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.’
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.
On January 27, 2021, Techpoint Africa will be hosting the brightest minds in decentralised finance/crypto at the Digital Currency Summit tagged “Building the money of the future” Click here for more details, registration and sponsorship.
Report: Millionaire West African startups” raised over $1.806 billion between 2010 and 2019, 97.9% of which went to Nigerian startups. Get a free overview and 50% purchase discount here.
Listen to Built in Africa, a podcast by Techpoint Africa