Nigeria’s Bank of Industry and All On to finance ₦1 billion Niger Delta Off-Grid Energy Fund

by | Feb 12, 2019

Nigeria’s Bank of Industry (BoI) has reportedly signed a partnership agreement with All On to finance the Niger Delta Off-Grid Energy Fund to enhance access to clean, affordable and reliable power solutions.

All On is a Nigerian off grid energy investment company with a mission to “to increase access to commercial energy products and services for under-served and un-served off-grid energy markets in Nigeria, with a special focus on the Niger Delta sources in Nigeria.”

Its CEO, Dr. Wiebe Boer is excited about the partnership. He said it will go a long way in encouraging other off-grid energy companies to invest in the Niger Delta region and bridge the huge energy gap.

According to a source, Managing Director of BoI, Mr Olukayode Pitan said the partnership was ‘a result of the bank’s efforts in exploring strategic partnerships with reputable institutions in developing sustainable solutions to facilitate social and industrial development.’

Advertisement

In his words,

“Bank of Industry keeps seeking and exploring strategic partnerships with reputable institutions like All On in developing sustainable solutions to facilitate social and industrial development. Power is a critical resource towards achieving industrialization, and is also a major cost driver for SMEs in Nigeria. We are therefore particularly pleased with this partnership as the deployment of this fund will provide clean energy at affordable interest rate and friendly conditions not only to SMEs, but also to households and communities in the Niger Delta region of the country.”

The fund would provide local currency debt financing to facilitate the deployment of energy solutions by access-to-energy companies in the Niger Delta at 10% interest rate per annum, with a one-year moratorium, and seven years tenor.

 

Victor Ekwealor
Victor Ekwealor

tech. media. startups. africa. vc | Twitter: @victor_ekwealor

Advertisement

On January 22, 2022, be part of the largest gathering of innovators, startup founders, thinkers, programmers, policymakers, and investors in West Africa. Register free.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Recent News

Subscribe to Techpoint Digest!

A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day!

Please check your email to confirm your subscription.

Subscribe to Crypto Explorer

A monthly series featuring in-depth analysis on the cryptocurrency sector in Africa

Please check your email to confirm your subscription.

Subscribe to The Experts

A bi-weekly where tech career specialists take us on their journey from newbie to expert, and how they became successful in the industry.

Please check your email to confirm your subscription.

Subscribe to Founder's Table

A monthly series, where we catch up with founders in the startup ecosystem, learn about their failures, successes and a few tricks of the trade

Please check your email to confirm your subscription.

Copy link
Powered by Social Snap