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InfraCorp kickstarts solar investment

 The Infrastructure Corporation (Infracorp) has taken steps to realize Federal Government's $1 trillion economy target with the signing of a Memorandum of Understanding (MoU) for the establishment power plant.

The agreement for the establishment of a 1 Gigawatt (GW) Solar PV Manufacturing plant was signed by Infracorp with Solarge BV of the Netherlands and the African Green Infrastructure Investment Bank at the ongoing 28th session of Conference of Parties (COP28) in Dubai, United Arab Emirates.

Infracorp was established with a startup funding of N1 trillion for the construction of critical infrastructure projects to help accelerate growth in the country. Its funding is expected to grow to N15 trillion.

The solar project was created as part of efforts to provide reliable energy for Nigerians and support government's economic development and growth agenda meant to achieve $1 trillion economy.

The Chief Executive Officer of Infracorp, Lazarus Angbaso, said the objective of the project is to revolutionize Nigeria's energy sector and elevate the economy to $1 trillion through sustainable and climate resilient infrastructure.

 “The project focuses on local manufacturing, green manufacturing and renewable energy, equipment manufacturing, and climate resilient infrastructure," he said.

During the summit, the Minister of Power, Adebayo Adelabu, noted that the current power situation in the country is dire, with insufficient transmission infrastructure, limited distribution capacity, and various challenges hindering generation

While emphasizing the importance of adequate energy supply for a country to unlock its full potential, he assured the international community that President Bola Tinubu-led government is fully dedicated to fulfilling its promises.

 “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 said.

Adelabu added that renewable energy is no longer just a future aspiration but a present necessity.

While commending the Infracorp-led consortium for successfully securing a manufacturing plant in Nigeria, the Coordinating Minister for the Economy, Olawale Edun, said available data indicates a substantial market size for solar energy in Nigeria and the West Africa region.

Edun said the establishment of a solar PV manufacturing plant in Nigeria has the potential to address various socioeconomic challenges and bring about positive impacts across different sectors.

The Minister of Industry, Trade & Investment, Dr. Doris Nkiruka Uzoka-Anite, who said the establishment of the Solar PV Manufacturing plant will be a significant catalyst for Nigeria's industrial sector, stressed that energy infrastructure is the foundation for innovation, job creation, and prosperity, paving the way for a brighter, more sustainable future.