RAMCO Launches to Boost Nigeria's Renewable Energy Sector

Abba Aliyu, the Managing Director/CEO of the Rural Electrification Agency (REA), launched the Renewable Asset Management Company (RAMCO) in Abuja, stating it would unlock fresh private capital and revenue streams for sustainable off-grid infrastructure without burdening the national treasury. RAMCO aims to reduce Nigeria's dependence on government budgets and development finance for electricity access expansion.

Aliyu emphasized that the new model would allow existing renewable energy assets to generate predictable revenues, which could attract private capital for further infrastructure development. He noted that RAMCO would facilitate the refinancing of capital in mature renewable energy assets under robust frameworks, enhancing liquidity for new projects.

The initiative also aims to bolster local renewable energy manufacturing capacity through a joint development arrangement with MOFI and InfraCorp, involving German manufacturers for solar-related products. REA Chairman Fayose praised RAMCO as a significant advancement for Nigeria's electricity sector, stressing the importance of maintaining and operating new projects.

Minister of Power, Chief Joseph Tegbe, highlighted RAMCO's role in ensuring sustainability and reliability in Nigeria's energy mix.