The signing ceremony, held on Wednesday in Abuja, was presided over by the Minister of Power, Chief Adebayo Adelabu, who described the event as the culmination of over a decade of negotiations between the government and the private developer.
Adelabu explained that the Ikere Gorge Hydropower Project, alongside the 2MW Omi-Kampe Project in Kogi State, is part of the Federal Government’s broader strategy to expand renewable energy generation, promote state-level electricity markets, and drive rural industrialisation.
“This agreement represents more than just a power project — it is a milestone in our journey toward achieving a sustainable, reliable, and affordable electricity supply for all Nigerians,” the minister said.
He emphasized that the Federal Government is working to strengthen the regulatory environment, ensure policy stability, and attract private sector investment through transparency and credible partnerships.
The Ikere Gorge Dam, situated on the Ogun River in Iseyin Local Government Area, was conceived in the late 1970s as a multipurpose project for power generation, irrigation, and water supply. Despite partial construction in the 1980s, the hydropower component stalled for decades due to funding and policy challenges.
Adelabu noted that the revival of the project would not only enhance electricity access but also boost agricultural processing, support small industries, and improve living conditions for surrounding communities.
He also disclosed that the government is implementing reforms aimed at bridging Nigeria’s metering deficit through the Presidential Metering Initiative, which has already mobilized ₦700 billion from the Federation Accounts Allocation Committee (FAAC). The initiative complements the World Bank’s $500 million Distribution Sector Recovery Programme, expected to provide 3.45 million new meters nationwide.
Adelabu further revealed that power sector revenues rose by 70% in 2024, while government liabilities dropped by ₦700 billion, crediting the reforms for increased investor confidence.
“The National Integrated Electricity Policy has already attracted over $2 billion in new investments,” he added, highlighting recent achievements such as the first-ever synchronisation of Nigeria’s grid with the West African Power Pool — linking 14 countries for over four hours.
In his response, Quaint Energy Chairman, Mr. Femi Adeyanju, assured that the company would deliver the Ikere Gorge Hydropower Project on schedule and to international standards.
“We will not disappoint. This project will transform communities and demonstrate Quaint Energy’s capacity to deliver sustainable power solutions,” Adeyanju said.
