A program to provide better and more reliable access to electricity for corporates and small and medium enterprises in Nigeria by facilitating the deployment of off-grid and embedded solar systems in the country’s commercial and industrial sectors has been launched.
The partnership between the International Financial Corporation (IFC) and the UK’s Department for International Development (DFID) will utilize Nigeria’s abundant solar resources thus contributing to the country’s sustainable economic growth and its objectives of reducing greenhouse gas emissions.
Ben Mellor, DFID Nigeria’s Head of Office, said, “As access to energy is one of the most critical business needs in Africa and particularly Nigeria, the UK’s Department for International Development is determined to assist in bringing solar technology financing solutions to smaller businesses and corporates and we are working with IFC to help implement these solutions.”
The program will provide technical support and possibly financial instruments to local financial institutions, helping them develop business solutions for the emerging solar market, especially solar PV technology investments.
Eme Essien Lore, IFC Country Manager for Nigeria pointed out the potential of the solar market to bringing electricity access to businesses as it takes less installation time and eliminates transmission losses.
The program is being launched at a workshop that will share market study findings, present the key components of the program implementation phase and collect feedback from stakeholders.
It is part of the World Bank Group’s Energy Business Plan for Nigeria where each World Bank Group institution (IFC, IBRD, and MIGA)leverage their competencies and products to provide solutions for projects that encourage the viability and contribute to the sustainability of the power sector.