Abuja: The Federal Government and Quaint Energy have formalized a concession agreement for the development of the 6 Megawatt Ikere Gorge Hydropower Project in Oyo State. This agreement also includes the 2 Megawatt Omi-Kampe Hydropower Project in Kogi.
According to News Agency of Nigeria, the signing ceremony in Abuja was marked by remarks from the Minister of Power, Mr. Adebayo Adelabu, who emphasized the significance of this milestone in the quest to achieve a sustainable and reliable power supply across Nigeria. The minister reiterated the federal government’s commitment, under President Bola Tinubu’s Renewed Hope Agenda, to reforming the power sector and attracting private investment to unlock renewable energy potential.
Mr. Adelabu highlighted the strategic nature of the Ikere Gorge and Omi-Kampe projects, which aim to advance energy access and stimulate electricity markets. He noted that these projects would enhance local industrial productivity through clean energy sources and could potentially expand reliable electricity to surrounding communities, supporting agricultural processing zones, small industries, and social infrastructure, thereby promoting rural economic transformation within Oyo and Kogi States.
The minister further stated that the agreement reaffirms the ministry’s belief in private sector-led growth to achieve sustainability in the Nigerian Electricity Supply Industries. He stressed the government’s role as an enabler, creating a conducive regulatory environment and fostering partnerships to unlock private sector capital, technology, and innovation.
Mr. Adelabu commended Quaint Energy for its confidence in Nigeria’s power sector and commitment to delivering the project in alignment with global standards. He also acknowledged the role of the Infrastructure Concession Regulatory Commission and other partners in ensuring the process aligns with national frameworks for Public-Private Partnerships.
In response, Mr. Femi Adeyanju, Chairman of Quaint Energy, affirmed the company’s commitment to delivering the project as expected, noting its benefits for the community, the states involved, and Nigeria as a whole. The concession agreement is set to last for 30 years.