23.9 C
Monday 20 September 2021
HomeNewsUNDP, Nigerian bank partner on renewable energy

UNDP, Nigerian bank partner on renewable energy

Nigeria’s Bank of Industry (BOI) and the UN Development Programme (UNDP) are collaborating to support investments in the use of renewable energy resources to improve the access to modern energy services for Micro, Small and Medium Enterprises (MSMEs) in Nigeria.

The private Guardian newspaper reported Tuesday that under the partnership, US$330,000 has been given to 11 organizations that showed creativity to facilitate investment in off-grid energy options.

BOI and UNDP gave out the money to the organizations to also facilitate investment in alternative renewable energy and linkages for enterprise development.

“In addition to its macroeconomic importance, it also has a major role in reducing poverty, improving productivity and enhancing the general quality of life of Nigerian people,” UNDP Country Director in Nigeria, Ade Mamonyane Lekoetje, was quoted as saying by the newspaper.

The collaborative initiative is being carried out under the UNDP/BOI Access to Renewable Energy (AtRE) project.

It is believed that the intervention will complement current efforts of government to reform the power sector, which is currently in a very dismal state.

Nigeria is currently facing an energy crisis, with only about 47 per cent of the population having access to electricity.

Because of the absence of reliable power and energy supply, most private sector institutions rely on backup generators with high economic cost.

Meanwhile, in a landmark contribution to providing reliable electricity to the nation’s tertiary institutions, the government of Japan has granted Nigeria the sum of 2 billion naira for solar electricity generation at the Umaru Musa Yar’Adua University in the northern State of Katsina (US$1=155 Naira).

Japan’s Ambassador Extraordinary to Nigeria Ryuichi Shoji said the money was to support the country’s power sector, pointing out that his country is now turning to renewable energy for more sustainability in electricity supply.


Please enter your comment!
Please enter your name here

- Advertisement -