Ukrainian Firm Moves To Invest In Nigeria’s Energy Sector

Nigeria’s energy sector is set to receive a boost as a Ukrainian company, EDS, has mapped out strategies to invest in the sector by generating more megawatts.

Zapyshynyi Olexandr, the Director of EDS, said this in a conference on Monday in Abuja, adding that the company will bring in expertise and funding to improve Nigeria’s power infrastructure in the diverse sectors especially in the states.

According to Olexandr, the project will combine solar, wind and hydro energies, which will start in the Federal Capital Territory (FCT) and Lagos before moving  to other states.

“We are looking at mini-grids because we realised that that is where the energy problem is in Nigeria”

“How successful the first project is will determine how much investment we will bring in,” Olexandr noted.

Also  speaking at  the press conference, Ben Gbade Ojo, President of the Ukraine-Nigeria Business Council, said “Today, we are pleased to present to Nigerians the EDS Ukraine Power and Engineering, a Ukrainian company that has all it takes to turn around the electric power fortunes of Nigeria and help transform Nigeria into a power-efficient nation.

“We welcome the EDS to Nigeria and urge all Nigerians to take advantage of their immense capabilities for sustainable power sector efficiency in Nigeria.”

He pointed out that it is imperative to avail the government and Nigerians of the enormous opportunities that can be exploited in order to maximise the potential in the Nigerian power sector in  partnership  with the people of the Republic of Ukraine.

According to him, the Nigerian Electricity Act of 2023, signed into law by former  President Muhammadu Buhari in March 2023, and the Amended Act, signed into law this year by President Bola Tinubu has made it possible for  private sector  participation across all levels of the electricity supply chain, according to the provision of law.

According to the amended law, Nigerians can now participate in the electricity supply business, which was previously the exclusive preserve of the federal government, as administered by the sector regulator, the Nigerian Electricity Regulatory Commission. (NERC).

The 2023 Electricity Act, allows anyone to construct, own, or operate a business for generating electricity exceeding one megawatt in aggregate at a site.

Ojo said further that  the Ukrainian-Nigerian Business Council had fully mobilised to assist the federal and state governments and all-electric power sector players and stakeholders to benefit from this new Electricity Power Act.