International Finance Corporation (IFC), a member of the World Bank Group has announced its partnership with the DFID, aimed at facilitating the deployment of off-grid and embedded solar systems in commercial and industrial sectors in the West African country.
The IFC announced in a statement explained that 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. In addition, this will contribute 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 initiative in Nigeria for solar market development and finance, the finance corporation stated.
Explaining the objectives of the new programme, the IFC said: “One of its major components will be to provide technical support and possibly financial instruments to local financial institutions.
“This will help them develop business solutions for the emerging solar market especially solar PV technology investments in Nigeria.”
Ben Mellor, DFID Nigeria’s head of office, commented: “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,” Mellor added.
Also commenting on the partnership was, Eme Essien Lore, IFC country manager for Nigeria: “IFC has been at the fore, creating and facilitating solutions to help increase access to energy at the home and corporate levels in Nigeria.
“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,” Lore added.