Nigeria In One Minute
Bank loans at 15% for mini-grid operators
Deposit Money Banks (DMBs) are planning concessionary loans of between 15 and 20 per cent interest rates for mini-grid operators under the Nigeria Energy Support Programme (NESP) 2, it was learnt yesterday.
The Executive Director, Rural Electrification Fund (REF), Dr. Sanusi Ohaire, who spoke with The Nation at mini-grid stakeholders workshop in Abuja, said the banks are already conducting due diligence on the sector.
Mrs. Ohaire added that the lenders have reached a “stage where they are comfortable to take that leap. It is a good thing because once we have the local commercial banks key into this project; it is easy for us to scale up.”
But speaking in the workshop, the Advisor, Sustainable Energy Access (off-grid) NESP, Temitope Udo- Affia, said the interest rate is for between five and seven years moratorium period.
The Nation, January 31, 2019
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