Lagos Stakeholders Dey Push New Financing Road To Expand Solar Use Among Small Businesses

Lagos don see clearer shift toward renewable energy dis week as industry players gather for Ikeja to discuss how affordable financing fit speed up di move from diesel to solar-powered operations among Nigeria’s SMEs. For di sensitisation forum wey StarTimes Smart Solar host with Manufacturers Power Development Company Limited and Sterling Bank Imperium project, dem talk how rising fuel price and wahala electricity don dey force small businesses to rethink dia energy choices. MPDCL chairman Ibrahim Usman warn say poor energy efficiency still dey weaken small manufacturers as power dey chop “nearly half of dia production expenses.” StarTimes Nigeria VP Eric Xiao yan say demand for stable alternative make dem enter renewable projects, noting say StarTimes Smart Solar don complete two mini-grid sites for northern Nigeria and dey work on over twenty more across di country, as dem aim to make clean energy “affordable and dependable” for every business.

Sterling Bank renewable energy chief Kelly Aigbedion explain say di Imperium model go allow SMEs collect solar systems without collateral, as applicants only need basic registration and account documents, with interest rate between 15 and 30 per cent depending on project size. MAN acting MD Oweh Mba-Sam hail di initiative as correct response to unstable power and promise support for credible partnerships. StarTimes project director Rotimi Olorunfemi add say energy dey take about 40 per cent of overhead for small manufacturers, while Dyness and Solis showcase inverter and storage options wey fit Nigeria market. More than sixty attendees show interest for di financing scheme, as analysts talk say collaborations like dis dey align with Nigeria transition goals, quoting VP Kashim Shettima projection say clean-energy investment fit generate $410bn by 2060. One business owner from Alaba Market summarise di mood: “Dis na di first time wey we dey see solar wey truly accessible if e work as dem promise, e fit change how we dey run business completely.”