By Oke Peter
It was a gathering of renewable energy stakeholders, energy firms, Small and Medium Enterprises (SMEs) and entrepreneurs at the ‘Blockchain Networking Event’ organised by the First City Monument Bank (FCMB) in Lagos, on Wednesday, as experts discussed how ‘Blockchain Technology’ could enhance energy access in Nigeria.
The aim of the programme, organised by FCMB in partnership with the African Mini Grid Developers Association (AMDA), One Watt Solar (OWS), Climate Finance Advisors; United States Agency for International Development (USAID), Climate Bond Initiative and the Renewable Energy Association of Nigeria (REAN), was to help small and medium scale enterprises and entrepreneurs in the renewable energy space to achieving their dreams of contributing to the society by making use of the available funding opportunities that exist within the energy sector in Nigeria.
In her opening remark, the Executive Director, Business Development, FCMB, Mrs Bukola Smith, assured participants of the bank’s support as part of its Corporate Social Responsibility (CSR). “FCMB is pioneering a sustainable energy platform aimed at providing technical and practical supports and knowledge sharing platforms that would add value to the renewable energy projects in Nigeria. We have invited energy stakeholders, financial experts and energy companies to speak on the challenges of Sustainable Energy in Africa and leveraging Blockchain Technology as a solution.”
Discussants at the session include: Mrs Bukola Smith; Chief Executive Officer, All On, Wiebe Boer; the Director of Climate Finance Advisor, Dr Jubril Adeojo; President of the African Mini-Grid Developers Association (AMDA), Mr Alexander Obiechina; Private Enterprise Officer, USAID, Jodi-Kaye and the Vice President, One Watt Solar (OWS), Victor Alagbe.
The topics discussed include: Could BlockChain become the new big deal for Energy Pipeline Deal in Nigeria?; Understanding crypto currency; The role of local finance in bridging Nigeria’s energy gap; Innovative finance to crystallize growth in the clean energy industry in Nigeria; Understand the mechanics behind Blockchain technology; How local currency fund can be designed for local developers; Crowd Funding; Its merits and demerits with FX risk; Green Bond, Pension Funds, Intervention Funds and Other Patient Capitals and How to take advantage of the Blockchain/cryptocurrency evolution, among others exposed participants to available opportunities in the sustainable energy sector as well as organisations that support entrepreneurs with viable project ideas.
The bank announced that it has concluded plans on provision of loan facility that could assist renewable energy projects with up to N610 million, and seven (7) years Tenor with interest rate of 16 percent to 19 percent (depending on the risk profile of the company/ projects).
The participants expressed gratitude to the FCMB management for providing support for sustainable energy, while urging other banks to emulate FCMB’s dedication to improving energy access in Nigerians.
