Economy
Uganda Commissions East Africa’s Largest Solar Plant
By Dipo Olowookere
A solar power plant has been inaugurated on Monday, December 12, 2016, in Soroti, Uganda amid pomp and pageantry.
It is made up of 32,680 photovoltaic panels and the new 10 megawatt facility is the country’s first grid-connected solar plant and will generate clean, low-carbon, sustainable electricity to 40,000 homes, schools and businesses in the area.
Located on a 33 acre plot of land in Soroti District, the power plant has the potential to increase its net output capacity by a further 20MW of solar energy. At peak construction the plant had over 120 local workers involved, including engineers recruited and trained by Access Power and EREN RE.
Present at the commissioning today were Minister of State for Energy, D’Ujanga Simon, together with representatives of Access Power, EREN RE and donors.
The project was developed under the Global Energy Transfer Feed in Tariff, a dedicated support scheme for renewable energy projects managed by Germany’s KfW Development Bank in partnership with Uganda’s Electricity Regulatory Agency (ERA) and funded by the governments of Norway, Germany, the United Kingdom and the European Union.
The GET FiT programme helps renewable energy sources become more affordable and therefore more accessible in Eastern Africa.
The $19 million Soroti Solar Plant is in part funded by the European Union – Africa Infrastructure Trust Fund through the GET FiT Solar Facility equivalent to 8.7 million euros in the form of result-based premium payments per kWh of delivered electricity.
The project is financed by a mix of debt and equity with the senior debt facility being provided by FMO, the Netherlands Development Bank, and the Emerging Africa Infrastructure Fund (EAIF).
Ambassador Kristian Schmidt, European Union Head of Delegation to Uganda said in his speech: “Uganda is a good place to invest in solar energy. The regulatory framework is conducive and Government rightly recognises Uganda’s energy future must be renewable. It is great that this is now triggering private sector interest in solar power generation. The European Union is proud that our grant contribution ensures the realisation of the Soroti Solar Plant, and I hope this is only just the beginning for many more to come.”
The ERA Chief Executive Officer, Eng. Ziria Tibalwa noted, “that the Access Solar Uganda 10MW grid connected solar P.V project we are launching today is so far the largest in the East African region. We are so proud of this outcome of our stable and favorable regulatory environment that has produced such a leading project in the East African Region. We congratulate Access Solar and the people of Uganda upon this milestone.”
David Corchia, CEO, EREN RE, stated: “Soroti solar plant is an excellent textbook example of how collaboration among key local and international stakeholders can result in the successful execution and completion of such a ground breaking project and in tangible progress in the spread of renewable energy across Africa. We wish to express our gratitude and thanks to the organizations and individuals who made the construction of the largest solar power plant in East Africa possible. As a global renewable energy Independent Power Producer we take this opportunity to reaffirm our commitment to the African power sector and we look forward to replicating this model in many other African countries in other districts in Uganda and across the region.”
Reda El Chaar, Executive Chairman, Access Power declared, “We are thrilled to have been given the opportunity to work with our European and Ugandan partners to bring to reality this flagship solar power plant. Soroti raises the bar on what can be achieved through teamwork and we look forward to more collaborative efforts to expand the footprint of clean energy across this mighty continent.”
Jennie Barugh, Head DFID Uganda on the impact of GET FiT: “As an outward-looking nation, the UK fully supports Uganda in its effort to become a middle income country, with bilateral support of £110m this year. Power is an important enabler of development. GET FiT has helped to demonstrate the success of private sector led renewable energy projects; reducing costs to the government and increasing supply to help the people of Uganda to improve livelihoods and economic empowerment, especially for women and girls, so they can stand on their own two feet. Uganda has led the way in this sector and we expect other African nations to learn from and build on the successes of GET FiT. The Soroti plant is also one of the eight renewable energy projects in Uganda to have benefited from the UK Aid supported Emerging Africa Infrastructure Fund (EAIF) – part of the multilateral Private Infrastructure Development Group (PIDG). The UK is committed to supporting and improving the lives of Ugandans – with the vast majority (80%) living without access to clean modern energy – helping Uganda leave aid dependency behind.”
Linda Broekhuizen, CIO of FMO Dutch development bank, underlines the importance of the project: “FMO is a proud supporter of this project. Renewable energy projects like these are fully in line with our aim to positively affect peoples’ lives by supporting development, creating jobs and providing clean and sustainable energy to Uganda.”
Oscar Kang’oro, a Non-Executive Director of the Emerging Africa Infrastructure Fund (EAIF) confirms EAIF’s commitment to supporting solar and small hydro power projects in Uganda: “EAIF is fully engaged in Uganda and to date financed 8 renewable energy projects in the country, including Soroti. I particularly want to congratulate Access and EREN on their vision and enterprise. Our funders at the UK government’s DFID, at The Netherlands DGIS, Switzerland’s SECO and Sweden’s SIDA, see the great benefits that small and renewable generating capacity can bring, particularly in rural and semi-rural areas. This can unlock economic potential, create new economic development opportunities, grow the productivity of public services and improve energy security. Most importantly, the arrival in a district of more dependable and more affordable electricity can transform and enhance the lives of many thousands of men, women and children.”
By Adedapo Adesanya
The Nigeria Customs Service (NCS) Oil and Gas Free Trade Zone Command in Rivers State says it has achieved a record-breaking revenue collection of N53.98 billion between January and November 2024, exceeding its annual target by 2.3 per cent and nearly doubling the N26.80 billion generated in 2023.
This was disclosed by the Customs Area Controller, Oil and Gas Free Trade Zone, Onne, Comptroller Seriki Usman, during a press briefing at the command’s headquarters, where he attributed the success to strategic collaboration with stakeholders, operational efficiency, and a focus on regulatory compliance.
He said, “A notable achievement of the command was its record-breaking revenue collection of N53.98 billion. This figure represents a 2.3 per cent increase over our annual target for 2024 and a remarkable 98.6% rise compared to the N26.80 billion collected in 2023.
“Our record-breaking revenue underscores the importance of effective trade facilitation and regulatory compliance. This achievement reflects the commitment of our officers, the collaboration with stakeholders, and the critical role of the Oil and Gas Free Trade Zone in driving Nigeria’s economic growth,” he said.
He explained that the Command successfully facilitated the export of key products such as refined sugar, fertiliser, liquefied natural gas, LNG, and crude oil from major facilities, including Bundu Sugar Refinery, Notore Chemical PLC, and Bonny Island.
“The seamless management of imports and exports within the free trade zone has enhanced operations for licensed enterprises,” he noted.
Speaking on the significance of these achievements, Comptroller Usman emphasized the need to maintain the momentum.
“This accomplishment is not just about numbers but about fostering trade growth, innovation, and creating a conducive environment for businesses to thrive within the free trade zone.”
On regulatory compliance, Comptroller Usman reassured Nigerians of the Command’s commitment to ensuring adherence to international trade regulations while fostering economic progress.
“Our focus remains on enhancing service delivery, promoting ease of doing business, and driving revenue generation that supports the nation’s development goals,” he said.
The command emphasized that collaboration with stakeholders, particularly the Oil and Gas Free Trade Zone Authority, has been pivotal in achieving these milestones, and called for continued partnership to sustain trade growth and improve service delivery.
As the year comes to a close, the command has reiterated its resolve to solidify its role as a critical revenue driver and trade facilitator in Nigeria’s oil and gas sector.
Mr Usman said the performance reflects the command’s vital role in strengthening Nigeria’s non-oil revenue base and its determination to remain a key player in the country’s economic transformation efforts.
“We remain committed to sustaining our achievements, fostering trust among stakeholders, and contributing significantly to the nation’s economic growth,” Comptroller Usman concluded.
By Modupe Gbadeyanka
The federal government, the 36 states of the federation and the 774 local government areas have received N1.727 trillion from the Federal Accounts Allocation Committee (FAAC) for December 2024.
The funds were disbursed to the three tiers of government from the revenue generated by the nation in November 2024.
At the December meeting of FAAC held in Abuja, it was stated that the amount distributed comprised distributable statutory revenue of N455.354 billion, distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.
According to a statement signed on Friday by the Director of Press and Public Relations for FAAC, Mr Bawa Mokwa, the money generated last month was about N3.143 trillion, with N103.307 billion used for cost of collection and N1.312 trillion for transfers, interventions and refunds.
It was disclosed that gross statutory revenue of N1.827 trillion was received compared with the N1.336 trillion recorded a month earlier.
The statement said gross revenue of N628.972 billion was available from VAT versus N668.291 billion in the preceding month.
The organisation stated that last month, oil and gas royalty and CET levies recorded significant increases, while excise duty, VAT, import duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and EMTL decreased considerably.
As for the sharing, FAAC disclosed that from the N1.727 trillion, the central government got N581.856 billion, the states received N549.792 billion, the councils took N402.553 billion, while the benefiting states got N193.291 billion as 13 per cent derivation revenue.
From the N585.700 billion VAT earnings, the national government got N87.855 billion, the states received N292.850 billion and the local councils were given N204.995 billion.
Also, from the N455.354 billion distributable statutory revenue, the federal government was given N175.690 billion, the states got N89.113 billion, the local governments had N68.702 billion, and the benefiting states received N121.849 billion as 13 per cent derivation revenue.
In addition, from the N15.046 billion EMTL revenue, FAAC shared N2.257 billion to the federal government, disbursed N7.523 billion to the states and transferred N5.266 billion to the local councils.
Further, from the N671.392 billion Exchange Difference earnings, it gave central government N316.054 billion, the states N160.306 billion, the local government areas N123.590 billion, and the oil-producing states N71.442 billion as 13 per cent derivation revenue.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
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