Economy
PENGASSAN Calls for Privatisation of Nigeria’s National Grid
By Adedapo Adesanya
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has charged the federal government to unbundle the country’s electricity national grid, to encourage private sector investments in the sector and improve power supply in the country.
This call was made by the National President of PENGASSAN, Mr Festus Osifo, who maintained that power supply remains a critical issue plaguing the country, as reliable and consistent electricity is the lifeline of any growing economy.
Mr Osifo, speaking at the National Executive Council meeting of the association in Port Harcourt recently, listed the key challenges in the sector to include inadequate power generation capacity, dilapidated and weak power infrastructure, as well as lack of investment in the power sector.
According to him, Nigeria’s current electricity generation was insufficient to meet the growing demands of the population and the nation’s industries, thus leading to frequent power outages and load shedding, disrupting the lives of ordinary citizens and impeding economic growth.
To tackle these challenges and improve power supply in Nigeria, PENGASSAN proffered several solutions, including increasing power generation capacity, rehabilitating and upgrading infrastructure, unbundling the national grid, encouraging private sector involvement and promoting energy efficiency.
“The government should focus on diversifying the energy mix by investing in renewable energy sources such as solar, wind, and hydroelectric power. This will reduce our dependency on fossil fuels and ensure a more stable and sustainable power supply.
“Significant investments must be made towards upgrading and modernizing our power transmission and distribution lines. This includes replacing old equipment, improving maintenance practices, and building new infrastructure to meet the demands of a growing population.
“Unbundling of the national grid. The national grid must be unbundled to smaller units scattered across different states of the federation. The government should create a conducive environment for private sector investments in the power sector,” adding, “This can be achieved through the formulation of favourable policies, providing incentives, and ensuring transparency and accountability in the industry.”
“Promoting energy efficiency and conservation: It is crucial to educate citizens and industries about energy-saving practices and incentivize the use of energy-efficient appliances. This will help reduce the overall energy demand and alleviate some pressure on the power grid.”
PENGASSAN also called for a national rebirth and reorientation, the need to tackle insecurity and rising cases of poverty in the country as well as the need for true democracy and credible elections in the country.
To tackle poverty in the country, the PENGASSAN boss said the government must prioritize inclusive economic policies that promote job creation, particularly in sectors with high potential for growth such as agriculture, manufacturing, and technology.
Mr Osifo regretted that despite being blessed with abundant natural resources, Nigeria’s economy has not translated into widespread prosperity for its citizens, noting that corruption, opaque governance, and inadequate access to education and healthcare exacerbate the cycle of poverty.
“To address these challenges, we must invest in education and healthcare, ensuring their availability and affordability to all citizens. This includes improving the quality of education by providing proper infrastructure, qualified teachers, and relevant curricula. It also entails strengthening healthcare systems and increasing the availability of essential services and medications.
“Additionally, corruption and opaque governance contribute significantly to the increase in poverty. Corruption diverts resources from essential public services and undermines trust in government, leading to a lack of implementation of effective policy frameworks and programs to mitigate poverty.
“To combat corruption and improve governance, it is imperative to establish transparent and accountable institutions. Strengthening anti-corruption agencies, enforcing strict penalties for corrupt practices, and promoting a culture of transparency.
“By investing in infrastructure, providing access to finance, and supporting entrepreneurship, we can generate employment opportunities and empower individuals and communities.”
By Dipo Olowookere
About 0.04 per cent was recovered on Friday from the loss recorded by the Nigerian Exchange (NGX) the previous due to profit-taking.
Yesterday, investors were in the market with renewed vigour, mopping up stocks trading at relatively cheaper prices.
According to data, the insurance counter gained 0.41 per cent, the banking sector appreciated by 0.38 per cent, and the consumer goods index grew by 0.14 per cent.
The gains achieved by these three sectors were enough to lift Customs Street at the close of business despite the 0.26 per cent decline printed by the industrial goods segment and the 0.14 per cent loss suffered by the energy industry. The commodity counter was flat during the session.
A total of 43 equities gained weight on the last trading day of this week, while 26 equities shed weight, indicating a positive market breadth index and strong investor sentiment.
Red Star Express increased its share price by 10.00 per cent to N13.20, NCR Nigeria grew by 9.97 per cent to N128.55, SCOA Nigeria inflated by 9.96 per cent to N14.90, Omatek appreciated by 9.94 per cent to N1.77, and Deap Capital expanded by 9.85 per cent to N4.46.
On the flip side, McNichols decreased by 8.81 per cent to N6.00, Legend Internet crumbled by 7.56 per cent to N5.50, Cornerstone Insurance crashed by 6.48 per cent to N6.35, C&I Leasing contracted by 6.29 per cent to N8.20, and Austin Laz slipped by 5.78 per cent to N3.75.
Yesterday, 539.9 million shares valued at N16.7 billion were transacted in 48,023 deals versus the 1.0 billion shares worth N31.6 billion executed in 51,227 deals in the preceding day, implying a shrink in the trading volume, value, and number of deals by 46.01 per cent, 47.15 per cent, and 6.26 per cent apiece.
Zenith Bank was the most active for the day with 54.6 million stocks sold for N3.8 billion, Jaiz Bank traded 41.5 million units worth N359.4 million, Secure Electronic Technology transacted 37.7 million units valued at N39.2 million, Access Holdings exchanged 30.5 million units for N699.2 million, and Lasaco Assurance transacted 27.2 million units worth N68.3 million.
When the market closed for the day, the All-Share Index (ASI) went up by 72.21 points to 166,129.50 points from 166,057.29 points and the market capitalisation gained N31 billion to N106.354 trillion from N106.323 trillion.
By Adedapo Adesanya
It was a positive ending for the Naira this week after it further appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, January 16 by N1.33 or 0.09 per cent to sell for N1,417.95/$1 compared with the previous day’s N1,419.28/$1.
The domestic currency also gained N2.41 against the Euro in the official market to close at N1,647.51/€1 versus the preceding session’s closing price of N1,649.92/€1, however, it suffered a N7.97 loss against the Pound Sterling in the same market window to trade at N1,901.32/£1, in contrast to Thursday’s closing price of N1,893.35/£1.
In the same vein, the Nigerian Naira depleted against the Dollar at the GTBank FX counter by N2 to quote at N1,427/$1 compared with the previous day’s N1,425/$1, but strengthened against the greenback at the black market yesterday by N5 to settle at N1,485/$1 versus the N1,490/$1 it was exchanged a day earlier.
Improved supply conditions helped keep the market within range as exporters’ and importers’ inflows in addition to non-bank corporate supply enhanced liquidity as the Central Bank of Nigeria (CBN) made no visible intervention.
Stronger external inflows from foreign portfolio investors (FPIs) and improving current account dynamics, continue to align with structural support in the wider economy.
Nigeria has seen projections of a stronger economic or gross domestic product (GDP) growth and lower inflation in 2026, with these forecasts citing improved macroeconomic fundamentals and reform impacts.
As for the cryptocurrency market, it was mixed following selloff in precious metals and lower US stocks appeared to be denting crypto sentiment.
Gold and silver, both of which also enjoyed big rallies earlier this week, tumbled 1.2 per cent and 5 per cent, respectively while key US stock indexes — the Nasdaq, S&P 500 and Dow Jones Industrial Average — all reversed from early gains to modest losses in Friday trade.
Dogecoin (DOGE) shrank by 2.2 per cent to $0.1370, Ripple (XRP) slipped by 0.8 per cent to $2.05, Ethereum (ETH) went down by 0.7 per cent to $3,228.56, and Bitcoin (BTC) slumped by 0.6 per cent to $95,086.80.
Conversely, Litecoin (LTC) appreciated by 3.2 per cent to $74.48, Solana (SOL) rose by 0.4 per cent to $143.70, Cardano (ADA) jumped by 0.2 per cent to $0.3942, and Binance Coin (BNB) increased by 0.1 per cent to $935.88, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
Oil prices settled higher amid lingering worries about a possible US military strike against Iran, a decision that may still occur over the weekend.
Brent crude settled at $64.13 a barrel after going up by 37 cents or 0.58 per cent and the US West Texas Intermediate (WTI) crude finished at $59.44 a barrel after it gained 25 cents or 0.42 per cent.
The US Navy’s aircraft carrier USS Abraham Lincoln was expected to arrive in the Persian Gulf next week after operating in the South China Sea.
Market analysts noted that it doesn’t seem likely anything will happen soon. However, the weekends have become the perfect time for actions so as not offset the markets.
The market had risen after protests flared up in Iran and US President Donald Trump signalled the potential for military strikes, but lost over 4 per cent on Thursday as the American president said Iran’s crackdown on the protesters was easing, allaying concerns of possible military action that could disrupt oil supplies.
Iran produces approximately 3.2 million barrels per day, accounting for roughly 4 per cent of global crude production, so it was not a coincidence that markets rallied sharply through Tuesday and Wednesday as President Trump canceled meetings with Iranian officials and posted that “help is on its way” to Iranian protesters, raising fears of potential US military strikes that sent prices surging toward multi-month highs.
Weighing against those fears are potential supply increases from Venezuela.
The Trump administration is exploring plans to swap heavy Venezuelan crude for US medium sour barrels that can actually go straight into Strategic Petroleum Reserve (SPR) caverns, since not all all oil belongs in the reserve.
According to Reuters, the Department of Energy is considering moving Venezuelan heavy crude into commercial storage at the Louisiana Offshore Oil Port, while US producers deliver medium sour crude into the SPR in exchange.
Analysts expect higher supply this year, potentially creating a ceiling for the geopolitical risk premium on prices.
Some investors covered short positions ahead of the three-day Martin Luther King holiday weekend in the US.
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