US$ 300 Million to be Invested in Nigeria by A Solar Company
By Abdul Rahman Suagibu –
NEW AFRICA BUSINESS NEWS, Freetown Sierra Leone- United States based manufacturer of solar panel, lighting and batteries – Triton Solar has disclosed that, it would be spending $300 million or more in Nigeria. It’s recorded that, the Company’s Managing Partner, Global Head of Business – Bhagi Sandilya stated on the on the main item of his visit with the Chairman/Chief Executive Officer of Silicon Valley Nigeria Economic Development Inc – Chief Temitope Ajayi, to an erstwhile Minister of Industry – Alhaji Bamanga Tukur.
Sandilya expounded that, Triton Solar intends to invest $100 million into setting up three plants of the company to be located in Lagos, Oyo State and Federal Capital Territory, Abuja.
“The total investment worth of this plant is $100m or more over five years, starting with $25m in the first year. We need 205 funding commitment from state or local financier partner,” he noted.
In addendum, the Global Business Head announced that, Nigeria would be its first country of operation in Africa as it only has branches in Canada, United Arab Emirate, Morocco and India side by side with headquarters in New Jersey, USA.
Bhaqi Sandilya promised that when the plants are set up, it would be vantage to Nigeria. And that, the solar energy of the company would decrease the price of power, provide clean energy solution and could electrify Nigeria from street lights to hospitals, markets and other commercial and residential customers.
With an investment of this nature, a good number of jobs would be created for Nigerian youths. Added, if the challenge of energy or light is solved, it would then give hopes for more high-profile investors into Nigeria.
Present was Tukur – the Executive President of the African Business Roundtable and Chairman of NEPAD Business Group. He highlighted that, energy challenge was a major problem negatively affecting industrialization, productivity and general wellbeing of Nigerians.
According to reports, Tukur disclosed that solar energy was needed in Nigeria, adding that it would accelerate industrialization and economic growth as well as reduce manufacturing cost.
For New Africa Business News Abdul Rahman Suagibu Reports, Africa Correspondent