Economy
Sahara Power Invests $200m in Egbin Power Plant to Generate 1,100MW
By Dipo Olowookere
Not less than $200 million has been invested in the Egbin Thermal Power Plant in Lagos by Sahara Power Group to increase its generating capacity to its present level.
Managing Director of Sahara Power Group, Mr Kola Adesina, speaking at an event organised by the firm in Lagos, stated that when the Egbin power plant was acquired by Sahara Power, it was generating 400MW of electricity. But with the huge investment made by his company, the plant now generates 1,100 MW, indicating that capacity has been more than doubled.
Mr Adesina said though the privatisation of the sector has not been smooth, there was room for improvement as long as stakeholders agree to work together.
“The privatization occurred in 2013 has not been a smooth one. We successor companies have had to embark on a long, protracted curve of learning to fully appreciate the complexity and the magnitude of the behemoth sector we now captain.
“Like young adolescents we have been compelled to grow and mature rapidly to rise up to the burden of responsibility placed on us,” he said at the Sahara Power Roundtable.
Speaking on why the forum was organised, the Sahara Power chief said the gathering was to create a platform to bring every leading actor across the value chain together on one plenary for the benefit of journalists and the consumer.
“Through discourse and constructive conversation, we hope to examine the current state of the power sector in Nigeria and how both the intrinsic and extrinsic are combining, evolving and reacting against each other to shape the future,” he disclosed.
Speaking on how policy can further drive the sector, Mr Adesina submitted that, “There is need to constantly do a systemic revaluation of every policy that is churned out.
“I want to recommend to government and policy makers that any action being taken, every stakeholder, the relevant public that will be affected by the policy must assess the degree to which those policies will affect them.
“While it is easier for economists to speak to the theory of pricing from the standpoint of cost, revenue and profit, affordability is another issue some are not paying attention to.
“We all are aware that there are citizens in Nigeria who are not employed and/or incapable of paying the appropriate tariff, it invariably behoves on the government to step in and cover the gap so that the shortfall currently impeding on the success of the sector can be erased.
“The social contract of government is to ensure everybody lives a good life. So for everybody to live well there is a need for everyone to be electrified.”
He said further that, “Every Nigerian deserves to have electricity, it is a right. The value chain equally has a right to be paid cost reflective tariff. If the revenue of every member of the value chain is not guaranteed, there cannot be guarantee of supply of commodity in question.”
At the forum, it was concluded that despite the challenges impeding its development, Nigeria’s energy sector still holds enormous potentials to deliver the desired expectations and further stimulate socio-economic growth if stakeholders deepen their collaboration and commitment to develop the sector.
The discourse had two panel sessions where the panellists including Managing Director of Transmission Company of Nigeria (TCN), U. G Mohammed; Lagos State Commissioner for Ministry of Energy & Mineral Resources, Mr. Olawale Oluwo; President/founder, Consumer Advocacy Foundation of Nigeria, Mrs Sola Salako and Head, Procurement, Nigerian Bulk Electricity Trading Plc. (NBET), Mr Eugene Edeoga, examined the plethora of issues affecting players in the value chain and the relationship with consumers.
Managing Director/Publisher of Business Day, Mr Frank Aigbogun, during the second panel session, noted that political parties and aspirants could gain support of electorates on the basis of promise to improve power supply, while the media plays critical role in shaping the opinion of consumers.
The MD of TCN further explained the series of ongoing projects being carried out by TCN as part of efforts to boot transmission. He also noted that manpower development was identified as one of the ways to achieve sustainability in the subsector.
At the high-powered forum where stakeholders including government, policymakers, industry operators across the sub-sector as well as representatives of Consumer Advocacy groups, who gathered to critically explore issues within energy sector with a view to proffering solutions.
An affiliate of Sahara Group, a leading international energy conglomerate, the Sahara Power Group is one the largest private power businesses in Sub-Saharan Africa.
Its operating entities include, First Independent Power Limits, FIPL; Egbin Power Plc, sub-Saharan Africa’s largest privately owned thermal power generation plant and Ikeja Electric Plc, Nigeria’s leading Electricity Distribution Company.
By Modupe Gbadeyanka
The Nigerian maritime sector may soon witness the inflow of $600 million in investment from APM Terminals.
On the sidelines of the ongoing Africa CEO Forum in Kigali, Rwanda, the Regional President of APM Terminals for Africa-Europe, Mr Igor van den Essen, informed President Bola Tinubu that his company was interested in deepening its investment in Nigeria.
According to a statement issued by the Special Adviser to the President of Information and Strategy, Mr Bayo Onanuga, the investment would be deployed in Apapa port modernisation, logistics infrastructure, and long-term private-sector investment in Nigeria’s maritime sector.
President Tinubu welcomed the investments, emphasising that Nigeria is repositioning itself for greater competitiveness through ongoing economic reforms and infrastructure modernisation.
He said the country is determined to move beyond structural bottlenecks and outdated systems, stressing the need for advanced technology, faster cargo processing, and improved operational efficiency across the nation’s ports.
He emphasised that Nigeria possesses the market scale, talent base, and economic potential to support globally competitive maritime and logistics infrastructure investments and called on other investors to take advantage of Nigeria’s reform outcomes.
Earlier, Mr Igor van den Essen lauded President Tinubu’s reform agenda and policy direction, which had strengthened investor confidence and created renewed momentum for long-term infrastructure investments.
He described Nigeria as a strategic stronghold within its African operations, referencing over 20 years of collaboration and substantial existing investments in the country’s port ecosystem.
He reaffirmed his company’s commitment to expanding investments in Nigeria and disclosed plans to support the development of world-class terminal infrastructure and technology-driven port operations.
He also commended Mr Tinubu for establishing the National Single Window (NSW), which has streamlined trade procedures, improved Customs coordination, and reduced delays in cargo clearance.
By Adedapo Adesanya
Dangote Petroleum Refinery has filed a new lawsuit against the federal government over the fuel import licences issued to marketers and the Nigerian National Petroleum Company (NNPC) Limited.
Last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued licences to six marketers for the importation of 720,000 metric tonnes of Premium Motor Spirit, known as petrol.
The marketers are NIPCO, AA Rano, Matrix, Shafa, Pinnacle, and Bono. The development comes amid claims by the NMDPRA that the Dangote Petroleum Refinery now supplies over 90 per cent of Nigeria’s daily petrol consumption.
Dangote said in the filing that the licences issued undermine its operations and contravene the law, which it argues allows imports only when domestic supply falls short.
Named in the suit against the country is the Attorney General and Minister of Justice, Mr Lateef Fagbemi. The federal government can only be sued via his office.
The case signals renewed tensions almost a year after Dangote withdrew an earlier lawsuit challenging similar licences. That case sought to nullify import permits issued to the NNPC and several traders.
The new filing asks the Federal High Court in Lagos to set aside import permits issued or renewed by the NMDPRA, arguing they breach an earlier order to maintain the status quo.
Dangote ended the earlier lawsuit in July 2025 without explanation, leaving unresolved questions over competition and supply in one of Africa’s largest fuel markets.
Nigeria has long relied on petrol imports due to underperforming state refineries. However, Dangote’s 650,000 barrels per day capacity refinery was touted to end that dependence.
Despite the presence of the facility, imports have continued to cover supply gaps as the refinery ramps up output.
The NMDPRA did not issue a single import licence in the first quarter of 2026 because the Dangote refinery had the capacity to meet Nigeria’s petrol demand.
Business Post gathered that only upon intervention by President Bola Tinubu were the licenses granted for the second quarter by the NMDPRA.
By Adedapo Adesanya
The Nigeria Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate in April 2026 rose to 15.69 per cent, beating analysts’ expectations of 15.95 per cent, as the fallout from the Iran war continued to affect the global economy.
The statistical office on Friday showed the headline inflation rate for April on a month-on-month basis was 2.13 per cent, while the food inflation rate in the review month was 16.06 per cent on a year-on-year basis.
The rise in prices comes as an energy price shock stemming from the continued conflict in the Middle East, which stoked food prices and affected relative exchange rate stability.
According to the NBS, “this can be attributed to the rate of change in the average prices of the following products: Millet whole grain, yam flour, ginger (Fresh), beef, garri, tam tuber, pepper (Fresh), cray fish, cassava tuber, Beans, Irish Potatoes, tomatoes (fresh), wheat grain (Sold loose), soya beans, guinea corn, plantain, carrots (Fresh) etc.”
“The average annual rate of food inflation for the twelve months ending April 2026, relative to the previous twelve-month average, was 17.55%, which was 17.05% points lower than the average annual rate of change recorded in April 2025 (34.60%),” the NBS said.
Analysts at Coronation Research had earlier projected that the inflation rate in Nigeria would be at 15.95 per cent on a year-on-year basis in April 2026. It added that the expected inflation rate signals a return toward the underlying disinflation trajectory and could be a pivotal data point in shaping Monetary Policy Committee (MPC) deliberations at the next policy meeting.
It also expects food inflation to further ease, as food and non-alcoholic beverages remain the dominant contributor to headline CPI, accounting for about 40 per cent of the Consumer Price Index (CPI) basket.
The MPC of the Central Bank of Nigeria (CBN) will meet this month, the first since the Iran War started in late February, to review core monetary policies and possibly make adjustments.
The committee reduced the Monetary Policy Rate (MPR) by 50 basis points from 27.0 per cent to 26.5 per cent at its 304th Monetary Policy Committee (MPC) meeting in February.
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