessly on advancing smart, collaborative regulation, democratizing blockchain education, and protecting the interests of all stakeholders to ensure that Nigeria remains a leader in the African digital economy space,” he assured.
He added that he is humbled by the opportunity to be the face of one of Nigeria’s youngest and most promising sectors — blockchain tech.
“As a tech enthusiast I am excited at the possibilities. The ecosystem needs careful nurturing by the government. My administration will be focused on building new bridges for the blockchain sector internationally and domestically, establishing trust with the public and unifying the sector. I enjoin all blockchain stakeholders in Nigeria, connected to Nigeria or of nigerian heritage to join hands together with my administration in building the industry of our dreams.”
The industry now looks forward to the handover ceremony in January 2026 and the initiatives the new SiBAN leadership will unveil to solidify the association’s role as a catalyst for innovation and a respected partner to the Nigerian government.
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