The tax waiver policy for manufacturers of renewable energy components got its first beneficiary yesterday when an indigenous company flagged off the sales of solar-powered tricycle in the country giving indications that the days of fossil fuel dependency are now numbered.
Chief Executive Officer of Oldang International Limited, Mr. Olubunmi Oluwadare, said at the launch in Lagos that the solar- powered, fuel-less tricycle popularly called “keke” would gradually phase out petrol engine tricycles across the country while also boosting public transportation
“Oldang Electric solar-powered vehicle is an automobile that is propelled by one or more electric motors using electrical energy storage device.
This would create an easy transportation, system, affordable transport fare, job opportunities, human capital development and position Nigeria as a forward-thinking country and a commercial hub for other African countries,” Oluwadare said.
According to him, solar-powered tricycles are vehicles of the future as people become more aware of the negative impacts of fossil fuels on the environment, health and finances.
“The tricycle which uses sun and chargeable batteries, comes at an affordable price of less than N1 million. It is clean and non-polluting with zero emissions,” he said.
Speaking at the launch, Mr Adewale Folorunsho, Osun State Chairman of Tricycle Owners Association of Nigeria (TOAN), applauded the company for the innovation.
“I really appreciate this innovation; with this solar tricycle coming to town, we will be using sun to make money now and not fuel again,” he said.
He appealed to banks and other stakeholders to invest in the public transportation business to enable operators buy and pay on instalment.
Minister of Power Works and Housing, Mr. Babatunde Fashola, had during the launch of a book titled ‘‘ Solar Electricity Generation for Off-Grid Communities In Nigeria’’ authored by the Managing Director of Eko Electricity Distribution Company, Mr. Oladele Amoda, unveiled government plants to stimulate growth of the renewable energy sector .
Fashola, had explained that the Nigerian Government in a bid to encourage investment in solar and other forms of renewable energy has revised its pioneer status eligibility to include solar systems, batteries and all components necessary to delivering solar panel systems.
‘‘It is better to invest in solar because it helps to reduce pressure on infrastructure if everyone could afford to have his or her own system.
So for those who are still thinking wheatear or not to come and manufacture or not, the policy support for you to enjoy pioneer status for solar and all of the components that are necessary to do it is already in place,’’ he had said.