Economy
Dogara Tasks Stakeholders to Address Myriad Power Problems
By Modupe Gbadeyanka
Speaker of the House of Representatives, Mr Yakubu Dogara, has charged stakeholders in the power sector in Nigeria to ensure they address the myriad of issues frustrating steady supply of electricity in the country.
The Speaker gave this charge on Tuesday during his welcome address at the 2-day stakeholders’ interactive dialogue/workshop on the Nigerian power sector by the National Assembly at the Congress Hall of Transcorp Hilton in Abuja.
Mr Dogara admitted that the power sector in Nigeria has over years been faced with many intimidating and daunting challenges.
He said these challenges run across the entire power value chain of generation, transmission and distribution and that these myriad issues are apparently exacerbated by inadequate funding, poor energy mix, fuel supply issues, flawed regulatory framework, commercial issues among others.
“There is therefore a need for concerted efforts by all stakeholders to address these myriad problems,” he charged.
According to him, the “objective of this workshop is to provide a platform for stakeholders to carry out a holistic diagnosis of the challenges impeding the development of the Nigerian Electricity Supply Industry (NESI) and proffer practical solutions.”
“The diagnosis includes but not limited to a critical analysis of the extant legislations and regulatory framework guiding the Nigerian power sector to determine if there is a need for amendments or enactment of new laws that will galvanize the sector to deliver the required results,” he said.
According to him, some of the relevant questions to be asked are:
- Why has power generation remained at less than 5000MW since the last 56 years?
- Why have various policies by successive governments failed?
- Why has the transmission infrastructure remained inadequate in wheeling the available power?
- How can the Federal Government rapidly expand the transmission infrastructure?
- Why are electric meters not available to most consumers thereby leading to contentious estimated billing?
- How can NERC establish a cost reflective tariff and reduce inefficiency in support of affordable end user tariffs?
- Why has there not been an effective Gas Master Plan for Nigeria which would have preceded the building of the gas fired power plants?
- What is the solution to the perennial pipeline vandalism that disrupts delivery of gas to the gas fired power plants?
- What can be done to improve local and foreign investment in gas gathering, processing and distribution?
- Why is there local and foreign investor apathy in investing in the Nigerian power sector?
- Why are the local and foreign financial institutions not funding the sector?
- How can the FGN create and sustain a stable investment climate for private sector participation in the power sector?
- How can the FGN maintain a creditworthy off-taker (NBET) of electricity?
- How can we maximize options like mini hydro and small solar projects to power rural communities?
. Perhaps the most important question is what happened to the N2.74 trillion spent on the sector from 1999-2015?
. Why is it that the more we spent on the power sector, the more darkness we attract?
- Why are most of the companies licensed by NERC not able to start their projects?
- What can be done to improve the poor energy mix?
- Why has the FGN not embarked on Energy Conservation campaign that will emphasize the use of energy saving bulbs etc.?
- What kind of guarantee is needed by foreign investors to facilitate investment in the power sector?
- What role can the legislature play to facilitate a rapid development of the power sector?
- Is there a political will to tackle head on the challenges of the power sector?
- Is there any need for amendment of extant legislations or enactment of new laws to galvanize both local and foreign investment in the Nigerian power sector?
The Speaker said stakeholders and participants at the programme must answer in order to proffer long lasting solutions that will move the Nigerian power sector forward, stressing that he remains “confident that the array of stakeholders gathered here today are eminently capable of dealing with these and many more related questions and puzzles that exist and will arise in the course of deliberations.”
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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