Ukrainian Company Expresses Interest In Investing In Nigeria’s Energy Sector

A Ukrainian company, EDS, has started the move to invest in the Nigerian energy sector.

Zapyshynyi Olexandr, the company’s Director, stated at a press briefing in Abuja on Monday that the company was already planning strategies for how to proceed with the project.

Olexandr stated that the project will combine solar, wind, and hydro energies and will begin in the FCT and Lagos before expanding to other states.

He stated, “We are looking at mini-grids because we realised that this is where Nigeria’s energy problem is.”

He revealed that the success of the first project will determine how much investment we will bring in.

He stated that Nigeria should expect more investments from Ukraine, as the country is expanding its investments in Africa.

Olexandr stated that the President of Ukraine has authorised Ukrainian companies to invest in Africa.

Ben Gbade Ojo, President of the Ukraine-Nigeria Business Council, also spoke at the press conference, saying, “Today, we are pleased to present to Nigerians the EDS Ukraine Power and Engineering, a Ukrainian company that has everything it takes to turn around Nigeria’s electric power fortunes and help transform Nigeria into a power-efficient nation.

“We welcome the EDS to Nigeria and encourage all Nigerians to take advantage of their vast capabilities for long-term power sector efficiency in Nigeria.”

He stated that the primary goal of this press conference was to inform the government and Nigerians of the numerous opportunities available for the long-term development and optimal performance of Nigeria’s troubled electric power sector through collaboration with the people of the Republic of Ukraine.

The Electricity Act of 2023, signed into law by President Muhammadu Buhari in March 2023, and the Amended Act, signed into law this year by President Bola Tinubu, allow for private participation at all levels of the electricity supply chain, provided that such private entities obtain the necessary license(s).

According to the amendment, Nigerians can now participate in the electricity supply business, which was previously reserved for the federal government and is overseen by the sector regulator, the Nigerian Electricity Regulatory Commission (NERC).

With the constitution amended and the National Assembly passing a law for the electricity sector by the amendment and becoming an Act, the states will now proceed to establish their power sector laws and regulations.

By the 2023 Electricity Act, anyone can build, own, or operate a business that generates more than one megawatt of electricity at a single location.

Ojo also stated that the Ukrainian-Nigerian Business Council had fully mobilised to assist the federal and state governments, as well as all electric power sector players and stakeholders, in fully realising the benefits of this revolutionary Electricity Act