BoI expands renewable energy funding with N1 billion solar fund

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To further increase access to clean, cheap and reliable electricity to remote customers on and off the national grid, the Bank of Industry (BoI) has unveiled its N1 billion Solar Energy Fund for Micro Small and Medium Enterprises in the country.

The acting Managing Director/Chief Executive Officer, BoI, Waheed Olagunju, who made the announcement in Lagos, said it was important to support the provision of sustainable and reliable energy for the MSMEs.

Indeed, the bank had in 2015, commenced with the provision of long-term financing for the installation of off-grid solar home systems in six communities in a pilot phase, as part of its Renewable Energy Partnership with the United Nations Development Programme. This, he explained, was why the BoI decided to provide the Solar Energy Fund to the MSMEs.

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