Solar is one bank’s answer to Nigerian blackouts and energy cost

Suleiman Babamanu, project lead at Solar Power Naija, a government initiative aiming to fix the development problems that a lack of access to electricity has created. — Bloomberg

The manager of Nigeria’s biggest pension fund is teeing up millions in financing for the renewables sector but it’s also embracing solar energy for the good of its own business.

Standard Bank Group Ltd.’s Nigerian unit is aiming to run nearly half its offices on solar by 2022 to cut down on energy costs and dependence on diesel-powered generators in the West African nation, which suffers from acute power shortages and frequent blackouts.