Micro, small and medium enterprises are crucial to the development of a country’s economy, especially countries in emerging economies like Nigeria. Inadequate supply of energy and lack of reliable and affordable alternative power options has remained a major source of concern for the day-to-day delivery of products and services for these small businesses.
High-energy systems and sufficient power supply are required for the economy of the nation to transit from poverty and low productivity to higher incomes and global competitiveness. Over the years, fossil fuels have been used as an alternative but the harmful toxic emissions from them have posed more harm than good to human existence.
There’s need for a modern power system in Nigeria. As the country grows in population and wealth, there will be more demand for constant energy. Nigeria needs a high-energy grid system to power its factories and cities and to sustain a growing economy. It has great potential to produce power from a mix of hydropower, solar, wind, and especially natural-gas-fuelled thermal power.
The outright purchase of solar SASs is still very high, thus pragmatic policies such as low interest finance, grants, reducing import duty, local manufacturing of systems must be put in place to incentivise more SASs sales companies to offer systems under PAYG scheme to enable low income, small businesses to be able to buy them. This will require sourcing for grants and/or low interest loans.
It provides financial and technical support to projects that conserve and restore the environment while enhancing people’s well-being and livelihoods and those who often live in fragile ecosystems.