Stanbic IBTC Bank has reaffirmed its commitment to driving growth in Nigeria's gas sector by increasing funding across the value chain. From storage and production to delivery and renewable energy solutions, the bank has developed products aimed at supporting the entire gas ecosystem.
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Richard Inegbedion, Head of BCB Oil & Gas at Stanbic IBTC, emphasized the importance of renewable energy for economic growth. He highlighted the bank's dedication to achieving net-zero emissions, stating, "We are committed to the net-zero emission drive and are actively involved in various engagements. We’ve developed products to meet our clients' needs in this space."
Inegbedion made these remarks at the Nigeria-South Africa Breakfast Meeting in Lagos, themed Energy Transition: Identifying the Need and Financing the Opportunities. He explained that, as part of Standard Bank Group, Stanbic IBTC is leveraging developments in renewable energy across East Africa to expand opportunities in Nigeria.
One of the key projects is the World Bank’s Distributed Assets for Renewable Energy Scale-Up (DARES) program, which focuses on rural electrification. Inegbedion disclosed that Stanbic IBTC is the only bank in Nigeria to have signed a Memorandum of Understanding (MoU) for this initiative. "There is a grant attached to this project that has been made available to Nigeria. We have partnered with the Rural Electrification Agency and the World Bank to apply this grant in supporting developers, particularly in deepening rural power supply," he said.
Stanbic IBTC is providing bridge financing for its clients under this grant agreement, helping to spur growth in Nigeria's renewable energy market. "Our bridge finance, backed by the grant, enables us to support our clients and catalyze growth in rural areas," Inegbedion added.
In addition to the rural electrification program, Stanbic IBTC offers financial products to support the commercial and industrial (C&I) sectors. "We are designing frameworks and products that will help us support the mass ecosystem and unlock the vast opportunities in the market," Inegbedion explained.
He further emphasized the significance of energy transition for Nigeria's growth. "Stanbic IBTC is fully aligned with the global call for net-zero emissions. Renewable energy is here to stay, and with Nigeria's abundance of resources, particularly solar energy, we are ready to seize the opportunities in this space," Inegbedion noted.
While acknowledging the benefits of traditional fossil fuels, Inegbedion stressed the need for Nigeria to align with global carbon reduction initiatives. "Our bank is leveraging its international reach to bring expertise, support systems, and funding to Nigeria, driving the transition towards cleaner energy," he said.
Stanbic IBTC’s partnership with the Rural Electrification Agency under the World Bank’s DARES program focuses on supporting developers across various sub-sectors, including solar home systems, mini-grids, and interconnected mini-grids. "This partnership allows us to scale renewable energy initiatives, benefiting everyone and contributing to a healthier planet," Inegbedion concluded.
As part of its ongoing efforts, Stanbic IBTC is continuously investing in capacity building, product innovation, and redesigning systems to drive change in both the renewable energy and gas sectors. With gas being a crucial transition fuel for Nigeria, the bank is committed to supporting the gas value chain and deepening its role in the country’s energy transition.
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