The Federal Government has launched a Renewable Asset Management Company (RAMCO), a new vehicle to sustainably strengthen Nigeria’s power infrastructure and forestall depreciation of the assets after commissioning.
Speaking at the RAMCO Stakeholders’ Launch and Media Engagement Session in Abuja, the Minister of Power, Joseph Tegbe, said RAMCO would protect and optimise the operations of existing assets, and ensure that investments in energy infrastructure provide the desired service.
He described the company as a component of the wider power sector reform agenda of the Federal Government aimed at ensuring grid stabilisation, sector liquidity, and asset aggregation linked to industrial and economic corridors.
The minister said: “Our ambition is to use electricity to build prosperity: to make Nigeria competitive for manufacturing; to power the next generation of digital infrastructure; to provide reliable electricity to our hospitals; to modernise agriculture; to expand opportunity in rural communities; and to build an electricity industry capable of attracting domestic and international capital on its own commercial merits.”
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He commended President Bola Tinubu for promoting financially sensible and institutionally durable models such as RAMCO, recognisiing the collaboration of MoFI, Infracorp, the REA, the Ministry of Finance, and the Ministry of Health and Social Welfare through the Power for Health Initiative.
Earlier in his remarks, the Managing Director/CEO of REA, Dr. Abba Aliyu, said RAMCO had been under consideration for years but remained a mere idea until the present administration moved for its execution,
He recalled that REA’s efforts on the RAMCO since 2017, disclosing that the agency has deployed 82 megawatts of solar hybrid generation across 22 federal universities and three teaching hospitals under its Energising Education Programme, an investment that now needs to be increased through electricity tariffs to keep the assets sustainable.
Commenting on the sundry initiatives of the REA to boost electricity supply in the rural areas, the agency’s Board Chairman, Ayo Fayose, urged Nigerians on the need to encourage the management of public assets in order to enjoy their benefits.
