An energy expert and Chief Executive Officer, Clean Technology Hub, Ifeoma Malo, has urged the Federal Government to review the taxes and tariffs imposed on renewable energy.
Malo stated that a proper review would open up business and investment growth in the renewable energy sector in Nigeria.
She spoke in Abuja at a workshop on Simplified Guides to Nigeria Energy Access and Policy Validation.
Malo said, “The next stage to get around the 10,000 mini-grids target is to have government review our taxes. We have a country like Togo that now has zero per cent tariff and taxes on all renewable energy gadgets.
“What that means is that we will see more of this kind of business and investments go that way instead of coming here where there is a greater need.”
She stated that for Nigeria to achieve the 10,000 mini-grid target by 2022, all stipulated regulations must be adequately complied with in order to boost the renewable energy sector that would promote the deployment of mini-grids.
Malo said there had been some growth in the mini-grid market, but noted that high taxes and tariffs would not support the rapid development being targeted in the industry.
The energy expert also observed that there would be more losses to investors and Nigeria despite the African Free Continental Trade Agreement if Nigerian borders remained shut.
She said, “As long as Nigeria closes its (land) borders, there is no way you can say that you are implementing AFCTA. We have closed our borders right now and I think it is a minus for people who want to do business.
“This goes beyond the electricity sector. Nigeria is losing income and foreign exchange; we have to do something about the border closure.”