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    MarketForces Africa » MarketForces News » FG Uses Alternative Energy Sources to Address Power Deficit
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    FG Uses Alternative Energy Sources to Address Power Deficit

    Julius AlagbeBy Julius AlagbeMarch 13, 2024No Comments3 Mins Read
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    FG Uses Alternative Energy Sources to Address Power Deficit
    Mr Adebayo Adelabu
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    FG Uses Alternative Energy Sources to Address Power Deficit

    The Minister of Power, Mr Adebayo Adelabu says the Federal Government is addressing power deficit by using alternative energy sources such as windfall, solar and mini-grids.

    Adelabu, represented by Mr Abdulrasheed Lawal, Director Procurement, Ministry of Power said this in Abuja on Wednesday at the presentation of  the proposed 30 Megawatts (MW) Windfall And Solar Hybrid Project at Lekki, Lagos.

    The project, after necessary appraisal would be executed by Crown Resources Development Company Limited (CREDCO) in collaboration with Vergnet a French Wind Turbine Company, based in France.

    He said,” We are aware that presently there is an energy deficit in the country, so we are doing everything possible to address the issue by investing in alternative sources.

    ”We have to think out of the box to achieve energy sufficiency; we have to look at using mini-grids, solar and wind to achieve this.

    ”We are already doing 10MW using Windfall in Katsina and we are trying to replicate same in Lagos in order to ensure reliable and steady power supply in the country,”he said.

    On his part, Mr Barney Ojiah, Chief Executive Officer of CREDCO, said that they were in the ministry of power to make a presentation on the project and to discuss how to further improve power supply for Nigerians.

    He emphasised that power was important in the lives of all Nigerians no matter how it comes.

    ”This is a collaborative effort between the ministry of power and CREDCO on how to achieve reliable and steady power supply,”he said.

    Also, Mr Frederic Cheve, Subsidiaries Manager, Africa, Vergnet while making his presentation said that the project was a renewable and innovative solution to Lagos energy need.

    According to him, the project aims to harness the abundant wind and solar resources to generate clean and reliable power while mitigating the risks associated with relying on a single source of energy.

    He said that the proposed capacity of the project was 20/30 megawatts wind and solar hybridised system.

    Cheve, who said the project would be developed in phases, added it would have a number of significant benefits for Lagos and the country.

    He listed the benefits to include improved energy security and grid stability.

    ”It will create green jobs and boost the local economy, reduce the reliance on fossil fuels and curtail greenhouse gas emissions.

    ”This project will contribute to achieving Nigeria’s national energy goals,” he said.

    Cheve further said the project aligned with President Bola Tinubu’s Presidential Power Initiative (PPI) which aimed to add 12,000 MW of electricity to the national grid and to provide 24-hour electricity for Nigerians.

    ”The project is in line with the renewable energy plan that is based on Nigeria’s commitment to carbon neutrality by 2060,” he said. #FG Uses Alternative Energy Sources to Address Power Deficit

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    Julius Alagbe
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    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

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