Economy
Toshiba Aims To Solve Energy Problems In Africa
By Modupe Gbadeyanka
Toshiba Corporation has disclosed that it is working hard to partner with African countries with a view to proffering solutions to the energy problems facing the continent.
Toshiba participated in the Tokyo International Conference on African Development 2016 in Nairobi, Kenya, which was held on August 27 and 28 at the Kenyatta International Convention Center.
The company showcased its ability to provide total energy solutions that ‘Make Energy”, “Transmit and Store Energy” and realize the “Smart Use of Energy”.
It said these ideas demonstrate its ideal positioning to support growing demand for power in Africa with world-class geothermal power generation equipment and high efficiency energy transmission and distribution (T&D) technologies.
It further said some of its company’s key next-generation products for Africa include smart meter systems that deliver enhanced energy network management and support for off-grid energy solutions – essential for providing stable energy in a region as diverse and challenging as Africa.
“Already, almost 60% of our sales are outside Japan,” said Takeshi Yokota, Toshiba’s Corporate Senior Vice President and Corporate Representative for Europe, the Middle East & Africa.
“We are growing our business by promoting expansion in emerging markets, and see Africa as very promising. We have done business in Africa for over 50 years, and established our first office here in 1967. Since 2014, our business here has been driven by Toshiba Africa (Pty) Ltd. We are very happy to participate in TICAD Japan Fair and to introduce Toshiba’s potential to a wide audience,” he added.
Toshiba now focuses on three business domains, energy, infrastructure and storage, all of which can support Africa’s move toward sustained growth. Most important as a driver for growth and improved wellbeing is the company’s energy business. The countries of Africa all target economic growth, and all must contend with demanding environmental conditions.
“Toshiba can contribute,” says Mr Yokota. “We have established technologies that can contribute to supply power stability and make the best use of natural resources for energy generation. Our corporate philosophy is ‘Committed to people, Committed to the Future’, and I have no doubt that Toshiba has a lot to offer in terms of contributing to people’s lives and a better future for Africa.”
Toshiba first entered Africa’s hydroelectric and thermal power plant market in the 1970s.
More recently, in 2013, the company supplied four 70-megawatt turbines and generators for Olkaria I and IV at the Olkaria Geothermal Power Plant, Kenya’s largest geothermal power complex, and they were successfully brought on line in February 2015.
Toshiba has an unrivaled record in the global geothermal power market. It delivered Japan’s first geothermal steam turbines and generators in 1966, and since then has delivered 53 turbines around the world, with a total capacity of 3,400 megawatts. As the source of approximately 23% of the world’s installed geothermal capacity, Toshiba is the global top supplier.
In East Africa, which can look to the vast geothermal potential of the Great Rift Valley, Toshiba is collaborating with numerous countries in the geothermal power business. In 2015, the company concluded MOUs with Ethiopian Electric Power and Tanzania Geothermal Development Company Limited, and on August 9 this year announced its most recent MOU, with Office Djiboutien de Développement de l’Energie Géothermique (ODDEG), the government organization responsible for developing Djibouti’s geothermal power capabilities.
Toshiba’s contributions in Africa also cover power transmission and distribution. In 2015, Toshiba Transmission & Distribution Systems (India) Pvt. Ltd. (TTDI), an Indian subsidiary of Toshiba, won a contract to supply Kenya Power & Lighting Company (KPLC) with approximately 4,000 transmission and distribution (T&D) transformers for the substation network that connects power plants to end-consumers in Nairobi and the surrounding region. After successfully completing this order, TTDI was awarded an additional US$34-million contract in April this year to supply approximately 8,000 more distribution transformers.
Looking to the future in Africa, Toyoaki Fujita, Business Development Executive for overseas operation in Toshiba’s Energy Systems and Solutions Company, had the following comment: “All the data points to rapid economic growth over the next 30 years boosting African energy demand 1.7 times. Meeting the challenges of growth requires comprehensive solutions, and that is where Toshiba can contribute. As a company that can “Make Energy”, “Transmit and Store Energy” and support “Smart Use of Energy”, we can help to build smarter energy networks and support efficient transmission and use.”
At Japan Fair, Toshiba showed how energy transmission and use can be enhanced by its Advanced Metering Infrastructure (AMI) Systems, which has won the lion’s share of the global market, 35%. The system can be utilized with smart grid technologies to build efficient and effective transmission and distribution networks. The exhibition will also include H2One, Toshiba’s CO2-free off-grid energy solution system, a fuel-cell in a container, which can easily be installed in off grid areas and that uses renewable energy sources, such as solar and wind, plus water, to deliver a stable supply in areas that are isolated and lack electricity.
Mr Fujita added, “Our rich experience allows us to support Africa’s growing demand for clean energy with our latest and eco-friendly solutions, like H2One. The MOU we have agreed in the geothermal business also include provision for training local people, to ensure sustainability over the long term. Looking at everything we can do, I am confident that Toshiba can be Africa’s friendly partner in building a better future.”
By Adedapo Adesanya
The first trading day in the currency market in Nigeria ended bearish for the Naira as its value further weakened against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday by N2.92 or 0.22 per cent to N1,349.24/$1 from the N1,346.32/$1 it was traded last Friday.
Also in the spot market, the Nigerian currency depreciated against the Pound Sterling by N6.62 during the trading day to close at N1,821.87/£1 versus the preceding session’s N1,815.25/£1, and lost N6.80 on the Euro to settle at N1,591.42/€1, in contrast to the previous rate of N1,584.62/€1.
At the GTBank forex desk, the Nigerian Naira crashed against the greenback yesterday by N1 to quote at N1,357/$1 versus the preceding session’s closing value of N1,356/$1, but in the black market, the Naira appreciated by N5 to close at N1,365/$1 compared with the preceding trading day’s N1,370/$1.
The Naira slide came amid renewed pressure as weekly inflows declined, as Bureaux De Change (BDC) operators were unable to purchase Dollars from banks two weeks after the Central Bank of Nigeria (CBN) reopened the official FX Market window to them.
It had been expected that BDCs would help to further deflate the parallel market premium, but according to reports, BDC operators had yet to commence FX purchases from commercial banks, two weeks after the apex bank said legitimate agents can access up to $150,000 from the banks.
There were no FX inflows from the CBN during the past week, according to a report by the research department of Coronation Merchant Bank.
Meanwhile, Nigeria’s external reserves, which provide the CBN with firepower to support the naira, rose to $48.77 billion as of February 19, 2026.
Meanwhile, the cryptocurrency market was in the red as a broader risk-off shift tied to an emerging “AI scare trade” in equities is weighing on crypto markets.
This is leading traders to sell, while the sharp liquidation events that typically attract dip buyers have seen no such move recently, with Bitcoin (BTC) down by 3.2 per cent to $62,901.86.
Further, Ethereum (ETH) depreciated by 2.5 per cent to $1,821.13, Cardano (ADA) slid 1.9 per cent to $0.2571, Litecoin (LTC) went down by 1.9 per cent to $50.45, Solana (SOL) shrank 1.8 per cent to $76.54, Dogecoin (DOGE) declined by 1.7 per cent to $0.0912, Ripple (XRP) slumped 1.2 per cent to $1.32, and Binance Coin (BNB) lost 0.6 per cent to sell for $589.88, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Adedapo Adesanya
Crude oil eased on Monday ahead of a third round of nuclear talks between the US and Iran, and amid increased economic uncertainty after the latest US tariff upheaval.
According to data, Brent crude futures lost 27 cents or 0.38 per cent to close at $71.49 a barrel, while US West Texas Intermediate (WTI) crude futures fell 17 cents or 0.26 per cent to per barrel $66.31.
Iran has indicated its preparedness to make concessions on its nuclear programme in return for sanctions lifting and recognition of its right to enrich uranium.
The Iranian government, facing pressure at home with a growing opposition and globally with threats of a US military strike, appears ready for a third round of Omani-mediated talks with American negotiators this week.
According to reports, the Foreign Minister of Oman, Mr Badr Albusaidi, on Sunday said talks would resume on Thursday, February 26, in Geneva “with a positive push to go the extra mile toward finalising the deal” over Iran’s nuclear program.
In separate remarks, the Iranian government suggested talks in the Swiss city on that date. However, there has been no confirmation from the US officials.
The US administration has been pressuring Iran to agree to curtail its nuclear program, which Iran insists is intended for peaceful, civilian purposes, such as electricity generation. The US, along with Israel and others in the West, has accused Iran of intending to build atomic weapons.
US President Donald Trump has dispatched two aircraft carrier strike groups, with dozens of fighter jets and bombers to the region, and other military planes and supporting forces have been spotted flying into air bases in the Middle East.
President Trump said on Saturday that he would raise a temporary tariff from 10 per cent to 15 per cent on US imports from all countries, the maximum allowed under the law.
This came after a US Supreme Court ruling last week struck down key parts of President Trump’s tariff plans, rekindling uncertainty among investors and businesses.
Goldman Sachs lifted its Q4 2026 Brent forecast to $60 and WTI to $56 per barrel, citing lower-than-expected OECD stock levels.
The bank still projects a 2.3 million barrels per day surplus in 2026, assuming no major supply disruptions.
Meanwhile, the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) may resume production increases in 2026 amid limited inventory builds and shifting market dynamics.
By Aduragbemi Omiyale
The investing public has been advised to exercise due diligence before trading stocks on the Nigerian Exchange (NGX) Limited.
This caution was given by the NGX Regulation Limited (NGX RegCo), the independent regulatory arm of the NGX Group Plc.
The advisory became necessary in response to notable price movements observed in the shares of certain listed companies over recent trading sessions.
On Monday, the bourse suspended trading in the shares of newly-listed Zichis Agro-allied Industries Plc. The company’s stocks gained almost 900 per cent within a month of its listing on Customs Street.
In a statement today, NGX RegCo urged investors to avoid speculative trading based on unverified information and to consult licensed intermediaries such as stockbrokers or investment advisers when needed.
It explained that its advisory is part of its standard market surveillance functions, as it serves as a measured reminder for investors to prioritise informed and disciplined decision-making.
The notice emphasised that the Exchange will continue to monitor market activities closely in line with its mandate to ensure a fair, orderly, and transparent market.
“NGX RegCo encourages all investors to base their decisions on publicly available information, including a thorough assessment of company fundamentals, financial performance, and risk profile,” a part of the disclosure said.
It reassured all stakeholders that the NGX remains stable, well-regulated, and resilient, saying the platform continues to foster an environment where investors can participate with confidence, supported by robust oversight and transparent market operations.
“Our primary responsibility is to maintain a level playing field where market participants can trade with confidence, backed by timely and accurate information.
“This advisory is a routine communication, reinforcing that sound fundamentals, not speculation, remain the foundation for sustainable investment outcomes. We are fully committed to preserving the integrity and stability of our market,” the chief executive of NGX RegCo, Mr Olufemi Shobanjo, stated.
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