IKERE HYDROPOWER CONCESSION TO CREATE 10,000 JOBS, ADD 6MW TO OYO, NEIGHBOURING STATES – FG
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By Aishat Momoh. O.
The Federal Government has announced that the concession of the Ikere hydropower plant in Iseyin Local Government Area of Oyo State will generate over 10,000 direct and indirect jobs and boost electricity supply by six megawatts to the state and neighbouring areas.
The Minister of Power, Bayo Adelabu, disclosed this on Friday during the formal handover of the 6MW Ikere hydropower project to Quaint Power and Infrastructure Nigeria Limited in the Ikere community.
Adelabu said the concession aligns with the policies of the President Bola Tinubu-led administration to revitalise the energy sector, expand power access and create employment opportunities nationwide.
The Ikere Gorge Dam, located on the Ogun River near Iseyin, was initiated in the 1980s for hydropower generation, water supply and irrigation but has suffered decades of neglect and underutilisation. The concession was executed under the regulatory guidance of the Infrastructure Concession Regulatory Commission (ICRC).
Describing the project as a strategic intervention under the Renewed Hope Agenda, Adelabu said it would stimulate electricity market development, 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, deepening power sector reforms and stimulating economic growth. The project will generate over 10,000 direct and indirect jobs while boosting power supply by six megawatts in Oyo State and neighbouring states,” he said.
The minister noted that the public-private partnership adds to the achievements of the administration’s economic reforms, including the decentralisation and liberalisation of the power sector, which has led to the activation of 15 state electricity markets following the enactment of the Electricity Act 2023.
He also cited the development of a National Integrated Electricity Policy after 24 years, the attraction of over $2bn in new investments, and a 70 per cent increase in sector revenue in 2024 following the transition to full commercialisation, which reduced government liability by N70bn.
Adelabu further disclosed that N700bn had been mobilised through the Federation Account Allocation Committee to implement the Presidential Metering Initiative aimed at closing the metering gap in the sector.
Speaking at the event, the Minister of Water Resources, Prof. Joseph Terlumun Utsev, said the administration remains committed to optimising dams across the country for power generation, agriculture and job creation. He added that the success of the Ikere project reflected effective collaboration between the power and water resources ministries.
The Director-General of the ICRC, Dr Jobson Oseodion Ewalefoh, described the handover as a defining moment in Nigeria’s infrastructure development, noting that it demonstrated the Federal Government’s resolve to convert long-abandoned public assets into productive drivers of growth through public-private partnerships.
Also speaking, the Managing Director of the Ogun-Osun River Basin Development Authority, Adedeji Ashiru, said the concession marked a new era in sustainable energy generation for the Ikere hydropower plant, which had been abandoned for decades.
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 people of 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 to further bridge the nationwide metering gap. He made the announcement during the commissioning of a 33-kilovolt distribution line at Okeho-Iganna Grammar School in Kajola Local Government Area of the state.
According to the minister, the new meters will add to the one million earlier procured, bringing the total to three million units valued at N700bn. He warned residents against paying for the meters, urging them to report any official demanding payment, stressing that the initiative is part of ongoing efforts to strengthen electricity supply across Oyo State and beyond.
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