He specifically mentioned an indigenous company, Blue Camel Energy, as a shining light in the industry because the firm established a local solar panel manufacturing plant in Kaduna.
Recall that the regime had initially declared that it was removing tariff on solar panels in order to catalyse the growth of the green energy industry. Ironically, the same regime subsidises the business of Distribution Companies in Nigeria, that have given nothing but below-par service to the citizens, long after the sector was privatised in the hope that power supply would become more efficient.
Some may argue that imposition of tax on imported solar components will incentivise local production, but the point is that with the population of potential solar energy consumers in the rural areas, Nigeria cannot afford to revert to high-cost solar when the prices are going down in other parts of the world. The situation would no doubt take us back to the days when solar power was only for government contracts.
Indeed, this is essentially why the second factor cannot be put in place. Because there is no RE/EE law for the country, the government trade and investment agencies cannot see the need to create a separate investment platform for renewable energy investors. Potential green investors to Nigeria have always complained that there is no responsive environment for the green investor, as they are lumped together with other businesses, in matters of adjudications and administrative processing.