Small and medium businesses (SMEs) who want to buy clean and renewable energy solutions like solar panels, inverters, and batteries can now get a N1 billion loan from Wema Bank Plc.
The bank claims that the assistance is given to show its consistent support for Nigeria’s energy transformation and to assist local businesses in overcoming obstacles brought on by the nation’s rising gasoline and diesel prices.
The bank said in a statement “Many businesses in the country, including SMEs, depend on fossil fuel for power to run their operations amidst poor power supply and the incessant collapse of the national grid. Consequently, the spike in the prices of fossil fuel products has hit many businesses hard. To overcome the effects of their rising operating costs, several businesses have resorted to passing on the cost to the consumers, leading to a ripple effect on the economy”.
According to Mr. Dotun Ifebogun, Divisional Head, Retail Business, Wema Bank Plc, the loans with a focus on renewable energy will help SMEs all over the country by easing the impact of the high cost of electricity on their operations.
He said “We need to provide financial support to SMEs to encourage their roles as the engine rooms of the economy, by creating alternative power options at affordable rates and educating them on the benefits of alternative power in solar energy, to the environment.
“Therefore, beyond alleviating the effects of rising energy costs, this initiative also feeds into Wema Bank’s strategic thrust of spearheading energy transition in Nigeria and helping businesses in the country to go green. “