The Bank of Industry has inaugurated a micro-grid solar system to boost the operations of the Small and Medium Enterprises in Niger State.
It said in a statement on Thursday that the project, which was implemented at a cost of N44m, was part of the bank’s strategic move to promote small-scale enterprises in the country.
The micro-grid solar electrification system, to be replicated in six communities in a pilot phase across the country, is part of the bank’s solar energy partnership with the United Nations Development Programme.
The BoI Managing Director, Mr. Rasheed Olaoluwa, who spoke at the inauguration of the project, said the project would help to drive entrepreneurship and boost economic activities in the community.
He noted that the current electricity generation in the country would not adequately support the growth of the SMEs in the country, adding that there was a need to deploy the abundant renewable energy sources for the nation’s economic development.
He said, “What we have initiated is a commercially sound model for delivering power to Nigerian rural homes at affordable rates, to provide a long-term alternative to the problematic national grid.
“Rather than wait in vain for the national grid to reach these areas, we should explore the golden opportunity that renewable energy presents for the provision of clean, affordable and sustainable energy for our rural communities.”
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