The Federal Government of Nigeria has generated N7 billion from hydropower concessions, marking a significant boost to its revenue streams and agricultural development plans. The government aims to channel this revenue into nationwide irrigation projects, enhancing food security and energy sustainability.

The funds were primarily derived from the concession of the 40 MW Kashimbila Hydropower Plant in Taraba State, with the first five-year commencement fee alone contributing over N7 billion to the government’s Special Concession Account.

This revenue comes amid broader efforts under the Sustainable Power and Irrigation for Nigeria (SPIN) Project, a joint initiative between the federal government and the World Bank. The project targets the irrigation of approximately 500,000 hectares of farmland, aiming to improve agricultural productivity while harnessing hydropower for energy generation.

Officials say the dual focus on hydropower and irrigation is designed to address Nigeria’s persistent challenges of unreliable electricity and underdeveloped agricultural infrastructure. By integrating energy generation with irrigation expansion, the government hopes to stimulate rural development, enhance food security, and mitigate climate-related agricultural risks.

The success of these initiatives could signal a new era of sustainable development in Nigeria, where strategic infrastructure investments yield both economic and social benefits. Visit www.jocomms.com for more news.