LCCI Urges Government to Support Clean Energy for SMEs

The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to introduce tax incentives, reduce import costs, and provide affordable financing to encourage small and medium-sized enterprises (SMEs) to adopt cleaner energy sources. Engr. Leye Kupoluyi, President and Chairman of the Council of the LCCI, made this appeal during the annual conference of the chamber’s Liquefied Natural Gas Group, held at Commerce House, Victoria Island, Lagos.

He highlighted that the high cost of energy poses significant challenges for Nigerian businesses, affecting productivity and competitiveness. Kupoluyi proposed tax incentives, accelerated capital allowances, and reduced import-related costs for clean energy equipment and energy-efficient machinery.

He noted that SMEs play a crucial role in employment and local production but face financial and infrastructure challenges. He also called for collaboration among government, development finance institutions, and private investors to create dedicated financing schemes for SMEs transitioning to cleaner energy sources, addressing the high upfront costs associated with such technologies.