The Federal Government has announced that the concession of the 6MW Ikere hydropower plant in Oyo State will generate over 10,000 direct and indirect jobs and boost electricity supply to the state and neighboring regions.
Minister of Power, Bayo Adelabu, made the announcement on Friday during the handover of the project to Quaint Power and Infrastructure Nigeria Limited in Iseyin Local Government Area.
He stated that the development aligns with President Bola Tinubu’s Renewed Hope Agenda to revitalize the energy sector and create employment.
“The Ikere Gorge Dam project is more than a hydropower concession; it is a strategic intervention that underscores the Federal Government’s unwavering commitment under the Renewed Hope Agenda of President Tinubu to advance energy access, stimulate electricity market development, deepen power sector reforms, attract private investment and unlock the country’s vast renewable energy potential,” Adelabu said.
“The project will also generate over 10,000 direct and indirect jobs, while boosting power supply by six megawatts in the state and neighbouring states.”
The minister added that the handover, executed under the regulatory guidance of the Infrastructure Concession Regulatory Commission, is part of the administration’s economic reform policies. He listed achievements including the activation of 15 state electricity markets following the Electricity Act 2023, the development of a National Integrated Electricity Policy, and attracting over $2 billion in fresh investments.
Minister of Water Resources, Prof. Joseph Terlumun Utsev, reiterated the commitment to optimizing dams nationwide for power generation and job creation.
The Director-General of ICRC, Dr. Jobson Oseodion Ewalefoh, described the handover as “a defining moment in Nigeria’s infrastructure journey,” reflecting efforts to convert dormant public assets into productive drivers of development.
The Managing Director of Quaint Power, Mobolaji Durodola, said the concession would stimulate community development and contribute to national economic growth.
In a related development, Adelabu disclosed that the Federal Government will soon take delivery of an additional two million prepaid meters, bringing the total under the Presidential Metering Initiative to three million units valued at N700 billion. He warned residents against making payments for the meters and urged them to report any officials demanding payment.
