The United Nations Industrial Development Organization (UNIDO) said $2.6 billion budget has been set aside for the development of Small Hydro Power Plants in Nigeria.
The small hydro power generation, for which over 300 sites have been identified across Nigeria with only about 20 sites ready for development, is said to be capable of generating up to 3,500 megawatts of electricity for Nigeria, if adequately explored and funded.
Key targets for development include the upgrade of capacity for local fabrication of small solar power turbines and control systems, establishment of private-public partnerships and facilitating conducive investment environment for sustainable small hydro power generation in Nigeria.
Nigeria is said to effectively generate an estimated 4,000 megawatts of electricity despite a total installed generating capacity of up to 10,000 megawatts.
Some experts in power sector have urged the Government and other investors to support and invest in projects for renewable energy to beef up the electricity generation needs of Nigerians.
Indication shows that the rehabilitation of Kainji Hydro Power Plant and Jebba Hydro Power Plant would gulp US$452 million (about N72.32 billion).
Mainstream Energy Solution Limited and RusHydro International AG, had reached an agreement to start the rehabilitation of the power plants, which is expected to increase by 1,300 megawatts.