A growing shift toward renewable energy among Nigeria’s small and medium-sized enterprises came into sharper focus in Lagos this week as industry players met to examine how affordable financing could accelerate the transition from diesel to solar-powered operations.

At an energy sensitisation forum in Ikeja, convened by StarTimes Smart Solar in partnership with Manufacturers Power Development Company Limited and Sterling Bank’s Imperium project, participants assessed how rising fuel costs and unreliable electricity supply are reshaping business decisions across the SME sector.

MPDCL Board Chairman Ibrahim Usman opened the discussions by warning that poor energy efficiency continued to undermine small manufacturers. He noted that power often accounts for “nearly half of their production expenses,” adding that lower and more predictable costs could be achieved through wider adoption of solar solutions.

StarTimes Nigeria Vice President Eric Xiao said the company’s recent expansion into renewable projects was driven by demand for stable alternatives. He disclosed that StarTimes Smart Solar has completed two mini-grid installations in northern Nigeria and is overseeing more than twenty additional sites across the country. “Our goal is to make clean energy affordable and dependable for every Nigerian business,” he said, stressing that the company’s work with Sterling Bank was aimed at easing financial barriers for small firms.

Sterling Bank’s Head of Renewable Energy Business Development, Kelly Aigbedion, explained that the Imperium model was designed to allow SMEs to acquire solar systems without collateral. He said applicants only needed basic registration and account documentation, with interest rates set between 15 and 30 per cent depending on project size. He added that the bank’s Lagos headquarters now relies on solar energy for up to 90 per cent of its operations.

Manufacturers Association of Nigeria Acting Managing Director Oweh Mba-Sam said the initiative represented a practical response to erratic electricity supply and pledged that the association would support credible partnerships to ensure transparency and long-term impact.

Participants also received technical briefings from StarTimes’ Assistant Director for Commercial and Industrial Projects, Rotimi Olorunfemi, who said energy costs constitute roughly 40 per cent of overheads for small manufacturers. Renewable-technology companies Dyness and Solis demonstrated storage and inverter options suited to Nigeria’s market, while entrepreneurs engaged in discussions on maintenance and financing.

More than sixty attendees indicated interest in enrolling in the financing scheme, reflecting growing demand for cleaner and more predictable power sources. Analysts at the forum noted that such collaborations align with Nigeria’s long-term transition goals, referencing Vice President Kashim Shettima’s projection that clean-energy investment could generate up to $410 billion in economic value by 2060.

One business owner from Alaba Market summed up the sentiment among participants, saying, “This is the first time we’re seeing a solar solution that feels truly accessible. If it works as promised, it could change how we do business entirely.”