REA, Oando Seal Deal to Boost Clean Energy Access in Nigeria

Date:

June 15,2023.

Thank you for reading this post, don't forget to subscribe!

The Rural Electrification Agency (REA) has signed a Memorandum of Understanding (MoU) with Oando Clean Energy (OCEL), which the parties said will enhance the deployment of sustainable renewable energy access across Nigeria.

A statement from the REA in Abuja stated that the MoU formed the basis of a public-private arrangement between the government agency and OCEL for the deployment of solar infrastructure.

The parties, it said, recognise the potential benefits of the deployment of solar infrastructure for power generation in order to trigger commercial and enterprise growth in benefitting communities.

“There are approximately 92 million Nigerians without access to electricity in the country, most of whom reside in rural areas. To this end, the federal government set a target to power 5 million homes through the REA in partnership with the private sector.

“This MoU gives OCEL access to target communities for the rollout of solar mini grids towards the achievement of energy security, power accessibility and affordability,” it noted.

It quoted the Managing Director of REA, Ahmad Salihijo, as saying during the ceremony that one of the best ways to mitigate the effects of subsidy removal in Nigeria was by exploring opportunities to optimise the critical role of renewable energy.

He further expressed his delight about the REA and Oando partnership, saying that it will bring about mutually beneficial collaboration, knowledge exchange and experiences targeted at achieving the common goal of optimising renewable energy.

The statement said the Oando brand had been a key player in the energy space for over 20 years and is making significant in-roads in the renewable energy space through its newest subsidiary, OCEL, which was launched in 2021.

Speaking at the signing event, President OCEL, Dr Ainojie Irune, expressed his confidence in the collaboration with REA, stressing that the kind of collaboration was needed to boost energy access in the country.

“We would not be signing this MoU today if Agencies like the REA didn’t provide an enabling environment. I commend the REA for partnering with the private sector to boost energy access in rural areas across Nigeria.

“We are clear in our minds that a sustainable solution to ensuring all Nigerians have access to power will be by deploying innovative and captive power solutions that address the unique needs of each community.

“Furthermore, experience has shown that power is an enabler of productivity. Thus, it is imperative that we accelerate the work required to boost access to power across the nation.

“The REA and Oando collaboration mark the beginning of another timely and strategic partnership targeted at exploring new approaches to clean energy development for socio-economic impact in a post-subsidy Nigeria,” he said.

While commending the REA for its approach to understanding and leveraging the role of the private sector players to deliver on the task of sustainable energy access across the country, Irune noted that Oando was focused on championing clean energy in Nigeria.

Executive Director Technical Services, REA, Barka Saju, indicated that delivering sustainable energy access across the nation must go beyond just connections and serve as an enabler of growth in communities, while targeting electrification projects to people’s sources of livelihood.

Head of the Solar Power Naija Programme, Barbara Izilien, in her comments, said REA continues to deepen private sector engagements to encourage private sector investment to deploy sustainable renewable energy projects across the country.

“We are trying to grow the funding of the Solar Power Naija and this MoU signing will support the expansion targets of the REA in providing energy access to communities,” she pointed out.

Also, Executive Vice President, OCEL, Demola Ogunbanjo, said that despite Africa only contributing 3.8 per cent of greenhouse emissions to global numbers, the continent does not experience 3.8 per cent of the impact of climate change.

“We experience that impact in a much larger form. We recognise the role that energising the continent through renewable energy sources will play in unlocking the potential of Africa.

“Today, over 600 million of Africa’s 1.3 billion people don’t have access to power. Over 10 per cent of that number is in Nigeria. With this MoU signing, we will start to power the most marginalised communities so they can begin to build infrastructure for a more viable and thriving economy,” he stated.

REA is the implementing agency of the federal government of Nigeria for electrification of rural and underserved communities. The agency’s mandate includes promoting rural electrification, co-ordination of rural electrification programmes, and the administration of the Rural Electrification Fund (REF).(www.naija247news.com)

Peter Okafor
Peter Okaforhttp://Naija247news.com
Peter Okafor Financial Journalist | Editor | Contributor Overview: Peter Okafor is a seasoned Financial Journalist, astute Editor, and valued Contributor at Naija247news Media Group. With an unwavering passion for dissecting complex financial landscapes, Peter has become a trusted name in delivering incisive and insightful coverage of economic events, market trends, and corporate dynamics. Professional Journey Peter's journey in financial journalism has been marked by a commitment to excellence. Joining the ranks of Naija247news, he has consistently demonstrated a keen understanding of the intricate interplay between finance and the global socio-economic fabric. Expertise: Specializing in financial markets, economic analyses, and business developments, Peter Okafor has honed his expertise over the years. His ability to unravel intricate financial narratives and present them in a comprehensible manner sets him apart in the world of financial journalism. Contributions As an Editor and Contributor, Peter has played a pivotal role in shaping the narrative of Naija247news. His contributions extend to thought-provoking articles, in-depth market analyses, and coverage of key events that impact the financial landscape. Educational Background: Peter holds a degree in Journalism, complemented by specialized courses in Finance and Business Reporting. His educational foundation has provided him with the tools to navigate the intricate world of financial journalism. Innovation and Adaptability: In an era of evolving media landscapes, Peter Okafor exemplifies innovation and adaptability. Leveraging digital platforms and emerging technologies, he ensures that financial insights reach a diverse audience, fostering financial literacy and awareness. Awards and Recognition: Peter's commitment to journalistic excellence has not gone unnoticed. He has been the recipient of several awards, recognizing his outstanding contributions to the field of financial journalism. Vision for the Future: Looking ahead, Peter Okafor envisions a future where financial journalism continues to empower individuals, shape economic policies, and drive positive change. His dedication to staying at the forefront of financial news underscores his commitment to this vision. Connect with Peter Okafor: - LinkedIn: [Peter Okafor](#) - Twitter: [@PeterOkafor_N247](#) In the dynamic realm of financial journalism, Peter Okafor stands as a stalwart, combining experience, expertise, and a forward-looking vision to illuminate the path of financial understanding for a global audience.

Share post:

Subscribe

Popular

More like this
Related

Justin Timberlake arrested for ‘driving while intoxicated’

June 18, 2024. Azonuchechi Chukwu. American singer Justin Timberlake has been...

Governor Fubara Orders Local Government Heads to Assume Leadership in Rivers State

The Governor of Rivers State, Sir Siminalayi Fubara, has...

Suspected Kidnappers Nbbed by Benue Guards in Otukpo

June 18, 2024. Azonuchechi Chukwu. Operatives of Benue State Community Volunteer...

Family of Late Mohbad Rejects Autopsy Report

June 18, 2024. Azonuchechi Chukwu. The family of the late singer,...
× How can I help you?