The Federal Government has signed a Memorandum of Understanding with Oando Clean Energy Limited to expand access to sustainable renewable energy across the country.
The government, represented by the Rural Electrification Agency, declared on Monday that the MoU with OCEL was also part of measures taken to further soften the adverse impact of the loss of subsidies on Premium Motor Spirit, generally known as petrol.
In a statement made in Abuja, the REA stated that it would continue to play a vital role in the nation’s off-grid renewable energy arena. This it would do by attracting private sector investment, promoting inter-sector collaboration, and assisting with the development and delivery of off-grid solutions nationally.
According to the company, the Oando brand activated its renewable energy subsidiary, Oando renewable Energy Limited, in 2021. The REA-Oando collaboration was aimed at investigating new ways to renewable energy production for socioeconomic effect in post-subsidy Nigeria, according to the statement.
Ahmad Salihijo, Managing Director of REA, emphasized that one of the best methods to alleviate the effects of subsidy reduction in Nigeria was to maximize the essential role of renewable energy.
“Oando is keen on renewable energy and is excited for this opportunity to create value that the country requires,” stated Alex Irune, President/Chief Executive Officer of OCEL.
He expressed trust in the REA collaboration, adding that “what the REA has effectively done is to take the bull by the horns and derisked investment opportunities.”
