NBCC, Experts Advocate Fiscal Incentives to Drive Investment in Renewables  

Peter Uzoho

Energy experts have stressed the need for the federal government to introduce some fiscal incentives and enabling policies to attract the needed investments in the renewable energy sector in Nigeria and to make the products more affordable to homes and businesses.  

The experts specifically called for the introduction of single digits interest facilities, reduction of levies, introduction of tax-wavers, creation of renewable energy institutes in the country, as well as championing broad stakeholder collaboration to drive the sector in Nigeria.

They spoke in Lagos at the Renewable Energy Roundtable organised by the Nigeria-British Chamber of Commerce (NBCC), with the themed: “Renewable Energies: Innovation, Transition, Opportunities and Challenges”.

The President and Chairman of Council, NBCC, Mr. Ray Atelly, who stated that Nigeria’s transition to renewable energy was no longer a choice but a must, added that the emerging renewable energy had taken shape more than ever before in the global space.

Atelly stated that Nigeria must unite with the rest of the world to ensure a seamless transition through the use of new technologies, policies’ enactment and implementation of those policies.

In his contribution, Group Chief Operating Officer, Cabota Energy Services Limited, Mr. Wale Elegbede, opined that the government needed to up the ante to boost investment in renewable energy, through providing some facilities to individuals and corporate organisations that have the technological know-how and interest in playing in the sector.

In his intervention, the Hub Manager, AllOn, a Shell-funded investment firm, Mr. Sele Inegbedion, urged the government to incentivise the renewable energy business in Nigeria through introduction of some enabling policies.

Chief Executive Officer, Ikeja Electricity, Mrs Folake Soetan, said Nigeria needs to have the right types of policies and regulations that can attract necessary investment required in the sector. 

Managing Director of Shell Nigeria Gas, Mr. Ralph Gbobo, said fostering new technologies’ business models and ideas were ideal steps towards achieving the country’s renewable energy plan.