Business
Lagos State requires about $33bn investment to meet energy needs – Official
Lagos State requires about $33bn investment to meet energy needs – Official
The Lagos State Government has projected an investment requirement of $14 billion to $33 billion to address its energy generation needs by 2030.
This was disclosed by Mr. Kamaldeen Balogun, General Manager of the Lagos State Electricity Board, during the 15th Ralph Alabi Memorial Lecture and the induction of new corporate members of the Nigerian Society of Engineers (NSE) Ikeja Chapter.
The event, themed “Opportunities in Emerging Power Sector: A Panacea for Economic Stability and Industrialisation”, highlighted the importance of innovative solutions in the power sector for economic growth and industrialisation.
In his keynote address, Balogun stated that the Lagos Bureau of Statistics provided the investment figures, underscoring energy supply as Lagos State’s most significant infrastructure and developmental challenge.
“Lagos State is poised to ensure adequate and reliable power supply to its citizens through the Lagos Electricity Market,” he said.
Currently, Lagos receives only 1,000 megawatts of power daily, available for an average of 12 hours, against the state’s requirement of 9,000 megawatts.
Opportunities in the Power Sector
- Balogun noted that the power deficit presents vast opportunities for investment in the generation, transmission, distribution, and retailing segments of the power value chain.
- He explained that the Lagos power sector offers investment opportunities in Independent Power Plants (IPPs), renewable energy (particularly solar), off-grid and mini-grid solutions for underserved areas, and energy storage systems to improve reliability.
“Emerging sectors like electric vehicle infrastructure and waste-to-energy projects offer long-term potential,” Balogun added.
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Leveraging the 2023 Electricity Act
- He further highlighted the significance of the 2023 Electricity Act, which empowers states to generate, transmit, and distribute energy within their jurisdictions.
- According to him, this legal framework positions Lagos to take bold steps toward improving power supply through the Lagos Electricity Market.
“The Lagos Electricity Market Implementation Plan is a key initiative to enhance power generation and distribution, with a target to generate 3,000 megawatts of electricity within the next 30 months,” he said.
Balogun explained that the plan focuses on:
- Grid Modernisation: Upgrading infrastructure with smart technologies to improve reliability and efficiency.
- Renewable Energy Integration: Targeting 1,000 megawatts of power from solar and off-grid solutions to diversify the energy mix.
- Public-Private Partnerships (PPPs): Encouraging private sector involvement to finance energy projects and expand infrastructure.
“It includes a strong focus on capacity building, ensuring workforce training for engineers, technicians, and craftsmen in the power sector,” Balogun stated.
Lagos State requires about $33bn investment to meet energy needs – Official
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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