The Federal Government has entered into a 30-year concession agreement with Quaint Energy for the development and operation of the 6-megawatt Ikere Gorge Hydropower Project in Oyo State, marking a major step toward expanding Nigeria’s renewable energy capacity and ensuring sustainable power generation.
The agreement, signed on Wednesday, underscores the government’s commitment to leveraging public-private partnerships to enhance energy infrastructure and accelerate the nation’s transition to cleaner sources of power.
Minister of Power, Chief Adebayo Adelabu, who witnessed the signing ceremony, described the initiative as a strategic milestone that will not only boost electricity supply in Oyo State but also contribute to Nigeria’s broader renewable energy and rural electrification goals.
According to Adelabu, “The Ikere Gorge Hydropower Project represents our dedication to energy diversification and sustainability. It will create jobs, power surrounding communities, and improve energy access in line with President Bola Tinubu’s Renewed Hope Agenda for the power sector.”
Under the concession arrangement, Quaint Energy will be responsible for the rehabilitation, operation, and maintenance of the hydropower facility. The project is expected to provide clean and reliable electricity to nearby communities, support local industries, and strengthen the regional grid network.
Officials from the Bureau of Public Enterprises (BPE) noted that the agreement aligns with Nigeria’s long-term energy diversification agenda, aimed at reducing dependence on fossil fuels and fostering inclusive economic growth across the country.