May 02, 2025 (This Day/All Africa Global Media via COMTEX) --
Rural Electrification Agency (REA), has reiterated its commitment to partner LPV Technologies, a solar panel company to address the issue of capital flight on renewable energy in the country.
The Managing Director of REA, Abba Aliyu gave the commitment during a recent facility tour of LPV's state-of-the-art solar panel production plant in Lagos, where he lauded LPV Technologies, Nigeria's first vertically integrated solar manufacturing and renewable energy services firm, for its groundbreaking contributions to the country's energy transition and job creation objectives.
Aliyu described LPV Technologies as one of the most efficient factories in Nigeria, emphasising its strategic importance to the national energy transition plan.
He reiterated that Nigeria needs approximately $410 billion to achieve a complete energy transition and at least $40 billion to bridge its electricity access gap.
"As a country with the greatest potential for distributed renewable energy, Nigeria, only created 70,000 jobs in the sector last year compared to China's seven million out of a global 14 million," Aliyu said, adding that Nigeria must turn its electricity access challenge into job creation opportunity.
Speaking at the event, the Chairman of LPV Technologies, Mr. Nzan Ogbe, emphasised the strategic importance of decentralised energy infrastructure to reduce the cost of power across Nigeria. He reaffirmed LPV's commitment to supporting government efforts by building clean energy systems that are easy to deploy, resilient to traditional grid limitations, and adaptable to local contexts.
"The biggest challenge in Africa today is not just corruption but energy insecurity and the immunities around power. That's what we have settled to address. What we're doing here is more than production; it's about creating affordable and scalable opportunities for energy access," Ogbe said.
COMTEX_465145977/2029/2025-05-02T11:03:39
by Agnes Ekebuike
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