Economy
Power Crisis: 3 Nigerian Engineers Make Major Breakthrough
By Dipo Olowookere
Three graduates of Covenant University, Ota, Ogun State have come up with what might finally solve the age-long power supply crisis in Nigeria.
The three young men; Adeyinka Amurawaiye, Oluwaseyi Oguntade and Segun Busari have, through their company, Intellectric Systems, designed solar-based renewable energy prototypes, which consumers do not even have to own to use.
At the moment, consumers, beset by poor power supply on the one hand and the noise and pollution of generators on the other, are forced to buy tons of heavy-duty batteries and acres of solar panels with inverters for their energy needs, which do not come cheap.
Team leader of Intellectric, Adeyinka, recalled how they started what might turn out to be Nigeria’s first pay-as-you-go solar-power system.
He said, “Seyi and I had previously discussed the non-uniformity that exists in the renewable alternative power market. We agreed that the reason why people don’t buy from solar and battery systems was that there was no proper and simple enough standards on what to expect. We also asked ourselves how we could make the system cheaper for consumers.”
Even when Adeyinka, Seyi and Segun saw what they thought was a market gap, they still spent weeks contemplating their next move. Their engineering minds (Adeyinka studied Chemical Engineering, while Seyi and Segun studied Computer Engineering) were restless, but thanks to a chance programme Adeyinka watched on Bloomberg TV, they held back from jumping the gun. They decided to test the market first.
“Something struck me from the programme,” Adeyinka said. “I discovered a business strategy we could use to enter the market. We could promise to cut the consumer’s energy bill from the first month and, instead of making them buy and own batteries, panels and all the paraphernalia, rent it to them for a monthly flat rate.”
Adeyinka and his friends carried out a market survey, covering bank managers, frozen food sellers and shop owners, and the idea was well received.
They pooled their savings, but had barely finished the first prototype when they ran out of cash. They approached an investor for N5 million, who asked for proof of concept and when they told him it was still work in progress, he gave them N870,000 with which they produced a prototype that could generate 3.5kva – enough to light up an average three-bedroom flat with television and perhaps a medium-sized fridge, depending on the rating.
Intellectric Systems’ solar-power system is like the normal solar and battery system with an inverter supplying the final output of power. The difference, however, is that the entrepreneurs have embedded proprietary electrical circuits in their own system.
The standard prototype, which according to Adeyinka is able to generate 5kva of power, also requires fewer batteries and panels to operate. And under the company’s “rent a solar power” option, the consumer does not have to “own” the system to enjoy the service.
Adeyinka said, “Our intention is to focus on users who are currently spending a lot of money on power. We would like to help them save up to 30 percent of their monthly bills right from the first month. We would start with small businesses.”
As the product nears market launch, Adeyinka and his partners have spent the last two months testing the system. He said experts in the different components have also been invited to review the prototype, which will soon be subjected to further stress and field tests.
With a smile, Adeyinka said, “We’re coming into the play with a 24-hour system. It is not expected to discharge. It’s an autonomous system that uses solar power to make things sustainable.”
The billing system will also be different. It will be a flat rate on the capacity installed in the building – the higher the capacity, the higher the rate.
The currents of the journey have not been without their high-tension moments.
“People in Nigeria are used to seeing finished products, which are usually imported,” Adeyinka remarked. “When we tell potential investors that we have working prototype just about to enter the market, it doesn’t make sense to them. That is a major barrier.”
A number of failed experiments also gave the team sleepless nights. “Those were our lowest moments,” he said.
Out of the ashes of those failures, however, Intellectric Systems has grown and Adeyinka and his teammates have also grown with it.
Looking to the future, Adeyinka said: “We expect the business to contribute up to 500kva of stable electricity to the country through different private applications in the next three to five years. We’re in a major growth industry and we’re playing for the long term.”
Source: Youth Enterprise With Innovation in Nigeria Connect.
Adeyinka Amurawaiye
By Adedapo Adesanya
The World Bank has approved a $500 million facility for Nigeria to expand longer-term lending to small and medium sized businesses.
Approved under the Fostering Inclusive Finance for MSMEs in Nigeria (FINCLUDE) project, the package comprises a $400 million International Bank for Reconstruction and Development (IBRD) loan and a $100 million International Development Association (IDA) credit. Both IBRD and IDA are members of the World Bank Group.
The scheme will be implemented by the Development Bank of Nigeria (DBN), with credit guarantees provided through DBN’s subsidiary, Impact Credit Guarantee Limited (ICGL).
FINCLUDE is designed to address constraints faced by micro, small, and medium enterprises (MSMEs) in Nigeria which despite accounting for most businesses and nearly half of gross domestic product (GDP) face long-standing barriers to formal finance.
Fewer than one in 20 MSMEs have access to bank credit; loans are often short-term and costly; and collateral requirements exclude many viable firms. Women-led enterprises, which make up a substantial portion of MSMEs, are disproportionately affected, facing higher rejection rates and limited tailored products. Agribusinesses, central to food security and rural livelihoods, similarly struggle to obtain more extended‑tenor financing for equipment, processing, storage, and logistics.
However, FINCLUDE seeks to address these constraints by expanding access to affordable, longer-term finance and tailored solutions for segments with the most significant development impact.
Speaking on this, the World Bank Country Director for Nigeria, Mr Mathew Verghis, said, “FINCLUDE is about jobs, opportunity, and inclusion. By expanding access to finance for viable MSMEs—particularly women-led firms and agribusinesses—Nigeria can accelerate growth and deliver tangible benefits across communities nationwide.
“The project will make it easier for deserving small businesses to get the finance they need to grow and hire workers. With better support for lenders that practice inclusive finance and fairer, longer-term loans for entrepreneurs, we are backing the people who power Nigeria’s economy—especially women and those in agriculture.”
The FINCLUDE project will help to mobilise private investment and expand access to and usage of inclusive, innovative financial products for MSMEs nationwide.
Through DBN, the operation will strengthen the capacity of banks, including microfinance banks and non-bank financial institutions such as financial technologies (fintechs), to provide larger loans with more reasonable repayment periods, and—through ICGL—will scale partial credit guarantees so that lenders can extend credit to businesses they might otherwise consider too risky.
Targeted technical assistance will modernise loan appraisal by leveraging AI-enabled digital platforms to accelerate decision-making, improve data quality, strengthen impact measurement, and build capacity for both MSMEs and participating financial institutions.
According to the World Bank, a strong emphasis on inclusion will ensure that women-led businesses and agribusinesses benefit from these improvements.
Also commenting, Task Team Leader for FINCLUDE, Mrs Hadija Kamayo, said, “FINCLUDE will help to mobilize approximately $1.89 billion in private capital, expand debt financing to 250,000 MSMEs—including at least 150,000 women-led businesses and 100,000 agribusinesses—and issue up to $800 million in guarantees to catalyse lending.
“By extending the average maturity of MSME loans to about three years, it will help firms invest in equipment, factories, staff, and productivity, translating finance into jobs and growth.”
By Dipo Olowookere
The local stock market firmed up by 1.13 per cent on Friday as appetite for Nigerian stocks remained strong.
Investors reacted well to the 2026 budget presentation of President Bola Tinubu to the National Assembly yesterday, especially because of the more realistic crude oil benchmark of $64 per barrel compared with the ambitious $75 per barrel for 2025. This year, prices have been between $60 and $65 per barrel.
Business Post observed profit-taking in the commodity and energy sectors as they respectively shed 0.14 per cent and 0.03 per cent.
But, bargain-hunting in the others sustained the positive run, with the consumer goods index up by 3.82 per cent.
Further, the industrial goods space appreciated by 1.46 per cent, the banking counter improved by 0.08 per cent, and the insurance industry gained 0.04 per cent.
As a result, the All-Share Index (ASI) increased by 1,694.33 points to 152,057.38 points from 150,363.05 points and the market capitalisation chalked up N1.080 trillion to finish at N96.937 trillion compared with Thursday’s closing value of N95.857 trillion.
A total of 34 shares ended on the advancers’ chart, while 24 were on the laggards’ log, representing a positive market breadth index and bullish investor sentiment.
Austin Laz gained 10.00 per cent to close at N2.42, Union Dicon also jumped 10.00 per cent to N6.60, Tantalizers increased by 9.80 per cent to N2.69, Aluminium Extrusion improved by 9.78 per cent to N12.35, and Champion Breweries grew by 9.71 per cent to N16.95.
Conversely, Sovereign Trust Insurance dipped by 7.42 per cent to N3.87, Royal Exchange lost 6.84 per cent to trade at N1.77, Omatek slipped by 6.84 per cent to N1.09, Eunisell depreciated by 5.88 per cent to N80.00, and Eterna dropped 5.63 per cent to close at N28.50.
Yesterday, traders transacted 1.5 billion units worth N21.8 billion in 25,667 deals compared with the 839.8 million units sold for N32.8 billion in 23,211 deals in the preceding session, showing a surge in the trading volume by 76.61 per cent, an uptick in the number of deals by 10.58 per cent, and a shrink in the trading value by 33.54 per cent.
By Adedapo Adesanya
Three stocks stretched the bearish run of the NASD Over-the-Counter (OTC) Securities Exchange by 1.21 per cent on Friday, December 19, with the market capitalisation giving up N26.01 billion to close at N2.121 billion compared with the N2.147 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropping 43.47 points to 3,546.41 points from 3,589.88 points.
The trio of FrieslandCampina Wamco Nigeria Plc, Central Securities Clearing System (CSCS) Plc, and NASD Plc overpowered the gains printed by four other securities.
FrieslandCampina Wamco Nigeria Plc lost N6.00 to sell at N54.00 per unit versus N60.00 per unit, NASD Plc shrank by N3.50 to N58.50 per share from N55.00 per share, and CSCS Plc depleted by N2.91 to N33.87 per unit from N36.78 per unit.
On the flip side, Air Liquide Plc gained N1.01 to close at N13.00 per share versus N11.99 per share, Golden Capital Plc appreciated by 70 Kobo to N7.68 per unit from N6.98 per unit, Geo-Fluids Plc added 39 Kobo to sell at N5.50 per share versus N5.11 per share, and IPWA Plc rose by 8 Kobo to 85 Kobo per unit from 77 Kobo per unit.
During the trading day, market participants traded 1.9 million securities versus the previous day’s 30.5 million securities showing a decline of 49.3 per cent. The value of trades went down by 64.3 per cent to N80.3 million from N225.1 million, but the number of deals jumped by 32.1 per cent to 37 deals from 28 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc finished the session as the most active stock by value on a year-to-date basis with 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and MRS Oil Plc with 36.1 million units traded for N4.9 billion.
The most active stock by volume on a year-to-date basis was still InfraCredit Plc with 5.8 billion units worth N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.7 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
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