First City Monument Bankhas raised the size of its energy finance loan by up to N30 million to Nigerian families and small businessesThis is to help Nigerian homes and small companies buy solar panels, batteries, inverters, and other clean energy equipmentAccording to the bank, the offering helps offset the increased energy costs following the removal of the fuel subsidy
Henzodaily.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
To assist Nigerian families and small businesses in purchasing solar panels, batteries, inverters, and other clean energy equipment, First City Monument Bank (FCMB) has increased the amount of its energy finance loan by up to N30 million.
The solar loan helps offset the increased energy costs. Photo Credit: Nattrass
Source: Getty Images
This loan, which has a maximum three-year repayment period, attempts to relieve financial strains so that companies can devote more money to operations and expansion.
The bank, in a statement, said the loan enhancement is part of its mission to promote sustainable energy solutions in Nigeria, supporting the country’s net-zero goals for 2060.
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The offering, the statement added, also helps offset the increased energy costs following the removal of the fuel subsidy, reinforcing its commitment to climate action and reliable power access.
Managing Director of First City Monument Bank, Yemisi Edun, said upgrading their energy finance loan will boost Nigeria’s renewable energy sector.
She added,
“This loan gives households and businesses easy access to affordable funding for clean energy solutions, supporting sustainable growth. It also helps offset the rising fuel prices caused by the removal of the fuel subsidy. At FCMB, we’re committed to helping people and businesses succeed while backing the government’s push for a stable and sustainable power supply.”
ThisDay reported that over the last three years, FCMB has financed numerous projects, from solar and mini-grids to energy-efficient plants. The bank has also provided free training to support development in the sector.
Tayo Mofe, a solar enthisiate said that the availabilit of solar loan will help more Nigerians to afford the products.
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“Things are quite hard in Nigeria and with interventions such as this, a lot of Nigerians can move into using clean energy”
Bank of Industry announces loan for Nigerian businesses
Henzodaily.ng reported that as part of the N75 billion manufacturing sector fund established by the federal government, the Bank of Industry (BOI) had announced plans to lend up to N1 billion to 140 manufacturing enterprises in Nigeria.
BOI’s managing director, Olasupo Olusi, made the remark at the bank’s maiden annual public lecture series in Abuja, BusinessDay reported.
He clarified that the loan was intended to promote employment creation, assure economic growth, and encourage production.
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