BaobabPlus Nigeria, a leading provider of innovative solar technology in Nigeria, has called on the Ministry of Power to subsidize renewable energy products as a means of reducing Nigeria’s dependence on petroleum products. BaobabPlus Nigeria believes that reducing the consumption of petroleum products would be cost-effective for businesses, particularly Small and Medium Enterprises (SMEs), while also contributing to a healthier environment for Nigerians.
Mr. Kolawole Osinowo, the Chief Executive Officer of BaobabPlus Nigeria, made this call at a media briefing to announce the company’s strategic partnership with Trade Lenda, a digital microfinance institution. He also urged the Ministry of Power to collaborate with the Central Bank of Nigeria (CBN) and the Rural Electrification Agency (REA) to provide solar companies with access to concessionary financing since most of the solar products in Nigeria are imported.
Mr. Osinowo said that the shift of subsidy from petrol should shift to renewables. He added that if the government could subsidize renewable energy products, it would reduce the consumption of petroleum products in the country. He also noted that without subsidies, it would be too expensive for consumers to purchase products at commercial rates. This is why BaobabPlus Nigeria is leveraging group organizations to get external funding at good rates.
The Chief Operating Officer of Trade Lends, Oyindamola Olaniyan, expressed her enthusiasm about the partnership. She stated that Trade Lenda’s mission is to provide opportunities and unlock potential for SMEs to help them scale. She added that collaborating with Baobabplus Nigeria to offer solar products on loan aligns perfectly with their core values of financial empowerment and community development.