Economy
Africa to Achieve Full Access to Electricity by 2080—Report
By Dipo Olowookere
A new Atlas released on Friday by the UN Environment and African Development Bank at the World Economic Forum in Durban, South Africa has revealed that going by the current trends, it will take Africa until 2080 to achieve full access to electricity.
The new Atlas shows energy potential of Africa and opportunities for investment to meet Africa’s energy needs.
It said energy consumption in Africa is the lowest in the world, and per capita consumption has barely changed since 2000, noting that the current energy production in Africa was insufficient to meet demand.
The Atlas showed that Africa is richly endowed with energy resources, both renewable and non-renewable, but the poorest African households spend 20 times more per unit of energy than wealthy households when connected to the grid.
About a third of the total African population still lacks access to electricity and 53 percent of the population depends on biomass for cooking, space heating and drying.
A kettle boiled twice by a family in the United Kingdom uses five times as much electricity as a Malian uses in a year.
It remarked that investments in green energy infrastructure can bolster Africa’s economic development and bring it closer to achieving the Sustainable Development Goals.
Prepared in cooperation with the Environment Pulse Institute, United States Geological Survey and George Mason University, the Atlas consolidates the information on the energy landscape in Africa.
It provides information in the form of detailed ‘before and after’ images, charts, maps and other satellite data from 54 countries through visuals detailing the challenges and opportunities in providing Africa’s population with access to reliable, affordable and modern energy services.
“The Atlas makes a strong case that investments in green energy infrastructure can bolster Africa’s economic development and bring it closer to achieving the Sustainable Development Goals. It is therefore an important policy guide for African governments as they strive to catalyze national development by making use of their energy resources,” said Juliette Biao Koudenoukpo, Director and Regional Representative, UN Environment, Africa Office.
The Atlas shows both the potential and the fragility of the continent’s energy resources which are at the heart of Africa’s socio-economic development.
It also highlights some success stories of sustainable energy development around the continent, but it also puts the spotlight on major environmental challenges associated with energy infrastructure development.
Reserves of coal, natural gas and oil represent 3.6 percent, 7.5 percent and 7.6 percent of global reserves respectively.
A growing population, sustained industrialization and rising urbanization mean that energy demand in Africa is increasing. Only an insignificant fraction of the existing energy potential has been tapped into—leaving the continent lagging behind in the production and manufacturing sectors due to low and unreliable access to energy.
Main findings and key concerns in the Atlas
Africa has the world’s lowest per capita energy consumption: with 16 percent of the world’s population (1.18 billion people out of 7.35 billion) it consumes about 3.3 percent of global primary energy.
Of all energy sources, Africa consumes most oil (42 percent of its total energy consumption) followed by gas (28 percent), coal (22 percent), hydro (6 percent), renewable energy (1 percent) and nuclear (1 percent).
South Africa is the world’s seventh largest coal producer and accounts for 94 percent of Africa’s coal production.
Africa’s renewable energy resources are diverse, unevenly distributed and enormous in quantity — almost unlimited solar potential (10 TW), abundant hydro (350 GW), wind (110 GW) and geothermal energy sources (15 GW).
Nearly 60 percent of refrigerators used in health clinics in Africa have unreliable electricity, compromising the safe storage of vaccines and medicines; half of vaccines are ruined due to lack of refrigeration.
Energy from biomass accounts for more than 30 percent of the energy consumed in Africa and more than 80 per cent in many sub-Saharan African countries. Indoor pollution from biomass cooking — a task usually carried out by women — will soon kill more people than malaria and HIV/AIDS combined.
Sub-Saharan Africa has undiscovered, but technically recoverable, energy resources estimated at about 115.34 billion barrels of oil and 21.05 trillion cubic metres of gas.
More women than men suffer from energy poverty.
By Dipo Olowookere
To minimise their risks, investors trimmed their exposure to Nigerian stocks by about 52.07 per cent last week, data from Customs Street has revealed.
At the Nigerian Exchange (NGX) Limited in the period under review, the market participants transacted 2.252 billion shares worth N58.831 billion in 63,657 deals compared with the 4.698 billion shares valued at N85.043 billion traded in 72,562 deals a week earlier.
Business Post reports that Universal Insurance, GTCO, and AIICO Insurance dominated the activity chart in the week with 468.315 million equities sold for N9.007 billion in 3,568 deals, contributing 20.79 per cent and 15.31 per cent to the total trading volume and value, respectively
At the close of business, the financial services sector recorded a turnover of 1.371 billion stocks worth N22.274 billion in 26,114 deals, contributing 60.86 per cent and 37.86 per cent to the total trading volume and value, respectively.
The consumer goods space transacted 253.536 million shares worth N15.244 billion in 8,869 deals, and the services industry exchanged 193.424 million equities valued at N931.795 million in 4,716 deals.
In the five-day trading week, the bourse posted 33 price gainers versus 51 in the previous week, 57 price losers versus 39 a week earlier, and 62 equities remained unchanged, in contrast to 62 recorded in the preceding week.
Neimeth was the biggest price advancer in the period under consideration with a 31.42 per cent appreciation to close at N3.43, SCOA Nigeria expanded by 20.39 per cent to N2.48, Northern Nigeria Flour Mills grew by 19.54 per cent to N54.45, Livestock Feeds soared by 17.62 per cent to N5.94, and Dangote Sugar surged by 16.67 per cent to N38.50.
On the flip side, Universal Insurance slumped by 1923 per cent to 63 Kobo, Royal Exchange declined by 18.35 per cent to 89 Kobo, Regency Assurance shrank by 17.78 per cent to 74 Kobo, Sovereign Trust Insurance lost 16.67 per cent to close at N1.10, and Dangote Cement crumbled by 16.46 per cent to N400.00.
The market came under selling pressure in the week, resulting in the All-Share Index (ASI) and the market capitalisation tumbling by 2.94 per cent and 2.26 per cent each to 102,353.68 points and N62.851 trillion, respectively.
In the same vein, all other indices finished lower except the MERI Value, consumer goods, growth and sovereign bond indices, which appreciated by 0.70 per cent, 1.33 per cent, 0.15 per cent, and 0.04 per cent, respectively while the ASeM index closed flat.
By Dipo Olowookere
The three major partners of the Dangote Refinery in the Lekki area of Lagos, MRS Oil Nigeria, Heyden and Ardova Plc, will retail premium motor spirit (PMS), otherwise known as petrol, at its stations across the country at N970 per litre.
This information was revealed by Dangote Refinery, owned by one of Africa’s richest businessmen, Mr Aliko Dangote.
The three independent oil marketers entered into a bulk-purchasing agreement with the oil facility, which has the capacity to refinery about 650,000 barrels of crude oil per day.
The deal, first sealed by MRS Oil, ensured that it retailed fuel at its petrol stations at N935 per cent litre.
However, last week, Dangote Refinery increased its ex-depot price from N899.50 per litre to N950 per litre due to a rise in the price of crude oil to $80 per litre in the global market from about $72 per barrel.
In a statement on Sunday made available to Business Post, Dangote Refinery said, “All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide.
“We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT).”
By Dipo Olowookere
A 0.17 per cent growth was recorded by the Nigerian Exchange (NGX) Limited on Friday, extending the stay of the local bourse in the positive territory.
This uptrend was maintained despite profit-taking in the banking sector, which left its index down by 0.23 per cent at the close of trading activities.
Business Post reports that the insurance industry expanded by 4.04 per cent during the session, the energy counter improved by 1.05 per cent, and the consumer goods space gained 0.58 per cent, while the industrial goods sector closed flat.
Consequently, the All-Share Index (ASI) went up by 170.62 points to 102,353.68 points from 102,183.06 points and the market capitalisation grew by N541 billion to N62.851 trillion from N62.310 trillion.
There were 34 price gainers and 22 price losers yesterday, indicating a positive market breadth index and strong investor sentiment.
The trio of Caverton, Livestock Feeds and Sovereign Trust Insurance appreciated by 10.00 per cent each during the session to quote at N2.20, N5.94, and N1.10, respectively, as Neimeth jumped by 994 per cent to N3.43, and Royal Exchange increased by 9.88 per cent to 89 Kobo.
On its part, Academy Press lost 9.74 per cent to close at N3.15, PZ Cussons declined by 9.09 per cent to N25.00, DAAR Communications weakened by 8.64 per cent to 74 Kobo, Transcorp Power shed 5.91 per cent to settle at N46.95, and Dangote Sugar fell by 4.94 per cent to N38.50.
A total of 327.8 million shares valued at N11.8 billion were traded in 11,905 deals on Friday versus the 472.2 million shares worth N16.7 billion transacted in 12,336 deals on Thursday, representing a decline in the trading volume, value, and number of deals by 30.58 per cent, 29.34 per cent and 3.49 per cent apiece.
Access Holdings recorded the highest sales with 49.1 million stocks sold for N1.2 billion, Fidelity Bank exchanged 20.4 million shares valued at N359.0 million, UBA traded 20.1 million equities worth N681.0 million, Oando transacted 14.8 million shares for N998.1 million, and Universal Insurance traded 13.8 million stocks worth N8.7 million.
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