N1 billion solar energy fund has been set aside by The Bank of Industry (BoI) for use by Micro, Small and Medium Enterprises (MSMEs) across the country. Acting Managing Director of BoI,Mr Waheed Olagunju at the ceremony stated that renewable energy would provide healthy and sustainable alternative to the use of harmful fossil fuels.
Olagunju said the solar project would afford beneficiaries long-term cost saving advantages, especially in the absence of reliable power supply.
According to Mr Olagunju, “The Bank is already playing an active role in lighting up and powering Nigeria through the provision of solar energy solutions for rural communities.
“We have successfully deployed solar solutions worth N240 million to six off-grid communities, one each in Niger, Osun, Gombe, Anambra, Edo and Kaduna States, under its pilot scheme.
“This initiative is being replicated in other rural communities in collaboration with our development partners, UNDP and relevant state governments.
“It is now being scaled up to provide energy for MSMEs across the country commencing with the N1 billion Solar Energy Fund that we are here to launch,” he said