Expert advocates establishment of energy bank, tax cut

16 May 2016, Sweetcrude, Abuja – A renewable energy entrepreneur, Mr Yusuf Suleiman, has advocated the establishment of a special bank for energy, to support renewable energy enterprise.

Wind & solar energy solutions.

Wind & solar energy solutions.

Suleiman made the call in Abuja, advising the government to look at the possibility of setting up a specific bank for energy or incorporating energy department into all existing commercial banks.

“The government should make available consumer financing; an average consumer is willing to spend N1,000 every day for fuel but he don’t have N360,000 to do a solar solution.

“If he can find somebody that can give him N360,000 to do solar, he wouldn’t mind paying that 1,000

ancing to be supported by the government,” the expert said.

Suleiman said that the government should also support renewable energy business by allowing investors to access dollar at the CBN rate.

He said that such intervention would bring down the cost of solar deployment by 50 per cent.

According to him, those in renewable energy business source fund from parallel market to import materials.

In addition, he urged the government to reduce taxes on renewable energy products, including batteries which now attracts 20 per cent tax.

“When batteries are charged at 20 per cent, if those duties are removed, that will further crash the cost of our deployment by 20 per cent.

“Solar can really be made cheap but there is need for some government intervention to make it cheaper.”

Suleiman appealed to Nigerians to embrace renewable energy for domestic and industrial purposes.

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