One of the leading providers of cutting-edge solar technologies in Nigeria, BaobabPlus Nigeria, has charged the Ministry of Power to subsidise renewable energy products to reduce Nigeria’s dependence on petroleum products.
According to BaobabPlus Nigeria, reducing the consumption of petroleum would be cost effective for businesses especially the Small and Medium Enterprises (SMEs) while also helping to ensure a healthier environment for Nigerians.
The Chief Executive Officer, BaobabPlus Nigeria, Mr. Kolawole Osinowo, at a media briefing to announce its strategic partnership with Trade Lenda, a digital microfinance institution, also charged the Ministry of Power to work with the Central Bank of Nigeria (CBN) and the Rural Electrification Agency (REA) to give solar companies access to concessionary financing as majority of the solar products in Nigeria are imported.
“The shift of subsidy from petrol should shift to renewables. There is nothing wrong if the government starts to subsidise renewable energy products because if you subsidise us to make these products more available, then it will reduce the consumption of petroleum products in the country,” he said.
“If we are going to bring in the products at commercial rates, it will be too expensive for the consumers. This is why we are leveraging group organisation to get external funding at good rates,” he added.
On her part, the Chief Operating Officer, Trade Lends, Oyindamola Olaniyan, expressed equal enthusiasm about the partnership.
“At Trade Lenda, our mission is to provide opportunities and unlock potential for SMEs to help them scale. Collaborating with Baobabplus Nigeria to offer solar products on loan aligns perfectly with our core values of financial empowerment and community development,” she said.
