Nigeria: FCMB Provides N10M Clean Energy Loan to Households and Small Businesses

Households and small businesses in Nigeria aiming to acquire eco-friendly equipment such as solar panels, batteries, inverters, and other green energy assets can now access up to N10 million through the FCMB Energy Finance Loan offered by First City Monument Bank (FCMB).

This loan initiative is tailored to assist residences and small enterprises, including hospitals, schools, restaurants, bars, stores, hotels, and fashion outlets, in maintaining their daily operations using clean energy solutions.

Mrs. Yemisi Edun, FCMB’s Managing Director, referred to the Energy Loan as a significant step to tap into the renewable and clean energy sector, offering support to Nigerians and promoting eco-friendly energy usage.

She explained, “Access to energy drives economic growth and development. The FCMB Energy Finance offering is a reaffirmation of our commitment to eco-friendly energy finance to fight climate change, drive the growth of businesses, improve the quality of life, and accelerate development through environmentally sustainable energy solutions. With the removal of the petrol subsidy, more Nigerians are focusing on alternative energy sources to power their homes and businesses.”

Mr. George Ogbonnaya, Group Head of Business Banking at FCMB, highlighted that the Energy Finance loan was structured to address the challenges that individuals and businesses face when seeking funding for clean and sustainable energy solutions. The loan offers flexibility, with repayment options ranging from two to seven years, along with competitive interest rates. Ogbonnaya encouraged small business owners and Nigerians in general to leverage this opportunity to lower energy costs for their homes and businesses.

Dr. Segun Adaju, CEO of Consistent Energy Limited, spoke about the significance of carbon financing, noting that the 2023 Electricity Act promotes public-private partnerships in the renewable energy sector, enabling private companies to play a role in driving investments through carbon trading. Adaju also praised FCMB’s role in providing a platform for Nigerians to acquire cost-effective clean energy sources through the FCMB Energy Finance Loan product, aligning with the Africa Carbon Markets Initiative (ACMI) established in 2022 to support financing goals related to energy, climate, and development in Africa.