Wema Bank Plc has announced a N1 billion loan support for Small and Medium Enterprises (SMEs) that desire to purchase clean and renewable energy solutions like solar panels, inverters, and batteries.

The support according to the bank is in demonstration of its unwavering support for energy transition in Nigeria and to help businesses in the country to overcome the challenges posed by the rising costs of petrol and diesel in the country.

"Many businesses in the country, including SMEs, depend on fossil fuel for power to run their operations amidst poor power supply and the incessant collapse of the national grid. Consequently, the spike in the prices of fossil fuel products has hit many businesses hard. To overcome the effects of their rising operating costs, several businesses have resorted to passing on the cost to the consumers, leading to a ripple effect on the economy", the bank said.

Commenting, Divisional Head, Retail Business, Wema Bank Plc, Mr. Dotun Ifebogun stated that the renewable-energy-focused loans will provide succour to SMEs across the country by cushioning the effect of the high cost of energy on their businesses. According to him, "We need to provide financial support to SMEs to encourage their roles as the engine rooms of the economy, by creating alternative power options at affordable rates and educating them on the benefits of alternative power in solar energy, to the environment.

"Therefore, beyond alleviating the effects of rising energy costs, this initiative also feeds into Wema Bank's strategic thrust of spearheading energy transition in Nigeria and helping businesses in the country to go green. "