Investment

BoI Unveils N1bn Solar Energy Fund for MSMEs

Published

8 years ago

January 21, 2017

BoI Unveils N1bn Solar Energy Fund for MSMEs

The Bank of Industry on Friday inaugurated a N1bn Solar Energy Fund for Micro Small and Medium Enterprises in the country.

The acting Managing Director/ Chief Executive Officer, BoI, Mr. Waheed Olagunju, who made the announcement in Lagos, said it was important to support the provision of sustainable and reliable energy for the MSMEs.

This, he explained, was why the BoI decided to provide the Solar Energy Fund to the MSMEs.

According to him, the BoI is already playing an active role in lighting up and powering Nigeria through the provision of solar energy solutions for rural communities, having successfully deployed solar solutions worth N240m in six off-grid communities in Niger, Osun, Gombe, Anambra, Edo and Kaduna states, under its pilot scheme.

He said, “These communities with an average of 200 homes each previously had no access to electricity, but since the provision of clean, reliable and sustainable solar electricity, the lives of the indigenes of these communities have changed significantly.”

Olagunju explained that the provision of solar electricity in the communities had reduced energy costs, created more micro businesses, improved health care and quality of education, and generally provided a new lease of life for indigenes of the otherwise unserved communities.

He said, “This initiative is being replicated in other rural communities in collaboration with our development partners, United Nations Development Programme and relevant state governments, and it is now being scaled up to provide energy for the MSMEs across the country, commencing with the N1bn Solar Energy Fund.”

He said the BoI, being a Development Finance Institution, was able to come up with highly concessional funding solutions with interest rate as low as seven per cent and equally flexible terms and conditions.

“This also explains why the BoI is able to partner with the UNDP under which we are able to access increased level of financial support that peaked at $1.2m last year. Blending the grant with the BoI’s debt financing enables us to charge low interest rate,” Olagunju added.

He explained that the projects would be implemented in collaboration with eight solar energy project developers, who had been carefully selected through a competitive and transparent process.

“They will be responsible for implementing the solar projects by providing the MSMEs with solar solutions using appropriate business models,” he added.

The MSMEs’ growth and development are crucial to the level of industrialisation, modernisation, income per capita, equitable distribution of income, welfare and quality of life enjoyed by the citizenry of any nation.

He, however, lamented that the growth of the MSME subsector in Nigeria had been hampered over the years by a combination of factors, one of which was access to reliable electricity.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Investment

Vice President Shettima Calls on Global Investors to Trust Nigeria’s Economic Reforms at UNGA

Published

4 hours ago

September 25, 2024

Bassey Marshall

Nigeria’s Vice President, Kashim Shettima, has urged investors at the United Nations General Assembly (UNGA) to give the country the benefit of the doubt.

The Vice President, who attended the 79th UNGA on behalf of President Bola Tinubu, praised the current administration as the most investor-friendly in Nigeria’s history.

Vice President Shettima departed Abuja for the United States on Sunday to attend the 79th UNGA.

The trip was announced in a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, on Sunday.

Nkwocha stated that during the session, Shettima would deliver Nigeria’s national statement, participate in key meetings on the sidelines of the event, and engage with investors.

At the event, Shettima highlighted Tinubu’s efforts to revive the country’s economy by removing the fuel subsidy and unifying the foreign exchange markets.

He said, “I urge you to give Nigeria the benefit of the doubt. The current administration, led by President Bola Ahmed Tinubu, is the most investor-friendly administration in Nigeria’s history.

“When the fuel subsidy was an albatross around Nigeria’s neck, President Tinubu hit the ground running from day one by withdrawing the subsidy and unifying the multiple opaque foreign exchange markets.”

Investors King gathered that Shettima’s engagement with investors has so far garnered $320 million in investment commitments.

Investment

Coca-Cola $1billion Investment: Manufacturers Association Shares Two Cent

Published

2 days ago

September 23, 2024

Bassey Marshall

The Manufacturers Association of Nigeria (MAN) has reacted to the recently announced $1 billion investment by the Coca-Cola Bottling Company.

Investor King reported that Coca-Cola announced plans to invest $1 billion in Nigeria on Thursday, September 19, 2024.

The Chief Executive Officer (CEO) of the company, Mr. Zoran Bogdanovic, disclosed this during his visit to President Tinubu, where he reaffirmed the company’s long-term commitment to Nigeria.

In his reaction, MAN Director General, Mr. Segun Ajayi-Kadir, stated that the investment must have been predicated on the full implementation of the Accelerated Advancement and Stabilisation Plan (ASAP).

Mr. Ajayi-Kadir made this known on Saturday via a statement made available to journalists in Lagos State.

The MAN boss urged the Tinubu-led government to maintain momentum and fully implement the plan for the billion-dollar investment, noting that the pledge was a positive signal and a vote of confidence in the Tinubu administration’s policies.

According to Ajayi-Kadir: “The early results of this plan are encouraging, but its full execution is crucial to ensure lasting economic growth. As advocates for Nigeria’s manufacturing sector, we urge the government to maintain momentum and fully implement the plan.”

“The Coca-Cola System’s $1 billion commitment must have been predicated on the belief that specific aspects of the ASAP would be fully implemented and sustained.”

“While we acknowledge the government’s commitment to the plan, further decisive and well-coordinated actions are needed to ensure this kind of investment—and many more like it—translate into broader economic gains under President Tinubu’s government.”

Furthermore, Ajayi-Kadir advised that diligent, focused, and unrelenting implementation is essential to achieving the desired results of the investment.

Investment

Presidential Spokesperson Bayo Onanuga Addresses Coca-Cola’s Investment Suspension

Published

5 days ago

September 20, 2024

Bassey Marshall

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, has reacted to the suspension of the $1 billion investment pledge made by the Coca-Cola Company in 2021.

The presidential spokesperson shared his thoughts in a statement on Thursday in response to reports that Coca-Cola had previously made an investment pledge to Nigeria without fulfilling it.

In his statement, Onanuga highlighted the challenging business environment in Nigeria as the reason for the suspension of Coca-Cola’s initial pledge in 2021.

He noted that after the announcement in 2021, the company faced excise taxes, which led to the suspension of its plans to deliver on that promise.

However, Onanuga explained that the $1 billion pledge has now been renewed due to a more stable environment.

He stated: “Naysayers and doubters scorned the $1 billion fresh investment pledge made by the company’s global leadership to President Bola Tinubu today in Abuja, claiming that the company made a similar promise in 2021.

“Yes, the company made a similar promise three years ago, but it couldn’t fulfill it because of the challenging business environment prevailing in Nigeria at that time. As the company’s spokesperson indicated, while the commitment was made in 2021, it was also affected by excise taxes.”

Onanuga continued: “Our investment pledges are always predicated on a predictable and stable environment. The $1 billion pledge has now been renewed based on the stable environment promised through the Tinubu government’s economic stabilization plan.”

“The Coca-Cola Company and its local partner, Nigeria Bottling Company, have already invested $1.5 billion in Nigeria over the past 10 years,” Onanuga concluded.