The Federal Government has launched the Renewable Asset Management Company, RAMCO to ensure the sustainable management of Nigeria’s power infrastructure and prevent critical assets from deteriorating after commissioning.
The launch, held in Abuja on Wednesday, brought together senior government officials and stakeholders, including the Minister of Education, Dr Tunji Alausa; Minister of State for Health and Social Welfare, Dr Iziaq Salako; Minister of Finance, Mr Taiwo Oyedele, represented; Special Adviser to the President on Power, Lanre Babalola; Director-General of the Budget Office, Mr Tanimu Yakubu; and Board Chairmen and CEOs of the Rural Electrification Agency (REA), Ministry of Finance Incorporated (MoFI) and Infracorp, among others.
Speaking at the RAMCO Stakeholders’ Launch and Media Engagement Session, Minister of Power, Joseph Tegbe, said the new company would protect existing infrastructure, optimise assets and ensure investments in energy infrastructure deliver sustained services.
Tegbe said RAMCO formed part of the Federal Government’s broader power sector reform agenda, covering grid stabilisation, sector liquidity and asset aggregation linked to industrial and economic corridors.
“Our ambition is bigger than ending darkness,” Tegbe said. “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 Ahmed Tinubu for supporting financially sustainable and institutionally durable models such as RAMCO, while acknowledging the collaboration of MoFI, Infracorp, the REA under Dr Abba Aliyu, the Ministry of Finance and the Ministry of Health and Social Welfare through the Power for Health Initiative.
Earlier, the Managing Director/CEO of REA, Dr Abba Aliyu, said RAMCO had been under consideration for years but remained an idea until Tegbe assumed office and directed its implementation.
Aliyu said the launch demonstrated the Minister’s clear direction, pointing to REA’s experience as evidence of the need for a dedicated asset management structure.
He noted that since 2017, the agency had deployed 82 megawatts of solar hybrid generation across 22 federal universities and three teaching hospitals under its Energising Education Programme.
According to him, the investments now need to be recouped through electricity tariffs to ensure the long-term sustainability of the assets.
REA Board Chairman, Ayo Fayose, called for a change in Nigerians’ attitude towards the management and preservation of public assets.
The Federal Ministry of Power reaffirmed its commitment to delivering stable, reliable and sustainable electricity to Nigerians in line with President Tinubu’s Renewed Hope Agenda.
The ministry also pledged to continue working with relevant stakeholders, government agencies and development partners to ensure the successful implementation of RAMCO and broader reforms in the power sector.