By Mary Izuaka

 

The federal government on Wednesday launched the Renewable Asset Management Company (RAMCO), a new vehicle to manage Nigeria’s power infrastructure sustainably and stop asset decline after commissioning.

The launch, held in Abuja, was attended by the Minister of Education, Tunji Alausa; the Minister of State for Health and Social Welfare, Iziaq Salako; the Minister of Finance, Taiwo Oyedele; Special Adviser to the President on Power, Lanre Babalola; the Director-General of the Budget Office, Tanimu Yakubu; and the Board Chairmen and CEOs of Rural Electrification Agency (REA), Ministry of Finance Incorporated (MOFI) and Infrastructure Corporation of Nigeria (InfraCorp), amongst others.

Speaking at the RAMCO Stakeholders’ Launch and Media Engagement Session, the Minister of Power, Joseph Tegbe, said RAMCO will protect what has been built, optimise existing assets, and ensure every naira invested in energy infrastructure produces sustained service.

He positioned RAMCO within a wider reform agenda and sector ambition spanning grid stabilisation, sector liquidity, and asset aggregation linked to industrial and economic corridors.

“Our ambition is bigger than ending darkness. Our ambition is to use electricity to build prosperity: to make Nigeria competitive for manufacturing; to power the next generation of digital infrastructure; to provide reliable electricity to our hospitals; to modernise agriculture; to expand opportunity in rural communities; and to build an electricity industry capable of attracting domestic and international capital on its own commercial merits,” Mr Tegbe said.

He commended President Bola Tinubu for enabling financially sensible and institutionally durable models such as RAMCO. He acknowledged the collaboration of MoFI, Infracorp, the REA, the Ministry of Finance, and the Ministry of Health and Social Welfare through the Power for Health Initiative.

Mr Tegbe added that a technical audit is currently underway on infrastructure over 42 years old, noting that these outdated facilities will be replaced with modern assets in a matter of weeks.

Speaking further, he stated that the government would revisit the East-West supergrid project to build resilience into the national grid.

He revealed that 21 dormant dams would be put to productive use, adding that those identified along the Sokoto-Badagry expressway corridor will be made commercially viable.

“Public investment must be matched by discipline to protect the assets,” the minister said.

Also, the Managing Director/Chief Executive Officer of REA, Abba Aliyu, said RAMCO had been under consideration for years but remained a mere idea until Mr Tegbe came on board and gave the marching order for its execution.

He said RAMCO would not burden the national treasury but would instead unlock fresh private capital and revenue streams to ensure the long-term sustainability of off-grid infrastructure.

“RAMCO will reduce Nigeria’s dependence on government budgets, sovereign borrowing and development finance to expand electricity access,” he said.

According to him, RAMCO would enable capital deployed into mature renewable energy assets to be refinanced or recycled under robust commercial and regulatory frameworks, freeing up liquidity for new projects.

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In his remarks, the REA Board Chairman, Ayo Fayose, called for a change of attitude among Nigerians toward the management of public assets.

Mr Fayose described RAMCO as the best thing to happen to Nigeria’s electricity sector. According to him, it is not enough to simply build new projects, noting that their maintenance and operational continuity are equally critical.

He emphasised the need for a shift in public attitude, adding that infrastructure will last significantly longer when Nigerians adopt an ownership mindset and protect public utilities.

The Federal Ministry of Power reaffirms its unwavering commitment to the delivery of stable, reliable and sustainable electricity to all Nigerians, in line with the President’s Renewed Hope Agenda.

The ministry said it will continue to work in close collaboration with all relevant stakeholders, agencies and development partners to ensure the successful implementation of RAMCO and the broader reforms of the Nigerian power sector.