The Nigerian Agricultural Bank, Bank of Agriculture and the African electricity supplier Daystar Power have entered into a comprehensive cooperation agreement for rural electrification in Nigeria
As part of the collaboration, Daystar Power will install solar power systems at the Bank of Agriculture's 158 locations and develop and operate solar power solutions for rural areas in Nigeria.
Since 1972, the Bank of Agriculture has been Nigeria's leading financial institution committed to rural development. The cooperation partner Daystar Power is a foundation of the Africa Venture Builder Sunray Ventures of the German founders Christian Wessels and Jasper Graf von Hardenberg. The Nigerian Bank of Agriculture, a state-owned bank, lends to support relevant activities in the agricultural production chain in the country.
Christian Wessels, managing director of Sunray Ventures, said, “In Nigeria, there is a large gap between electricity production and demand. The rural population, in particular, suffers from a lack of reliable electricity supply, which has a negative impact on agricultural productivity.”
“By supplying Nigeria's population with clean solar power, Daystar Power enables increased productivity and higher crop yields through better cooling. In this way we contribute to increasing prosperity for the local population,” Wessels added.
Ulrich Rieger, head of the Internationalisation Department of the Bavarian State Ministry of Economic Affairs, Energy and Technology, commented, “The secure supply of electricity is central to Nigeria's sustainable development. That is why we particularly support cooperation between Bavarian companies that are active in Africa and thus make a contribution to economic, social and ecological development.”
Kabir Mohammed Adamu, managing director and CEO of the Bank of Agriculture, noted, “The Nigerian government has set itself a target of 30 per cent of renewable energies in the national energy mix by installing new solar plants with a capacity of 30 GW by 2030.”