Solar Power Initiative by Infracorp to Spearhead $1 Trillion Economy Drive

Infrastructure Corporation (Infracorp) has initiated a significant move toward achieving the Federal Government’s $1 trillion economy target by finalizing a Memorandum of Understanding (MoU) for establishing a power plant.

The agreement, signed at the 28th session of the Conference of Parties (COP28) in Dubai, United Arab Emirates, involves the establishment of a 1 Gigawatt (GW) Solar PV Manufacturing plant. Infracorp inked the deal with Solarge BV of the Netherlands and the African Green Infrastructure Investment Bank.

Infracorp, backed by an initial funding of N1 trillion, is dedicated to constructing essential infrastructure projects vital for propelling the country’s growth. The funding is anticipated to grow to N15 trillion, aimed at fueling various critical initiatives.

The solar project’s conception aligns with the goal of delivering dependable energy to Nigerians while supporting the government’s economic development strategy, intended to realize a $1 trillion economy.

Lazarus Angbaso, the CEO of Infracorp, emphasized the project’s primary objective: to transform Nigeria’s energy sector, fostering a transition toward sustainable and climate-resilient infrastructure, ultimately propelling the economy toward the $1 trillion milestone.

Angbaso highlighted the project’s key focus areas: local and green manufacturing, renewable energy, equipment manufacturing, and the development of climate-resilient infrastructure.

During the summit, Adebayo Adelabu, Minister of Power, underscored the dire state of the country’s power situation. Issues such as inadequate transmission infrastructure, limited distribution capacity, and numerous challenges impeding power generation were highlighted as hurdles to be addressed.