21 December 2016, Sweetcrude, Abuja – The Chairman of Nigus Investments, Prince Malik Ado-Ibrahim, has noted that Nigeria is primed to become the hub for renewable energy development in the West African sub-region.
Nigus Investments, working with German renewable solutions provider LTI ReEnergy and support of the Nigerian Investment Promotion Commission (NIPC) have completed plans with the Federal Government to build five 100 MWp solar power plants worth $600 million in North-Eastern states of Nigeria, and aim to set up the renewable energy hub in Sebore Export Processing Zone in Adamawa State.
The World Bank estimates that Nigeria would require some 20,000 MW to run its economy of 170 million people, but the country can barely generate 4,500 MW at the moment.
According to Ado-Ibrahim, “We would like to exploit the enormous potential for solar business in our country and we believe that Nigeria will become the renewable energy hub for the Economic Community of West African States (ECOWAS).”
He added that “Together with LTI ReEnergy and other partners and significant involvement and support of NIPC we will help our country to reach this goal not only by building solar power plants but also by setting up the whole renewable energy value chain hub in Sebore EPZ”.
Continuing on the timeline for the projects, Chris Vogt, Chief Sales Officer at LTI ReEnergy expects breaking ground of the first 100MW project in Adamawa State in Q1/2017 and the subsequent one in Q2/2017.
“We are honoured that we can contribute to the solar boom in Nigeria and join the renewable energy production hub in the country as it is a part of our ‘German heart and local content’ strategy,” he added.
The plans of the cooperation were revealed during the first ever solar event in the country, “Nigus-LTI Solar Investment Summit”, which recently gathered representatives of the relevant Government Agencies such as Nigeria Electricity Regulatory Commission (NERC), Transmission Company of Nigeria (TCN) or Nigerian Bulk Electricity Trading PLC (NBET) as well as key industry and business stakeholders and national media.