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BoI, UNDP Seal $2m Solar Energy Deal

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By Ebitonye Akpodigha

A $2 million agreement to deliver solar electrification projects to some rural communities in Nigeria has been signed.

The deal was sealed between the Bank of Industry (BoI) and the United Nations Development Programme (UNDP) on Wednesday in Abuja.

Acting Managing Director of BoI, Mr Waheed Olagunju, said at the occasion that the project would enable more communities in Nigeria have similar projects.

According to him, “The blend of BoI’s contribution in the sum of $1.4 million as debt financing for the projects, with UNDP’s grant contribution of $600,000 will provide the much needed stimulus to scale up the projects in view of the attendant reduction in the cost of deployment and enhancement of its overall viability.”

Business Post correspondent reports that Wednesday’s deal was part of the UNDP/BoI Access to Renewable Energy Project.

The scheme is aimed at implementing the second phase of the solar power electrification projects in some select communities across the country.

Already, six communities spread across the six geo-political zones are enjoying the project. More are expected to benefit from the second phase.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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