The bank of industry has partnered with the United Nations Development Programme to introduce a one billion naira rural electrification project scheme.
The project is to install solar power to areas not connected to the national grid in the country.
The erratic state of electricity supply has continued to impact negatively on the growth of micro medium and small enterprises across the country.
Many business owners have resulted to spending a chunk of their profits on the power generation either through the use of generators and other alternative sources.
The United nations development programme and the bank of industry believe that more can be done to address this trend.
They have now decided to focus on the use of solar energy for power supply.
Representative of UNDP explained that Nigeria needs to diversify into the use of alternative sources for power supply especially solar power.
They say the ultimate aim of this project is to help address poverty, reduce rural urban migration to foster economic development.