- The MoU signed at COP28 will address Nigeria’s power challenges and unlock the potential of various economic sectors.
- The Infracorp-led consortium secured the solar manufacturing plant in Nigeria.
Nigeria has signed a memorandum of understanding to launch a 1GW Solar PV Manufacturing plant. This MoU is a significant step towards addressing the country’s power challenges. The agreement reached at the ongoing 28th session of the Conference of Parties (COP28) in Dubai, United Arab Emirates, signifies Nigeria’s commitment to a sustainable and self-reliant future and its determination to provide reliable energy for its citizens.
The signing of the MoU is a significant catalyst in unlocking the potential of various economic sectors such as agriculture, healthcare, and education. During the summit, the Minister of Power, Adebayo Adelabu, stressed the importance of adequate energy supply to unlock its full potential. He assured the international community that President Bola Tinubu-led government is fully dedicated to fulfilling its promises.
Adelabu stressed Nigeria’s current appaling power situation, with insufficient transmission infrastructure, limited distribution capacity, and various challenges hindering generation. He stated 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.