Abba Aliyu, Managing Director of the Rural Electrification Agency (REA), has announced the federal government's approval of the establishment of the Renewable Asset Management Company.
Speaking at an event in Abuja on Monday, Aliyu stated that the company aims to raise nearly N1 trillion as intervention funding for the renewable energy sector, ensuring continued investment even in the absence of loans and grants.
"This company will warehouse all mega assets and infrastructure, including $500 million worth of assets deployed at universities," he said. "Leveraging these assets, we aim to raise close to N1 trillion to sustain interventions in electricity access and infrastructure development."
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Aliyu also revealed that by next year, the first 600-megawatt transmission line will be operational, supplying power not only to Nigeria but across the African continent.
Additionally, Nigeria is set to establish Africa's first solar modular assembly plant with a recycling line. The facility will manufacture solar panels while also recycling aged or dysfunctional panels into raw materials for reuse.
"This initiative is not just about energy infrastructure but ensuring the entire supply chain is embedded within Nigeria," Aliyu added.
The move underscores Nigeria's commitment to long-term renewable energy solutions, positioning the country as a leader in sustainable power development in Africa.
