Power Sector Update Q4 Updates

First City Monument Bank (FCMB or the "Bank") recently introduced Energy Finance Loan which provides up to ₦10 million to Nigerian homes and small businesses for the purchase of solar panels, batteries, inverters, and other green energy equipment. The Bank noted that the loan facility is designed to unlock the potentials of the renewable and clean energy sector, provide relief to Nigerians, with specific focus on the key social institutions such as hospitals, schools, hotels, etc. and small businesses. The product is also expected to encourage adoption of clean energy amongst the target institutions and businesses. It is no news that the removal of subsidies on petrol, which is a major source of energy for most Nigerian households and small businesses, has impacted the cost of living and doing business in Nigeria. This has also seen a shift in focus by most affected businesses