Bank Of Industry to finance communities power project through solar electrification


Bank of Industry Nigeria has once again demonstrated its commitment to national development. This time the focus is on the perennial power challenge in the country. The Bank in conjunction with the Gombe state Government is replicating the BOI/UNDP Solar Energy Programme which was piloted in 2015 in one (1) community in each of the six (6) geopolitical zones to demonstrate the viability of the solar electrification project as well as subsequently partner with various investors, including the State Governments to replicate same in other off-grid communities across the country.

These communities with an average of 200 homes each hitherto had no electricity and lived in darkness. But since the provision of solar electricity, the lives of indigenes of these communities have changed dramatically, creating more micro businesses, improved healthcare & quality of education.

The bank in a series of tweets stated that “The persistent problem of electricity supply from the national grid in Nigeria has made it imperative to explore alternative power supply options to lift Nigeria, and its rural communities in particular, out of darkness and provide them a new lease of life afforded by the presence of not only reliable but clean and sustainable energy. It is in addressing this power supply deficit that the Bank of Industry in collaboration with UNDP, embarked on the implementation of solar electrification projects in Nigeria’s rural communities“.



Gombe State Government has indicated its readiness to partner with BOI in replicating the project which is in partnership with GVE Projects Limited and Arnergy Solar Limited in the other 9 LGAs of the State . This necessitated the visit of the Acting Head of the Bank Waheed Olagunju to Gombe State on August 11, 2016 to finalise with the MOU between the state and the Bank.
The Governor has committed to co-financing the implementation of the solar electrification project in each Local Government Area excluding Gombe LGA which is entirely on-grid and Kaltungo LGA where our pilot project was implemented.

The project will be jointly financed by the Bank and the Gombe State Government at an average cost of N40 million per community.

Ag. MD, Mr. Waheed Olagunju,thank His Excellency, Alh. Ibrahim Hassan Dankwambo, the Governor of Gombe State for this unflinching commitment calling on well - meaning citizens and institutions to partner with the Bank towards the provision of clean & sustainable energy.