Nigeria’s premier bank unveils solar financing and women-focused funds at global development conference
Seville, Spain / Lagos, Nigeria – In a strategic move to bridge Nigeria’s $100 billion annual SDG financing gap, FirstBank has cemented its partnership with the United Nations Global Compact (UNGC), unveiling innovative funding solutions at the high-profile FfD4 Conference.
Green Light for Sustainable Projects
Solar Equipment Financing:
• Offers low-interest loans for solar installations
• Targets 50,000 Nigerian households/businesses by 2027
• Cuts energy costs by 40% for beneficiaries
FirstGem Fund 2.0:
• Collateral-free loans at 8% interest for women entrepreneurs
• ₦50B disbursement target across 5 years
• Priority sectors: Agribusiness, EdTech, Healthcare
“We’re transforming rhetoric into accessible capital,” declared Patrick Akhidenor, FirstBank’s Chief Risk Officer, during his keynote at the UN conference.
The Bigger Picture
SDG Alignment: Directly supports Goals 5 (Gender Equality), 7 (Clean Energy), and 8 (Decent Work)
DFI Partnerships: Leveraging AfDB and IFC guarantees to de-risk loans
SMEConnect Hub: Has trained 12,000 entrepreneurs on sustainable practices
Why This Matters Now
• Energy Crisis: 92M Nigerians lack reliable electricity
• Gender Gap: Women own 41% of SMEs but access just 15% of business loans
• Market Potential: Nigeria’s green economy valued at $250B+
“Blended finance models can unlock Nigeria’s sustainability market,” stressed UNGC’s Sanda Ojambo, pointing to FirstBank’s SMEConnect as a replicable blueprint.
Beyond Financing: The Capacity Building Edge
Digital Training: 6-month business sustainability courses
Market Linkages: Pairing solar adopters with equipment suppliers
Impact Tracking: AI-driven SDG measurement tools
Success Story:
Lagos-based health startup MediSun used FirstBank’s solar financing to cut power costs by 60%, enabling 24/7 vaccine storage.
