Clean energy has remained one of Nigeria’s priority targets, especially at a time when the world is phasing out fossil fuels.
In July, Minister of State for Energy Goddy Jedy-Agba reiterated the government’s commitment to achieving a goal of sustainable energy for all by 2030.
Therefore, to complement the federal government’s effort in this regard, the FCMB Group has so far significantly reduced its carbon footprint and increased its financial commitment to companies committed to clean energy.
As a result, First City Monument Bank (FCMB), a subsidiary of FCMB Group, has shifted 150 (73%) of its pan-Nigeria branch networks from grid/diesel generators to solar power.
As a result, it is ahead of its industry peers in the race towards a low-carbon future where clean energy takes center stage. The same goes for its progress in financing renewable energy resources to support global decarbonization efforts.
Ladi Balogun, Managing Director of the FCMB Group and an expert at the University of Oxford (Leading Sustainable Corporations Programme), said access to energy is the engine of economic growth and development.
He therefore called for increased commitment to clean energy financing to improve the quality of life and accelerate growth and development in developing and underdeveloped economies.
He said: “Indeed, Nigeria, a developing economy with the lowest access to electricity in the world, according to the Energy Progress Report 2022 tracking SDG 7, will benefit significantly from targeted interventions. off-grid that will provide access to electricity for around 92 million people. people out of the country’s 200 million people without access to electricity.
To bridge this gap, FCMB has partnered with development finance institutions to provide targeted financing to improve Nigeria’s energy access through mini-grids and energy efficiency projects.
The partner institutions are the African Development Bank (AfDB), Proparco and the International Finance Corporation. In addition, there have been project collaborations with the Nigerian Electrification Program (NEP) and the Nigeria Energy Support Program (NESP) under the Rural Electrification Agency’s Solar Naija program. (REA) and the Central Bank of Nigeria (CBN).
Yemisi Edun, Managing Director of the bank, described FCMB’s bold intervention in the renewable energy sector as the solution to the power shortage problem faced by individuals and businesses in Nigeria.
She believes this will unlock the sector’s potential and pave the way for more private sector investment in renewable energy projects.