Business
Nigeria’s energy crisis worst in Africa – W’Bank; Lagos breaking away from national grid
…90 million Nigerians not connected to grid
The World Bank says Nigeria has the largest energy deficit in Africa, with over 90 million Nigerians not connected to the national grid.
Senior energy specialist at the World Bank, Mr Arsh Sharma, stated this on Sunday at a conference tagged “Unlocking opportunities for clean and sustainable energy” during the closing ceremony of the 2022 Ehingbeti Summit in Lagos.
He said, “There is no other country other than Nigeria that is having that kind of energy crisis. Nigeria has over 90 million people without access to electricity. This is the largest energy deficit in the whole of Africa which is imperative for all of the development bank partners to come together to support the Nigerian government efforts both at the federal and state levels.”
He however said the World Bank had commenced a rural electrification project to improve access of electricity to rural dwellers in the country.
The project, he said, had provided over 100,000 jobs and impacted the lives of 4 million Nigerians, noting that, the initial target of the programme was to target 450,000 households, but stated that the scheme has surpassed the target in terms of impact.
“Our intention is to triple the ambition going forward. We started engaging with the Lagos State government and we did a viable analysis for distributed PV because there exist a much untapped potentials for the marketing of PV solar systems. We have been offering technical assistance to the state and we will support the State to implement the plans they have made up in the PV solar space,” he stated.
The Lagos State Commissioner for Energy and Mineral Resources, Olalere Odusote, said, solar is the most vibrant sector in the country because of the large players existing in the solar industry, adding that the state had set a target of one Gigawatt of solar power by 2030 in Lagos.
He added that there must be a significant mobilisation of capital to achieve the feat.
He also said the state was partnering the Discos to set up light houses in specific areas the state to improve power supply in a cost effective basis.
The Lagos State Government, he said, was also planning to separate the state grid from the national grid such that whenever there is a grid collapse, Lagos would not be affected.
Managing Director, FCMB, Yemi Edun, said renewable energy has come to stay, pointing out the need for strong collaborations between the private and public sectors to drive renewable energy in the country.
She added that FCMB had identified key sector areas to achieve the rapid development of renewable energy in the country, noting that the Federal Government had no capacity to provide power supply to the 40 per cent of the population not on national grid.
She said the bank had so far provided loans of over $6 billion in four years to drive solar energy development in the country.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
READ ALSO:
- Nigeria denies alleged plot to destabilise Niger Republic
- Navy arrests 19 Nigerians attempting to reach Europe by hiding on ship
- Troops arrest four Ambazonian rebels in Taraba
Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
READ ALSO:
- Like Ibadan, stampede claim 10 lives for Abuja Catholic church, 17 in Anambra
- Marketers react after NNPCL slashes petrol price to N899 per litre
- Electricity: We installed 184,507 meters, issued 50 licences in Q3, says FG
The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
READ ALSO:
- Badenoch’s negative portrayal of Nigeria Police unfair-PCRC
- Bitcoin price crashes to $95,000 as market continues to react to Federal rate cuts
- Bauchi high court dismisses blasphemy, cybercrime charges against Rhoda Jatau
All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
-
Railway20 hours agoLagos Rail Mass Transit part of FG free train ride – NRC
-
metro2 days agoCourt stops customs from seizing imported rice in open market
-
metro3 days agoFG transfers electricity market regulatory oversight in Lagos to LASERC
-
metro2 days agoIbadan stampede: Tinubu orders probe as death toll hits 40
-
metro1 day agoIbadan stampede: Ooni reacts after arrest of ex-wife
-
metro2 days agoAfe Babalola: Court grants Dele Farotimi bail, barred from media interviews
-
metro21 hours agoNIMC warns against extortion, reaffirms free NIN enrollment
-
News2 days agoAdebayo Ogunlesi, 2 other Nigerians make Forbes 50 wealthiest Black Americans list 2024