Thursday, 4 August 2016

Firm Confirms N500m Investment For Nigeria's First Solar Powered Vehicle Assembly Plant

Indigenous renewable energy company Arthur Energy Technology Limited is investing N500 million in Nigeria’s first solar powered vehicle assembly plant. The project is expected to sited in Akwa Ibom.

According to Arthur Anthony Okeyika, CEO of firm, the solar vehicle assembly plant being put together in partnership with the Akwa Ibom state government will generate about 20,000 direct and indirect employment in its first five years.

Okeyika said: “We cannot ignore the “green” market potential of Nigeria particularly now that we’re faced with our current economic realities.

“Fossil fuel as sole energy source for Nigerian cars, homes and industries is not a sustainable option if the conversation on nation building is to be taken serious. We need an integrated solution to power our lives for the future and at Arthur Energy Technology limited we believe the solution is solar power.”
By focusing on solar power, he said the effort would attract local and foreign investment in Nigeria’s burgeoning renewable energy market.

“As a continent, Africa only enjoys 1.4% of the 3,700 CDM projects worldwide and the only way to attract foreign direct investment in renewable energy is to create an enabling environment which will encourage international investors,” he said. “Arthur Energy Technology limited has set out to build Nigeria’s first solar powered vehicle assembly plant in Akwa Ibom and we are committing half a billion naira in capital fund for this project.”

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