The digital lending platform Imperium and the solar energy solutions company Baobab+ Nigeria have announced their collaboration to increase access to sustainable energy in Nigeria.
The goal of this partnership is to increase community energy accessibility by introducing hybrid solar power plants and financing options. It also fits with Nigeria’s 2030 target of having universal access to energy.
Nigeria has a serious energy imbalance even though it has one of the biggest economies in Africa and produces a significant amount of oil globally.
According to the World Economic Forum (WEF), over 140 million Nigerians lack access to electricity, adversely affecting health, education, and economic prospects. Also, as of 2022, renewable energy accounted for only 16.4 per cent of the nation’s power generation, with most of the population relying on costly generators.
The partnership aims to bridge this gap by making clean energy solutions more financially attainable. Leveraging Imperium’s renewable energy initiative, the partnership will offer loan schemes to ease businesses and individuals’ transition to solar energy.
“Our collaboration not only expands access to clean energy but also empowers individuals and businesses to grow sustainably,” Kola Osinowo, CEO of Baobab+ Nigeria, said.
“This strategic alliance reflects our shared commitment to environmental stewardship and financial inclusion, marking a significant step towards achieving sustainable energy solutions for all Nigerians,” Osinowo added.
Ayo Falola, head of Renewable Energy (Digital) at Imperium, speaking at the signing, emphasised the partnership’s potential impact: “This partnership will provide homes and businesses with affordable, steady power, accelerating the adoption of renewable energy, especially in underserved communities,” he said.
“Partnering with Baobab+ Nigeria allows us to take a significant leap towards providing Nigerians with the tools they need to transition to sustainable energy.
“The tailored financing solutions this partnership provides will make it easier for individuals and businesses alike to embrace solar power, reducing their carbon footprint and contributing to overall energy security in Nigeria,” he further said.
