The transition at Sterling Towers, the bank’s headquarters, underscores a major leap in Nigeria’s push towards sustainable and eco-friendly business practices. Nestled in the vibrant city of Lagos, Sterling Towers is a pioneering model for the banking sector in Africa, functioning with cutting-edge technology.

This conversion from traditional energy sources to solar not only propels the bank to forefront of environmental stewardship but also paves the way for other institutions to embark on a journey to green energy.

Group Chief Marketing Officer, Ibidapo Martins, said: “Adopting solar power is a conscious move that mirrors our pledge to responsible business and societal leadership. We’re not just charting a new course for the financial sector in Africa but demonstrating our resolve to be catalyst for sustainable growth.

“This pioneering project, the most extensive of its kind in Africa, consists of over 3,250 solar panels expected to generate more than 10,500 MWh over the next 25 years. Our 17-story head office is now a landmark of sustainability, boasting a solar power capacity of 995 kWp.”

With this initiative, Sterling Bank aligns itself with global corporate leaders like Apple, IKEA, and Google, who have already embraced solar energy, proving that renewable power is a viable and strategic business choice. Sterling Bank’s commitment to solar energy solidifies its reputation as an innovative and future-oriented financial institution.

The capability to exclusively rely on solar power at Sterling Towers heralds a significant shift for African businesses in the international sustainability arena. It’s a compelling example that economic prosperity and environmental conservation can successfully coexist.

This achievement reflects Sterling dedication to its HEART strategy, targeting the critical areas of Health, Education, Agriculture, Renewable Energy, and Transportation. The bank’s recent accolades, including the Most Innovative Bank of The Year and its ranking among the Financial Times’ top 100 fastest-growing companies in Africa in 2023, underscore its commitment to innovation and growth.

The solar-powered transformation of Sterling Towers stands as a beacon for renewable energy implementations in the Nigerian business sector, signaling the start of a transformative journey in the nation’s approach to energy consumption.

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A multi-dimensional survey conducted to assess Nigerians’ response to the almost 200 per cent increase in the pump price of PMS revealed that the majority of households are planning to embrace solar energy, even as service providers are contending with a surge in requests for low capacity utilisation equipment.

Despite the interest in alternative energy like solar, onboarding costs remain a huge concern and setback for those exploring the option, especially in a country with a high percentage of people living in various forms of multidimensional poverty.

Specifically, an average solar-inverter system for a small household costs between N500,000 to N1 million considering the high costs of batteries, solar panels and inverters. Many Nigerians do not have such disposable income to adopt such energy systems but would continue to rely on the grid and minimise use of generating sets.

Service providers, who spoke on the emerging trend, said there is a steep increase in the number of inquiries on services and available equipment, while demand has also increased by over 100 per cent in some cases compared with last year’s records.

Hitherto, millions of households augment public power with PMS-power generators while an insignificant percentage opted for renewable energy, which is perceived as highly expensive to procure by many consumers. But the market trend seems to be shifting not because the ‘new converts’ are genuinely desirous of an environmental-friendly energy mix but because the cost of powering generators is becoming unaffordable.

An average household would now need to spend thrice the cost two months ago to fill the same generating set to power its home appliances.

With the high cost of petrol, rising cost of electricity, renewable energy is quickly becoming a more attractive option for households, with solar power serving as a preferred source for its sustainability and cost-effectiveness and a major threat to conventional fossil fuel.

African Development Bank (AfDB) estimated that 40 per cent of Nigerian households use generators due to a weak grid power supply.

A survey which sought to understand Nigerians’ options for the rising cost of keeping fossil fuel-power generators, found that 75 per cent households agreed that solar energy is their alternative source of power.

According to the survey administered online, 43 per cent said they would switch to solar due to the hike in fuel price while 34.3 per cent said they anchor their choice on the reliability of solar resources (sun).

Only 16.4 per cent, according to the survey, are considering solar energy for environmental reasons just as six per cent are changing for grid security.

The survey attracted a total number of 178 responses from different parts of the country. About 20.5 or one-fifth of the respondents have used fossil fuel generators for between one and five years, while 19.3 per cent have used fossil fuels to power their home for upward of six to 10 years.

According to the data supplied, 22.7 per cent have used fossil fuel generators from 11 to 15 years while 19.3 per cent are within 16 and 20 years of usage.

According to expert opinion, solar power systems have a longer lifespan than petrol-powered generators, reducing the need for frequent replacements. They also are non-emission of greenhouse gases, thus contributing to reducing carbon footprints.

A Lagos-based solar service provider, Ety Christo, said there has been an increase in demand for solar-powered equipment recently, compared to last year. He said the demand is mostly for low-capacity systems.

Christo said that the recent sharp devaluation of naira has increased the cost of equipment, which is mostly imported.

“The demand ratio for large capacity is about 30 per cent while that of low capacity is about 50 per cent. Some people go for just solar-powered appliances. A lot have shown interest in installation but can afford the cost because of the financial crisis,” he said.

Also speaking, an energy economist, Habeeb Jaiyeola, said the price per litre increased as a result of the subsidy removal on PMS, thus pushing demand for alternative means of power away from the petrol-powered generating sets.

Jaiyeola said that the recently passed Electricity Act 2023 is expected to open up the power sector to competition across sub-sectors, enabling price drop over time.

He added that solar power has a relatively low-average maintenance cost and a very long average life span, which makes it upfront and cheaper in the long term.

“The initial installation cost of solar power will play a significant role in the consideration and acceptability of solar as the preferred alternative power source, even as the policies in the Electricity Act 2023 are expected to increase the acceptability and use of solar power sources,” he said.

Speaking on the potential impact of widespread solar power adoption on the environment and economy, the expert said solar power is environmentally friendly and enables the reduction of carbon emissions.

He emphasised that the liberalisation of the sector would encourage a different investment mix, which should also be targeted at underserved communities while investors make reasonable returns on their investments.

“The future of solar power in Nigeria is expected to contribute significantly to the attainment of the Sustainable Development Goals (SDGs) Seven. However, the achievement of this objective will require a sustainable approach from government and private sector towards the development of the Nigeria power sector,” he said.

Chief Executive Officer of Mone Solar, Ewere Okah, said Nigerian households must adopt solar energy as an alternative source of power to solve the country’s challenges

He stressed that the hike in electricity tariff and removal of fuel subsidy had increased the cost of electricity from the grid and fueling generators.

“Solar will create an energy architecture that is different from the one we know today,” he said.

An electricity analyst, Lanre Elatuyi, said the energy produced by solar panels is at zero marginal cost and noted that the savings from electricity bills could offset the upfront investment.

Speaking on the affordability of solar power, Elatuyi urged governments to put in place policies to encourage investors in the renewable space and a credit system for households that want to acquire solar power systems.

“The expectation is that with the increase in petrol price, people will naturally look for substitutes, given the fact that we are in a country with an abundance of sunlight, it is expected that we take advantage of this free source of energy as energy access is low in the country and reliability is a big issue, so that incentives are there for the adoption of alternative source of energy, especially from the solar, though the barriers are still there and if these barriers are not surmounted, solar power adoption may still be a far cry,” he said.

On the potential impact of widespread solar power adoption on the environment and economy, Elatuyi said solar power reduces dependence on imported fossil fuels, enhances energy independence and reduces vulnerability to price fluctuations or supply disruption, offering long-term stability as sunlight is free and abundant.

“On the economy, the solar industry provides employment opportunities including manufacturing, installation, maintenance and research development, as the solar sector expands, it stimulates job growth and local economies, the growing solar industry attracts investments and creates business opportunities, including solar panel manufacturing, installation companies and related services,” he said.

Speaking on policies or incentives to encourage more people to switch to solar power by households, Elatuyi said implementing net metering policies that allow households to sell excess solar-generated electricity back to the grid should be encouraged, adding that the system gives credit to homeowners for the electricity they contribute, effectively reducing their overall electricity bills, making solar adoption more economical for households.

“With policies, we can set renewable portfolio standards that require a certain percentage of electricity generation to come from renewable sources, including solar power, the new electricity act makes provision for this, and if we can also grant easier and quicker permits, we will likely see more adoptions,” he said.

The future of solar power in the country is bright. The country has a lot of potential for solar energy, with abundant sunlight and a growing population demanding more electricity. The Nigerian government also committed to renewable energy, with a target of 30 per cent of electricity generation from renewable by 2030.

According to the Nigerian Electricity Regulatory Commission (NERC), the country has an estimated solar capacity of 7.5 gigawatts (GWs). With the removal of petrol subsidies, there has been an increase in demand for solar power systems, as households seek to reduce their energy costs and decrease their dependence on fossil fuels.

As of 2022, according to a report by Africa Solar Industry Association (AFSIA), Nigeria was missing from the list of top African countries with solar power installations. The report said Angola topped the chart With 284 megawatts (MWs) of solar installations, followed by South Africa with 111.8 MWs. Egypt had 80 MWs, Ghana (71.3 MWs) and Mozambique (41.9 MWs).

According to BloombergNEF (BNEF), installations are expected to reach 315GWs in 2023 globally from 268GWs in 2022, and the International Energy Agency (IEA) expects global solar photovoltaic (commonly known as panels) capacity to rise by nearly 1500 GW in the 2022 surpassing natural gas by 2026 and coal by 2027.

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The OPEC oil producing member hopes to build solar plants to produce 22,000 megawatts (MW), or 27 percent of its electricity needs, by 2030, up from about 350 MW now.

Algeria will soon invite bids from national and foreign firms to set up a solar plant with a capacity of 150 MW, a senior official at the energy ministry said.

“We are (also) planning tenders to produce 2,000 megawatts before the end of 2020,” he added, without giving more details.

Turning to solar power is part of a drive to guarantee cheap retail energy prices. The authorities are keen to avoid social unrest, and face sporadic protests in some areas over a lack of electricity and gas supplies.

“Our development plan is also aimed at maintaining contractual commitments with partners in terms of gas supply,” said Noureddine Yassa, head of a National Renewable Energy Development Center set up to develop the sector.

The increase in demand for electricity has averaged 6.91 percent annually over the past years, according to official data, in a country where the population has been growing by nearly a million people per year.

Algeria is currently using gas to generate 98 percent of its power output of 19,000 MW.

Increasing or maintaining the level of gas and oil exports is a top priority for the country as the two energy products make up 60 percent of the budget and 94 percent of total sales abroad.

Solar energy will also be used at oil and gas fields.

State energy firm Sonatrach has already signed a memorandum of understanding (MoU) with Italy’s ENI to build solar plants.

The North African country wants to use the expertise of foreign firms but needs to tackle bureaucracy and slowness reported by investors.

“The (solar energy) plan is applicable if there is a political will,” said economist El Houari Tighersi, also a member of the parliamentary finance committee.

“The investment climate must be improved if we want to change the situation for the better.”

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The Ambassador of Japan to Nigeria, Sadanobu Kusaoke, disclosed this in Abuja on Tuesday during the inauguration of the project.

Kusaoke stated that Japan considered the power sector as one of the most important areas to enhance Nigeria’s socio-economic development.

He said, “Since from 1970s, Japan has helped to finance power sector to increase the capacity of power in Kainji dam hydro power station.

“This is the 10th project of power sector by the Japan’s government since then and this will not be our last.”

He said the project which entailed the introduction of clean energy by solar electricity was donated by the government of Japan to boost power and water supply at Usman Dam Water Treatment Plant.

He said, “The project is being executed with grant assistance worth Nine Hundred and Eighty Million Japanese YEN (980,000,000 JPY) (equivalent to approximately 9.7 million USD) through JICA.”

According to Kusaoke, stable power supply is crucial to support industry and to improve economy and the lives of people.

The ambassador emphasised the importance of stable power supply to Nigeria’s quest to diversify her economy.

He commended the designer of the project, Toyota Tsusho Corporation, for its design, management and the completion of the project on schedule.

Kusaoke, who explained that the project was capable of generating 1,496MWH, added that this would result in reduction of N31.5 million per year for payment of the electricity bill.

Earlier, Hirotaka Nakamura, Chief Representative of JICA, Nigeria office, said improving core infrastructure including power sector in Nigeria was one of the priority areas of the agency in Nigeria.

According to Nakamura, developing alternative energy resources such as solar, wind and hydropower will boost electricity in the country.

He explained that the project was designed to introduce a demonstration unit of solar electricity generation system with a view to increasing its economic strength on a sustainable basis.

According to the JICA official, with the Japanese assistance, about 1.2 mw of grid connected solar generation will be gained at Usman Dam Water Treatment Plant to supplement electricity supply from the national grid.

He said, “Following successful tests on the installed solar system, the first phase of the project with generation capacity of 975kwp is being commissioned today.

“The second phase will bring additional 207kwp generation to this system hopefully in January 2017.”

Nakamura further stated that the project would contribute to the improvement of quality water supply in the Federal Capital Territory.

He, therefore, appealed to the FCT administration through its water board to handle the project with care and also provide sufficient funds to maintain the generation system.

In his remark, Alhaji Hudu Bello, the Director, FCT Water Board, who expressed gratitude to the government of Japan and its agency JICA, said the project would improve revenue accruable from the water sector in the FCT.

He said, “This is elaborate project that will improve water supply to the residents of Abuja; it will also reduce the rate at which we consume diesel to pump water.”

Bello said the project would reduce the cost of generating electricity and also contribute power to the national grid to improve supply within the nation’s capital.

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Stephane Gompertz, France’s Ambassador for Climate Change, told newsmen in Abuja on Sunday that the project was the first of such magnitude to be signed in Nigeria.

Gompertz said the agreement was signed on Friday by the Osun Governor, Rauf Aregbesola and a French company, Vergnet, adding that France was supporting Nigeria in the area of renewable energy.

“As far as new and renewable energy are concerned, the French Agency for Development helps finance through credits, projects in new and renewable energy.

“On Friday morning, I was with the French Ambassador in Abuja. We were received by the Governor of Osun State. We signed an agreement with a French company called Vergnet.

“Vergnet will build a solar plant of 13 megawatts, which is quite big for a solar plant. And as far as I am concerned, this is the first project of such magnitude to be signed here in Nigeria.

“There will be other bigger projects going up to 50 or even 100 megawatts,” he said.

Gompertz said France had supported Nigeria’s power sector through its contracts and also through loans from the French Development Agency (AFD).

He explained that the agreement to build the solar power plant also included training component to encourage transfer of technology.

According to him, the more we develop new technologies, the more people are trained to manage or to invent those technologies, and this will on the long run contribute to the development.

He noted that in 2009, the Federal Government had assigned Vergnet to establish a wind farm of 10 megawatts in Katsina state for more than 20 million Euros (about N4.5 billion).

The envoy said the farm, with 37 windmills, should start producing and be connected to the grid in the beginning of 2016.

According to him, the French group, TOTAL, is also willing to develop a solar energy project in Katsina state.

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Fashola, who announced this at the award ceremony in Ikeja, said the State Executive Council approved a pilot project of providing solar power in all the public schools in the state, adding that 172 schools would benefit in the first phase which will run between August and May next year.

According to him, the first phase of the project, which is broken up into two sub-phases, will see about 35 schools in the riverine and rural areas of the state fully lit up and powered by solar power before the end of this year.

Noting that government would be decommissioning over 800 generators in all the public schools by the time the project is finished, Fashola informed that the state Water Corporation is also working to install pipelines for direct water supply to 600 schools in the state “as a first phase of ensuring that all our public schools get direct water supply”.

Fashola explained that his focus on electricity for the up-coming generation as the way forward was based on his belief that if their capacity is developed at this level, they would be able to improve the nation’s power sector adding that it is the lack of electricity that is keeping Nigeria in poverty.

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