The Bank of Industry has entered into a partnership with the United Nations Development Programme towards supporting operators in the Nigerian Micro, Small and Medium Enterprises, with the aid of ensuring universal access to modern energy development.This move is coming on the heel of the United Nations Secretary General,; Ban Ki-moons recently declared goal of attaining global sustainable energy for all by 2030.To this end, a new UNDP office has been established at the Lagos office of BoI to foster and support expansion of off the-grid renewable energy services for MSMEs to boost private sector-led economic development.The Managing Director of BoI, Evelyn Oputu, while speaking at the inauguration of the new UNDP office in Lagos, said BoIs relationship with the UNDP was to further engage MSMEs in a programme of renewable energy. She said BoI had already invested 85 percent of its resources in the development of SMEs utilised raw materials and created more jobs. She regretted that the move became imperative as an average commercial bank in Nigeria was not interested in SMEs.Women are the main beneficiaries of the BoIs loan to MSMEs because women constitute more of MSMEs in Nigeria she added.According to an advertorial by BoI backing the move, the overall objectives of the UNDP partnership would be to build capacity of MSMEs to incorporate renewable energy options either as a business in itself or as services for business development.To encourage financial institutions to increase investment in renewable energy through better understanding and assessing of credit and financial risks of renewable energy investments and services as well as encourage government to develop and implement renewable energy policies and regular frameworks that will facilitate Re-options for MSMEs development in Nigeria.Boi said consultancy services for the project would be throughout the country, with initial work commencing in South East (Enugu and Anambra); South West (Lagos and Ondo); South-South (Delta and Rivers); North East (Adamawa and Bauchi) North West (Kaduna and Sokoto), North Central (Benue and Niger) and Abuja.The UNDP International Administrator, Helen Clark, who also spoke at the inauguration office in Lagos, noted that by giving credit to women, BoI would not only get its money back but also grow the economy of the country.She explained that the particular area that UNDP was going to be involved with the bank would be in the development of alternative energy options for the MSMEs, as access to energy was one basic driver of economic development. Nigeria has huge potential for various source of energy with the availability of wind, solar energy biomass and using waste products like rice husk. We have come to Nigeria because we could see many windows of opportunities with the election earlier held this year which was adjudged as a credible election at the international community, she stated.She stressed that Nigeria was so credible to Africas success, saying, One of the areas Nigeria can diversify its economy is in the development of agricultural production not only for food security reasons but because this country has a lot of potentials to be a major exporter of agricultural products. We are very interested in the possibilities of Nigerias potentials growth.BoI has so far said that over 500 companies had benefited from the N200bn Central Bank of Nigerias intervention fund for re-financing and resuscitation of the manufacturing sector..
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