Minister promises 10,000MW from Solar

The Minister of Power, Prof Chinedu Nebo has announced the planned streaming of additional 1,000 Mega watts, MW of solar power yearly to boost energy needs in the country over the next 10 years, to be boosted by the coming on board of a Korean firm set to inject funds into the process.

Speaking in Abuja at the signing ceremony of a Memorandum of Understanding (MoU) with the HQMC, Korea Company Limited, a Korean firm that is ready to inject $30 billion for the next 10 years, the Minister said that this addition, no doubt is a laudable effort, describing it as truly visionary, which is in line with the President Goodluck Jonathan led Transformation Agenda.

He said that the addition of 1,000MW of solar power yearly for the next ten years will give the nation the required energy mix needed for sustainable development, adding that this scenario will also enable spread of power across the country.  He added that Nigerians even in the rural areas would benefit immensely from the proposed project.

Korea, according to the Minister is a top ranking technologically advanced economy; noting that undertaking projects of this magnitude will provide Nigerians with job opportunities and skill acquisition that will positively impact on our youths.

So, Nigeria as an emerging economy is set to provide the best market for direct foreign investment, especially in the power sector he said.

Prof. Nebo expressed optimism that his Ministry will continue to create more avenues for foreign investment and participation, so as to ensure the desired turn- around in the fortunes of the power sector.

Earlier, the Permanent Secretary, in the ministry, Dr Godknows Igali, said that the agreement signing  was part of efforts geared towards the realization of the sector’s desire for more foreign investment.

Also, speaking at the event, the Managing Director of HQMC Korea, Mr. Moon Sang Kim harped on the determination of the company to make a success of the project.



Vanguard