The Energy Commission of Nigeria (ECN) has taken a major step in its renewable energy drive with high-level talks on a $5 billion Algae Bio Oil Power Plant expected to deliver at least 2,000 megawatts of clean electricity.
The strategic meeting, held under the leadership of ECN Director-General/CEO Dr. Mustapha Abdullahi, was attended on his behalf by five senior directors. They hosted a delegation from the Korean Government under the banner of MYKO Global.
The project is designed to supply power to existing generation companies (Gencos) and potentially feed directly into the national grid, building on the policy reforms of President Bola Ahmed Tinubu.
The Korean delegation, led by Mr. Peter Kwon and Dr. Harry Hwang, met with Nigerian officials including Prince Ade Omole and Dr. Ruqayya Ahmed from the Renewed Hope team, Dr. Nurudeen Zauro, Special Adviser to the President on Economic and Financial Inclusion, and Madam Aisha Oluwakemi from the Presidential Committee on Strategic Engagement.
The Koreans presented their algae-based bio oil technology, showcasing its potential to transform Nigeria’s energy mix.
At the close of talks, ECN agreed to sign a Memorandum of Understanding (MoU) with the Korean investors and to convene a broader, multi-stakeholder meeting to fast-track the project. Ministries to be engaged include Power, Innovation, Science and Technology, Marine and Blue Economy, Environment, and Housing & Urban Development.
