Indigenous Energy Firms Seek Urgent Tax Reliefs, Funding Solutions

Stakeholders in the Nigerian energy sector have called for urgent interventions such as tax reliefs and other innovative funding solutions to enable successful indigenous energy companies to overcome their operational challenges.

They made the call at the 8th Solewant Energy Summit held recently in Rivers State, with the theme: ‘Pioneering Technology Innovation for Transition to Sustainable Energy Development in Africa.’

In a communique issued at the end of the summit, the stakeholders stressed that the creation of enabling environments through supportive policies and regulatory frameworks by government at all levels had become inevitable.

“Governments at all levels should initiate policies that can give the indigenous energy firms some tax reliefs to enable them to overcome operational challenges. Innovative funding solutions should be initiated to provide buffers and support for indigenous businesses that have demonstrated proven success models because of the challenges they face in accessing affordable loans from Money Deposit Banks (MDBs) and Industrial Development Banks in the country”,  the communique stated.

They also recommended that increased funding for research and development in sustainable energy technologies be initiated and sustained.  The communique was jointly signed by Prof. S.A. Jaja, Prof. D I. Hamilton, Prof. J M O. Gabriel, Dr P. E. Igharo and Dr B.A. Ubleble.

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Powered by Solewant Energy Training Institute (SETI), an arm of Solewant Group, one of Nigeria’s successful indigenous energy solutions providers, the summit was aimed at addressing the pressing energy challenges facing the African continent.

It was also aimed  at exploring innovative solutions that promote sustainable and enhanced energy access for all.

According to the communique, the government should smoothen regulatory hurdles in order to attract both local investment and Direct Foreign Investment (DFI) into renewable energy projects. However, delegates at the summit expressed their commitment to advancing sustainable energy initiatives and pledged to work collaboratively to overcome challenges.