GOOD INITIATIVE: Bol boosts Osun’s rural economy with solar solutions

To address the challenge of rural-urban migration arising from inadequate electricity supply as well as aid improved access to affordable power through renewable energy, the Bank of Industry (BoI), has inaugurated a 24 killowatts (kw) micro-grid solar solution in two communities in Osun state.
The move according to the Managing Director of Bol, Rasheed Olaoluwa, is in furtherance of the United Nations campaign for eco-friendly sources of energy.

The Bol boss disclosed that the bank is starting off with the provision of long-term financing for the installation of off-grid solar home systems in six communities in a pilot phase, as part of its Solar Energy Partnership with UNIDO.

Under this initiative, Osun State has become the first State to benefit from Bol’s intervention in the provision of renewable energy in South West Nigeria, as the solar electrification project is located in Idi-Ata and Onibambu communities in Osun State.

The Bank of Industry (BoI) and the United Nations Development Programme (UNDP) had announced the commencement of the implementation of their solar energy programme earlier in July, this year.

Olaoluwa lamented that rural communities are the worst hit in terms of poor access to electricity, especially the off-grid areas which have always been without power supply and have resigned their fate to the use of kerosene lanterns, oil lamps, and other types of dangerous and unhealthy sources of light to able to live their daily lives.

The development, he said, has hampered the socio-economic development of the nation as it has created an atmosphere that is not conducive for Micro Small and Medium Enterprises (MSMEs) which are the drivers of the nation’s economic growth to thrive.

He argued that the situation remained one of the main factors responsible for the concept of rural-urban migration.

Olaoluwa lamented that about 4500MW electricity generated from the national grid was grossly inadequate for a leading African economy like Nigeria with a population of 170 million people, hence the intervention of Bol and the United nations Development Programme (UNDP).

He argued that the situation remained one of the main factors responsible for the concept of rural-urban migration.

‘‘These communities, with an average of 200 homes each, are located in Anambra, Edo, Gombe, Kaduna, Niger and Osun States. Today, we have come to Osun State in partnership with Arnergy Solar Limited to commission a 24kw micro-grid solar electrification system in Idi-ita/Onibambu, a community which hitherto had no access to electricity,’’ he said.

Also speaking, Governor of the State of Osun, Raufu Aregbesola, urged the leader of the two communities to judiciously protect the installation and ensure that payments are promptly made for energy consumed so that the scheme can be self-sustaining thus encouraging the investor to replicate such in other locations within the State.

Aregbesola who was represented by the Secretary to the State Government, Moshood Adeoti said: ‘‘As a responsible Government, I want the Ministry of Water Resources, Rural Development and Community Affairs to carry out due diligence on the issue of appropriate pricing and adequate supply to each household. This is to ensure consumer protection against exploitation,’’ he stressed.