Business
Experts offer strategies to give Nigerians access to electricity
Experts offer strategies to give Nigerians access to electricity
As demand for electricity increases, experts in the energy sector have offered strategies to get more Nigerians to access power.
The session had Yewande Olatunde, technical sales manager of Jinko Solar as moderator; Barbara Izilein, senior advisor to chief executive officer of Rural Electrification Agency (REA); Head of Solar Power Naija Programme at REA, Kabiru Adamu; General Manager of System Planning at Transition Company of Nigeria (TCN), Ifeoluwa Oyedele; Executive Director of Networks at Niger Delta Power Holding Company (NDPHC) as panellists.
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Speaking on the level of demands to achieve energy access, he said planning for each resource and understanding the best ways to take advantage of each resource was necessary.
He emphasised the challenges associated with data collation; he gave an instance of the energy sources for energy access, such as solar.
He noted that the government’s key responsibility is coordination and providing an enabling environment for the private sector to drive implementation due to its capital intensity.
He added the financial institutions that govern the industry must also be in good condition to allow investors to be comfortable with their investments.
He underscored the need for incentives as a robust regulatory framework to encourage policy consistency.
Experts offer strategies to give Nigerians access to electricity
Business
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
Oil marketers have raised concerns about a potential fuel scarcity following the shutdown of the Nigerian National Petroleum Company Limited (NNPCL) petrol purchasing portal.
The shutdown has prevented dealers from placing new orders for fuel, leading to supply disruptions.
According to marketers, over 90 million litres of petrol, worth approximately N79 billion, are pending delivery from NNPCL.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed that while marketers can still load fuel, they cannot access the portal to check prices or make new purchases.
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Ukadike stated that there are currently over 2,000 pending tickets for 45,000-litre petrol trucks, which amounts to a significant volume of fuel awaiting supply. He warned that the continued closure of the portal could result in another wave of fuel shortages across the country.
Other marketers, speaking anonymously, echoed concerns that the portal’s shutdown is already causing fuel shortages.
One marketer mentioned, “Everyone is affected because we all go to the NNPC portal to place our orders, and when the portal is inaccessible, supply is disrupted.”
As of now, there has been no official response from NNPCL spokesperson Olufemi Soneye regarding the situation. However, some marketers believe the portal was shut down temporarily to resolve backlogs of pending orders.
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
Business
Naira appreciates to N1,685 in parallel market
Naira appreciates to N1,685 in parallel market
The Naira yesterday appreciated to N1,685 per dollar in the parallel market from N1,700 per dollar on Monday.
Similarly, the Naira appreciated to N1,659.26 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,659.26 per dollar from N1,669.15 per dollar on Wednesday, indicating N9.89 appreciation for the naira.
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The volume of dollars traded (turnover) in the official market increased sharply by 155.2 percent to $450.39 million from $176.45 million traded on Wednesday.
Consequently, the margin between the parallel market and NAFEM rate narrowed to N25.74 per dollar from N30.85 per dollar on Wednesday.
Naira appreciates to N1,685 in parallel market
Business
Naira records marginal appreciation, exchanges for N1,700/$
Naira records marginal appreciation, exchanges for N1,700/$
The Naira yesterday appreciated to N1,700 per dollar in the parallel market from N1,705 per dollar on Monday.
Similarly, the Naira depreciated to N1,669.15 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,669.15 per dollar from N1,541.94 per dollar on Monday, indicating N127.2 appreciation for the Naira.
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The volume of dollars traded (turnover) in the official market declined by 2.97 percent to $176.45 million from $181.86 million traded on Monday. Consequently, the margin between the parallel market and NAFEM rate narrowed to N30.85 per dollar from N163.06 per dollar on Monday.
Naira records marginal appreciation, exchanges for N1,700/$
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