The federal government and the Quaint Energy on Tuesday signed a concession agreement for the development of the 6MW Ikere Gorge Hydropower Project in Oyo State.

The concession is for 30 years.

Speaking at the ceremony, the Minister of Power, Chief Adebayo Adelabu, said the negotiation of the project took over 10 years.

He described the event as a milestone toward achieving a sustainable, reliable, and affordable power supply across the country.

His words, “It gives me great pleasure to be here today to witness the signing of the concession agreement between the Federal Ministry of Power and Quaint Energy for the development of the 6MW Ikere Gorge Hydropower Project in Oyo State and the 2MW Omi-Kampe Hydropower Project in Kogi State.

“This event marks another important milestone in our collective journey toward achieving a sustainable, reliable, and affordable power supply across Nigeria.”

The ceremony was also for the signing of another concession agreement with for Omikampe project, which was postponed to allow the parties fine tune the contract documents.

Adelabu said the Ikere Gorge Dam project and Omi-Kampe Dam Projects are more than hydropower concessions; it is a strategic intervention that underscores the Federal Government’s resolve to advance energy access, stimulate state electricity markets, and enhance local industrial productivity through clean and renewable energy sources.

According to him, once fully developed, the hydropower plants have huge potential to scale further reliable electricity to surrounding communities, support agricultural processing zones, small industries, and social infrastructure, and catalyse rural economic transformation within Oyo and Kogi States, respectively.

He also said the signing reaffirms the Ministry’s strong belief in private sector-led growth as the foundation for achieving sustainability in the Nigerian Electricity Supply Industry.

The minister said the government’s role is increasingly that of an enabler by creating the right regulatory environment, ensuring policy consistency, and de-risking investments through credible partnerships and transparent processes.

According to him, through public–private partnerships like this concession, the government is unlocking capital, technology, and innovation from the private sector to deliver projects that directly impact citizens and strengthen energy security.

Responding, the Quaint Energy chairman, Mr. Femi Adeyanju, vowed not to disappoint in the delivery of the project in line with the timeline.

He said the concession will be beneficial to the state and the area of the location.

The chairman also vowed to prove that Quaint Energy is competent enough to handle the project. (The Nation)