Tech
Entrepreneurs seek tax waivers on renewable energy products, say manpower development necessary
Some entrepreneurs in the renewable energy sector on Wednesday called for tax waivers on renewable energy products in order to increase access and encourage more people to use green alternatives.
The entrepreneurs stated this in separate interviews with the News Agency of Nigeria (NAN) in Ibadan while speaking on the importance of manpower development in renewable energy in Nigeria.
The Chief Executive Officer of Gacht Solar, Adekunle Audu, said training and retraining were essential to the uptake of renewable energy in Nigeria, especially the off-grid solar technology.
Audu commended Nexgen Energy for organising training for small and medium entrepreneurs to ensure renewable energy has wider acceptance through excellent service delivery.
According to him, the training opened him to new opportunities and networking which have been aiding his venture.
“The Customs duties we pay on our goods when we import (them) is so much and since power is one of the problems in Nigeria, if the government can at least do a tax waiver on some of our products it will really go a long way in helping the power sector,” Audu said.
Also, the Managing Director of Goldmine Technosolar Company, Mr John Olateju, said knowledge of renewable energy products and installation techniques were salient skills essentials for distributors of renewable energy.
He said this was due to constant technological advancement.
According to him, the Techfine training he attended was a good one which created networking among dealers, installers and stakeholders in the industry.
“If such a programme is organised from time to time, it will help installers to operate efficiently and have a voice which will be to the betterment of the nation at large,” Olateju said.
He said government could do a lot to make the renewable energy sector viable, such as encouraging end-users to take to renewable energy through various incentives.
Olateju said such a strategy would make the products affordable and available with the option of loan repayments to uptake renewable energy spread over five to 10 years.
“Considering the economy of this country, the government should be abler to do more than it is already doing, so that the price of renewable energy can be affordable to Nigerians,” he said.
The Chief Executive Officer of Starkbase Consult, Mr Abiodun Oluborode, said manpower development through training and re-training helps people to acquire knowledge.
He said such knowledge would translate to growth and development, especially for start-up businesses.
Oluborode said he had acquired training from Nexgen Energy on how to calculate load on solar energy for installation for clients which had to improve service delivery.
He pointed out that this was something he did not know prior to the training.
Oluborode said most entrepreneurs who want to venture into the renewable energy business had been developing cold feet due to high taxes on the product.
He said this was in spite of the opportunities created by incessant power outages.
“The government should reduce tax one way or the other and encourage people to go into solar. You can see what is happening. Businesses are going down due to lack of power supply from the national grid.
“It should also encourage start-up’s’ businesses by providing them grants, especially for those who are into solar as it is being done for those in the agriculture sector.
”This is because I have a lot of people who want to go into the business, but they do not have the capital,” Oluborode said.
Also, a Sales Representative of Greenlife Power System, Mr Ayo Ogundiya, said government should provide an enabling environment for renewable energy operators.
He added that there were a lot of opportunities in renewable energy in Nigeria and, if harnessed, they can thrive and contribute to the economy of the nation.
The digital landscape in Nigeria has seen significant growth over the years, with more citizens gaining access to the internet.
This has been largely driven by improved telecommunications infrastructure, affordable mobile devices, and the growing digital awareness among the population.
As of the fourth quarter of 2023, data on internet usage across the country reveals fascinating insights into which states are leading in digital connectivity.
According to the data released by the National Bureau of Statistics (NBS) internet subscriptions in the country stood at 163.8 million at the end of 2023.
Based on the NBS data, here are the top 10 states with the highest number of internet users in Nigeria as of Q4 2024:
10. Delta (4.4 million)
Rounding off the list is Delta State, with 4.4 million internet users. Known for its oil production, Delta is also making strides in the digital world, contributing to the diverse landscape of internet users in Nigeria.
9. Katsina (4.6 million
Katsina State, with 4.6 million internet users, is another northern state on the list, showcasing the expanding reach of digital connectivity beyond Nigeria’s major urban centers.
This growth is a testament to the increasing awareness and adoption of digital technologies in the state.
8. Adamawa (5.4 million)
Adamawa State stands out in the northeastern region with 5.4 million internet users. Despite facing challenges, the state is making significant progress in digital inclusion, bridging the digital divide in the region.
7. Rivers (5.6 million)
Rivers State, with its capital in Port Harcourt, is not just an oil-rich state but also a burgeoning center for technology and innovation in the southern part of Nigeria, with 5.6 million internet users.
The state’s efforts in leveraging digital technology for economic development are evident in its internet usage figures.
6. FCT (5.8 million)
The FCT, encompassing Nigeria’s capital, Abuja, boasts 5.8 million internet users. As the administrative and political heart of Nigeria, it’s no surprise that the FCT is among the leaders in digital connectivity, with many government and private sector initiatives pushing for greater internet penetration.
5. Kaduna (7.4 million)
Kaduna State is another northern state making waves in the digital world, with 7.4 million internet users. The state has been proactive in embracing technology, aiming to become a northern tech hub, which is reflected in its growing internet user base.
4. Oyo (8.4 million)
Oyo State, known for its rich cultural heritage, is also making strides in digital engagement with 8.4 million internet users. Its capital, Ibadan, is becoming a significant tech cluster, fostering digital education and innovation.
3. Kano (9 million)
Kano, one of the largest cities in Nigeria’s northern region, comes in third with 9 million internet users. The state has historically been a center of commerce and trade, and its adaptation to digital transformation has been commendable, making it a leading state in the north for internet usage.
2. Ogun (9.5 million)
Following Lagos is Ogun State, with 9.5 million internet users. Ogun’s strategic position as a neighbor to Lagos and its efforts in improving its ICT infrastructure have made it an emerging center for technology and industrialization, attracting more people to the digital space.
1. Lagos (18.9 million)
Topping the chart is Lagos, the commercial hub of Nigeria, boasting an impressive 18.9 million internet users. The state’s advanced infrastructure, coupled with its status as a business and tech hub, significantly contributes to its high internet usage.
Lagos is not only the most populous city in Nigeria but also a melting pot of cultures and businesses, making it a hotspot for digital activities.
Nasir El-Rufai may no longer be the Kaduna State governor and has missed a controversial ministerial appointment, but he certainly has not lost his zest for taking on big projects. The former governor is going into the private sector with a loud statement.
El-Rufai plans to launch a $100 million venture capital fund for startups in Nigeria, particularly those in the Kaduna tech ecosystem. He plans to match his ambitions with actions. He is willing to stake $2 million of his money for the offtake of the fund. He plans to convince investors to provide the remaining funding. The investors will mostly be those “who believe in us but don’t have the capacity or the time to do the analysis and evaluation. But they trust our judgment and they will come with us.”
He was in Marrakech in November for the Africa Investment Forum where he spoke to BusinessDay.
The former governor who played a significant role in the emergence of the current Nigerian president as the party’s candidate, seems to have put his disappointments behind him.
In Marrakech, there was no trace of the man who became the target of much social media trolling. The El-Rufai that showed up in Marrakech was looking spritely and took part in all the sessions of the Africa Investment Forum, a multi-stakeholder, multi-disciplinary platform with the vision to channel capital towards critical sectors to achieve the Sustainable Development Goals, the African Development Bank’s High 5s, and the African Union’s Agenda 2063.
According to him, he wants to set up a venture capital fund or private equity that will invest in young Nigerians with innovative ideas. It doesn’t matter what segment of the economy the ideas are. It could be in agriculture. ICT or the creative industry, so long as it has the potential to add value to the world, these are the ideas that El-Rufai and his fund will target.
During his tenure as governor of Kaduna, El-Rufai said he met many students in Kaduna who had great ideas and were creating innovations. However, many of them did not have someone to mentor them and help those ideas grow.
“What young people need is essentially mentoring and financing to get things going. They develop the idea and see whether it is viable. And we will open doors for them because they don’t have contact. They don’t know or have access to ministers, presidents, or regulatory agencies. We do. We know the minefields that they have to navigate. We know that they need to give them appointments and we can provide them with the startup funding and in return we take an equity position.
We don’t want to take your business; we want to develop it. But if we take the risk on you, we will take a percentage of the business,” El-Rufai said.
He is working with select private sector partners, including Eyo Ekpo, co-founder of Excredite Consulting Limited, and their primary focus is on Nigeria but the ambition is Africa because he projects from a report that Africa will be supplying the world with a significant portion of the workforce it needs by 2050.
According to a report by the Guardian, by 2050, Africa’s population is expected to reach 2.5 billion, which is about 25 percent of the world’s population.
El-Rufai says such projections call for more investments in the younger demographic. However, his fund will not just be focusing on new startups, there is also a plan to engage established companies with management problems that are still viable. The VC fund will invest in such companies, get them sorted out and take them to exit.
“We don’t intend to remain in any business. We want to catalyse growth in these startups,” he said.
One of the goals of being at the African Investment Conference was to seek continental partnerships, and investors and to explore opportunities with climate-focused investors.
“Nigeria has a lot to offer Africa and the world. Our population, entrepreneurial capability, the innovation of our young people and their boldness and courage to find success. We just felt that we have a duty to encourage,” he said.
The first fund will be investing for three to four years. The fund is expected to launch early next year and the company will be headquartered in Abuja. This is to diversify the funding beyond Lagos because there is already a lot of interest in funding innovation in Lagos. El-Rufai and his partners want to spur startup funding interest in ecosystems in Kaduna, Abuja and other parts of the country.
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