Ikere Gorge Dam Concession to Generate 10,000 Jobs

The Nigerian government has said that the concession of the Ikere Gorge hydropower plant in the Iseyin Local Government Area of Oyo State will increase electricity supply to the state and neighbouring areas by six megawatts while creating more than 10,000 direct and indirect jobs.

The Minister of Power, Bayo Adelabu, disclosed this on Friday during the formal handover of the 6 MW hydropower project to Quaint Power and Infrastructure Nigeria Limited in the Ikere community.

According to the minister, the project is a strategic intervention under President Bola Tinubu’s Renewed Hope Agenda to deepen power sector reforms, attract private investment, and boost Nigeria’s renewable energy potential. 

He noted that the concession would also drive economic growth in the host community.

Adelabu further stated that the public-private partnership reflects the gains of ongoing economic reforms, citing milestones such as the activation of 15 state electricity markets following the Electricity Act 2023, the development of a National Integrated Electricity Policy after 24 years, and the attraction of over $2 billion in new investments.

He noted that steps toward full commercialisation boosted sector revenue by 70 per cent in 2024 and reduced government liabilities by about N70 billion. 

The Minister of Water Resources, Prof. Joseph Utsev, also stated that the Ikere project reflects collaboration between the power and water resources ministries to optimise dams nationwide for energy generation, agriculture and job creation.

Meanwhile, the Managing Director of the Ogun-Osun River Basin Development Authority, Adedeji Ashiru, said the concession marks a new chapter for a facility that had been abandoned for decades. In contrast, Quaint Power’s Managing Director, Mobolaji Durodola, said the project would spur local development, create jobs and contribute to national economic growth.

The Aseyin of Iseyinland, Oba Sefiu Oyebola, further welcomed the development, describing it as a source of renewed hope for the Oke-Ogun axis and the wider South-West.

The concession was executed under the supervision of the Infrastructure Concession Regulatory Commission (ICRC).