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Lagos lands power plant to encourage industrialisation

The groundbreaking ceremony was celebrated on Victoria Island. (Image source: Elektron Energy)

Elektron Energy Development Strategies, an energy infrastructure company that acquires, develops and owns projects in West Africa, has announced that it will deliver a 30MW embedded natural gas-fired power plant in Lagos

The energy deficit plaguing Nigeria – where demand far exceeds supply – means there are frequent power outages, inadequate access to electricity and reliance on other sources. This is a serious problem for the country, hindering economic growth and industrial development. 

In light of these issues, Elektron has partnered with Eko Electricity Distribution to deliver a 30MW power plant in Lagos, worth approximately US$50mn. 

The groundbreaking ceremony was celebrated on Victoria Island in the presence of senior stakeholders including Tola Talabi, CEO of Elektron Energy; Jide Onakoy, COO of Elektron Energy; Tariye Gbadegesin, managing director and CEO of ARM-Harith Infrastructure Investment Limited; the board and management of Eko Disco; and representatives from FBN Quest, Infra Credit, Bank of Industry and Wärtsilä.

Lagos State Governor, Babajide Sanwo-Olu, through his representative, Olusola Shasore, Permanent Secretary of the Ministry of Energy and Mineral Resources, commented, “We understand that reliable steady power builds commerce, commerce builds capital and capital brings industrialisation and industrialisation brings employment to our youths, which is our area of interest. We are available to whoever is interested in bringing power to the state because we have to do everything we really need to do for Lagos to have power as the economic hub of the country.

“We are in very interesting times with the New Electricity Act and it can be very good times for us if we are very collaborative. We believe that it is the private sector that would drive this achievement for us.”

In the absence of grid stability, generator sets are picking up the slack across Africa and helping to support businesses. Read African Review's latest generator report here: https://www.africanreview.com/energy-a-power/power-generation/gensets-generating-growth

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