Clean energy has remained one of Nigeria’s priority targets, especially at a time when the world is gradually abandoning fossil fuel.
In July, the Minister of State for Power, Goddy Jedy-Agba, reiterated the government’s commitment to achieving a sustainable energy target for all by 2030.
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Therefore, to complement the federal government’s effort in that regard, the FCMB Group has so far to a large extent reduced its carbon footprint considerably and scaled its financial commitment to businesses which are committed to clean energy.
Consequently, First City Monument Bank (FCMB), a subsidiary of the FCMB Group, has moved 150 (73 per cent) of its pan-Nigeria branch networks from grid/diesel generators to solar power.
As a result, it is ahead of industry peers in the race toward a low-carbon future where clean energy takes centre stage. The same applies to its strides in financing renewable energy resources to support global decarbonisation efforts.
Ladi Balogun, FCMB Group Chief Executive and contributing expert at the University of Oxford (Leading Sustainable Corporations Programme), said access to energy drove economic growth and development.
He, therefore, urged more commitment to clean energy finance 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 globally, according to the Energy Progress Report 2022 by tracking SDG 7, will benefit significantly from targeted off-grid interventions which will ensure access to electricity for about 92 million persons out of the country’s 200 million population lacking access to power.”
To bridge this gap, FCMB partnered with development finance institutions to provide targeted financing to improve Nigeria’s energy access through mini-grids and energy-efficient projects.
The partner institutions include African Development Bank (AfDB), Proparco and International Finance Corporation. In addition, there were project collaborations with the Nigerian Electrification Programme (NEP) and Nigeria Energy Support Programme (NESP) under the Rural Electrification Agency’s (REA) Solar Naija Programme 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 energy shortfall challenge facing individuals and businesses in Nigeria.
She believes it will unlock the sector’s potential and pave the way for more private sector investments in renewable energy projects.
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