The federal government of Nigeria through Infrastructure Corporation (InfraCorp) has put pen to paper on a Memorandum of Understanding (MoU) to launch a solar PV manufacturing plant in Nigeria.
The MoU was signed during the ongoing COP28 summit in the United Arab Emirates (UAE).
This was disclosed in a statement issued by InfraCorp on Monday where it stated that the agreement signifies Nigeria’s determination to be self-reliant in its energy needs whilst providing sustainable energy for the present and future.
The MoU was the brainchild of the Managing Director and CEO of InfraCorp Dr Lazarus Angbazo who signed the agreement for InfraCorp with the two partners- Solarge BV of the Netherlands and the African Green Infrastructure Investment Bank.
The CEO of InfraCorp, Angbazo, stated that the project aims to revolutionize Nigeria’s energy sector, bringing about positive effects on various segments of the economy. He emphasized the overarching objective of elevating Nigeria’s economy to $1 trillion through the implementation of sustainable and climate-resilient infrastructure.
He said, “The project focuses on local manufacturing, green manufacturing and renewable energy, equipment manufacturing, and climate resilient infrastructure.”
Speaking on the deal, Nigeria’s Minister of Power Bayo Adelabu said renewable energy was no longer a future aspiration but a present necessity and that the constraint on the national grid affects different aspects of citizens’ lives.
In his words, “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,”
He further emphasized that harnessing the African Free Trade Agreement could position Nigeria as a key player in reshaping the energy landscape not only in West Africa but also across the entire continent.
The Minister of Finance, Wale Edun stated that the presence of sunlight across Africa and limited energy supply in Sub-Saharan Africa is a complex paradox and the establishment of a solar PV manufacturing plant in Nigeria can create jobs and address other socioeconomic malaise plaguing the nation.
InfraCorp is a government-backed infrastructure investment vehicle established and co-owned by the Central Bank of Nigeria (CBN), Africa Finance Corporation (AFC) and Nigeria Sovereign Investment Authority (NSIA) and managed by its own Board and management.