Nigeria and InfraCorp has signed 1 gigawatt solar PV Memorandum of Understanding (MoU). The CEO of InfraCorp, Angbazo, revealed this agreement has the potential to reposition Nigeria’s economy and elevate it to an enviable $ 1 trillion.
The MoU was signed during the ongoing COP28 summit in the United Arab Emirates (UAE). According to a statement issued by InfraCorp on Monday, the agreement signifies Nigeria’s determination to be self-reliant in its energy needs while 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.
While giving insights into the opportunities of the Memorandum of Understanding, the CEO of InfraCorp stated that the project aims to revolutionize Nigeria’s energy sector, positively affecting various segments of the economy. He emphasized the overarching objective of elevating Nigeria’s economy to $1 trillion by implementing 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.
According to him, “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.
Also lending credence to the position of the Minister of Power, Mr. Wale Edun, the Minister of finance, noted 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.
