FG Launches RAMCO to Protect, Optimise Power Infrastructure

By Adedapo Adesanya

The federal government has launched the Renewable Asset Management Company (RAMCO), a new vehicle designed to ensure the sustainable management of Nigeria’s power infrastructure and prevent the deterioration of assets after commissioning.

The initiative was unveiled on Wednesday in Abuja at the RAMCO Stakeholders’ Launch and Media Engagement Session.

Speaking at the event, the Minister of Power, Mr Joseph Tegbe, said RAMCO would protect existing power assets, optimise their performance and ensure that investments in energy infrastructure deliver sustained services.

Mr Tegbe said the initiative formed part of the federal government’s broader power sector reforms, which include efforts to stabilise the national grid, improve sector liquidity and aggregate power assets around industrial and economic corridors.

“Our ambition is bigger than ending darkness,” Mr Tegbe said adding that “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.”

The minister commended President Bola Tinubu for supporting financially viable and institutionally sustainable models such as RAMCO.

He also acknowledged the contributions of MoFI, Infracorp, the REA under its Managing Director and Chief Executive Officer, Mr Abba Aliyu, as well as the Ministries of Finance and Health and Social Welfare through the Power for Health Initiative.

On his part, Mr Aliyu said RAMCO had been under consideration for several years but remained an idea until Mr Tegbe assumed office and directed that work begin on its implementation.

He said the launch demonstrated the minister’s clear direction and commitment to addressing the sustainability of power infrastructure.

Mr Aliyu cited the REA’s Energising Education Programme as an example of the need for effective asset management, noting that the agency had deployed 82 megawatts of solar-hybrid power generation across 22 federal universities and three teaching hospitals since 2017.

According to him, the investments now need to be recouped through electricity tariffs to ensure the long-term sustainability of the assets.

Adding his input, the Chairman of the REA Board, Mr Ayo Fayose, called for a change in Nigerians’ attitude towards the management and preservation of public assets.

The Federal Ministry of Power said it remained committed to delivering stable, reliable and sustainable electricity to Nigerians in line with the Renewed Hope Agenda of the Tinubu administration.

It added that it would continue to work with relevant government agencies, stakeholders and development partners to ensure the successful implementation of RAMCO and other ongoing reforms in the power sector.