The Federal Government has signed a Memorandum of Understanding with Oando Clean Energy Limited to boost the deployment of sustainable renewable energy access across the country.
Represented by the Rural Electrification Agency, the government announced on Monday that the MoU with OCEL was also part of measures adopted to further mitigate the harsh impact of the removal of subsidy on Premium Motor Spirit, popularly called petrol.
The REA, in a statement issued in Abuja, said the agency would continue to play a key role in the nation’s off-grid renewable energy space by drawing in private sector investment, facilitating inter-sectoral collaboration and aiding the implementation and delivery of off-grid solutions nationwide.
It stated the Oando brand activated its clean energy subsidiary, Oando Clean Energy Limited in 2021, adding that the REA-Oando collaboration was targeted at exploring new approaches to clean energy development for socio-economic impact in post-subsidy Nigeria.
The Managing Director, REA, Ahmad Salihijo, explained that one of the best ways to mitigate the effects of subsidy removal in Nigeria was through the exploitation of opportunities to optimise the critical role of renewable energy.
On his part, the President/Chief Executive Officer, OCEL, Alex Irune, said, “Oando is keen on renewable energy and is excited for this opportunity to create value that the country needs.”
He expressed his confidence in the collaboration with REA, while explaining that “what the REA has effectively done is to take the bull by the horn and derisked investment opportunities.