SMEFUNDS picks up $300K from Ecobank for its cellulosic cookstove biofuel gel and smart solar projects in Nigeria

In Nigeria, Central Bank of Nigeria (CBN) through Ecobank Ltd is providing $300,000 to SMEFunds for its Cellulosic Bio Ethanol Gel for Clean Cook Stoves and Pay-As-You-Go Solar Smart Mini-Grid Electricity Projects. This facility is aimed at delivering Clean, Safe and Affordable Energy for more than 1 million low Income Small Business and Households across Nigeria.

SMEFunds says that its cookstove and solar projects have reached more than 500,000 Bottom of the Pyramid customers in the last 3 years with its Biofuel Gel that has displaced over 4 million liters of Kerosene, Firewood and other dangerous & expensive cooking and lighting alternatives. Gosolar Africa has launched a revolutionary low cost, flexible and reliable Prepaid Energy on demand Pay-As-You Go Solar Mini Grid for increasing productivity for small businesses and replacing Petrol generators from homes.

In responding to the gesture, the CEO of SMEFUNDS Mr. Femi Oye said, “By bringing low cost domestic energy services to more than 80 million Nigerians that are cut off from the National grid and over 60 million women who daily suffer respiratory problems, lung diseases, asthma and general tiredness from Indoor air pollution, we believe that with the new CBN Specialized Finance, we can help bring a large number of Nigerians out of poverty and improve living standards in our country”.

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