By Obas Esiedesa, Abuja
The Federal Government on Wednesday signed 30-year concession agreements with Quaint Energy for the development of the 6-megawatt (MW) Ikere Gorge Hydropower Project in Oyo State and the 2MW Omi-Kampe Hydropower Project in Kogi State, totalling 8MW.
Minister of Power, Chief Adebayo Adelabu, who presided over the signing between the Federal Ministry of Power and Quaint Energy, said the projects mark a major milestone in efforts to deliver sustainable, reliable, and affordable electricity under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
“These hydropower projects are more than just energy investments; they are strategic interventions designed to enhance local productivity, expand energy access, and drive rural economic transformation in Oyo and Kogi States,” Adelabu said.
He explained that the partnership demonstrates the Federal Government’s commitment to deepening power sector reforms, attracting private investment, and unlocking Nigeria’s renewable energy potential.
Adelabu noted that the government now plays a more enabling role—creating a stable regulatory environment, ensuring policy consistency, and de-risking investments to encourage private participation.
“Once fully developed, the hydropower plants will expand access to reliable electricity, support agricultural processing zones, small industries, and social infrastructure, and catalyse rural economic growth,” he added.
The Minister commended Quaint Energy for its confidence in Nigeria’s power sector and its commitment to global standards of efficiency, safety, and environmental sustainability. He also praised the Infrastructure Concession Regulatory Commission (ICRC) and other partners for ensuring compliance with the national Public–Private Partnership (PPP) framework.
Adelabu highlighted ongoing sector reforms, including the decentralisation of the electricity market that has enabled 15 states to establish their own power markets under the Electricity Act 2023, the development of a new National Integrated Electricity Policy—the first in 24 years—and over $2 billion in new investments.
He disclosed that the power sector’s revenue grew by 70 percent in 2024, while government liabilities were reduced by ₦700 billion. He also noted the first-ever synchronisation of Nigeria’s grid with the West African Power Pool (WAPP), connecting all 14 member countries.
Installed capacity, he said, has risen from 13GW to 14GW, with a record peak generation of 5,801.44MW and daily energy output of 128,370.75MWh achieved on March 4, 2025.
The Minister added that the government has mobilised ₦700 billion from FAAC and $500 million from the World Bank’s DISREP fund to close the metering gap through the Presidential Metering Initiative, which will deliver 3.45 million meters nationwide.
Reaffirming the government’s commitment to a private sector-led energy transition, Adelabu called on investors to leverage Nigeria’s evolving electricity market and improving policy environment.
“Today’s concession is not just a contract—it is a statement of intent and a demonstration of how the government and private sector can work together to deliver tangible results for our people,” he declared.
In his remarks, Femi Adeyanju, Chairman of Quaint Energy, thanked the Federal Government for the opportunity to contribute to Nigeria’s energy development. He said the agreements—eight years in the making—would not only improve electricity generation but also enhance water supply for irrigation in both host states.
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