In a televised interview on Channels Television, Temitola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, emphasized the administration’s commitment to providing alternative power sources for Micro, Small, and Medium Enterprises (MSMEs) due to unreliable electricity supplies across Nigeria.
Adekunle-Johnson highlighted ongoing discussions with the Rural Electrification Agency (REA) to provide solar power access to various markets, aiming to ensure consistent 8-hour power supply to clusters of small businesses daily. The initiative targets expansion by the second quarter of 2024, building upon a successful implementation in the Ariaria market in Abia state during the previous administration.
The objective is to extend this initiative to numerous market clusters across different states, customizing alternative power sources for their specific needs. Emphasizing the cost-effectiveness and sustainability of solar energy for MSMEs, Adekunle-Johnson highlighted the financial strain on business owners due to high generator running costs, advocating for a transition to solar power.
He emphasized the administration’s dedication to supporting businesses by addressing these challenges to create an environment conducive to business growth and sustainability.
Adekunle-Johnson also announced a forthcoming initiative where MSMEs nationwide will gain access to a single-digit loan of 9% interest rate from the Bank of Industry by the end of January 2024, enhancing financial support for these businesses.
