FG targets 6,500MW power generation as RAMCO debuts

The Renewable Asset Management Company (RAMCO) is set to boost power generation and improve the sustainability of Nigeria’s electricity assets, according to speakers at its launch in Abuja.

Chairman of the Rural Electrification Agency (REA), Ayodele Fayose, described RAMCO as a major step for the electricity sector, stressing that building assets is not enough unless they are properly maintained and kept operational. He said public infrastructure would last longer if Nigerians treated it as something to protect and own.

Minister of Power, Chief Joseph Tegbe, said renewable energy is central to Nigeria’s energy mix, not an afterthought. He said the government would expand mini-grids in areas with transmission deficits and use RAMCO to improve reliability, close access gaps, and strengthen long-term viability. He added that a technical audit is under way on infrastructure more than 42 years old, with outdated facilities to be replaced soon.

Tegbe said the Federal Government is targeting 6,500MW of power generation by the end of the year and 8,000MW by the end of 2026. He also said 21 dormant dams will be put to productive use, while the East-West supergrid project will be revisited to strengthen the national grid.

REA Managing Director, Abba Aliyu, said RAMCO will help existing renewable energy assets generate steady revenue, attract private capital, and reduce dependence on government funding and borrowing. He said the model would also allow capital tied up in mature projects to be refinanced and redirected into new power projects.

Other speakers said RAMCO would improve asset performance, support local manufacturing of renewable energy equipment, and make Nigeria more attractive to investors in power infrastructure.