By Abdullahi Lukman
Nigeria has signed a 30-year concession agreement with Quaint Energy for the 6-megawatt Ikere Gorge Hydropower Project in Oyo State, marking a significant step in Nigeria’s push for cleaner and more sustainable electricity.
The agreement was sealed in Abuja on Wednesday, was presided over by Minister of Power Chief Adebayo Adelabu, who described the agreement as the culmination of more than a decade of negotiations with the private developer.
Adelabu said the project, along with the 2MW Omi-Kampe Hydropower Project in Kogi State, is part of the government’s strategic plan to expand renewable energy, enhance electricity access, and stimulate state-level power markets.
While the Omi-Kampe deal was deferred to finalize contractual details, both projects reaffirm the government’s commitment to private sector-led growth in the energy industry.
“The Ikere Gorge and Omi-Kampe projects are more than energy investments; they will support rural industrialisation, agricultural processing, and social infrastructure,” Adelabu said.
Construction of Ikere Gorge Dam, conceived in the late 1970s and started in the early 1980s, stalled after partial completion, leaving turbines and equipment exposed to decades of neglect.
The dam, located on the Ogun River in Iseyin LGA, holds a reservoir of approximately 690 million cubic metres, long recognised as suitable for hydropower and irrigation projects.
Adelabu also highlighted government initiatives to improve electricity metering, including the N700 billion Presidential Metering Initiative and the World Bank-supported $500 million Distribution Sector Recovery Programme, expected to add 3.45 million new meters.
He noted that reforms and commercialisation efforts had boosted power sector revenue by 70 percent in 2024 and reduced government liabilities by N700 billion.
The minister emphasised the role of public-private partnerships in delivering reliable power and noted Nigeria’s first-ever synchronisation of its grid with the West African Power Pool, linking all 14 member countries for over four hours.
Quaint Energy Chairman, Femi Adeyanju, pledged to complete the project on schedule and according to global standards, assuring that it would benefit host communities and demonstrate the company’s capacity for sustainable energy development.