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Nigeria has signed a Memorandum of Understanding (MoU) worth US$30bn with South Korean firm HQMC for the generation of up to 1,000MW of solar power annually for the next 10 years
Nigerian minister of power Chinedu Nebo has assured the West African country that there would be a "quantum leap" in power generation from solar energy by 10,000MW within the next 10 years, following the signing of the project with the Korean firm.
According to Nebo, “The addition of 1,000MW of solar power yearly for the next 10 years will give the nation the required energy mix needed for sustainable development. This scenario will also enable spread of power across the country. Nigerians even in the rural areas will benefit immensely from the proposed project.”
The minister noted that Korea has been a top-ranking, technologically-advanced economy and added that “projects of this magnitude will provide Nigerians with job opportunities and skill acquisition that will have a positive impact on the youth”.
“Nigeria as an emerging economy is set to provide the best market for direct foreign investment especially in the power sector,” he stated
Nebo further expressed optimism that the ministry would continue to create avenues for foreign investment and participation, with a view of ensuring the desired turn around in the power sector.
HQMC Korea managing director Moon Sang Kim has assured that the company was determined to make the project delivery on time.