NIPC, NIGUS, LTI Sign $600 Million MoU on Renewable Energy Generation in N/East

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A Consortium of renewable energy firms, NIGUS and LTI Re Energy have concluded arrangement to invest $600 million in solar and renewable energy generation in the Northeast part of Nigeria.

The partnership is expected to generate 500 megawatts of electricity in the country within five years.

This was disclosed at the maiden edition of the Renewable Energy Investment Roundtable which was held in Abuja, recently.

The event was organized by the Nigerian Investment Promotion Commission (NIPC) in collaboration with Nigus International Investment Ltd and LTI Germany Incorporated as part of the federal government’s efforts to attract and retain Foreign Direct Investment into the Renewable Energy sector of the nation’s economy.

The NIPC with NIGUS and LTI have signed a memorandum of understanding to collaborate and develop the renewable energy market in the country with a focus on creation of the enabling environment for the sector.

Speaking during the official launch of the project in Abuja, the executive secretary, Nigeria Investment Promotion Commission (NIPC), Ms. Yewande Sadiku said the federal government is confident in investing in the Northeast in its determination to make Nigeria the hub of renewable energy in West Africa.
Sadiku who was represented by Mr Abubakar Yerima described the power sector as a critical sector of the economy because it has a multiplier effect on every other sectors of the economy.

“This project is in line with President Muhammadu Buhari’s efforts to improve the country’s power sector. Investors can come in to invest in your country if key sectors like power are in order,” he said.

The executive director, NIGUS Greenenergy, Major Gen, Dili Aliyu (rtd) said that the investment was fits into the federal government’s efforts to rebuild the Northeast region. “What we are doing is to strengthen the nation’s power sector. We want to give people residing in the Northeast hope. Adamawa get less than 5 megawatts,” he said, adding that “we want to look at a country beyond oil sector; giving people a better tomorrow.”

Source: All Africa

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