Economy
Investors Join Scatec Solar to Build 100mw Project In Jigawa
By Dipo Olowookere
Scatec Solar said it has signed a Joint Development Agreement (JDA) with Africa50, an African Infrastructure Fund sponsored by the African Development Bank (AfDB) and more than 20 African States and Norfund (the Norwegian Investment Fund for Development Countries), securing investment into the 100 MW (DC) Nova Scotia Power plant located in Dutse, Jigawa State.
The project has the potential to significantly contribute to the plan of the government to attract $2 billion of investments into the state and implement President Muhammadu Buhari’s plans to provide jobs and economic opportunities especially for the nation’s youth.
The signing ceremony of the JDA was held in the presence of Børge Brende, the visiting Norwegian Foreign Minister, Barrister Ibrahim Hassan Hadejia, Deputy Governor of Jigawa State, as well as officials from the Nigerian Bulk Electricity Trading among others.
“New local power generation capacity is a key element to attract sizeable investment into the State and region, especially into new industries such as light manufacturing and agricultural processing,” the Deputy Governor said.
“The formation of this consortium is a strong symbol of the Norwegian and Nigerian commitment to invest in clean energy in Nigeria. With the Government of Norway taking a direct investment role through Norfund, significant regional and Nigerian ownership through Africa50, and the track-record of Scatec Solar, this offers one of the most solid partnerships for solar PV projects globally,” said Executive Vice President Terje Pilskog who signed the JDA on behalf of Scatec Solar.
“I am pleased that Africa50 is already making its first investment, which fits in squarely with our priority to light up and power Africa,” said Dr. Akinwumi Adesina, President of the African Development Bank (AfDB) and Chairman of Africa50’s Board of Directors. Africa50 has been created by African governments, including Nigeria, the African Development Bank and institutional investors to mobilize private sector for funding infrastructure projects in Africa. Alain Ebobisse, Africa50’s CEO noted: “Access to reliable energy is one of the most critical needs in Africa, including in Nigeria, where it is a government priority. I look forward to deepening the relationship with the authorities of Nigeria, one of our key shareholder countries, and to supporting more projects in this and other infrastructure sectors.”
Apart from the three equity investors, the American Overseas Private Investment Corporation (OPIC), Islamic Development Bank and the African Development Bank are expected to be senior debt providers for the project. International Finance institutions say the key to successful investment is the Nigerian state’s issue of project documents that provides necessary investor confidence and the formulation of a clear roadmap to sustainability in the energy sector.
With an estimated investment of USD 150 million, a production of 200,000 MWh of electricity per year and 120,000 tons of CO2 emissions avoided annually, the Nova Scotia solar plant will help Nigeria rapidly increase its generation capacity, provide economic opportunities, fight desertification caused by climate change, and contribute to fulfilling Nigerian President Muhammadu Buhari’s commitments to develop renewable energy as part of the Paris Climate Change Agreement.
In July, the Nova Scotia project signed a 20-year PPA with Nigerian Bulk Electricity Trading (NBET). Located on 200 hectares of land, the project has strong fundamentals with high solar resources and direct access to the transmission grid through a simple connection route. The consortium will continue to work with CDIL, a Canadian renewable energy development company focused on Africa, and BPS, a Nigerian strategic consulting, to move the project from “pipeline” and achieve financial close in 2017 and commercial operations in 2018.
Nigeria is Africa’s largest and the world’s 26th biggest economy. With Nigeria’s per capita electricity consumption at 155 kwh, one of the lowest in the world, there is a huge need to increase power production in order to expand and diversify the Nigerian economy.
By Dipo Olowookere
The Nigerian equity market showed no signs of slowing down, as it further appreciated by 1.30 per cent on Friday on the back of sustained buying pressure.
Unlike the preceding sessions, investor sentiment was bullish yesterday after the Nigerian Exchange (NGX) Limited ended with 43 price gainers and 26 price losers, implying a positive market breadth index, the first this week.
UPDC gained 10.00 per cent to close at N4.40, Academy Press also appreciated by 10.00 per cent to quote at N7.70, Haldane McCall improved by 9.97 per cent to N3.97, Zichis soared by 9.94 per cent to N15.60, and Wema Bank added 9.84 per cent to settle at N31.25.
Conversely, Meyer lost 9.92 per cent to sell for N16.80, Trans-Nationwide Express also crashed by 9.92 per cent to end at N7.90, C&I Leasing slipped by 8.53 per cent to N5.90, Omatek dipped by 7.34 per cent to N2.02, and eTranzact decreased by 5.28 per cent to N17.05.
When the bourse closed its doors to business, the All-Share Index (ASI) rose by 2,884.81 points to 225,722.49 points from 222,837.68 points, and the market capitalisation grew by N1.858 trillion to N145.335 trillion from N143.477 trillion.
A look at the activity chart showed that market participants transacted 627.6 million shares worth N44.5 billion in 55,232 deals during the trading day compared with the 667.9 million shares valued at N38.1 billion traded in 53,062 deals a day earlier.
This indicated that the volume of transactions went down by 6.03 per cent, the value of trades went up by 16.80 per cent, and the number of deals jumped by 4.09 per cent.
Access Holdings closed the session as investors’ toast, with a turnover of 75.6 million units worth N2.4 billion. UBA transacted 43.1 million units valued at N2.3 billion, Wema Bank exchanged 41.5 million units for N1.3 billion, Zenith Bank traded 38.4 million units valued at N5.2 billion, and Universal Insurance sold 29.5 million units for N35.9 million.
By Aduragbemi Omiyale
Mr Taiwo Oyedele has set some goals he intends to achieve as Nigeria’s Minister of Finance and Coordinating Minister of the Economy.
While taking over from his predecessor, Mr Wale Edun, on Thursday, the tax expert assured that he has no plans to overturn some of the reforms already put in place by the former occupier of the seat.
In a message on Friday, he emphasised that, “Our immediate task is to consolidate these gains, deepen ongoing reforms, and ensure they translate into tangible benefits for all Nigerians.”
He promised to ensure fiscal discipline by embracing transparent and prudent management of public resources, while also harmonising revenue administration, broadening the tax base, reducing the burden on the vulnerable population, and supporting economic growth.
Mr Oyedele further said his other strategic priorities include creating a predictable and investor-friendly environment anchored on policy coherence, consistency, and clarity; and aligning efforts across all tiers and institutions to maximise policy impact.
He also said efforts would be made to deepen collaboration with the private sector and other key stakeholders for data-driven policy design, co-implementation, and feedback for continuous improvement.
According to him, “Good policy design alone is not enough; success will be defined by execution. We are committed to disciplined implementation, accountability, and measurable results.”
“I look forward to working with colleagues across government, the private sector, and all Nigerians as we move from reform to result, accelerate growth and build a more stable, inclusive, and prosperous economy,” he stated.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.
The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.
Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.
During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
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