Economy
Nigeria Must Ensure Stable Power Supply for Economic Growth—Adesina
By Adedapo Adesanya
The Nigerian government has been advised to address its power supply crisis if it intends to revamp the struggling economy.
The President of the African Development Bank (AfDB) Group, Mr Akinwumi Adesina, said this over the weekend during his lecture on Building a Global Nigeria to mark the 90th birthday anniversary of Nigeria’s fomeYakubu Gowon in Abuja.
He lamented that his country of origin loses about $29 billion annually due to a lack of reliable power supply, amounting to a 5.8 per cent loss in the nation’s Gross Domestic Product (GDP), noting that the major challenge facing Nigeria’s manufacturing industries was the high cost and unreliability of electricity supply.
The AfDB boss said that load shedding and the inconsistent availability of electricity had resulted in high and uncompetitive manufacturing costs.
According to him, most Nigerian manufacturing companies are providing their energy with a high dependence on generators, diesel and heavy fuel oil.
“It has been estimated by the IMF that Nigeria loses about $29 billion annually, that is 5.8 per cent of its GDP, due to a lack of reliable power supply.
“The report also indicates that Nigerians spend $14 billion yearly on generators and fuel. There is no other way to say it, lack of electricity is killing Nigerian industries,” he said.
He quoted the Manufacturers Association of Nigeria (MAN) as saying industries spent N93.1 billion on alternative energy in 2018.
“Today, no business can survive in Nigeria without generators. Nigeria has gas and crude oil in abundance, which can be vital means of generating electricity, yet, 86 million people live daily without electricity.
“Today, Nigeria is the number one country in the world in terms of the total number of people without electricity,” he said.
Mr Adesina said that it was a situation that called for the government’s attention so as to boost the country’s economy.
He said that to achieve a global Nigeria, the country must have universal access to electricity.
Highlighting AfDB‘s contributions, Mr Adesina said that the bank had invested massively in the power sector to support the implementation of Nigeria’s Power Sector Recovery Programme by providing 200 million dollars for the Nigeria Electrification Project.
“To support Nigeria and other African countries, the AfDB invests massively in the continent’s power sector.
“This is through the provision of 200 million dollars for the Nigeria Electrification Project, which is designed to fill the country’s electricity access gap.
“We have also invested $210 million in the Nigeria Transmission Project to strengthen the grid power evacuation and regional interconnection,” Mr Adesina said.
According to him, a major component of AfDB’s energy strategy is the launch of the Desert to Power initiative, a $20 billion initiative to provide electricity.
He said that the initiative would provide electricity for 250 million people across 11 countries of the Sahel, including Northern Nigeria.
He said that it was expected that Desert to Power would create the world’s largest solar zone.
“This initiative will draw lessons from successful projects already financed by the bank, including the Noor Ouarzazate solar PV power project in Morocco and the Ben Ban solar project in Egypt.
“The President of the World Bank Group, Ajay Banga and I made the decision that the two institutions will work together to connect 300 million Africans, including Nigerians, to electricity by 2030,” Mr Adesina said.
By Adedapo Adesanya
The federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.
The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.
Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.
“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.
The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.
Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.
On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.
“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”
The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.24 per cent on Wednesday, December 17, pulling the Unlisted Security Index (NSI) up by 8.62 points to 3,614.64 points from 3,606.02 points.
In the same vein, the market capitalisation added N4.72 billion to close at N2.164 billion compared with the N2.160 trillion it ended on Tuesday.
The growth was inspired by four securities, which finished on the gainers’ log, neutralising the losses printed by two other securities on the trading platform.
MRS Oil Plc gained N17.90 on Wednesday to end at N196.90 per unit versus N179.00 per unit, NASD Plc appreciated by 59 Kobo to N58.50 per share from N57.91 per share, FrieslandCampina Wamco Nigeria Plc added 15 Kobo to sell at N60.19 per unit versus N60.04 per unit, and Industrial and General Insurance (IGI) Plc rose by 6 Kobo to 64 Kobo per share from 58 Kobo per share.
On the flip side, Golden Capital Plc extended its loss by 76 Kobo to end at N7.75 per unit versus N8.51 per unit, and Central Securities Clearing System (CSCS) Plc slipped by 35 Kobo to N39.65 per share from N40.00 per share.
Yesterday, the volume of transactions increased by 737.3 per cent to 20.4 million units from 2.4 million units, but the value of trades fell by 33.8 per cent to N72.2 million from N109.1 million, and the number of deals slid by 62.5 per cent to 21 deals from 56 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, the second position was occupied by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and the third place was taken by MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, followed by IGI Plc with 1.2 billion units valued at N420.7 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
By Dipo Olowookere
A 0.26 per cent growth was achieved by the Nigerian Exchange (NGX) Limited on Wednesday on the back of sustained bargain-hunting by investors.
This happened despite a pocket of profit-taking, with industrial goods losing 0.63 per cent and the energy index shedding 0.05 per cent.
But the insurance space increased by 2.02 per cent, the banking counter appreciated by 1.48 per cent, the commodity sector improved by 0.48 per cent, and the consumer goods segment rose by 0.03 per cent.
Consequently, the All-Share Index (ASI) went up by 383.71 points to 149,842.82 points from 149,459.11 points and the market capitalisation jumped by N244 billion to N95.525 trillion from N95.281 trillion.
The market breadth index remained positive after the bourse finished with 38 price gainers and 23 price losers, indicating a strong investor sentiment.
The quartet of First Holdco, Lasaco Assurance, Veritas Kapital, and Prestige Assurance gained 10.00 per cent to quote at N39.60, N2.75, N1.76, and N1.65, respectively, while Mecure Industries grew by 9.92 per cent to N50.40.
Conversely, Living Trust Mortgage Bank lost 10.00 per cent to close at N3.15, International Energy Insurance dropped 9.92 per cent to trade at N2.27, McNichols shrank by 6.90 per cent to N2.97, Omatek decreased by 6.84 per cent to N1.09, and Chams dipped by 6.41 per cent to N2.92.
The activity level witnessed a significant surge at midweek, with Ecobank trading 5.3 billion units for N168.7 billion.
Further, First Holdco sold 108.2 million units worth N4.2 billion, Sterling Holdings exchanged 87.3 million units valued at N606.2 million, FCMB transacted 74.3 million units worth N783.6 million, and Access Holdings sold 41.5 million units for N841.4 million.
At the close of trades, market participants traded 5.9 billion units valued at N216.2 billion in 25,205 deals compared with the 1.0 billion units worth N21.8 billion traded in 23,701 deals a day earlier, showing a rise in the trading volume, value, and number of deals by 490.00 per cent, 891.74 per cent, and 6.35 per cent, respectively.
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