In order to address the nation’s electricity issues, the Nigerian government signed a historic memorandum of understanding (MoU) to begin construction of a gigawatt (GW) solar PV manufacturing facility within the nation.
The agreement represents Nigeria’s resolve to improve power efficiency and its commitment to a sustainable and independent future. It was concluded at the current 28th session of the Conference of Parties (COP28) in Dubai, United Arab Emirates.
Dr. Lazarus Angbazo, the leader of Infrastructure Corporation (Infracorp), negotiated the deal with two partners, the African Green Infrastructure Investment Bank and Solarge BV of the Netherlands.
The agreement is thought to be a major accelerator for releasing the potential of many industries, including healthcare, education, and agriculture.
During the summit, the Minister of Power, Adebayo Adelabu, reassured the world community that the administration led by President Bola Tinubu was committed to keeping its word and stressed the significance of a sufficient energy supply for a nation to reach its full potential.
He pointed out that Nigeria’s current electricity condition is severe, with numerous obstacles impeding generation, inadequate transmission infrastructure, and restricted distribution capacity.
Adelabu emphasized that the use of renewable energy was now essential and was no longer just a dream for the future.
He stated, “We are witnesses to the extreme strain on our nation’s electrical grid, which keeps causing blackouts that negatively impact our residents’ everyday life in their homes, workplaces, schools, and hospitals of all sizes.
He continued by saying that Nigeria would be positioned as a regional leader in changing the energy landscape in West Africa and throughout the continent by utilizing the African Continental Free Trade Agreement (AfCFTA).
Olawale Edun, the Coordinating Minister for the Economy, praised the Infracorp-led consortium for successfully securing the plant but said that the data suggests a sizeable demand for solar energy in Nigeria and the West African area.
Noting that Sub-Saharan Africa faces a complex and difficult paradox between having an abundance of sunlight resources and limited access to energy, Edun stated that the construction of a solar PV manufacturing plant has the potential to address several socioeconomic issues and have a positive impact on a variety of industries.
According to Angbazo, the project’s goals were to transform Nigeria’s energy industry and have a favorable effect on other economic sectors. According to him, the objective is to build infrastructure that is resilient to climate change and sustainable, raising Nigeria’s GDP to $1 trillion.
He stated, “The project focuses on climate resilient infrastructure, equipment manufacturing, green manufacturing, and renewable energy.”
Nigeria Sovereign Investment Authority (NSIA), Africa Finance Corporation (AFC), and the Central Bank of Nigeria (CBN) are the co-owners of InfraCorp, an infrastructure investment company funded by the government.
