In the wake of the Bank of Agriculture’s (BOA) landmark $1 billion facility agreement, renewable energy firm Community Energy Social Enterprise Limited (CESEL) has publicly congratulated the bank and formally proposed a strategic partnership to deploy solar-powered irrigation systems to farmers nationwide.
The $1 billion facility, secured by the BOA under its Managing Director, Mr. Ayo Sotirin, is aimed at providing critical financing to farmers and agricultural SMEs to expand operations, boost food production, and strengthen the national economy.
In a statement released on Tuesday, CESEL hailed the deal as a “transformative” achievement and a “powerful catalyst” for agricultural modernization in Nigeria. Dr. Patrick Tolani, CEO of CESEL, emphasized that the funding presents a unique opportunity to invest in sustainable infrastructure for the agricultural sector.
“On behalf of the entire team at CESEL, I congratulate the Bank of Agriculture on this historic success,” said Dr. Tolani. “This $1 billion fund perfectly aligns with our vision at CESEL, where we leverage sustainable technology to solve critical water management challenges. We see an immediate and impactful opportunity for collaboration.”
CESEL is proposing a partnership through its specialized agricultural initiative, Irri-Go, which focuses on providing affordable and efficient solar-powered irrigation systems. The company argues that deploying this technology would free farmers from the high cost and unreliability of fossil-fuel-powered pumps, enabling year-round cultivation and significantly increasing crop yields.
“Our Irri-Go initiative was designed precisely for this moment,” Dr. Tolani continued. “By partnering with BOA, we can deploy thousands of solar irrigation units to farmers and farming clusters nationwide. This ensures that a good portion of this transformative funding is invested in climate-smart, sustainable infrastructure.”
The press release also commended President Bola Tinubu’s appointment of Mr. Sotirin, described as a “savvy financial guru,” to lead the BOA, calling it a “bold decision” crucial for Nigeria’s “agricultural renaissance.” Furthermore, CESEL urged the federal government to intensify counter-terrorism operations to improve security and boost farmers’ confidence to return to their farms.
CESEL stated it is eager to begin discussions with the Bank of Agriculture to develop a framework for the proposed partnership, which it believes will directly support smallholder farmers, women, and youth in agriculture.
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