Lagos stakeholders Pushes Innovative Solar Financing Solutions to Support Small Business Growth
Small businesses across Lagos are being offered a fresh opportunity to ditch diesel generators and rise on solar power — thanks to a new wave of financing initiatives championed by industry stakeholders.
In a recent forum organized by Star Times Smart Solar with Manufacturers Power Development Company Limited (MPDCL) and Sterling Bank via its Imperium programme, participants called for easier and more affordable funding options to accelerate the shift from unreliable grid supply and costly fuel imports.
Rising electricity costs and erratic supply have pushed many SMEs to rely heavily on diesel — cutting deeply into profits. Solar interventions, the forum argued, could substantially reduce operational costs and improve business sustainability.
Under the financing models presented, small and medium enterprises need only provide minimal documentation — such as CAC registration and account statements — eliminating burdensome collateral conditions. Interest rates under the scheme are positioned to be competitive, making solar adoption more realistic for a wider range of businesses.
Moreover, renewable energy firms such as ICE Solar Commercial Power Limited are stepping up with investment backing from impact-funders such as All On, signalling growing confidence in the solar potential for MSMEs. Their “energy-as-a-service” models offer pay-as-you-go solar and battery systems — breaking down upfront cost barriers for many entrepreneurs.
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For business owners in Lagos — from food vendors to small manufacturers — this shift could mark a turning point: lower energy bills, more reliable operations, and greater resilience in a challenging economic climate. As these financing pathways gain traction, solar may increasingly become not just an alternative, but a cornerstone of SME growth in Nigeria.
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