All-On, which says Niger Delta takes 60 per cent of its activities, has unveiled a funding window worth $100,000 (about N36m) for each qualified off-grid developer helping to provide power supply in the region and beyond.
This is as the firm which is supported by Shell has urged state governments to court funding from the World Bank, the US, EU, and other international development agencies willing to fund off-grid projects in rural Africa.
The company said it is doing this in partnership with a foreign agency which brings $50,000 and All-On brings $50,000 making it $100,000 to give to a successfully screened developer. So far, about 17 developers may have benefited from the scheme since one year and 20 may benefit in 2020.
It was gathered that not many indigenous funding agencies are funding off-grid developers at the moment but the funding window may be dominated by foreign agencies.
According to Afolabi Akinrogunde, investment manager at All-On on the panel, it is more profitable for state governors who are always in Abuja for one political meeting or the other to make time to explore huge opportunities for states at the offices of international agencies and development partners.
Akinrogunde said such governors would learn how to tailor their policies and programmes to suit such funding conditionalities and draw funds to help in several areas of their activities especially pro-poor programmes and grassroots economic activities.
He foresees most state governors creating five off-grid hubs attracting up to $5m each to boost industrialistion and forget monthly allocation.
“All-On is in impact-investment. We make both social and commercial impacts and we dare say that lack of energy is main problem of the Nigerian economy. It is not just money that we put in the Niger Delta but ideas, solutions, advice and advocacy. In advocacy, we try to reduce friction and we support governments with information, knowledge and other ways.”
He says All-On does not charge as high as the banks do. “Making impact is as important as making profit”.
