With access to electricity hampering operations of most Micro, Small and Medium-sized Enterpriss (MSMEs) across Nigeria, there seems to be fresh hopes, with the launch of affordable off-grid power solutions by Gennex Technologies Limited.
The initiative by the company, tagged, “LOBO Combo 1.2KVA,” is to provide support to MSMEs and galvanise the economy.
It was learnt learnt that the LOBO Combo 1.2KVA solution is designed and customised to provide the necessary resilience for the Nigerian environment.
Speaking during the product launch in Lagos, the Managing Director of Gennex Technologies, Mr. Patrick Ilo, stated that Gennex was more than just a company.
He said the power solution was an idea and vision borne over the last six years with passion to leave indelible footprints in the Nigerian off-grid solar energy industry.
He said, “Since inception, Gennex has remained true to this vision – delivering best-in-class and innovative products in the industry; guided by our core values of professionalism, excellence, innovation, integrity, accountability, teamwork and safety.
“On this occasion of the 2021 Customer Service Week, Gennex Technologies adds another feather to its cap by introducing a new product – The LOBO Combo 1.2KVA solution. This product is specifically designed for MSMEs.
“MSMEs account for 99.5 per cent of all firms and 60 per cent of employees. According to the international Finance Corporation (IFC, 2006), lack of access to electricity is one of the major obstacles to MSME growth, “Ilo said.
Quoting the 2020 Doing Business report, Ilo said getting access to electricity was ranked as one of the major constraints for the private sector in Nigeria.
He added that while big companies with access to finance could afford alternative sources of energy, MSMEs were left at the mercy of Nigerian electricity providers; thereby hampering their growth potentials.
He further said, “According to PwC, “approximately one out of every seven firm” exits the Nigerian economy due to concerns related to access to power. As MSMEs provide 60 per of total employment, providing energy access to this critical segment helps sustain job creation, productivity and economic growth for our country. This is in line with our company’s mission to provide energy access by delivering efficient, innovative and affordable products and solutions. This also dovetails with the United Nations Sustainable Development Goals (SDG) 7 and 8 respectively.
“It also comes with the Gennex mark of quality, warranty and after sales support. We therefore seek partnership with financial institutions to provide this product to MSMEs across the length and breadth of Nigeria through creative financial initiatives.”