In pursuance of its Green Energy Project, the Bank of Industry has launched its 1 billion naira solar energy fund to boost its off-grid electricity generation project.
The fund would be made available to firms partnering with the bank in the development of solar energy services across the country.
Speaking at the event, acting managing director of the bank, WaheedOlagunju, explained that the project considers supply of electricity to Micro, Small and Medium Enterprises, to boost their production and competitiveness.
He said the initiative will help reduce cost of business, as current study shows that alternative power source costs 40 percent of expenditure by the manufacturing sector.
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