Business
FG targets 4,500MW power supply, says recovery back on track
The Federal Government says its effort to improve power supply across the country is back on track after about two months of challenges that led to the collapse of the national grid three times within a month.
The government said it expected the grid to deliver a minimum of 4,500 megawatts of power daily.
The grid supply as at 1pm on Wednesday showed that 17 generation plants were delivering 3,072MW with Azura-Edo (393MW), Geregu Gas (390MW), Jebba Hydro (328MW), Egbin (317MW) and Kainji Hydro (303MW) among the top generators.
Speaking at a Power Sector Recovery Programme (PSRP) workshop for journalists in Abuja, the Chairman of the Nigerian Electricity Regulatory Commission (NERC), Sanusi Garba, said consumers would soon begin to see changes in electricity supply.
He noted that failure to review the tariff in the past threatened the viability of the sector, adding that now things were much better with services expected to improve.
He said, “The Federal Government initiated the PSRP with the support of the World Bank to achieve the goal of Nigerians having access to adequate, reliable and affordable electricity in Nigeria.
“Notwithstanding the electric power supply industry is now private sector driven, its relevance to economic growth and industrial development will require strategic government interventions. At this developmental stage, the industry’s challenges require that hands be on the deck to achieve an efficient and effective electric power supply industry that we desire for our economic development.”
He explained the objectives of the PSRP included the power sector’s financial viability; improving electricity supply reliability to meet the growing demand; to strengthen the sector’s institutional framework, and implement policies that promote and encourage investors’ confidence, and institutionalise a contract-based electricity industry.
He pointed that despite the challenges faced by the sector, “all the stakeholders involved in this power sector recovery programme are very much on track and are ready to do what we all need to do both in terms of financial performance by the distribution companies and the issue of the off-taker. I am not saying we are at the destination yet but at least the trajectory is looking upward and great promise for service delivery to Nigerian consumers.”
The NERC boss, who used the occasion to formally launch a new website for the PSRP, said the new portal would afford Nigerians the opportunity to access direct information about the sector and make comments on the services delivered by the operators.
Belije Madu of the PSRP Secretariat also explained that the PSRP’s new 4,500MW minimum grid supply was expected to have commenced at the beginning of the year, but had not been attained due to generation challenges.
He said the PSRP “includes a set of measures to ensure that a minimum 4,500MWh/hour of electricity is supplied to the distribution grid from 2022. This is the minimum level of supply necessary for grid stability and the reduction of system outage.”
Auto
Chery celebrates automobile excellence, creativity at Lagos roadshow
Chery celebrates automobile excellence, creativity at Lagos roadshow
Chery Nigeria on Friday held many Lagos fans of elegant new vehicles spellbound during its spectacular roadshow.
The event featured a captivating procession from the Carloha showroom to The Palms in VI passing through scenic routes such as the Third Mainland Bridge, Ikoyi and Victoria Island, ending with a celebration at the iconic shopping mall.
The roadshow not only showcased Chery’s exceptional vehicles but also celebrated the spirit of creativity and community.
The event provided a platform for guests to savour and enjoy the unique display of new work of art and automotive excellence.
The roadshow extravaganza, as the organisers called it, was revealed Chery’s commitment to engaging experiences, showcasing the brand’s latest masterpiece, the Tiggo 8 Pro,Tiggo 4 Pro and Arrizo 5, in an unforgettable way.
The highlight of the event was a unique “Sip and Paint” session led by a notable artist, who skilfully captured the essence of the Tiggo 8 Pro on canvas.
Guests were invited to unleash their creativity as they painted their own interpretations of the iconic Chery logo, adding personal touch.
The climax of the evening came with a breathtaking moment as Eben, renowned for his impressionistic prowess, unveiled his masterpiece – a stunning portrayal of the Chery Tiggo 8 Pro.
The artwork, met with awe and admiration from attendees, encapsulated the essence of Chery’s dedication to innovation, style, and sophistication.
Representative of Chery brand in Nigeria, Carloha, says it will continue to provide automotive solutions to customers with its six-year free service and six-year warranty or 200,000km, whichever comes first.
Meanwhile, Chery has expressed its gratitude to all attendees, partners and supporters who contributed to the success of this extraordinary event.
“As the brand continues its journey of innovation and inspiration, it remains dedicated to delivering exceptional experiences that captivate hearts and minds,” the firm said in a statement on Saturday.
Business
BDCs consider harmonised retail market as naira depreciates further
BDCs consider harmonised retail market as naira depreciates further
The Association of Bureaux De Change Operators of Nigeria (ABCON) has said it is working on establishing a unified retail end forex market operations to tackle volatility and boost regulatory compliance within the Bureau De Change (BDC) sub-sector.
This is as the value of the naira depreciated further at the parallel market to N1,450 to the dollar.
From N1,420 which it was on Thursday, the value of the naira, which had depreciated to N1309 to the dollar at the Nigeria Autonomous Foreign Exchange market (NAFEM) continued to fall at the parallel market.
ABCON president, Alhaji (Dr.) Aminu Gwadabe, said ABCON is carrying out strategic plans meant to unify operators from different cadres of the market including inauguration of state chapters for markets coordination, integration and administering a united market structure.
According to him, ABCON plans to extend its automation policies and platforms to all BDC operators across Nigeria markets and upgrade its Business Process Platform-(formerly called SAAZ Master). He said the new blueprint for a united retail end forex market structure will ensure the deployment of a centralised, democratised and liberalised online real time trading platform.
READ ALSO:
- Everyday my hatred for Mohbad increases – Naira Marley’s associate
- Fubara speaks on Rivers tanker explosion, pledges support for affected families
- Novena University/Asaba Specialist Hospital gets accreditation for Medicine
He stated that the association will sustain its engagement with regulatory agencies, security operatives and other government apparatus to entrench a secured and thriving forex market that is supportive to regulation and government.
“Part of our vision for a united retail-end forex market include activating geo mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps. This will enable forex buyers to easily locate where BDCs offices are for effective and seamless transactions”.
He reiterated the benefits of a realistic and vibrant retail end forex market as supporting Central Bank of Nigeria (CBN’s) goal of achieving true price discovery for the naira, balancing of international obligations and national objectives; ensuring ease of regulation, security agencies monitoring and supervision as well as entrenching market visibility for BDC players.
According to Gwadabe, the vision for a united retail end forex market will help in the provision of market intelligence reports, enhance the local and global image of the BDCs and other stakeholders, market operators and boost employment generation.
The successful execution of this plan, Gwadabe said, will help in seamlessly capturing revenues for the government through digitised retail end market and creating a well structured, transparent and competitive platform to checkmate the menace of unlicensed platforms like Binance, Aboki FX, ByBit among others.
BDCs consider harmonised retail market as naira depreciates further
Business
Naira gains marginally at parallel market as FG plans for diaspora fund
Naira gains marginally at parallel market as FG plans for diaspora fund
Nigerian currency, Naira, appreciated to N1,380 per dollar on the parallel market on Friday, posting a gain of N70 in one single day, compared to Thursday’s close of N1,450/$1.
On the other hand, the the local currency weakened to N1,339.23/$1 on the Nigerian Autonomous Foreign Exchange (NAFEM) window, representing a N29.42 decline, compared to the N1,309.81/$1 it closed at on Wednesday.
However, daily turnover on the NAFEM declined by 2.85 per cent to $309.01 million compared to $318.08 million the previous day.
The highest spot rate stood at N1,410, with the lowest recorded at N1,051.
Meanwhile, as part of efforts to attract and accelerate inflow of foreign currency into the economy, the federal government has unveiled plans to float a $10 billion Nigeria Diaspora Fund.
READ ALSO:
- Why we praised Aviation minister Keyamo after Dana Air incident – Northern group
- Friends swap wives for sex weekend in Lekki, activist claims
- Bandit leader who forced community to give him chieftaincy title, 2 other kingpins killed in Zamfara
The move is expected to among other things, improve FX liquidity in the system as well as strengthen the Naira exchange rate.
The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, in a notice shared on her X handle (formerly Twitter), yesterday, revealed that the Nigeria Diaspora Fund Multi-sectoral Investment Initiative would be designed and managed by fund managers selected through an Expression of Interest (EOI) exercise where winners are expected to emerge.
Owing to this, the ministry has issued an EOI Expression to fund managers for the development and establishment of a multisectoral, multilateral private sector-led investment fund to form the $10 billion Nigeria Diaspora Fund.
Newstrends recalls that Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, had recently said Nigerians living in diaspora remained a key source of foreign capital projection, adding that a diaspora bond would be launched by June.
Naira gains marginally at parallel market as FG plans for diaspora fund
Anambra: Vigilante arrested for torturing 60-year-old man to death
Relegation threatened Burnley hold Man United to a 1 – 1 draw
Yahaya Bello: American school returns $720,000 advance tuition fees, gives reasons
-
metro5 days agoHow gunmen killed Babcock university lecturer, abducted two – Police
-
News7 days agoWe’re not part of Yoruba Nation agitation, says MKO Abiola family
-
Entertainment4 days ago‘Tiwa Savage paid IT expert to wipe sextape off internet’
-
Sports7 days agoArsenal beat Wolves to return to top spot
-
Politics6 days agoAregbesola, Oyetola’s camps disagree over Osun shares
-
News5 days agoOsun governor introduces choice first lady amid controversy over who will receive Remi Tinubu
-
International7 days agoTwo children killed, many others injured as drunk driver rams into kids party
-
News5 days agoPull down Chinese supermarket that denied Nigerians entry, Shehu Sani tells FG