MICROGRIDMEDIA - The most populous, and second-most densely populated, nation in Africa, Nigeria is fast coming to the fore as a mobile pay-go solar and solar-storage microgrid leader. Part and parcel of its Green Energy Project with the UN Development Program (UNDP), Nigeria’s Bank of Industry (BoI) on Jan. 19 launched a 1 billion nara (US$3.1 million) off-grid solar energy fund.
The bank will lend and/or invest the fund’s capital on favorable, concessionary terms to qualified businesses installing mobile pay-go and other forms of off-grid solar energy systems and services across the country, according to a news report.
More than half Nigeria’s population lack access to grid power – some 184 million people according to 2015 national statistics. In making Green Energy Project investment decisions, BoI will concentrate on financing projects carried out by micro, small and medium-sized Nigerian businesses that intend to provide home solar energy services in rural areas of the nation, where the large majority of those without grid access reside.