FG targets improved electricity supply with renewable energy

The Federal Government aims to enhance electricity supply in Nigeria through the strategic deployment and sustainable management of renewable energy assets. Minister of Power, Joseph Tegbe, emphasized the importance of renewable energy as a crucial component of the country's power system, stating that it is becoming increasingly important in Nigeria's power technology deployment strategy.

To achieve this goal, the government plans to combine various technologies including grid supply, embedded generation, interconnected and isolated mini-grids, distributed renewables and storage, tailored to specific communities and economic clusters.

Tegbe announced the launch of the Renewable Asset Management Company (RAMCO), which will play a vital role in ensuring the sustainable management of power infrastructure and improving electricity availability. RAMCO will act as a critical link between infrastructure deployment and sustainability, public investment, and private capital.

Its primary objectives include preserving the value of renewable energy assets, improving their uptime and availability, establishing transparent performance benchmarks, and enforcing credible maintenance and replacement regimes.

Nigeria has long struggled with a paradox of possessing significant power assets and resources, yet facing challenges in providing dependable electricity. The government's ambition extends beyond merely increasing electricity supply; it aims to use electricity to build prosperity, making Nigeria competitive in various sectors, such as manufacturing, digital infrastructure, healthcare, agriculture, and rural economic opportunities.

RAMCO will support efforts to attract domestic and international capital into Nigeria's power sector on commercial terms.