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World Bank Group member IFC and United Kingdom’s Department for International Development (DFID) have partnered to improve access to electricity for small and medium enterprises in Nigeria
The partnership aims to facilitate the deployment of off-grid and embedded solar systems in commercial and industrial sectors of the country. The ultimate goal is to help corporates and SMEs to have better and more reliable access to electricity, utilising the country’s abundant solar resources, and thus contributing to Nigeria’s sustainable economic growth and greenhouse gas emission reduction objectives.
Through this partnership, IFC’s Off-Grid and Embedded Solar Market Development and Finance Programme, and DFID’s Solar Nigeria Programme are launching a new programme in Nigeria for solar market development and finance. One of its major components will be to provide technical support and possibly financial instruments to local financial institutions.
DFID Nigeria head of office Ben Mellor said, “The UK Government is committed to helping to increase investment in off-grid energy and accelerating the delivery of solar energy systems that will help improve access to energy for more businesses. 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.”
IFC country manager for Nigeria Eme Essien Lore said, “The solar market has the potential for quick wins in bringing access to electricity for more businesses as it takes less time to install. It also enables production of electricity at the point of need, which eliminates transmission losses to a great extent. We are working with DFID to accelerate access to electricity for more businesses and help contribute to economic growth in the country.”
The programme is being launched at a workshop that will share market study findings, present the key components of the programme implementation phase, and collect feedback from stakeholders.