A provider 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(CEO), 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.
“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.
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Speaking on the partnership, Osinowo said, the move was to advance sustainable energy solutions and increase accessibility for communities in the country.
“This dynamic collaboration seeks to revolutionise the energy landscape by offering hybrid solar generators, solar freezers and solar fridges on loan to customers. Leveraging the strengths of both organisations, this partnership aims to bring affordable solar solutions within reach of a broader audience while simultaneously promoting financial inclusion in underserved regions,” he assured.
He pointed out that, as the world’s demand for clean energy solutions grows, Baobab Plus Nigeria is committed to addressing the pressing need for accessible solar products.
According to the BaobabPlus Nigeria boss, “Through this partnership, the company will make its range of high-quality solar solutions, including solar-powered generators, fridges and freezers, available to a wider customer base. This partnership reflects our shared vision of promoting renewable energy access and economic empowerment for SMEs in Nigeria.
“We are excited to work with Trade Lenda, an institution with a proven commitment to financial inclusion. Together, we will provide Small and Medium Enterprises with the means to access clean energy solutions that advance their business growth,” Osinowo said.
On her part, the chief operating officer(COO), Trade Lends, Oyindamola Olaniyan, expressed 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.
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