FG, Sterling Bank, others partner on renewable energy for 340,000 SMES

THE Federal Government, Sterling Bank, and Virtus Energy Solutions Limited, yesterday partnered to enhance power production for small businesses in the country.

The project aims to provide electricity access to over 80,000 shops across 16 economic clusters, empower over 340,000 micro, small and medium size enterprises, and create over 2,500 jobs while serving over 18 million Nigerians.

The Managing Director and Chief Executive Officer of the Rural Electrification Agency (REA), Damilola Ogunbiyi, shortly after signing the pact, described the collaboration as a significant milestone in financing the Energising Economies Initiative (EEI). Ogunbiyi noted that since the deployment of off-grid electricity solutions at various markets across the country, “we are already witnessing positive environmental and economic impacts. This is the sort of intervention we look forward to scaling across Nigeria with support from financial institutions.”

He added that government, through REA is implementing the EEI that supports the rapid deployment of off-grid electricity solutions to provide clean, safe, affordable and reliable electricity to economic clusters, like markets, shopping centres, and industrial facilities through private sector developers.

The REA worked in collabora

tion with the Usaid-sponsored programme, Power Africa.

USAID Nigeria Mission Director, Stephen Haykin, said Power Africa provides technical advisory support to this initiative, which is already transforming businesses in Sabon Gari market, Ariara market, Sura shopping complex, and other economic clusters with sustainable, clean and affordable power supply.