Solar firms in Nigeria can now borrow up to ₦100 million (about $72,000) at a cut rate

Getting panels and batteries into Nigerian homes and businesses often stalls on one thing: the installer's own access to credit. Synafare, a renewable-energy financing and supply-chain company, used its Solar Roundtable 2.0 in Lagos to cut its monthly financing rate for solar businesses to 3.5%, down from its usual four to five per cent, and to offer financing of up to ₦100 million (about $72,000) per merchant for equipment. Two merchants had already secured ₦170 million (about $123,000) between them before the event formally began, and the company is targeting 100 merchants under the initiative. Chief executive Tobi Esho said Synafare also negotiated special distributor prices for the event, so smaller solar firms can buy stock more cheaply, take on bigger jobs and reach new customers — the unglamorous plumbing that decides how fast rooftop solar actually spreads.

SDG 7 · Affordable and clean energy — Mechanism: funding & finance