Indigenous energy firms in Nigeria have urged the government to introduce tax reliefs and innovative funding solutions to help them navigate operational challenges.
The appeal was made during the 8th Solewant Energy Summit, held recently in Rivers State, with theme: “Pioneering Technology Innovation for Transition to Sustainable Energy Development in Africa.”
In a communiqué, stakeholders emphasised the need for supportive policies and regulatory reforms to create an enabling environment for indigenous businesses. “Governments at all levels should initiate policies that can give indigenous energy firms some tax reliefs to enable them overcome operational challenges,” the communiqué stated.
It further highlighted the importance of tailored financial solutions, saying, “Innovative funding solutions should be initiated to provide buffer and support for indigenous businesses that have demonstrated proven success models, especially given the challenges they face in accessing affordable loans from money deposit banks (MDBs) and industrial development banks in the country.”
The stakeholders also called for increased investment in research and development to advance sustainable energy technologies.
They stressed that easing regulatory barriers would attract both local investments and direct foreign investment (DFI) into renewable energy projects.
The communiqué 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.
Organised by the Solewant Energy Training Institute (SETI), a division of Solewant Group, the summit aimed to tackle Africa’s critical energy challenges and explore innovative pathways toward sustainable energy development.
Delegates reaffirmed their dedication to driving sustainable energy initiatives and pledged collaborative efforts to address the industry’s pressing issues.