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Fidelity Bank Offers Respite On Solar Acquisition As Nigeria’s Electricity Sector Grapples With Significant Headwinds

The Oasis Reporters

June 16, 2023


By Greg Abolo

Nigeria’s sixth-largest bank, Fidelity Bank Plc representing 5% of domestic banking system assets at end-2022, seems to have delved into social entrepreneurship with economic value to offer Nigerians a win-win platform for the acquisition of Solar power systems for homes and offices.

This is aimed at beating the electricity supply challenges that citizens face, amidst the rising costs of diesel and petrol used in powering generators for homes and offices.

It is a proactive innovation, as many solutions thrown at improving the energy sector in the last 24 years plus have largely failed, making a giant country with the largest economy in Africa and the most populous at over 220 million citizens make do with less than 4500MW of electricity.
What a city like New York consumes on a daily basis.

The stress on electricity supply is so deep, that a students union leader in University of Ibadan, South West Nigeria was heard on Radio speaking with exasperation while pleading for electricity supply of just two hours a day to enable students to charge their laptops and phones.

Ahmadu Bello University in Zaria, Northern Nigeria was equally reported to have gone without electricity for about two weeks at a stretch recently.

The story is bleak in most parts of major cities in the country. The losses to the economy are unquantifiable.

Yet, Nigeria has abundant sunshine as it is in the south of the equator.

The abundant supply of energy from the sun has propelled Fidelity Bank to provide soft loans to customers as enablement towards the acquisition of Solar kits in their various homes, shops, factories and offices.

It is common knowledge that solar kits come with pocket denting costs at the initial time of acquisition and installation. So the soft loans would be a significant palliative towards an easy ownership that would eventually pay the acquirer well at this time that subsidies on petrol and diesel are gone for good from Nigerian life.

Besides, solar electric power is environmentally friendly as a way to fight climate change.

It remains thus, a most significant win-win scenario for Nigerians to take advantage of.

Greg Abolo

Greg Abolo

Blogger at The Oasis Reporters.

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