InfraCorp Inks MoU for 1GW Solar PV Manufacturing Plant in Nigeria

0
261

Toba Owojaiye reporting

Abuja, Nigeria

The Federal government, represented by Infrastructure Corporation (InfraCorp), has officially committed to constructing a 1-gigawatt solar photovoltaic (PV) manufacturing plant.

The Memorandum of Understanding (MoU) was formalized during the COP28 summit in the United Arab Emirates.

In a statement released on Monday, InfraCorp underscored Nigeria’s resolve to achieve energy self-sufficiency, ensuring sustainable energy for the present and future.

Dr. Lazarus Angbazo, InfraCorp’s Managing Director and CEO, orchestrated the MoU signing with partners Solarge BV of the Netherlands and the African Green Infrastructure Investment Bank.

Angbazo outlined the project’s ambitions, emphasizing its transformative impact on Nigeria’s energy sector and the broader economy.The overarching objective is to elevate Nigeria’s economy to $1 trillion by implementing sustainable, climate-resilient infrastructure, with a focus on local and green manufacturing, renewable energy, and climate-resilient infrastructure.

The Minister of Power, Bayo Adelabu, highlighted the immediacy of renewable energy, stating it’s not a future aspiration but a present necessity.

He emphasized the strain on the national grid and its adverse effects on citizens’ daily lives, spanning homes, schools, hospitals, and businesses.

Adelabu also stressed the potential of harnessing the African Free Trade Agreement to position Nigeria as a key player in reshaping the energy landscape across West Africa and the entire continent.

Minister of Finance, Wale Edun, addressed the paradox of abundant sunlight in Africa juxtaposed with limited energy supply in Sub-Saharan Africa.

Edun asserted that establishing a solar PV manufacturing plant in Nigeria has the potential to generate employment and alleviate various socioeconomic challenges facing the nation.

Truth Live News gathered that InfraCorp, the driving force behind this initiative, is a government-backed infrastructure investment vehicle co-owned by the Central Bank of Nigeria, Africa Finance Corporation, and Nigeria Sovereign Investment Authority.

Managed by its own Board and management, InfraCorp is positioned to play a pivotal role in advancing Nigeria’s sustainable infrastructure goals.

Leave a reply

Please enter your comment!
Please enter your name here