Ibadan: The Oyo State Electricity Regulatory Commission has announced that over 30 investors have expressed interest in partnering with the state to establish its independent power project. The Chairman of the commission, Prof. Daud Sangodoyin, made this known during a press briefing in Ibadan.
According to News Agency of Nigeria, Sangodoyin, who also serves as the Commissioner for Energy and Natural Resources, revealed that the state government is considering approving three or four electricity providers to fulfill its needs. This includes a hydroelectricity project at the Asejire dam in Ibadan. He highlighted that the approval for the state government to establish its own electricity regulatory commission has enabled it to manage electricity generation, distribution, and transmission independently, as well as to create its own electricity market.
The chairman acknowledged the historical challenges faced by the country’s power sector due to management issues over the past six decades. However, he expressed optimism that the new law empowering each state to regulate its electricity will protect consumers and attract private investors to the sector within the state. Moreover, the commission aims to ensure accountability from service providers and set appropriate tariffs.
Sangodoyin emphasized that with the new regulatory framework, Oyo State intends to address its electricity deficit, anticipating significant progress within the next two to three quarters. The Ibadan Independent Power Project (IIPP) is expected to offer solutions to electricity issues, benefiting several key government buildings and institutions with a 12-megawatt project by June.
The commission has also signed a Memorandum of Understanding (MoU) with Shell to distribute gas in certain parts of Ibadan, aiming to alleviate electricity distribution challenges. Additionally, the commission’s website has been activated to provide information on the state’s priority plans and outline areas where investors can participate. Sangodoyin noted that the commission is working to improve access to electricity, street lighting, and other critical infrastructure across the state.