The Federal Government of Nigeria has entered into a Memorandum of Understanding (MoU) with Oando Clean Energy Limited (OCEL) to accelerate the deployment of sustainable renewable energy access across the country. The collaboration aims to mitigate the adverse effects of subsidy removal on Premium Motor Spirit (petrol) and promote the development of clean energy solutions.
The MoU, signed by the Rural Electrification Agency (REA) on behalf of the government, underscores the commitment to bolstering the nation’s off-grid renewable energy sector. The REA will continue to facilitate private sector investments, foster inter-sectoral collaboration, and support the implementation and delivery of off-grid solutions nationwide.
Highlighting the significance of the collaboration, Ahmad Salihijo, the Managing Director of REA, emphasized that optimizing the critical role of renewable energy was one of the most effective ways to address the impact of subsidy removal in Nigeria. He stated, “By exploring new approaches to clean energy development, we aim to create socio-economic impact in a post-subsidy Nigeria.”
Oando Clean Energy Limited, a subsidiary of the Oando brand that was established in 2021, expressed enthusiasm for the partnership with REA. Alex Irune, the President/CEO of OCEL, affirmed the company’s commitment to renewable energy and its eagerness to contribute to the country’s energy needs. He praised the REA for derisking investment opportunities and expressed confidence in the collaboration’s potential.
The collaboration between the Federal Government and Oando Clean Energy Limited signifies a significant step toward accelerating the adoption of renewable energy in Nigeria. By leveraging private sector expertise and driving innovation in the clean energy space, the partnership aims to provide sustainable and accessible energy solutions that will positively impact the nation’s economy and environment.
As Nigeria moves towards a greener and more sustainable energy future, the government remains committed to fostering a conducive environment for renewable energy development, attracting investments, and promoting clean energy access for all Nigerians.