NEWS RELEASE: ENERGIZING ECONOMIES INITIATIVE WILL SCALE BUSINESS GROWTH WITH COMMISSIONING OF SURA SHOPPING COMPLEX INDEPENDENT POWER PROJECT

ENERGIZING ECONOMIES INITIATIVE WILL SCALE BUSINESS GROWTH WITH COMMISSIONING OF SURA SHOPPING COMPLEX INDEPENDENT POWER PROJECT

Monday, 29th October, 2018

Abuja, Nigeria – The Federal Government of Nigeria through the Rural Electrification Agency has commenced the implementation of a Federal Government programme, “Energizing Economies Initiative” (EEI), which aims to provide efficient, clean and sustainable power to four economic clusters across Nigeria.  This initiative will have a transformative impact with the provision of reliable power supply to small and medium size enterprises by increasing their economic growth.

On Friday, 26th October, 2018, His Excellency, the Vice President of Federal Republic of Nigeria, Professor Yemi Osinbajo, SAN, GCON commissioned the Sura Shopping Complex Independent Power Project (IPP) in company of Hon. Minister of Power, Works and Housing, Babatunde Raji Fashola, SAN, His Excellency, Akinwunmi Ambode, the Managing Director/CEO, Rural Electrification Agency, Mrs. Damilola Ogunbiyi and other dignitaries.

The Sura Shopping Complex in Lagos takes excess capacity power from Lagos Island Independent Power Plant through a dedicated underground distribution network built by Solad Power Holdings (SPH), a private developer.  SPH also established a state-of-the-art customer service center which serves as a customer registration point, responds to all queries and resolves technical issues while providing hands-on after-sale services and installed smart meters in every shop.

The constant electricity at Sura Shopping Complex will transform business operations for its 1,047 shops. The businesses providing food and catering services, financial services, printing and branding, retail and tailoring services, etc. are a testament of how reliable power can enhance economic growth. Already, recipients are experiencing additional sales due to increased capacity and a growing work force.  Notably, Sura Shopping Complex has decommissioned over 700 generators reducing harmful greenhouse emissions. With the shopping complex now boasting an improved business and customer-friendly environment, shop rentals at Sura Shopping Complex have increased by 15% in just 70 days.

“Within the next year, over 80,000 shops and 320,000 MSMEs in 16 economic clusters serving at least 18 million Nigerians will be electrified; creating over 2,500 jobs in the process. In the coming years, Nigeria will experience massive economic growth; the Sura Shopping Complex is the flagship off grid power project that will help unleash Nigeria’s immense economic potential.” – His Excellency, the Vice-President of Nigeria, Yemi Osinbajo SAN, GCON

The Energizing Economies Initiative further illustrates the commitment of the Federal Government to providing electricity to Nigerian businesses. Government cannot do it alone and we have been working closely with the private sector. Sura IPP represents small pockets of transformative change that will ultimately translate to significant economic development in Nigeria” – Honourable Minister of Power, Works and Housing, H.E Babatunde Raji Fashola, SAN

The Sura business experience has been completely transformed into a safe, clean, cost effective and business-friendly environment.  This is the sort of progress FGN is committed to scaling through the Energizing Economies Initiative.  We are collaborating with qualified private sector developers to roll out off-grid electrification projects across the country – Sura is just the beginning of our success story.” –  Damilola Ogunbiyi, Managing Director/Chief Executive Officer, Rural Electrification Agency

Solad Power Holdings is thrilled to be a part of this private sector-led initiative. Our investment in financing and managing this ground-breaking project reinforces the belief that off grid mini grid projects for economic clusters can be commercially viable in Nigeria.” – Denis O’Brien, CEO Solad Power HoldingsDenis O’Brien, CEO Solad Power Holdings

I wasn’t ready for how quickly my business would grow with constant power.  I have had to buy more equipment, hire more staff as well as rent additional space in Sura Shopping Complex.“ – Afolaranmi Michael, CEO 12 Basket Eateries (Sura Shopping Complex)

“One of the major issues that made the occupancy ratio in Sura to be less than 50% was because of electricity, since the IPP this has significantly increased and shop owners that were using their shops for storage are now converting them back to shops.” – Mrs. Bunmi Ajayi, Chairman, Shop Owners Association (Sura Shopping Complex)

 

Media Enquiries

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+2348092292277 | ogbe.ayang@rea.gov.ng

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+2348035425464 | motolani.philips@rea.gov.ng

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