Business News

“Carbon credits policy key to renewable energy growth in Nigeria”—Fabian Lojede

The co-founder of renewable energy startup, Taranis Novus, Fabian Lojede, has said that the Nigerian government will need to develop a policy on carbon credits as this is key to stimulating the adoption and growth of renewable energy in the country.

Lojede stated this in a chat with Naijaonpoint in Lagos. According to him, a carbon credits policy will encourage more companies to embrace and invest in renewable energy as the credits from the government would serve as an incentive for people to use alternative energy sources.

He added that this policy would help Nigeria achieve its target under the Renewable Energy Master Plan (REMP).

In the plan, Nigeria targets to increase the supply of renewable electricity from 13% of total electricity generation in 2015 to 23% in 2025 and 36% by 2030.

While noting that renewable energy is still in its nascent form in Nigeria with solar being the most widely available energy resource, he said:

He added that tariff reduction on imported renewable energy equipment would also encourage more companies to invest in renewable energy in Nigeria.

Lojede noted that with the recent removal of fuel subsidies and the high cost of fuel, a revolution comparable to the GSM revolution is starting in the renewable energy industry in Nigeria.

He stated that Taranis Novus as a tech startup focusing on different sectors of the economy including renewable energy, is aiming to curb energy costs for businesses in Nigeria.

He said this was why the company recently signed a new partnership with LithTech, a leading renewable energy solutions company with its R&D base in Germany and a production line in Shenzhen, China.

Lojede observed that the costs of many products and services in Nigeria are going up because of the increasing energy costs, which are being passed to the consumers.

He, however, noted that embracing renewable energy solutions could help businesses cut energy costs by 50%.