Economy
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.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.22 per cent on Tuesday, April 28, with the market capitalisation down by N4.8 billion to N2.420 trillion from N2.425 trillion, and the NASD Unlisted Security Index (NSI) down by 9.01 points to 4,044.96 points from 4,053.97 points.
During the session, the price of Central Securities Clearing System (CSCS) Plc went down by N1.82 to N767.05 per share from N78.87 per share, while FrieslandCampina Wamco Nigeria Plc appreciated by N1.90 to N100.00 per unit from N98.10 per unit.
According to data, the value of trades increased by 265.7 per cent to N27.1 million from N7.4 million units, and the volume of transactions surged by 305.2 per cent to 1.3 million units from 319,831 units, while the number of deals decreased by 6.9 per cent to 27 deals from 29 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.8 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also finished as the most traded stock by volume on a year-to-date basis, with a turnover of 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.
By Adedapo Adesanya
Pressure is beginning to mount on the Nigerian Naira in the different segments of the foreign exchange (FX) market despite an oil windfall triggered by the Middle East crisis.
On Monday, April 27, the domestic currency further weakened against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) by N16.47 or 1.2 per cent to N1,380.71/$1 from the previous day’s N1,364.24/$1.
It was not different against the Pound Sterling in the same market window, as it lost N16.04 to trade at N1,863.76/£1 versus Monday’s closing rate of N1,847.72/£1, and against the Euro, it slipped by N12.72 to close at N1,615.01/€1 versus N1,602.29/€1.
The Naira also depreciated against the Dollar at the black market yesterday by N5 to quote at N1,390/$1 compared with the previous price of N1,385, and at the GTBank forex counter, it further crashed by N9 to settle at N1,379/$1 compared with the preceding session’s N1,370/$1.
The continued decline of the Naira comes as traders increasingly seek other safe-haven currencies amid continued global disruptions.
The benefit awash in the global market is making foreign portfolio investors stay short in Nigerian markets. Despite this, the daily FX publication released showed that interbank turnover rose to $98.829 million across 78 deals, up from $76.65 million.
Meanwhile, the cryptocurrency market remained cautious, with Bitcoin (BTC) trading at $77,216.66 despite surging oil prices and geopolitical tensions over a potential extended US naval blockade of the Strait of Hormuz.
Analysts say the supply overhang has finally dried up, and the sellers who were spooked by macro shifts or quantum fears have already exited, leaving the market much thinner on the sell-side.
Investors will await decisions made by central banks this week. The US Federal Reserve will announce its rate decision later on Wednesday, while the European Central Bank (ECB) follows on Thursday.
Ethereum (ETH) gained 1.5 per cent to trade at $2,324.59, Dogecoin (DOGE) chalked up 1.4 per cent to sell for $0.1016, Solana (SOL) appreciated by 0.6 per cent to $84.85, Cardano (ADA) grew by 0.5 per cent to $0.2483, and Binance Coin (BNB) advanced by 0.2 per cent to $627.15.
However, TRON (TRX) depreciated by 0.6 per cent to $0.3224, and Ripple (XRP) lost 0.03 per cent to sell at $1.39, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were unchanged at $1.00 each.
By Adedapo Adesanya
Oil was up by nearly 3 per cent on Tuesday as persistent worries about supply constraints from the closed Strait of Hormuz continued, with Brent futures for June rising by $3.03 or 2.8 per cent to $111.26 a barrel, and the US West Texas Intermediate (WTI) crude futures growing by $3.56 or 3.7 per cent to $99.93 a barrel.
An earlier round of negotiations between the United States and Iran collapsed last week after face-to-face talks failed.
Ship-tracking data showed significant disruptions in the region, with six Iranian oil tankers forced to turn back due to the US blockade, but some traffic is still moving.
Prices trimmed some of the advances after the United Arab Emirates (UAE), the fourth-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said on Tuesday it would exit the group on this Friday, May 1, 2026.
This dealt a blow to the oil-exporting group and its de facto leader, Saudi Arabia.
The UAE could quickly add between 1 million and 1.5 million barrels per day of output. However, with the Strait of Hormuz effectively closed, analysts said that there’s nowhere for that supply to go.
The UAE joined OPEC in 1967, but tension with Saudi Arabia over production quotas has been building for years.
Under the OPEC+ deal, the country has been held to roughly 3 million barrels per day while sitting on capacity above 4 million. It has been pushing toward 5 million barrels per day by 2027, and that target is hard to achieve with quotas built around someone else’s view of the market.
The war in Yemen broke whatever was left of diplomatic patience.
President Donald Trump said he was unhappy with the latest Iranian proposal to end the war. The proposal would avoid addressing the nuclear programme until hostilities cease and Gulf shipping disputes are resolved.
The Idemitsu Maru, a Panama-flagged tanker carrying 2 million barrels of Saudi oil, and an LNG tanker managed by the Abu Dhabi National Oil Company (ADNOC) crossed the Strait on Tuesday, shipping data showed.
Vortexa data showed that the amount of crude oil held around the world on tankers that have been stationary for at least seven days rose to 153.11 million barrels as of April 24.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.79 million barrels in the week ending April 24. The official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
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