A major development in Nigeria’s entrepreneurship ecosystem is creating a new opportunity for small and medium-sized businesses struggling with the high cost and unreliability of electricity. Nigerian financial services company Nomba and renewable-energy financing company Synafare have committed ₦2 billion to finance solar energy systems for approximately 300 Nigerian SMEs over the next 24 months. The financing will support the acquisition of solar panels, inverters and batteries, allowing qualifying businesses to access productive energy assets without bearing the entire upfront cost.
The initiative builds on more than a year of collaboration between the two companies, during which more than ₦500 million had already been provided to 10 SMEs, with the companies reporting no defaults on the loans issued through the partnership. The financing currently averages around ₦50 million per business and can reach up to ₦100 million for a merchant, although the amount available to an individual business depends on its assessment and financing needs.
HOW CAN AN SME ACCESS THE FINANCING?
The process is important for entrepreneurs to understand. According to the published details of the Nomba-Synafare arrangement, Synafare is the first point of assessment. It identifies, vets and pre-qualifies businesses seeking solar equipment, after which the business’s application and required KYC documentation are submitted to Nomba. Nomba then conducts its own independent credit assessment and, where the application is approved, provides the financing directly. Synafare subsequently manages repayment collections.
For businesses interested in pursuing the opportunity, the practical first step is therefore to approach Synafare and express interest in its SME solar financing/credit programme, rather than approaching Nomba directly with the expectation of automatic approval. Synafare’s current financing platform provides an online “Apply for Credit” and “Check Eligibility” pathway, and its published process explains that financing can be used for solar panels, batteries, inverters and other solar products.
Check Synafare Credit & Financing
WHAT SHOULD INTERESTED BUSINESSES PREPARE?
Although the companies have not publicly released a complete checklist specifically for this new ₦2 billion commitment, businesses should be prepared for business verification, KYC documentation, evidence of business operations, financial/credit assessment and details of the solar equipment required. Entrepreneurs should also be prepared to demonstrate how the proposed solar installation will support their business operations and repayment capacity. This is a financing facility, not a free government grant, so businesses should carefully understand the repayment terms before accepting any offer. The exact documentation and terms should be confirmed directly with Synafare during the application process.
WHY THIS MATTERS TO NIGERIAN ENTREPRENEURS
For many Nigerian businesses, electricity is not simply an overhead—it is a major determinant of productivity, pricing and survival. Businesses that depend heavily on petrol or diesel generators face recurring fuel, maintenance and equipment costs, while unreliable grid supply can interrupt production and service delivery. By helping businesses finance solar infrastructure rather than requiring the entire capital outlay upfront, the Nomba-Synafare model addresses two problems simultaneously: access to finance and access to reliable energy.
For IEAMA, this development reinforces an important principle: entrepreneurship support must go beyond training. Entrepreneurs need access to finance, productive assets, technology, energy, markets, mentorship and the professional capacity to manage growth. A business owner who receives entrepreneurship training but cannot afford reliable power may still struggle to scale; therefore, practical interventions that reduce the cost of doing business are essential to building resilient enterprises.
IEAMA’S MESSAGE TO SMEs
IEAMA encourages Nigerian entrepreneurs to pay attention to opportunities that can strengthen the productive capacity of their businesses. The ₦2 billion Nomba-Synafare commitment is particularly significant because it demonstrates how finance can be connected directly to productive assets, rather than simply providing working capital.
However, entrepreneurs should approach such opportunities professionally. Ensure that your business records are organised, your registration and KYC information are available, your financial activities can be demonstrated, and you have a clear understanding of the equipment your business needs and how it will improve productivity. Most importantly, do not pay unofficial agents or third parties claiming they can guarantee approval. Apply through verified channels and confirm the financing terms directly with the financing provider.
IEAMA POSITION: Nigeria does not only need more entrepreneurs; it needs better-equipped, better-financed and more resilient enterprises capable of creating jobs, increasing productivity and contributing to sustainable economic growth.