“Apathy, lack of long-term investment responsible for low penetration of renewables”

Experts said that apathy and lack of long-term investment were major factors hindering the development of renewable energy in the country.

Experts affirmed this on the sidelines of the Gennex Colloquium 2022 in Lagos recently.

For his part, the Managing Director of Gennex Technologies, Mr. Patrick Ilo, said that there is still a lukewarm attitude on the part of investors to invest in the renewable energy sector, believing that it is not a business. profitable.

“A lot of people don’t venture into renewable energy today because they think it doesn’t work. For me, I believe there is a lack of knowledge. In this sector, you don’t get not your profits as quickly as possible, so the quick money craze is a factor,” he said.
He, however, praised the federal government in its efforts to strengthen the renewable energy sector, saying that the federal government has invested a lot of money and latitude to ensure that the sector thrives.
“The government has actually introduced a scheme through the Department of Energy to attract a zero percent tariff on renewable energy materials. There are many tax advantages and tax holidays granted to operators in this sector,” he added.
Speaking earlier, the Executive Director of Gennex Technologies, Ms. Toyin Ilo, said the symposium was founded six years ago with the vision to revolutionize the off-grid solar and renewable energy space in Nigeria, pointing out that Gennex Technologies has remained true to this. vision.
She added that through its innovative solutions, the company has helped many businesses and individuals across Nigeria to make a smooth transition to clean and renewable energy.
“Our product categories are top of the line in the industry, and by deploying our expert and experienced staff in cutting-edge projects, our solar installation systems are cost effective and highly durable,” she said.
According to her, the renewable energy sector has made huge strides in recent years, from opening up the sector to foreign direct investment (FDI), standardizing inputs, to key policy directions designed to galvanize investment. in the sector and ensure a smooth transition. to clean energy. She noted that despite the leaps and bounds, challenges still abound.
She further explained that the industry is still grappling with the challenge of substandard inputs and components, which she believes have the ability to erode customer confidence in their journey to transition to renewable energy. .
“The latest challenge facing the industry is how to ensure that commercial and industrial customers, as well as other end users, have access to innovative financial packages to help them adopt solar solutions,” he said. she stated.
The Director of Marketing, Standards Organization of Nigeria (SON), Engr. Richard Adewunmi, said SON’s absence from port was one of the reasons why substandard solar products found their way to the Nigerian market, saying the six-month grace given to SON to be in port would help raise the challenge to a bare minimum.
He added that the industry is also plagued by the proliferation of quack installers and their cutting-edge practices to cut corners.
Renewable Energy Sector Head, Sterling Bank, Seyi Okunuga said that with the devaluation of the naira, the impact of renewable energy is not being felt.
He added that industry operators need to engage in credible partnerships to deliver value to their customers while staying afloat.
For her part, Arnergy Solar’s Chief Commercial Officer, Omobola Omofaiye, said the federal government has been very supportive of the growth of the renewable energy sector in its bid to power homes and create jobs for people. many young unemployed people in the country.
She advocated the need for Nigeria to invest in the local production of solar products, pointing out that being an import dependent country, a lot is spent on importing solar products into the country.

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