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 tricycles in the country, giving indications that the days of fossil fuel dependency are now numbered, The Sun reports.
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. 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.
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 in installments.