By Abbas Nazil
SMEFUNDS has expressed strong support for renewable energy-driven fisheries and aquaculture projects, highlighting solar-powered systems integrated with farming as a scalable investment model capable of boosting rural incomes while addressing energy shortages across Africa.
The Chief Executive of SMEFUNDS, Dr. Femi Oye, said the growing global adoption of floating solar photovoltaics combined with aquaculture demonstrates that the model is both environmentally sustainable and commercially viable for small and medium enterprises.
He explained that experiences from countries such as China show how solar-powered fish farms can generate significant annual production while reducing carbon emissions and improving farm productivity through temperature regulation and efficient energy use.
Oye cited a 55-year-old fish farmer in Nanjing who reportedly produces about 175 tonnes of crabs annually using solar-integrated infrastructure, creating wealth within farming communities and serving as a practical example for replication in African markets.
He described such initiatives as a blueprint that should be implemented in Nigerian states including Kogi, Anambra, Ogun and other riverine communities where aquaculture potential remains largely untapped.
The endorsement follows the approval of a $50 million grant by the World Bank to expand solar-powered agricultural solutions across Nigeria and five other African countries under the Productive Use Financing Facility linked to the Mission 300 programme.
The funding is targeted at deploying solar-powered cold storage systems, water pumps, refrigerators and grain mills to strengthen food production and reduce post-harvest losses while improving access to clean energy.
Oye noted that additional support from the Rockefeller Foundation, which contributed $12 million to the initiative, signals strong confidence from development finance institutions in the viability of renewable energy applications in agriculture.
He emphasised that such financial commitments indicate that large-scale investment in clean energy for productive use is gaining momentum and presents significant opportunities for local entrepreneurs.
According to him, solar aquaculture addresses both energy poverty and food insecurity simultaneously, making it one of the most effective interventions for sustainable development in sub-Saharan Africa.
He added that the organisation is engaging development finance institutions and private sector partners to establish a dedicated financing window that will support entrepreneurs willing to pilot solar-integrated fisheries projects.
Oye highlighted that more than 80 percent of people without reliable electricity globally reside in sub-Saharan Africa, describing the situation not only as a challenge but also as a major economic opportunity for investors and innovators.
He referenced successful models in India where solar food processing and drying systems have empowered rural women farmers, reduced food waste and generated additional household income, arguing that similar outcomes are achievable in Nigeria.
He urged entrepreneurs and state governments to position themselves strategically as international funding flows into renewable agriculture projects and encouraged communities to take advantage of available grants, subsidies and technical assistance.
He concluded that within a few years, solar-powered aquaculture could create profitable enterprises and transform rural livelihoods if properly supported through policy alignment, financing access and technological adoption.
