Nigeria’s Power Needs To Be Boosted By 10,000 MW From Solar Energy – Power Minister

solar panel

A Korean firm set to inject funds into the planned streaming of additional 10,000 Mega watts, MW of solar power yearly to boost energy needs in the country over the next 10 years, Minister of Power, Prof Chinedu Nebo has announced.

Nebo said this in Abuja at the signing ceremony of a Memorandum of Understanding (MoU) with the HQMC, Korea Company Limited, a Korean firm that is ready to inject $30 billion into the project for the next 10 years, describing the ‘laudable effort’ as truly visionary, which is in line with the President Goodluck Jonathan led Transformation Agenda.

According to him, the addition of 10,000MW of solar power yearly for the next ten years will give the nation the required energy mix needed for sustainable development, adding that this scenario will also enable spread of power across the country. He added that Nigerians even in the rural areas would benefit immensely from the proposed project.

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The Minister who noted Korea is a top ranking technologically advanced economy, said undertaking projects of this magnitude will provide Nigerians with job opportunities and skill acquisition that will positively impact on our youths.

“So, Nigeria as an emerging economy is set to provide the best market for direct foreign investment, especially in the power sector,” he said.

Nebo therefore expressed optimism that his Ministry will continue to create more avenues for foreign investment and participation, so as to ensure the desired turn- around in the fortunes of the power sector.

Also, speaking at the event, the Managing Director of HQMC Korea, Mr. Moon Sang Kim reiterated the company’s determination to make the project a success.

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