REA Launches RAMCO to Boost Nigeria's Renewable Energy

The Rural Electrification Agency (REA), led by Managing Director/CEO Abba Aliyu, launched the Renewable Asset Management Company (RAMCO) in Abuja, positioning it as a key player in Nigeria's renewable energy future. Aliyu stated that RAMCO aims to unlock private capital and revenue streams, reducing the country's dependence on government budgets and development finance for expanding electricity access.

The initiative will allow existing renewable energy assets to generate predictable revenues, which can be leveraged for further infrastructure development. Minister of Power, Chief Joseph Tegbe, emphasized the importance of renewable energy in Nigeria's energy mix and announced plans for mini-grids in areas with transmission deficits.

The federal government targets a power generation capacity of 6,500 MW by year-end and 8,000 MW by 2026, with plans to utilize 21 dormant dams. REA Chairman Ayodele Fayose praised RAMCO as a significant advancement for Nigeria's electricity sector.