IFC collaborates with UK’s Department for International Development (DFID) to assist with solar systems in commercial and industrial sectors of Nigeria.
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.
DFID join forces with IFC
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.”