With the prevalence of counterfeited products surfacing across Nigeria, the United Nations Environment Programme has said that the country would be saving about $1.3 billion yearly by immediately hulking the use of air conditioners and refrigerators which have energy efficiency standards that fall short of the global Minimum Energy Performance Standard. This was indicated in their recently published report, titled “Project Overview of Scaling-Up Energy Efficient and Climate Friendly Cooling in Nigeria’s Nationally Determined Contribution Revision.”
Brian Holuj, the Programme Management Officer of UNEP, explained that Nigeria’s NDC attainment would significantly affect the country’s energy savings. In an analysis aimed at determining the impact of air conditioners, with reference to the MEPs in Nigeria, the report concluded that the electricity consumption by ACs would increase by 590 percent. The report also suggested that basic policies could sufficiently reduce the electricity demand increase to 410 percent, with stringent policies probably cutting the demand growth to about 275 percent.
NCDMB leveraging on an enablement of the business environment pillar.
Continually, the report stated that the annual saving for electricity consumption for 2040 was 12TWh, equivalent to five-plus power stations of 500MW each. It further noted that the objectives energy efficient and climate-friendly cooling project was aimed at conducting a market assessment on ACs, leveraging the existing data, recommend protocols for monitoring, verification and enforcement, and coordinating awareness campaigns for vendors and consumers. The report indicated that important components such as the selling of energy efficiency products, financial incentive support, market monitoring and verification compliance were needed to transform the AC market.
The Nigerian Content Development and Monitoring Board (NCDMB) however disclosed that it was to leverage on enabling the business environment pillar of its 10 year strategic roadmap to partner with the Federal Inland Revenue Service (FIRS) to establish a platform for engaging stakeholders of the oil and gas industry on tax incentives which were available to companies willing to invest in Research and Development. Simbi Wabote, the Executive Secretary for NCDMB made this known during his welcome address at the Nigerian oil and gas industry supplier incentive awareness workshop, organized by the Board of FIRS in Yenagoa, Benue State.
Companies to be educated on incentives, tax regimes and benefits of R&D.
He indicated that with the advise of experts, there was a need to further propagate, as well as educate companies within the sector on incentives, tax regimes and available benefits for research and development within the country’s tax code. Wabote noted that the Federal Inland Revenue, via its established workshops, would make provision of critical insight into the incentives inherent Finance Act 2021, with ways by which companies investing in R&D could possibly benefit from tax credits.
It was again noted that opportunities existed within Nigeria’s tax laws for the industry to enjoy benefits was derived from the investment in Research and Development. It was again highlighted that workshops like this was a means of providing necessary awareness to help businesses position themselves to benefit from using research as a significant piece of their business models. He expressed his high hopes at the workshop curbing the gross underfunding of researches in Nigeria, which is presently estimated at less than 0.2 percent of the National Budget.
Wabote stresses that R&D would no longer be neglected.
The NCDMB Secretary further pointed out his expectations that through the overt awareness that the workshop would create, the private sector would be able to reverse the trend. He stressed that R&D could no longer be neglected, as it was very important to local content development, enhancement of future tax revenue, development of local solutions, as well as the retention of the industry spending within the country’s financial institution. He explained that the attainment of a sustainable R&D investment culture would be mutually beneficial to both the private and public sectors.
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$1.3bn to be saved by curbing fake products. – NCDMB to partner with FIRS to establish a platform to engage oil stakeholders. – Express your point of view.
1.3 billion being saved as a result of the influx of fake products is actually a good thing. We should stop these fake things being produced in place of original. I commend the NCDMB on this .
The issue of fake products has become a major concern for governments, manufacturers, and consumers alike. Curbing fake products should be a high priority for governments and industry players worldwide. Effective mechanisms such as strengthened legal frameworks, cooperation between agencies, and consumer education can go a long way towards reducing the trade in counterfeit goods. Moreover, the financial benefits, as well as the positive impact on employment, the economy, and consumer safety, make it an issue of paramount importance.
Original product should be out to purchase not purchasing fake product a huge money will be saved by curbing fake product it should be take important in curbing fake product
They can’t place ban on the use of AC in a country that’s excessively hot, and obviously people pay for each energy consumed in their house so why will they want to curb the use of AC and generator
Curbing counterfeit products prevalence in the country requires a lot of step to regulate it. It should start from restricting the flux into the country before moving to apprehending local manufacturers counterfeit product and disrupting their distribution chain.
The issue of the country been a dumping ground for the develop nations has been in existence for ages and this is due to the rate at which poverty is ravenging most of the developing countries.An average in these developing countries can afford to buy new things because of the expensive nature and this is due high level of poverty.The major solution is government should find way of reducing inflation rate and also stated producing those gadgets locally.
I think we should be rid of all these fake products because they deal damage to our reputation and economy because our country won’t be rated as a good tech products country.
I trust that everyone here understands that seminars like this one served as a tool to influence consciousness about the importance of incorporating research into corporate strategy.
The number of fake imported products is too high.If we are able to curb these product them we will be saving $1.3bn. Imagine the amount we would have saved. I total align with the concept employed by NCDMB to partner with FIRS to establish a platform to engage oil stakeholders. In this way they will be able to invest in research and development and also encouraging and promoting local content.
These fake products makes our people use substandard and low quality things but it has its own advantages too be a that is what some people can afford and it helps them use what they can afford and still gives them the satisfaction they also derive.
There are so many fake product in the country.NCDMB decision to partner with FIRS in order to establish a platform that will engage oil stakeholders is perfect. This will generate enough capital that will be invested in Research and development to encourage the production of local content. This will curb the high number of counterfeit product in our market.
$1.3bn to be saved by curbing fake products. So many fake products in Nigeria due to poor governance and management. A lot of people enjoy it, this fake products can cause a lot harm to human health. Government should look into it. Our security need to do the needful