Bank of Industry (BOI) commissions a solar power system in Edo State #BoiLightsUpEdo

The Bank of Industry launched the 5th project in its pilot Solar Energy Programme in Edo State inorder  to light up rural communities in Nigeria. However, the BOI has provided Solar power systems in Niger, Osun, Gombe and Anambra States respectively. 

The BOI set up the #BoiLightsUpEdo movement and commissioned a BOI 24KW solar power system in Obayantor 1 Community, Ikpoba Okha LGA of Edo State. The Ag. MD/CEO, Mr Waheed Olagunju while commissioning the project said:

“Nigeria should adopt the renewable energy option, for Nigeria to meet up with its energy needs, it must diversify into the use of alternative sources as the country has some of the world’s most abundant and least exploited renewable energy sources, especially solar power.

He said Pay As You Go (PAYG) technology was the magic wand employed by the telecommunications industry to drive the rapid growth in GSM subscription across Africa over the last decade and a half.
According to him, PAYG addresses two problems: first is the cash flow constraint for the customer and second is the credit risk management issue for the service provider. 

He reiterated the need to join the on-going Renewable Energy revolution as there is a developmental imperative for us to also employ the PAYG magic wand in solving the electricity crises by replicating this model in Nigeria.

In conclusion, Waheed Olagunju, says BOI wants our rural communities to take control of their energy generation and to pay for only the energy used. Users will purchase electricity vouchers from a local Vendor employed by the Project Developer within the community, which will be used to recharge the pre-paid meters provided in each home. 

Our medium term vision is to have 100,000 homes installed with solar systems in the next five years, through a combination of micro-grid and stand-alone solar home systems. This is essentially a programme aimed at poverty alleviation, reduction in rural-urban migration with a view to fostering rural economic development. To this end, we are ready to partner with the State Government and other stakeholders to replicate this project being commissioned in Obayantor 1 today, in other off-grid communities within the State. God Bless the Federal Republic of Nigeria.”

Arnergy Solar Limited, the project developer, specializes in the provision of clean energy to customers at the Bottom of the Pyramid (BOP). The company has implemented stand-alone PV solar systems in communities in Lagos and Ogun States, and successfully implemented a 24kW micro-grid solar system in Idi-Ita/Onibambu in Osun State in partnership with BOI.