In a statement issued on Monday, it was revealed that the MoU was signed at the ongoing COP28 in Dubai, United Arab Emirates.
At the event, the Minister of Power, Adebayo Adelabu, said that the signing of the MoU demonstrates the collaborators’ commitment to creating a better future for upcoming generations.
He said, “This vision is destined to transform Nigeria’s energy landscape and illuminate several other associated sectors of the Nigerian economy. You have shown us your commitment to the growth and development of a new Nigeria, and we applaud and recognize your efforts.
“I would like to reiterate a statement that I made recently: a country that is serious about realizing the potential of its people needs to provide adequate energy. In my capacity as Nigeria’s Minister of Power, I assure you that the government under the leadership of President Bola Ahmed Tinubu is committed to actualizing all its promises.
“With the right leadership and support, we can begin the process of bridging the energy access gap that has inhibited our ability to industrialise, provide jobs for our people, enhance the quality of lives of Nigerians, especially the rural dwellers, and drive inclusive growth. If we ever had any doubt, today reminds us that it is possible if we dare to dream, have the boldness to undertake these ventures, and are willing to reach out to partners across the global community for support and help.”
Adelabu added that the Nigerian power situation is dire, saying, “The transmission infrastructure is inadequate to wheel energy generated, the distribution capacity is limited by supply and the needed investment, and numerous problems incapacitate generation. 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.
“The solution on the card today as a result of this venture not only offers an innovative solution to our energy generation problem but goes a long way to provide off-grid options, minimise the stress on our national grid, diversify our energy sources, and hasten our steps toward a cleaner environment in line with our net-zero ambition.”
In his comments at the ceremony, finance minister and coordinating minister for the economy, Olawale Edun, said that the deal represents a key catalyst to unlocking the potential of an array of economic sectors, including agriculture, healthcare, and education.
“Available data points to a staggering market size for solar energy in Nigeria and the West Africa region. Despite this, the country and the region have continued to rank below its peers in key energy and associated economic indicators, punching below its presumptive economic weight.
“The coexistence of abundant sunlight resources and disproportionately low levels of energy access in Sub-Saharan Africa makes for a complex and challenging paradox. While the region boasts an abundance of sunlight, a crucial ingredient for solar energy generation, the challenge of providing widespread and reliable access to electricity persists.”
He added, “Notwithstanding the numerous challenges we face as a nation, we continue to be encouraged, every single day, by the phenomenal dedication of our people and the numerous friends of this great nation toward solving these problems. One such innovative solution is the reason we are here today.”
On her part, the Minister of Industry, Trade & Investment, Dr. Doris Nkiruka Uzoka-Anite, emphasised the importance of industrialisation in addressing various socioeconomic challenges, such as job creation, import substitution, increased access to capital, and overall economic growth.
While noting that the MoU for this manufacturing project will be a significant catalyst for Nigeria’s industrial sector, she stressed that energy infrastructure is the foundation for innovation, job creation, and prosperity, paving the way for a brighter, more sustainable future.
The Chief Executive Officer of Infracorp, Dr Lazarus Angbazo said the objective of the project is to revolutionise Nigeria’s energy sector and have a positive impact on various sectors of the economy.
He said the goal is to elevate Nigeria’s economy to $1 trillion through sustainable and climate-resilient infrastructure.
Angbazo said, “The project focuses on local manufacturing, green manufacturing and renewable energy, equipment manufacturing, and climate resilient infrastructure.”
InfraCorp is a government-supported infrastructure investment entity that was established and co-owned by the Central Bank of Nigeria, Africa Finance Corporation, and Nigeria Sovereign Investment Authority.
