Electricity

Firm to bridge power gap with solar option

The Executive Director, Gennex Technologies, Mrs. Toyin Ilo, has said the firm is in business to bridge the gap in the country’s power industry.

To achieve this, Ilo said her firm would be focusing on private houses that do not have access to the power grid by providing energy solution to them.

This, she added, was in tune with its plans to tap into the  Federal Government policy to power five million houses by 2030.

According to Ilo, the firm is presently working with private companies in the country to provide quality solutions in the solar power sub sector of the industry.  She explained that in the first instance, the firm’s target is to cater to more than 60 percent of the Small and Medium scale enterprises population and so far we have been able to bridge that gap in the last six years we have been in existence.

Ilo, who spoke on the sidelines at the company’s customer service week and unveiling of the Gennex Lobo Combo 1.2KVA solution in Lagos, said MSMEs account for 99.5 per cent of firms and 60 per cent of employers, but yet, they are faced with lack of access to electricity, which has remained a lingering obstacle for their businesses.

“It is estimated that approximately one out of every seven firms exit the Nigerian economy due to concerns related to access to power. So we are in this business to bridge this gap and find solutions. For instance, the Lobo combo 1.2KVA solution is our effort to provide support to MSMEs and galvanise the economy. This product is specifically designed for a critical category of the economy which is the Micro, Small and Medium sized enterprises (MSMEs) and also introducing our different range of batteries and our recent power solar Fan, which is the first of its kind in the business,” she explained.

Yet, despite the government’s policy on renewable energy, Ilo is concerned that as much as 20 percent is charged as duty on importation of batteries and also on solar panels. A reduction in this, she said, will go a long way to elevate the enormous cost incurred in bringing the items into the country and by extension, reducing the cost of acquiring solar.

“If the environment is conducive we can establish a manufacturing plant and couple all these components here and it will go a long way in cutting down the cost of renewable energy products in the country. It is part of our vision to provide sustainable and renewable energy solutions to help sustain job creation. The Lobo Combo will help MSMEs to further improve their business and generate more income, we are hereby opened to seek partnership with financial institutions to provide this product to MSMEs across the length and breadth of Nigeria through creative financial initiatives,” Ilo said.

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