Shettima launches Light-Up Nigeria in Enugu, 188MW Aba power plant – Newstrends
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Shettima launches Light-Up Nigeria in Enugu, 188MW Aba power plant

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Shettima launches Light-Up Nigeria in Enugu, 188MW Aba power plant

Vice-President Kashim Shettima has inaugurated the 188-megawatt geometric power plant in Aba, Abia State, to accelerate power supply to industrial clusters in the region.

He also on behalf of President Bola Tinubu declared the Light-Up Nigeria project open in Enugu to boost South-East industrialization.

The Aba power plant, described as the first integrated electricity facility in Nigeria, is located in the Osisioma industrial area of the state.

Aba Power Limited Electric, a new electricity distribution company (DisCo) is expected to supply electricity from the plant to nine local government areas — out of 17 — in Abia State.

Described as the biggest investment in the South-East, geometric power is said to have spent about $800 million on its integrated power project, which includes the building of a 27-kilometre natural gas pipeline, from Owaza in Ukwa West LGA in Abia to the Osisioma industrial layout in Aba.

Shettima described the Light up project as the much-expected solution to the power supply deficit that had undermined the nation’s economy and industrialisation.

Shettima said the Light-Up Nigeria project, which is part of the priorities set by the President to revamp the nation’s economy and ensure rapid industrialization, would herald renewed hope for industrialists, investors and Nigerians who had suffered lack of power or epileptic supply for many years.

Abia State Governor Alex Otti, said, “When I first saw the proposal for geometric integrated power plant, I knew I had to be involved immediately because, if just 50 percent of what had been proposed could be achieved, the industrial output from this great city and this environs would triple and millions of new jobs will be created directly and indirectly in the short to medium term.”

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Breaking: Dangote brings diesel price down to N1000/litre

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Breaking: Dangote brings diesel price down to N1000/litre

Dangote Petroleum Refinery has announced a further reduction in the price of diesel.

When it commenced operation a few weeks ago, Dangote Petroleum Refinery pegged the price of diesel as N1,200.

While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 percent reduction from the previous market price of about N1,600 per litre.

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However, on Tuesday, a further reduction of N200 was noticed in the price, with the product now pegged at N1,000.

This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.

The President of Dangote Group, Aliko Dangote, had during the Eid-el-Fitr celebration said if the cost price of diesel comes down, the inflation rate will be substantially reduced.

Dangote spoke when he visited President Bola Tinubu in his residence in Lagos State to celebrate the end of the Ramadan fast with him.

Breaking: Dangote brings diesel price down to N1000/litre

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Naira records five-month highest gain, sells below N1000/$ at parallel market

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Naira records five-month highest gain, sells below N1000/$ at parallel market

The naira continued its positive showing against the United States dollar on Monday, selling below N1000/$ in some segments of the parallel market.

Newstrends reports that the Federal Government, groups and some individuals have mounted a spirited campaign for those hoarding the dollars to push them out as naira continues to appreciate.

On Monday, the naira was offered in some parts of Lagos and Abuja between N995 and N1,050 per dollar in the parallel market. It was N1,230/$ on Friday.
The latest gain, being over five-month highs, came in the wake of the Iranian attack on Israel and a rise in the crude oil price.
Goldman Sachs, American investment bank economists, had earlier predicted that the naira’s bullish momentum on the foreign exchange market would likely cause it to trade for less than N1,000 per US dollar in the coming months.
According to a report by Nairametrics, the group claimed that the rally in Nigerian currency helped recover from large losses after two devaluations since last June by being bolstered by capital inflows and successive interest rate hikes.
In March, Goldman Sachs projected that the Naira would appreciate to N1,200 per dollar in 2024.

At the official foreign exchange market, the rate was put at N1,136/$ in contrast with N1,205/$ last Friday.

The top bank has implemented several policy initiatives in recent months to bring stability to the foreign exchange market.
The CBN increased interest rates to 24.75% at the most recent meeting of the Monetary Policy Committee (MPC), which helped it recover losses from the two devaluations that occurred since June of last year.
Further gains for the naira result from the CBN’s ongoing intervention, which involves selling foreign exchange to Bureau De Change operators at a revised rate.
The market anticipates higher inflows of US dollars from the sale of foreign currency bonds in the second quarter as disclosed by Finance Minister Wale Edun.

The Federal Government has just offered high-yield short-term debt products at a premium to entice overseas capital into the economy.

The Middle East’s geopolitical unrest and
Notwithstanding a drop in Nigeria’s production volume, crude oil prices have risen beyond $90.

Nigerian grades of oil are trading at a premium to the ICE Brent benchmark.

The Middle East’s geopolitical unrest and the anticipation of an Iranian government strike on Israel caused oil prices to soar.

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Breaking: Nigeria’s inflation rises to 33.2%, says NBS

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Breaking: Nigeria’s inflation rises to 33.2%, says NBS

The National Bureau of Statistics (NBS) says the nation’s inflation rate rose to 33.2 per cent for the month of March 2024.

This represents a 1.5 per cent increase over 32.7 per cent recorded in February 2024.

The NBS disclosed this in a new report released on Monday.

It explained that the rise was primarily due to higher costs of food, beverages, energy, and housing. Compared to February 2024, the inflation rate in March increased at a slower pace, with food inflation reaching 40.01% year-on-year.

NBS attributed the spike in food prices to the rising costs of items like garri, millet, yam tubers, and others. On a month-on-month basis, food inflation slightly decreased to 3.62% in March 2024.

Urban inflation also increased to 35.18% year-on-year in March 2024, while rural inflation stood at 31.45%.

Core inflation, which excludes volatile agricultural products and energy, was 25.90% year-on-year in March 2024.

Overall, the rising cost of living in Nigeria is evident in the significant increase in inflation rates across different categories.

It is crucial for policymakers to address these challenges to alleviate the financial burden on the population.

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