LCCI canvasses tax holidays for renewable energy products

Industry players at the ongoing Power Nigeria Conference and Exhibition, have advised government to embrace renewable energy to boost power availability in the country. They said renewable energy is the way to go, as it would aid the decentralisation of power in various states, and encourage individuals to venture into the sector for more innovative solutions.

The President, Lagos Chamber of Commerce and Industry (LCCI), Babatunde Ruwase, said the move demands that government subsidised renewable energy products rather than consumption to discourage corruption. He noted that it is necessary for them to create tax holidays on all renewable materials for the sector to thrive, because Nigeria lacked local capacity for some of these components.

Ruwase, also argued that government should enable financing to assist individuals access credit at low rates from banks, because the initial cost for renewables is capital intensive, but the long term benefit is enormous. “If we do so, we are on our way out of our power problems,” he remarked.

Source: The Guardian

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