By Peter Omopo
The Federal Government has announced that the concession of the Ikere Gorge Hydropower Plant in Iseyin Local Government Area of Oyo State is expected to generate over 10,000 direct and indirect jobs while boosting electricity supply by six megawatts to Oyo State and neighbouring areas.
The Minister of Power, Bayo Adelabu, disclosed this on Friday during the formal handover of the 6MW hydropower facility to Quaint Power and Infrastructure Nigeria Limited at Ikere community.
Adelabu said the concession aligns with the Renewed Hope Agenda of President Bola Tinubu, aimed at revitalising the energy sector, expanding electricity access and creating employment opportunities for Nigerians.
According to him, the Ikere Gorge Dam project represents a strategic intervention to deepen power sector reforms, attract private investment and unlock Nigeria’s renewable energy potential.
“The Ikere Gorge Dam project is more than a hydropower concession. It underscores the Federal Government’s commitment to advancing energy access, stimulating electricity market development and creating over 10,000 direct and indirect jobs, while boosting power supply by six megawatts in Oyo State and neighbouring states,” Adelabu said.
He noted that the project, executed as a public-private partnership under the regulatory oversight of the Infrastructure Concession Regulatory Commission (ICRC), would stimulate economic growth in the host community and beyond.
The minister also highlighted key achievements of the current administration in the power sector, including the decentralisation and liberalisation of electricity markets following the signing of the Electricity Act 2023, which has led to the activation of 15 state electricity markets.
Adelabu further revealed that the Federal Government has attracted over $2 billion in fresh investments into the sector, developed a National Integrated Electricity Policy for the first time in 24 years, and recorded a 70 per cent increase in sector revenue in 2024, alongside a reduction in government liabilities by N70 billion.
He added that N700 billion had been mobilised through the Federation Account Allocation Committee to implement the Presidential Metering Initiative, aimed at closing the country’s metering gap.
In his remarks, the Minister of Water Resources and Sanitation, Prof. Joseph Terlumun Utsev, said the concession demonstrated the administration’s commitment to optimising dams across the country for power generation, agriculture and job creation. He noted that the success of the Ikere project was a product of collaboration between the power and water resources ministries.
Earlier, the Director-General of the ICRC, Dr Jobson Oseodion Ewalefoh, described the handover as a milestone in Nigeria’s infrastructure development, stressing that it reflected efforts to convert long-abandoned public assets into productive drivers of economic growth through public-private partnerships.
The Managing Director of the Ogun-Osun River Basin Development Authority, Adedeji Ashiru, said the concession marked the beginning of a new era for the Ikere hydropower plant, which had remained dormant for decades.
Similarly, the Managing Director of Quaint Power and Infrastructure Nigeria Limited, Mobolaji Durodola, said the project would stimulate development in the host community, create jobs and contribute significantly to national economic growth.
The Aseyin of Iseyinland, Oba Sefiu Oyebola, described the development as a beacon of hope for the Oke-Ogun area and the wider South-West region.
Meanwhile, Adelabu disclosed that the Federal Government would soon take delivery of an additional two million prepaid electricity meters nationwide, bringing the total to three million units under the Presidential Metering Initiative. He warned residents against paying for the meters, urging them to report any official demanding payment, as the initiative is aimed at strengthening electricity supply and improving service delivery.
