Nigeria Signs Historic Solar Plant Deal

 

Nigerian government has signed a crucial agreement to establish a 1GW solar PV manufacturing plant within the country’s borders. This historic MoU, reached during the ongoing COP28 summit, signifies a major step towards a sustainable and self-reliant future for Nigeria.

The agreement represents a collaborative effort between Infrastructure Corporation (Infracorp) led by Dr Lazarus Angbazo, Solarge BV of the Netherlands, and the African Green Infrastructure Investment Bank. This partnership promises to unlock the potential of various economic sectors, including agriculture, healthcare, and education, by providing reliable and clean energy.

Recognizing the critical role of adequate energy supply, Minister of Power, Mr. Adebayo Adelabu, noted the government’s commitment to fulfilling its promises and addressing the current challenges plaguing the power sector. He stressed the crucial need for renewable energy sources to overcome limitations in transmission, distribution, and generation capacity, ultimately improving the lives of Nigerians and fostering economic growth.
“We bear witness to the enormous stress on our national grid that continues to trigger power outages that adversely affect the daily lives of our citizens: homes, schools, hospitals, and businesses of diverse scales,” he said.

The Coordinating Minister for the Economy, Olawale Edun, emphasized the massive market potential for solar energy in Nigeria and West Africa, pointing out the paradoxical situation of abundant sunshine alongside limited energy access. The establishment of this solar PV facility presents an opportunity to address this issue and bring about positive change across various sectors.

Minister of Industry, Trade and Investment Dr. Doris Nkiruka Uzoka-Anite emphasized the importance of industrialization in overcoming socio-economic challenges and driving economic growth. She lauded the MoU as a significant catalyst for the industrial sector, highlighting the vital role of energy infrastructure in fostering innovation, job creation, and a sustainable future.

Infracorp’s Chief Executive Officer, Dr. Angbazo, outlined the project’s objective of revolutionizing Nigeria’s energy sector and positively impacting various economic spheres. He emphasized the vision of elevating Nigeria’s economy to $1 trillion through sustainable infrastructure, with a focus on local manufacturing, green technologies, and climate-resilient infrastructure.

This historic agreement marks a significant milestone for Nigeria’s pursuit of a cleaner and more sustainable future. The commitment to renewable energy sources paves the way for increased energy security, economic growth, and improved quality of life for all Nigerians. With the expertise and collaboration of international partners, Nigeria is poised to become a leader in the renewable energy sector, not only within its borders but also across the West African region.

NAN