A
social enterprise company, SMEFUNDS has secured a N50 million facility
from the Central Bank of Nigeria, CBN, for expansion of its Cellulosic
Bio Ethanol Gel for clean cook stoves as well as Pay-As-You-Go Smart
Mini-Grid Electricity Projects.
According to a statement from the company in Abuja, the facility was disbursed through Eco bank for delivery of clean, safe and affordable energy for more than 1 million low income small businesses as well as households across the country. SMEFUNDS is a social enterprise firm that provides access to energy through social investment and promotion of sustainable enterprise development, using social marketing and ethical finance in Africa.
The Head, Relationship Management of MSMED Fund, Development Finance Department, Central Bank of Nigeria, Mr. Tobin while disclosing this to the company, said, “The CBN Governor, Mr. Godwin Emefiele has a target that by the end of 2015, half of the fund, which is for the purpose of growing Nigerian economy through small businesses would be given to qualifying companies.
“We are looking at the productive sectors of the economy, the manufacturing, renewable energy, entire agricultural value chain, services; these are areas of emphasis, where we want to generate employment and production within the economy so that SMEs will begin to produce goods for export and then we begin to earn foreign exchange,” he stated.
Already, SMEFUNDS, through its new Spin off Companies; Green Energy & Biofuels and Gosolar Africa Limited has reached more than 500,000 Base of the Pyramid (BoP) customers in the last three years with its Biofuel Gel that has displaced over 4 million litters of Kerosene, Firewood and other expensive cooking and lighting alternatives.
Responding, the Chief Executive Officer of SMEFUNDS, Mr. Femi Oye said the fund would in addition to helping to ease a lot of diseases associated with cooking with firewood; would also facilitate better standards of millions of Nigerians.
According to a statement from the company in Abuja, the facility was disbursed through Eco bank for delivery of clean, safe and affordable energy for more than 1 million low income small businesses as well as households across the country. SMEFUNDS is a social enterprise firm that provides access to energy through social investment and promotion of sustainable enterprise development, using social marketing and ethical finance in Africa.
The Head, Relationship Management of MSMED Fund, Development Finance Department, Central Bank of Nigeria, Mr. Tobin while disclosing this to the company, said, “The CBN Governor, Mr. Godwin Emefiele has a target that by the end of 2015, half of the fund, which is for the purpose of growing Nigerian economy through small businesses would be given to qualifying companies.
“We are looking at the productive sectors of the economy, the manufacturing, renewable energy, entire agricultural value chain, services; these are areas of emphasis, where we want to generate employment and production within the economy so that SMEs will begin to produce goods for export and then we begin to earn foreign exchange,” he stated.
Already, SMEFUNDS, through its new Spin off Companies; Green Energy & Biofuels and Gosolar Africa Limited has reached more than 500,000 Base of the Pyramid (BoP) customers in the last three years with its Biofuel Gel that has displaced over 4 million litters of Kerosene, Firewood and other expensive cooking and lighting alternatives.
Responding, the Chief Executive Officer of SMEFUNDS, Mr. Femi Oye said the fund would in addition to helping to ease a lot of diseases associated with cooking with firewood; would also facilitate better standards of millions of Nigerians.
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