The federal government has signed a memorandum of understanding (M.O.U.) for the establishment of a 1 Gigawatt (GW) Solar PV manufacturing plant in the country as part of efforts to provide reliable energy to its people.
The Infrastructure Corporation (Infracorp) signed the agreement with Solarge BV of the Netherlands and the African Green Infrastructure Investment Bank at the ongoing 28th session of Conference of Parties (COP28) in Dubai, United Arab Emirates.
The Chief Executive Officer of Infracorp, Dr Lazarus Angbaso, said the objective of the project is to revolutionise Nigeria’s energy sector and elevate the economy to $1 trillion through sustainable and climate resilient infrastructure.
During the summit, the Minister of Power, Adebayo Adelabu, noted that the current power situation in the country is dire, with insufficient transmission infrastructure, limited distribution capacity, and various challenges hindering generation
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Adelabu added that renewable energy is no longer just a future aspiration but a present necessity.
While commending the Infracorp-led consortium for successfully securing a manufacturing plant in Nigeria, the Coordinating Minister for the Economy, Olawale Edun, said available data indicates a substantial market size for solar energy in Nigeria and the West Africa region.