In 2017, the Bank of Industry (BOI) launched a N1 billion fund for the solar industry. The fund is targeted at increasing access to clean energy by helping Nigeria’s solar entrepreneurs grow their businesses. Some entrepreneurs like Ifeanyi Orajaka, CEO, GVE Projects, have already benefited from it. “The fund is available and we are looking for entrepreneurs to come forward and take advantage of it,” Obaro Marvel Osah, Regional Manager (Southeast) SME Group, BOI, said during an off-grid energy panel at StartupSouth4 that I was privileged to moderate. “The BOI is a N1.2 trillion balance sheet. So we have the capacity to provide more funding beyond the current one”.
Asides BOI, local banks have also started providing funding for the solar industry. “We are working with the GIZ and AMDA to help mini-grid developers access funding,” Michael Nwachukwu, Renewable Energy Manager, Commercial Banking Directorate, Sterling Bank said. Local banks and international lenders are working together to increase the adoption of clean energy in the country by providing access to local currency funding. Nigeria’s Central Bank is also working on a fund for the clean energy industry. When you put these funding opportunities side by side with those Click here to read entire article
Source:: Tech Cabal