In order to accelerate the deployment of sustainable renewable energy access throughout the nation, the Federal Government and Oando Clean Energy Limited have signed a Memorandum of Understanding.
The government, represented by the Rural Electrification Agency, declared on Monday that the MoU with OCEL was also one of the steps taken to further lessen the negative effects of the elimination of subsidies for Premium Motor Spirit, or gasoline.
In a statement released in Abuja, the REA stated that the organization will continue to play a significant role in the country’s off-grid renewable energy industry by encouraging private sector investment, promoting cross-sectoral cooperation, and supporting the development and delivery of off-grid solutions nationally.
The REA-Oando cooperation was intended to explore innovative ways to clean energy production for socioeconomic effect in post-subsidy Nigeria, it was said. The Oando brand activated its clean energy subsidiary, Oando Clean Energy Limited, in 2021.
Ahmad Salihijo, the Managing Director of REA, emphasized that taking advantage of chances to maximize the crucial role of renewable energy was one of the greatest methods to minimize the consequences of subsidy reduction in Nigeria.
According to Alex Irune, president and chief executive officer of OCEL, “Oando is keen on renewable energy and is excited for this opportunity to create value that the country needs.”
He emphasized that REA has effectively taken the bull by the horns and derisked investment prospects while expressing his trust in the partnership.