Rising energy costs in Nigeria and around the world have had a profound negative impact on the profitability of businesses in the country. The price of diesel, which many businesses depend on to power their offices and factories in the face of insufficient supply from the national grid, has gone up from an average of N350/litre in January 2022 to about N650/litre currently. Similarly, the price of petrol, which smaller businesses used to fuel their generators, has also fluctuated at various points in the year.
To cushion the impact of these soaring energy prices, some businesses have resorted to passing the cost on to their customers, which has seen the prices of their services and commodities rise in the market.
Wema Bank, in a bid to help businesses in the country, especially small and medium-scale enterprises (SMEs), to overcome this challenge, has set up a webinar for Friday, June 17, 2022, by 10 a.m. that focuses on the strategies that business owners and operators can adopt to reduce their energy expenditure and increase their profitability.
These include implementing energy-saving techniques in their offices, shops and factories and transitioning from diesel-powered and petrol-powered generators to affordable renewable energy solutions like solar energy systems, with flexible payment plans.
The webinar will also explore business opportunities in the fast-growing renewable energy sector that active and aspiring entrepreneurs in the country can explore.
Themed “Managing Rising Energy Costs in Nigeria through Renewable Energy: Strategies for SMEs,” guests on the programme will include Wiebe Boer, Chief Executive Officer of All On; Omobola Omofaiye, Chief Commercial Officer at Arnergy; Ilan Wolkov, Senior Banking and Green Finance Expert at the Frankfurt School of Finance & Management; and Abimbola Agbejule, Head of Corporate Sustainability at Wema Bank Plc.