FG, firm sign concession deal to develop hydropower projects in Oyo, Kogi

The federal government and Quaint Energy have signed a concession agreement for the development of six megawatts (MW) Ikere Gorge hydropower project in Oyo state.

According to NAN, the agreement also included the 2MW Omi-Kampe hydropower project in Kogi state.

Speaking at the signing in Abuja, Bayo Adelabu, minister of power, described the event as an important milestone in the collective efforts of power sector stakeholders to achieve sustainable, reliable, and affordable electricity supply across Nigeria.

He added that the collaboration underscored the federal government’s unwavering commitment, under the renewed hope agenda of President Bola Tinubu, to deepening power sector reforms

“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 said.

The minister said the Ikere Gorge and Omi-Kampe dam projects go beyond traditional hydropower concessions.

He described the initiatives as strategic interventions that reflect the federal government’s commitment to expanding energy access, boosting state electricity markets, and enhancing 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,” the minister said.

He said it also has capacity to “catalyse rural economic transformation within Oyo and Kogi states, respectively”.

Adelabu said the signing also reinforces the ministry of power’s strong belief in private sector-led growth as the cornerstone for achieving sustainability in the Nigerian Electricity Supply Industry (NESI).

He added that the government’s role is increasingly that of an enabler — creating the right regulatory environment, ensuring policy consistency, and de-risking investments through credible partnerships and transparent processes

“Through public–private partnerships like this concession, we are unlocking capital, technology, and innovation from the private sector to deliver projects that directly impact citizens and strengthen energy security,” he said.

“Let me use this opportunity to commend Quaint Energy for demonstrating confidence in Nigeria’s power sector and for committing to deliver this project in line with global standards of efficiency, safety, and environmental sustainability.

“I also acknowledge the Infrastructure Concession Regulatory Commission, and other institutional partners for their support in ensuring that this process aligns with the national framework for Public–Private Partnerships.”

The minister noted that the concession represents another key milestone achieved in Nigeria’s power sector under the current administration.

Also speaking, Femi Adeyanju, chairman of Quaint Energy, said the company would deliver as expected.

Adeyanju said the project would not only benefit the community and the states where it is located, but Nigerians at large.