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Nigerian households and small business enterprises (SMEs) looking to acquire solar panels, batteries, inverters, and other green energy equipment
Nigerian households and small business enterprises (SMEs) looking to acquire solar panels, batteries, inverters, and other green energy equipment. Having access to as much as N10 million to acquire assets through the First City Monument Bank (FCMB) Energy Finance Loan, the time is ripe for them to act. The loan is designed to help homes and small businesses like hospitals, schools, restaurants, bars, stores, hotels, and fashion places keep life and work going by using clean energy.
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Managing Director of FCMB, Yemisi Edun, described it as another bold intervention by the lender to unlock the potential of the renewable and clean energy sector, provide relief to Nigerians and encourage clean energy. FCMB Energy finances offers eco-friendly energy finance to fight climate change, drive the growth of businesses, improve the quality of life, and accelerate development through environmentally sustainable energy solutions, she added. The removal of the petrol subsidy forced more Nigerians to focus on alternative energy sources to power their homes and businesses. The bank assured that it would scale up support to individuals and businesses to enable the country to take full advantage of the opportunities in these areas for the overall benefit of humanity.
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The bank upgraded the product to lessen the impact of reduced subsidies on traditional fossil fuels, which has caused a rise in petrol prices across the country. It is a flexible facility with two to seven years of repayment options at competitive interest rates. The move was also applauded by the President of the Renewable Energy Association of Nigeria, Ayo Ademilua. According to him, the energy finance loan was innovative and coming at the right time when the market needed alternative energy solutions mostly due to oil price increase.
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The 2023 Electricity Act promotes private-public sector partnerships, allowing private companies to participate in the renewable energy space and catalyze investments through carbon trading. The carbon trading market has become attractive, and more parties are beginning to promote carbon trading in Africa following the Africa Carbon Markets Initiative (ACMI) established in 2022 to unlock the potential of voluntary carbon markets for financing Africa’s energy, climate, and development goals.
