The Central Bank of Nigeria (CBN) has been urged to utilise the over $500 million Micro Small and Medium Enterprises Fund to facilitate mass production and distribution of renewable energy to rural communities.
Chief Executive Officer of Energy Industry Development Initiative (EIDI), Dr. Tom Obaseki said the measure would enhance the wellbeing of the citizenry.
He explained that ECOSMART is a total waste to wealth concept that is based on the circular economy, which will help to solve the main infrastructural and developmental problems of the country, including electricity and clean energy access, sustainable waste management, and organic fertilizer for agricultural use food security.
He noted: “The renewable electricity power solution thus comes with underlying economic, environmental and social benefits for rural dwellers, especially women. ECOSMART, which is currently under development, consists of a consortium of three Nigerian firms.”
According to him, the proposed mini-grid integrates high throughput Anaerobic Digestion (AD) with solar technology to provide renewable electricity and gas on-demand and ensure gender advantage in economic returns for women.
Obaseki also enjoined the Nigerian Ministry of Environment to embrace the smart technology and ensure its widespread deployment as it is designed to process waste and generate biogas 12 times faster than conventional Continuous Stirred Reactor Tank (CSTR) systems.
