Minister Of Finance, Edun Commends Infracorp Led Consortium For Securing A Manufacturing Plant Deal For Nigeria
The Minister of Finance and Coordinating Minister for the Economy, Chief Adebayo Olawale Edun, commends the Infracorp-led consortium for successfully securing a manufacturing plant in Nigeria. The signing of the Memorandum of Understanding (MoU) for this manufacturing project is seen as a significant catalyst in unlocking the potential of various economic sectors such as agriculture, healthcare, and education.
According to the Minister, available data indicates a substantial market size for solar energy in Nigeria and the West Africa region. However, both the country and the region have consistently ranked below their counterparts in crucial energy and associated economic indicators, falling short of their presumed economic capabilities.
The Minister further explains that the coexistence of abundant sunlight resources and limited energy access in Sub-Saharan Africa presents a complex and challenging paradox. Despite the region’s abundance of sunlight, a vital component for solar energy generation, the task of providing widespread and reliable electricity access remains a persistent challenge. The establishment of a solar PV manufacturing plant in Nigeria has the potential to address various socioeconomic challenges and bring about positive impacts across different sectors.
Furthermore, the minister expressed his confidence in InfraCorp, Solarge, and the African Green Infrastructure Investment Bank’s capabilities to advance the M.O.U. and establish a 1GW Solar P.V. Manufacturing factory.
The agreement was initiated by Nigeria’s Infrastructure Corporation, (Infracorp) led by Dr. Lazarus Angbazo, the CEO, who signed the contract with two partners, Solarge BV of the Netherlands and the African Green Infrastructure Investment Bank.
According to Mr. Angbazo, the objective is to revolutionize Nigeria’s energy sector and have a positive impact on various sectors of the Nigerian economy.
The goal is to elevate Nigeria’s economy to 1 trillion dollars, and achieving this requires sustainable and climate resilient infrastructure, Dr Angbazo said.
He added that, “the project focuses on local manufacturing, green manufacturing and renewable energy, equipment manufacturing, and climate resilient infrastructure”.
The event was attended by other cabinet ministers and senior government officials.
InfraCorp is a government-supported infrastructure investment entity that was established and co-owned by the Central Bank of Nigeria (CBN), Africa Finance Corporation (AFC), and Nigeria Sovereign Investment Authority (NSIA) (“the Promoters”).
Through Solarge International BV, a leading Dutch manufacturer of lightweight solar panels, an MoU was signed with Infrastructure Corporation of Nigeria (InfraCorp) to establish a solar panel manufacturing factory in Nigeria.
“This initiative significantly contributes to Nigeria’s industrialization drive and aligns with the vision of @officialasiwajubat to promote local manufacturing capacities, create employment opportunities, accelerate electrification, and foster economic growth while also decarbonizing in line with Nigeria’s energy transition commitment.”
The solar PV manufacturing plant will be one of the world’s first large-scale production facilities for lightweight solar panels with an ultra-low carbon footprint. This project will play a crucial role in Nigeria’s commitment to sustainable local manufacturing and the development of critical infrastructure to achieve Net Zero emissions.
