The Federal Government and Quaint Energy have signed a concession agreement for the development of six Mega Watts (MW) Ikere Gorge Hydropower project in Oyo State.

The agreement also included two MW Omi-Kampe Hydropower project in Kogi State. The projects are aimed at relieving Nigerians of the acute power challenges.

The Minister of Power, Mr. Adebayo Adelabu, at the event, said the deal marked an important milestone in the power stakeholders’ collective journey towards achieving a sustainable, reliable, and affordable power supply across Nigeria.

He stated that the signing also reaffirmed the ministry of Power’s strong belief in private sector-led growth as the foundation for achieving sustainability in the Nigerian Electricity Supply Industries.

He said: ”The power sector remains a cornerstone of our national economic transformation plan, and our vision is clear: to deliver stable, affordable, and sustainable electricity that drives industrialisation, creates jobs and promotes inclusive growth across all regions of Nigeria, ”

Adelabu explained that the Ikere Gorge Dam project and Omi-Kampe Dam project were more than hydropower concessions. According to him, it is a strategic intervention that underscores the Nigerian government’s resolve to advance energy access, stimulate state electricity markets, and enhance local industrial productivity through clean and renewable energy sources.

”Once fully developed, the hydropower plants have huge potential to scale further reliable electricity to surrounding communities, support agricultural processing zones, small industries and social infrastructure.

”And catalyse rural economic transformation within Oyo and Kogi States, respectively,” he said. Chairman Quaint, Energy, Femi Adeyanju, assured that the company would deliver as expected and that the project would not only benefit the community and the states, but Nigerians at large.