Co-founder of a new startup, Taranis Novus (TNL) and Nollywood actor, Fabian Lojede has said he believes Nigeria is on the precipice of renewable energy revolution.
Mr Lojede spoke during the partnership signing between TNL and LithTech, a leading renewable energy solutions company with its R&D base in Germany and a production line in Shenzhen, China, at the ongoing Lagos International Trade Fair.
“Nigeria is at the precipice of a renewable energy revolution,” he said, “and this is based on the cost of energy, generally, across Africa and particularly in Nigeria, and the fact that renewable energy like solar and other renewable energy platforms have really improved in technology, and also in accessibility. We’re almost at that stage that we were when GSM came and I think the next kind of technological revolution that will take place is the adoption of renewable energy platforms and formats.”
The momentum for renewable energy has surged as countries adopt decarbonisation plans to meet the target of net-zero carbon emissions by 2050. The International Energy Agency (IEA) in its recent World Energy Outlook released last month predicts that the global demand for oil, natural gas and coal will peak by 2030. This is partly driven by policies that countries have already adopted to promote cleaner forms of energy and transportation. In Nigeria, renewable energy is still in its nascent form, with solar being the most widely available energy resource.
Under the Renewable Energy Master Plan (REMP), 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. Additionally, the International Renewable Energy Agency (IRENA) predicts that nearly 60 per cent of Nigeria’s energy demand in 2050 can be met with renewable energy sources. This shift not only saves natural resources but also aligns with Nigeria and Africa’s goals to adopt cleaner and cost-effective energy sources.
Lojede believes Nigeria’s transition to renewable energy is attainable through strategic partnerships and government-provided carbon credit incentives.
“The initial cost of investment might be slightly higher, but most of the time, it pays for itself. So in terms of being sustainable and accessible to people, I believe we are on the right path,” he said.
With its partnership with Lithtech, TNL aims to relieve the operational cost burden for businesses in Nigeria. Kehinde Olaleye, the brainchild behind the startup and also the deputy managing director, emphasized TNL’s goal to decrease the cost of living for Nigerians.
“Our impact and what we want to do with this product is to power up Nigeria. This has been going on for so long and I think this is the right time given subsidy removal. Our goal which fits rightly into the federal government’s goals as well lies in sectors such as education and health.
“We aim to bring the cost of energy solutions in hospitals down so that any Nigerian can afford good health. The other thing is that the consumption of things in Nigeria is going higher because the cost of operation of MSMEs and companies is about 70% on diesel. So they have to pass the costs on to customers. We are providing a solution that can save them 50%. We believe out of that 50%, maybe 10% will go for profit, the 10% will go for research and development and then 10% will be reduced for the cost of living which will benefit all Nigerians,” he said.
Drawing from China’s leadership in the solar energy transition, Leo Liu, the International Sales Director at LithTech Global, expressed the company’s enthusiasm to train Nigeria in solar energy technology, offering off-grid solutions to both residential and commercial customers.
In this new partnership, TNL exclusively holds distribution rights for LithTech products and solutions across Africa, except South Africa.
The launch event was graced by the president of the Lagos Chamber of Commerce and Industry (LCCI), Michael Olawale-Cole, who commended TNL as a prime example of creating partnerships that yield value beyond mere profits. Also present was Senator Tolu Odebiyi, representing the former governor of Ogun State, Ibikunle Amosun.
