Economy
6th World Hydropower Conference Holds in Addis Ababa
By Dipo Olowookere
The 6th World Hydropower Congress (WHC), a multi-stakeholder forum bringing together leaders and specialists with hydropower-related responsibilities from government, industry, finance, United Nations agencies, academia and civil society, is to take place in Addis Ababa, Ethiopia, from May 9-11, 2017.
Organised by the International Hydropower Association (IHA) with the support of the Economic Commission for Africa (ECA), the African Union Commission (AUC) and other partners, this high-level event will chart the course for hydropower development and operation over the next 10 years, aiming to ensure reliable and resilient water and energy systems in the world and to spur sustainable development for all.
The biennial conference, which is coming to Africa for the first time, will emphasise environmental and social aspects to look into during hydroelectric project planning stages, and a commitment to better hydro in an age when resource management is more important than ever.
Acting ECA Executive Secretary Abdalla Hamdok says the ECA is delighted to co-organise the congress and offer a platform to accelerate the much-needed deployment of renewable energy across Africa.
“Achieving the African Union’s Agenda 2063 and fulfilling the Sustainable Development Goals will require that we demand more from an energy source that has historically been linked to economic growth on the continent,” said Mr Hamdok.
Ensuring universal access to affordable, reliable and modern energy services as called for in goal 7 of the SDGs will only be possible in a better-connected world, one where synergies and partnerships are sought among a large number of stakeholders, he added.
Richard Taylor, Chief Executive of IHA said the congress brings together a diversity of perspectives and examines how initiatives from governments, businesses, finance and civil society can converge to help deliver better hydropower and ultimately better development for all.
“Hydropower’s role is a dynamic that calls for an integrated approach, with a strongly connected sector, and a high level of collaboration,” he said.
Mr Taylor stressed that with the right commitments, better hydropower will play an even greater role in delivering modern energy and water services in the world.
Ethiopia’s Minister of Water, Irrigation and Electricity, Seleshi Bekele, says his country is the ideal host for the congress as hydropower is its major energy source.
“Ethiopia aims to transform lives by creating economic and social opportunities through access to energy, enabling industrialisation, managing water supply and enhancing agricultural productivity,” he said.
World Bank Group Vice President for Sustainable Development, Laura Tuck, says without secure power, development efforts the world over are at risk.
“Our mission at the World Bank Group is to help eliminate extreme poverty and boost shared prosperity. We can only achieve these goals if our clients have universal access to electricity and to a secure and stable power supply,” she said.
The Chair of the Global Energy Interconnection Development and Cooperation Organization (GEIDCO), Liu Zhenya of China, says accelerating the implementation of global energy interconnections will promote the development, allocation and utilisation of large-scale clean energy, like hydro, wind and solar power.
“It will also provide a new platform, create opportunities, and inject energy into Africa’s economic takeoff,” said Mr Zhenya.
The event seeks to build on a previous meeting held in 2015 in Beijing by bringing together leaders and specialists to examine how initiatives of governments, businesses, finances, civil society and academia can advance sustainable development.
Hydropower’s role as a global energy source cannot be overstated, with hydro supplying 70 percent of the world’s renewable energy to more than a billion people in 152 countries.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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