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Nigeria Launches Energy Efficiency Label



Nigeria Launches Energy Efficiency Label

By Modupe Gbadeyanka

The Energy Guide Label, a seal to guide Nigerians on the amount of energy consumed by air conditioners, lamps and refrigerators, has been launched by the Standards Organisation of Nigeria (SON) in collaboration with the Nigerian Energy Support Programme (NESP).

The project is funded by the European Union and the German Government.

Speaking at the launch of the label in Lagos, Minister of State, Federal Ministry of Industry, Trade and Investment, Hajia Aisha Abubakar, declared that the label will guide future manufacture and importation of lamps, refrigerators and air conditioners as well as other electrical appliances/equipment in Nigeria.

According to her, the energy guide label was designed for the Nigerian market to be attached on electrical appliances to provide information on the accurate energy consumption of a product. The event was an expose, into teaching consumers to make informed purchasing decisions on electrical products and appliances.

Represented by Mr Barnabas Jatau, a Deputy Director in the Ministry, she stated that the label would provide information on energy performance on air conditioners, refrigerators and lamps and show the conformity of the appliances to the Minimum Energy Performance Standards (MEPS) in Nigeria.

The label is important to help consumers purchase appliances that will reduce the amount of money spent on electrical bills, she said.

“The Nigeria energy label is a consumer guide on how to identify efficiency rating of appliances indicated by 1 star for less efficient to 5 stars for more efficient appliances.

“With this label, any air conditioner that is less than 1-star rating will no longer be allowed into the Nigerian market. The label will be attached to all appliances with approved minimum energy performance standards and label,” she said.

The Minister of State disclosed that the development of the Minimum Energy Performance Standards and launching of the label are some of the steps taken by Nigeria as one of the signatories to the climate change treaty to ensure that measures are in place to comply with policies that would reduce energy consumption, thereby reducing emission of greenhouse gasses.

Presenting a paper at the occasion, Director General, Standards Organisation of Nigeria (SON), Mr Osita Aboloma noted that the current power available to Nigeria is far below what is required, stressing the need to manage available power efficiently.

Dr Justin Nickaf, Director, Planning, Research and Statistics, who represented the SON helmsman disclosed that his organisation has been working with the UNDP and other members of the energy efficiency review committee, to develop the minimum energy performance standards for lamps and refrigerators, which specify maximum energy consumption of such appliances allowed in the Nigerian market.

This according to him, was followed up with series of enlightenment and sensitization campaigns to importers, marketers and consumers, alike.

Mr Aboloma stated that SON has designed a road map in conjunction with manufacturers for implementation of the MEPS and label. He stressed that enforcement of the label is scheduled to commence after 18 months of the launching.

This he said, is to allow old stocks to be exhausted while importers of completely built units are to fully comply with the standard and label, six months after the launch.

The Head, Nigeria Energy Support Program, Ina Hommers said the label would help Nigerian Consumers make informed decisions as well as Manufacturers and Importers with choice of products.

Hommers said non environment friendly refrigerants and sources of greenhouse gas will no longer be used in both air conditioners and refrigerators in Nigeria which is joining over 100 nations already implementing MEPS and the label. She posited that air conditioners and refrigerators manufactured in Nigeria will gain more market within ECOWAS as a result of the standard and label.

Among other stakeholders present at the launch were, the EU Project officer on Energy, Mr Godfrey Ogbemudia, President of the Manufacturers Association of Nigeria (MAN), represented by Mr Mba Sam Qweh and President of NACCIMA, represented by Ms Rebecca Ajibade, Director of Research, Statistics and Development.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.


Demand Pressure Jerks NGX All-Share Index to 54,213.09 points



All-Share Index NGX

By Dipo Olowookere

The sustained demand for domestic stocks further raised the Nigerian Exchange (NGX) Limited by 0.40 per cent on Friday, with the All-Share Index (ASI) crossing the 54,000-point threshold at the close of business.

The index, which measures the general performance of the bourse, appreciated by 214.97 points to settle at 54,213.09 points compared with the preceding day’s 53,998.12 points, as the market capitalisation expanded by N117 billion to close at N29.528 trillion as against Thursday’s closing value of N29.411 trillion.

The growth reported yesterday was supported by buying pressure across sectors of the market, though the consumer goods space came under selling pressure, losing 0.39 per cent.

However, this did not affect the outcome of the bourse due to the 1.06 per cent recorded by the banking counter, the 0.31 per cent expansion posted by the insurance sector, the 0.17 per cent growth printed by the energy counter, and the 0.04 per cent improvement reported by the industrial goods space.

Business Post reports that the market breadth remained positive on Friday, with 35 price gainers and 10 price losers, indicating a very strong investor sentiment.

Red Star Express, International Energy Insurance, and FTN Cocoa gained 10.00 per cent each yesterday to finish at N2.53, 99 Kobo, and 33 Kobo, respectively. MRS Oil gained 9.94 per cent to end at N19.35, and Northern Nigerian Flour Mills rose by 9.55 per cent to N9.75.

Conversely, Ikeja Hotel was the worst-performing stock after it dropped 10.00 per cent to 99 Kobo, Lasaco Assurance fell by 5.88 per cent to 96 Kobo, ABC Transport declined by 5.41 per cent to 35 Kobo, Universal Insurance went down by 4.76 per cent to 20 Kobo, and May & Baker shed 2.89 per cent to N4.71.

At the market yesterday, investors traded 268.02 million stocks worth N2.4 billion in 4,017 deals compared with the 2.9 billion stocks worth N8.1 billion traded in 3,940 deals on Thursday, indicating an increase in the number of deals by 1.95 per cent and a decline in the trading volume and value by 90.66 per cent and 70.37 per cent apiece.

Universal Insurance topped the activity chart after it sold 63.4 million shares, GTCO traded 20.8 million equities, Transcorp exchanged 19.5 million stocks, International Energy Insurance transacted 12.8 million equities, and Access Holdings traded 12.5 million shares.

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Naira Shortage: President Buhari Calls for Calm



President Buhari

By Modupe Gbadeyanka

President Muhammadu Buhari has urged Nigerians to remain calm as they express their anger over the shortage of Naira in the financial system.

Since last week, many citizens of the country have been unable to access their funds in the banks because of a shortage in the supply of the redesigned Naira notes.

This has resulted in a huge crowd at banking premises across the nation, with several persons queuing at Automated Teller Machine (ATM) terminals waiting to withdraw their money with success.

The Central Bank of Nigeria (CBN) redesigned the N200, N500, and N1,000 denominations last year and said the old notes would no longer be legal tender from January 31, 2023.

However, while many Nigerians approached their banks last Sunday to quickly deposit their funds to beat the deadline, the CBN announced that the deadline had been moved to February 10, 2023.

The next day, while customers attempted to withdraw their funds over the counter, they were informed that the apex bank had directed them (commercial banks) not to honour cash withdrawal requests.

Also, cash withdrawal from ATMs was limited, making it very difficult for businesses to operate, triggering a protest in Ibadan on Friday.

When the demonstration was going on, Governors of the All Progressives Congress (APC) were meeting with President Buhari to persuade him to do something about the Naira scarcity.

After the gathering, he said in a social media post that, “I am aware of the cash shortages and hardship being faced by people and businesses on account of the Naira redesign.

“I want to assure you that we are doing everything to resolve these issues. Nigerians should expect significant improvements between now and the February 10 deadline.

“I met with a delegation of Governors today on the matter. All the complaints about the execution of the currency change are being seriously looked into.

“I will ensure that everything is resolved in a lasting manner, and we will all enjoy the long-term benefits of the decision.”

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Local Currency Appreciates at P2P, I&E, Depreciates at Black Market



local currency nigeria

By Adedapo Adesanya

The local currency appreciated by N2 on the United States Dollar at the Peer-2-Peer (P2P) foreign exchange (FX) window, closing at N760/$1 on Friday, February 3, compared with the previous day’s N762/$1, indicating a form of ease as tensions rose across the country following a cash crunch that has triggered anger and aggression in some states.

President Muhammadu Buhari stepped in on Friday and pleaded with Nigerians to give him seven days to resolve the crisis caused by the scarcity of new Naira notes.

The President said he had seen reports about cash shortages and the effect on local businesses and ordinary people.

In the Investors and Exporters (I&E) segment, the Naira recorded a 50 Kobo or 0.11 per cent upward movement against the US Dollar to trade at N461.50/$1 compared with the preceding day’s N462.00/$1.

The day’s trading data showed that the value of forex transactions during the official market slightly increased by 3.54 per cent or $4.08 million to $119.43 million from the $115.35 million recorded a day before.

But in the black market, the Nigerian currency depreciated against the Dollar by N1 to close at N753/$1, in contrast to Thursday’s exchange rate of N752/$1.

In the interbank window, the domestic currency closed flat against the British Pound Sterling and the Euro on Friday at N568.32/£1 and N507.14/€1, respectively.

At the cryptocurrency market, there was a mixed outcome across the tokens tracked by Business Post as moves by the US Federal Reserve to raise rates by 25 basis points continued to send jittery signals.

Binance Coin (BNB) recorded a 2.8 per cent rise to sell at $329.32, Dogecoin (DOGE) grew by 2.4 per cent to trade at $0.0935, Solana (SOL) appreciated by 1.1 per cent to $24.49, Ethereum (ETH) improved by 0.9 per cent to $1,654.18, Cardano (ADA) recorded a 0.6 per cent addition to quote at $0.4006, while Litecoin (LTC) rose by 0.4 per cent to $99.15.

However, Bitcoin (BTC) declined by 0.7 per cent to trade at $23,356.32, and Ripple (XRP) recorded a 0.2 per cent slump to trade at $0.4092, while Binance USD (BUSD) and the US Dollar Tether (USDT) closed flat at $1.00 each.

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