Economy
Lagos Plans 24-Hour Electricity for Residents with 3,000MW Plant
By Dipo Olowookere
As part of efforts in achieving a 24-hour power for Lagos, Governor Akinwunmi Ambode has sought a no objection letter from the Nigerian Electricity Regulatory Commission (NERC) for the state’s Embedded Power Programme.
Mr Ambode led some members of the State Executive Council, lawmakers and other critical stakeholders to a meeting at the NERC’s headquarters in Abuja on Friday for this purpose.
The Government explained that the embedded power project was designed as his administration’s flagship programme for direct intervention in the power value chain.
He said the proposed power programme would generate up to 3,000MW of power through accelerated deployment of various power plants in strategic locations across the state by private sector power providers within three to six years.
He noted that Nigerians’ aspiration to create a secured and prosperous nation that is globally competitive will be difficult to achieve without stable power supply.
Governor Ambode posited that while efforts are ongoing to resolve the power crisis, it had become increasingly clear that the problems in the energy sector could no longer be left to the Federal Government alone to solve.
“Embedded power was designed as our flagship programme for direct intervention in the power value chain towards achieving a 24-hour power for Lagos. Lagos State has always demonstrated its capacity and willingness to play a leading role in resolving the power sector challenges in the state, subject to the limit of the federal authority allowed regulations.
“Having succeeded in powering government facilities, the next level of intervention for our government is to collaborate with other stakeholders in the power sector to design and implement a roadmap for uninterrupted power supply to homes and businesses in Lagos State.
“The draft of the Lagos State Embedded Power Bill was finalised in May 2017 and submitted to the National Electricity Regulatory Commission for clearance before same can be forwarded to the State House of Assembly,” the Governor said.
Mr Ambode added that, “The stakeholders’ meeting holding today is a continuation of the ongoing engagement between NERC and the Lagos State Government on the Lagos State Embedded Power Programme.
“We are convinced that the offer by our government to deploy the state’s balance sheet in support of power generation, transmission, distribution, gas supply, metering, collection and enforcement in Lagos State will significantly relieve the national grid and free more energy for distribution to other parts of Nigeria.
“The proposed power programme will generate up to 3,000MW of power through accelerated deployment of various power plants in strategic locations across the state by private sector power providers within three to six years.”
According to him, the state government would issue guarantees in support of the Power Purchase Agreements that will be signed between the distribution companies and the private sector embedded power providers to enhance bankability of the projects.
He added that the power generated under the programme will be distributed through the networks of Eko and Ikeja Distribution Companies while the state would support the distribution companies in upgrading their distribution infrastructure for embedded power areas in line with NERC guidelines.
“The state government will support the distribution companies in installation of smart prepaid meters in the areas where embedded power is deployed. We will institute a cost-reflective tariff regime that is fair to all stakeholders, sustainable and capable of attracting private capital to the sector on a continuous basis.
“Other areas of collaboration include support for revenue collection, legislation and establishment of an agency for enforcement of power theft laws in Lagos.
“Our prayer today is to seek the commission’s no objection letter for the Lagos State Embedded Power Programme, based on cost reflective tariff regime that is fair to all parties and capable of unlocking private sector investments into the power sector on a sustainable basis,” the Governor said.
Responding, the NERC’s Commissioner in charge of Legal License and Compliance, Mr Dafe Akpeneye, who stood in for the Commission’s Vice Chairman, promised that the NERC would work with the Lagos State Government to ensure the success of the programme.
“Within the ambit of the law and existing regulations, you have our unflinching support in this project.
“So in response to what you said in your prayers to us, Your Excellency, I reaffirm the support of NERC towards this project. Our commitment is to create a viable electricity industry that works for Nigeria and Nigerians.
“As the laws and regulations permit us, we will work with you on this project to ensure that it does see the light of the day,” Mr Akpaneye promised.
Akpeneye however called the Governor’s attention to some safety issues that concern the state.
He spoke about the right of way, standards and designs, electricity theft as well as customers’ enumeration.
He noted that a situation where the commission’s record indicates that there are only 1.2 million registered electricity customers in Lagos State is not tidy enough when almost all the houses in the state are connected to national grid.
Representatives of both Eko and Ikeja Distribution Companies at the meeting declared their support for the project, saying that it would be detrimental to the progress of Nigeria if they opposed it.
By Adedapo Adesanya
Three securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 1.38 per cent on Friday, July 3, with the NASD Security Index (NSI) up by 58.80 points to 4,307.26 points from 4,248.46 points, and the market capitalisation closing higher by N35.30 billion to N2.585 trillion from N2.549 trillion.
The price gainers were led by 11 Plc, which expanded by N20.05 to close at N220.55 per share compared with the previous day’s N200.50 per share, FrieslandCampina Wamco Nigeria Plc increased by N5.36 to N151.82 per unit from N146.46 per unit, and Central Securities Clearing System (CSCS) Plc appreciated by N3.52 to N90.74 per share from N87.22 per share.
Yesterday, the value of transactions surged by 1,431.2 per cent to N160.1 million from the preceding session’s N10.5 million, and the volume of trades rose by 303.7 per cent to 1.8 million units from 440,653 units, while the number of deals decreased by 34.4 per cent to 21 deals from 32 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 70.7 million units transacted for N4.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Dipo Olowookere
The losing streak on the Nigerian Exchange (NGX) Limited was halted on Friday after the bourse closed higher by 2.19 per cent at the close of trading activities.
The gains reported by Nigerian stocks were buoyed by renewed bargain-hunting by investors, which resulted in all the key sectors of Customs Street ended in the green territory.
The banking space rose by 2.78 per cent, the insurance counter appreciated by 1.26 per cent, the energy segment expanded by 0.36 per cent, the consumer goods index chalked up 0.06 per cent, and the industrial goods sector grew by 0.05 per cent.
Consequently, the All-Share Index (ASI) went up by 4,918.37 points to 229,240.34 points from 224,321.97 points, and the market capitalisation increased by N3.156 trillion to N147.103 trillion from N143.947 trillion.
Investor sentiment was bullish after 34 stocks ended on the price gainers’ chart and 18 stocks finished on the losers’ log, representing a positive market breadth index.
The quintet of The Initiates, Universal Insurance, DAAR Communications, Omatek, and Airtel Africa surged by 10.00 per cent to sell for N25.85, 88 Kobo, N1.65, N1.76, and N5,274.00, respectively.
On the flip side, International Energy Insurance lost 9.96 per cent to trade at N4.70, Meyer shed 9.95 per cent to close at N18.55, Veritas Kapital dropped 5.07 per cent to finish at N1.31, Fidelity Bank slipped by 2.17 per cent to N18.00, and Jaiz Bank crashed by 1.84 per cent to N28.12.
During the session, a total of 414.7 million equities worth N25.1 billion exchanged hands in 47,106 deals compared with the 855.4 million equities valued at N28.4 billion transacted in the preceding day in 51,609 deals, implying a contraction in the trading volume, value, and number of deals by 51.52 per cent, 11.62 per cent, and 8.73 per cent, respectively.
By Adedapo Adesanya
The Naira closed flat against the United States Dollar at N1,370.19/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 3.
However, it appreciated against the Pound Sterling in the same market segment by N2.29 to settle at N1,829.88/£1 compared with the previous day’s N1,832.17/£1, and marginally depreciated against the Euro by 4 Kobo to close at N1,568.32/€1 versus Thursday’s closing price of N1,568.28/€1.
At the parallel market, the Naira also traded flat against the US Dollar at N1,390/$1, and at the GTBank forex desk, it also maintained stability at N1,832/$1.
Market conditions improved shortly after the following minimal intervention by the Central Bank of Nigeria (CBN) through modest Dollar sales, which boosted liquidity and supported stronger trading activity.
Easing pressure came after half-year profit-taking tapered down, while continued stronger policy signals from the central bank add to near-term support.
Deals executed at the official market on Friday came in at $70.430 million across 82 interbank deals, from $85.517 million the previous day.
Meanwhile, the cryptocurrency market continued its recovery after June non-farm payrolls printed at 57,000, less than half the 113,000 consensus, sending the implied probability of a September Federal Reserve rate hike from 64 per cent to 54 per cent and dragging AI stocks sharply lower.
Weak labour data reduces inflationary pressure and, by extension, the Federal Reserve’s justification for holding rates elevated. That transmission mechanism is direct: lower rate-hike odds compress the opportunity cost of holding non-yielding assets like crypto.
Bitcoin regained the $62,000 mark after it rose by 1.3 per cent to $62,475.29.
Cardano (ADA) gained 6.6 per cent to trade at $0.1759, Ripple (XRP) appreciated by 3.5 per cent to $1.14, Ethereum (ETH) expanded by 2.4 per cent to $1,756.82, Dogecoin (DOGE) improved by 2.1 per cent to $0.0768, Solana (SOL) chalked up 1.8 per cent to $82.65, TRON (TRX) increased by 1.5 per cent to $0.3235, and Binance Coin (BNB) soared by 1.4 per cent to $569.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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