A financial institution that supports small and medium-sized enterprises (SMEs) has announced plans to disburse ₦65 billion in loans, focusing on renewable energy projects. This move is part of the firm’s expansion into the Federal Capital Territory, Abuja.
The new funding initiative is aimed at helping SMEs overcome the rising cost of electricity. The firm will provide affordable financing for solar energy systems, allowing businesses to reduce operational expenses and function throughout the year.
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Abuja selected for solar potential
The firm cited Abuja’s wide land coverage and strong solar energy potential as key reasons for launching the renewable energy drive in the city.
According to a senior executive, “The goal is to boost SME productivity, reduce operational expenses, and enable year-round business operations through access to sustainable power.”
This announcement comes at a time when many SMEs in Nigeria are struggling with erratic power supply and high fuel prices, which often affect their profitability and business continuity.
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Existing presence in Lagos, Ibadan, and Ogun
The financial services provider is not new to SME support. It already operates in Lagos, Ibadan, and Ogun, where it has disbursed over ₦65 billion in loans. These loans have supported various sectors, including agribusiness, hospitality, education, manufacturing, and beauty.
By expanding into Abuja with a renewable energy focus, the firm is seeking to address one of the core challenges facing SMEs—reliable and cost-effective electricity.
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Focus on long-term growth for small businesses
The loan scheme is expected to benefit business owners who are seeking alternatives to costly diesel generators. With access to solar energy systems, SMEs can improve their operating conditions and maintain productivity even during power outages.
The firm’s decision aligns with ongoing efforts to promote clean energy solutions in Nigeria. It also highlights the increasing role of financial institutions in supporting sustainable development and inclusive growth across the country.
