Acting Managing Director, Bank of Industry (BoI), Waheed Olagunju said the N1billion solar energy intervention fund launched by BoI will improve the business activities of Micro, Small and Medium Enterprises (MSMEs) across the country.

BoI launched a N1 billion solar energy fund last Friday for use by Micro, Small and Medium Enterprises (MSMEs) across the country.

The intervention fund, according to the bank aims at providing alternative and renewable energy for small businesses.

Olagunju said the solar project would afford beneficiaries long-term cost saving advantages, especially in the absence of reliable power supply.

Olagunju noted that renewable energy would provide healthy and sustainable alternative to the use of harmful fossil fuels.

He said that the cost of electricity accounted for about 40 per cent of operational expenses for most MSMEs resulting in reduced profit margins, uncompetitive and generally unsustainable ventures.

According to him, many Nigerians and Nigerian businesses that can not afford other alternative energy sources have resorted to the use of electric generators at exorbitant costs.

Olagunju said that it was important to support the provision of sustainable and reliable energy for MSMEs which was the reason BoI decided to provide the solar energy Fund to MSMEs.

“The Bank is already playing an active role in lighting up and powering Nigeria through the provision of solar energy solutions for rural communities.

“We have successfully deployed solar solutions worth N240 million to six off-grid communities, one each in Niger, Osun, Gombe, Anambra, Edo and Kaduna States, under its pilot scheme.