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InAbuja BoI, UNDP strike $2m deal on solar energy

BoI and UNDP have signed a $2m agreement to fund solar power electrification projects in six communities in Nigeria.

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The Bank of Industry (BoI) has signed a $2m agreement with the United Nations Development Programme (UNDP) to implement the second phase of the solar power electrification projects in six selected communities across Nigeria.

The communities spread across the six geo-political zones where the bank has a subsisting relationship for the development of micro, small medium scale enterprises are already benefiting from pilot phase.

"The blend of BOI’s contribution in the sum of US$1.4 million as debt financing for the projects, with UNDP’s grant contribution of US$600,000 will provide the much-needed stimulus to scale up the projects in view of the attendant reduction in the cost of deployment and enhancement of its overall viability," said Waheed Olagunju, BoI acting managing director.

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Mandisa Mashologu, the UNDP acting resident representative in her remarks noted that the agreement would ensure the scaling up of efforts to provide safe and environmentally friendly energy to the people in line with the Paris Agreement.

Similarly, BOI, Ooni of Ife, Oba Adeyeye Ogunwusi ‎and ‎Hephzibar Network are also partnering to train 150 youths on agro-processing.

The Head of Osun Bureau of the BoI, Dr Emmanuel Ojowuro, made this known in Ile-Ife on Thursday at a news conference, to herald the Ife Youth Agro-entrepreneurship Summit expected to hold Oct. 6.

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