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 Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rallied by 1.41 per cent on Wednesday, March 25, with the market capitalisation adding N35.04 billion to close at N2.512 trillion versus the previous session’s N2.477 trillion, and the Unlisted Security Index (NSI) expanding by 58.55 points to 4,198.85 points from 4,140.30 points.
The growth came amid a weak investor sentiment, as the OTC securities exchange recorded two price gainers and three price losers.
The advancers were led by Okitipupa Plc, which chalked up N25 to sell at N275.00 per share compared with the previous day’s N250.00 per share, and Central Securities Clearing System (CSCS) Plc grew by N7.43 to N86.37 per unit from N78.94 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc lost N7.04 to sell at N101.13 per share versus Tuesday’s closing price of N108.73 per share, Geo-Fluids Plc went down by 9 Kobo to N2.89 per unit from N2.98 per unit, and Industrial and General Insurance (IGI) Plc dipped 3 Kobo to 50 Kobo per share from 53 Kobo per share.
Yesterday, the volume of securities rose by 135.6 per cent to 2.2 million units from 933,125 units, the value of securities increased by 2.4 per cent to N46.7 million from N45.6 million, and the number of deals grew by 27.6 per cent to 37 deals from 29 deals.
The most active stock by value on a year-to-date basis was CSCS Plc with 39.1 million units exchanged for N2.4 billion, followed by Infrastructure Guarantee Credit Plc with 400 million units valued at N1.2 billion, and Okitipupa Plc with 6.5 million units traded for N1.2 billion.
The most traded stock by volume on a year-to-date basis was Resourcery Plc with 1.1 billion units worth N415.7 million, followed by Infrastructure Credit Plc with 400 million units sold for N1.2 billion, and Geo-Fluids Plc with 132.9 million units transacted for N510.7 million.
By Adedap0 Adesanya
The value of the Naira fell against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, March 25, by N4.07 or 0.29 to N1,386.70/$1 compared with Tuesday’s closing price of N1,382.63/$1.
This was due to forex demand pressure without substantial supply from the Central Bank of Nigeria (CBN) and other sources. Lately, the central bank has not conducted any FX sales to eligible financial institutions, where Bureaux de Change (BDC) operators are allowed to access $150,000 weekly.
Also, in the official market, the Nigerian Naira depreciated against the Pound Sterling at midweek by N7.52 to close at N1,856.38/£1 versus the previous day’s N1,848.86/£1, and retreated against the Euro by N5.82 to trade at N1,605.80/€1 versus N1,599.98/€1.
The domestic currency further lost N3 against the greenback at the GTBank FX desk yesterday to sell for N1,391/$1, in contrast to the preceding session’s N1,388/$1, and at the black market, it depreciated by N5 to quote at N1,405/$1 compared with the N1,400/$1 it was exchanged a day earlier.
The prolonged conflict in the Middle East continues to heighten risk aversion, reducing appetite for emerging-market assets despite Nigeria’s attractive yield environment, which could help sustain offshore inflows and support the local currency in the near term, though structural challenges remain.
The country is making efforts that could help shield it further, including reviewing timelines for approval of resuscitation of moribund oil wells and boosting production, which accounts for over 60 per cent of FX earnings.
As for the cryptocurrency market, it was under pressure on Wednesday, as implied volatility and weakening suggest geopolitical risk concerns remain as macro headlines remain in focus.
Dogecoin (DOGE) depleted by 3.8 per cent to $0.0937, Solana (SOL) depreciated by 3.5 per cent to $89.10, Cardano (ADA) dipped 2.4 per cent to $0.2621, Ethereum (ETH) went down by 2.2 per cent to $2,117.47, Ripple (XRP) slumped 1.9 per cent to $1.38, Bitcoin shrank by 1.5 per cent to $70,012.58, and Binance Coin (BNB) dropped 1.4 per cent to sell for $634.82.
However, TRON (TRX) appreciated by 2.3 per cent to $0.3144, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Adedapo Adesanya
The oil market slid about 2 per cent on Wednesday after paring deeper losses earlier in the trading session, as Iran reviewed a proposal by the United States to end the war that has disrupted global energy flows.
Brent futures fell $2.27 or 2.2 per cent to settle at $102.22 a barrel, while the US West Texas Intermediate (WTI) crude futures lost $2.03 or 2.2 per cent to trade at $90.32 per barrel.
It was reported that Iran was still reviewing a US proposal to end the war in the Gulf, despite an initial response that was negative, indicating that it had so far stopped short of rejecting it outright.
Pakistan delivered the 15-point proposal on behalf of the US government, and the consideration appeared to signal that at least some figures in Iran may be considering it.
Meanwhile, the White House Press Secretary, Mrs Karoline Leavitt, said President Donald Trump would hit Iran harder if it fails to accept that the Middle East country has been “defeated militarily”.
Currently, the market is facing the biggest-ever oil supply disruption as the US-Israel war has halted shipments of oil and liquefied natural gas through the Strait of Hormuz, which typically carries about 20 per cent of the world’s LNG and crude supply.
Market analysts noted that this has resulted in around 20 million barrels of crude losses daily, or some 500 million barrels, or five full days of global supply, since the war began on February 28. Countries have started rationing fuel use.
India, one of the world’s largest oil consumers, has bought its first cargo of Iranian liquefied petroleum gas in years after the US temporarily removed sanctions.
Meanwhile, Japan has called on the International Energy Agency (IEA) for an additional coordinated release of oil stockpiles, as it seeks to shield consumers from higher energy prices.
In Venezuela, oil production, including condensate and gas liquids, reached 1.1 million barrels per day in March.
Amid these developments, Russia’s major export terminals suspended crude oil and oil products loadings after massive Ukrainian drone attacks sparked blazes. At least 40 per cent of Russia’s oil export capacity has been halted following Ukrainian drone attacks on its energy infrastructure.
The US Energy Information Administration (EIA) said energy firms added 6.9 million barrels of crude into stockpiles during the week ended March 20.
That was higher than the build of 2.4 million barrels reported by the American Petroleum Institute (API) on Tuesday.
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