Economy
Solar Fridges to Arrive Nigeria Soon
By Dipo Olowookere
Leading British solar refrigeration manufacturer and renewable energy specialist, Dulas, is in the process of delivering over 300 of its VC150SDD solar refrigerators to Nigeria. These World Health Organization (WHO) accredited refrigerators will be used to safely store vaccines in Yobe, Bauchi and Kaduna states.
The VC150SDD is an advanced Solar Direct Drive refrigerator and, like all Dulas’ Solar Direct Drive (SDD) products, uses Freeze-Free technology to ensure that vaccines are never exposed to harmful freezing temperatures. It also includes a water pack freezer for vaccine outreach services.
The governments of Yobe, Bauchi and Kaduna states are committed to strengthening their vaccine storage infrastructure recognizing this as integral to vaccine stability and potency.
Implementing this strategy through the state level Primary Health Care Management Boards serves to improve the provision of vaccines and contributes to a reduction of the incidence of childhood sickness and death, in line with the Millennium Development Goals set out by the UN in 2000 and continued through their latest Sustainable Development Goals.
With the WHO aiming to achieve 90% immunisation coverage in each of its target countries by 2020, reliable storage of vaccines at the correct temperature is of crucial importance. This year Nigeria launched a polio vaccine drive targeting millions of children in its northern states, such as Bauchi and Yobe, which will benefit from these latest deliveries of Dulas refrigerators.
This vaccine drive followed a polio outbreak in Borno state, the first outbreak in the country in over two years.
Although the WHO believe that they will soon be able to rid Nigeria of polio, immunisation programs can often be hindered by storage issues. This is most often the case in more remote areas with only sporadic access to the national grid. In the absence of a reliable source of electricity, temperature-sensitive vaccines will spoil and go to waste.
In response to this, Dulas first pioneered solar vaccine refrigerators in 1982 and continue to use their many years of experience to produce sophisticated and reliable products.
Their SDD refrigerators are equipped with Freeze-Free technology, using a combination of advanced phase change materials and multiple temperature sensors to completely remove the risk of vaccines freezing – eliminating a source of vaccine wastage second only to power failures.
The solar-powered refrigerators use an advanced non-corrosive phase change material for the energy store, which cannot be damaged by over-charging or discharging, thereby ensuring there is no need to replace it.
Combined with Dulas’ intelligent variable speed controller, this extends the usability of SDD fridges and makes them more resilient in low-sun conditions.
Catherine McLennan, Account Manager at Dulas, said: “Reliable storage is essential to ensuring that vaccines are effective. Our Solar Direct Drive refrigerators use advanced technology, developed by Dulas over many years, to provide storage that exceeds WHO requirements and allows even rural health facilities to safely and consistently administer vaccination programs.”
In addition to developing and producing the necessary technology, Dulas’ experienced logistics team is committed to ensuring that the refrigerators arrive on time and in perfect condition.
Along with a trusted network of freight forwarders, Dulas can distribute their British-manufactured products from the company’s base in Wales anywhere in the world.
Thanks to this network, the orders for Yobe and Bauchi states, for 85 and 80 refrigerators respectively, have been dispatched to Nigeria’s TinCan Sea Port, with the third order of 144 refrigerators for Kaduna state expected to be finalised shortly, and the potential for more orders to Nigeria in the future.
NigeriaelectricityHub
By Aduragbemi Omiyale
On Tuesday, December 17, 2024, President Bola Tinubu will present the 2025 budget to a joint session of the National Assembly.
The size of the 2025 Appropriation Bill is about N47.9 trillion and would be presented to the parliament for approval.
Speaking at the plenary on Thursday, December 12, 2024, the President of the Senate, Mr Godswill Akpabio, said the presentation by Mr Tinubu would be at the chamber of the House of Representatives.
However, it is not certain if the lawmakers will pass the budget before December 31 to allow for a recent budget cycle of January to December.
Recall that on December 3, the senate approved the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025 to 2027.
This was after the President presented this the National Assembly on November 19 ahead of the consideration of the 2025 budget proposal.
In the MTEF/FSP, the government said it planned to borrow about N9.22 trillion from local and foreign sources to finance the budget deficit.
It pegged the crude oil benchmark at $75 per barrel and a daily oil production of 2.06 million barrels at an exchange rate of N1,400 to $1, and a targeted gross domestic product (GDP) growth rate of 6.4 percent.
At the plenary today, Mr Akpabio informed his colleagues that, “The President has made his intention known to the National Assembly to present the 2025 budget to the joint session of the National Assembly on December 17, 2024.”
By Adedapo Adesanya
Nigeria added 150,000 barrels per day to its crude production in November 2024 as it continues to pursue an ambitious 2 million barrels per day target.
According to the Organisation of the Petroleum Exporting Countries (OPEC), Nigeria’s oil production rose to 1.48 million barrels per day in November, up from 1.33 million barrels per day the previous month.
In its Monthly Oil Market Report (MOMR), OPEC revealed that at 1.48 million barrels per day, it is the continent’s leading oil producer, surpassing Algeria’s 908,000 barrels per day and Congo’s 268,000 barrels per day.
Business Post reports that OPEC doesn’t account for condensates, which Nigeria’s accounts for in its broader 2 million barrels per day target.
Despite the surge in production levels, Nigeria is still under producing its 1.5 million barrels per day output quota under a deal involving OPEC and 10 other producers known as OPEC+.
OPEC said it relied on primary data gotten through direct communication, noting that secondary sources reported 1.417 million barrels per day as Nigeria’s crude production in November — up from 1.4 million barrels per day in October.
The data also shows that OPEC’s total oil production among its 12 members rose by 104,000 barrels per day in the month under review.
According to secondary sources, the total of the 12 OPEC countries’ crude oil production averaged 26.66 million barrels per day in November 2024.
“Crude oil output increased mainly in Libya, Iran, and Nigeria, while production in Iraq, Venezuela, and Kuwait decreased”, OPEC said.
“At the same time, total non-OPEC DoC crude oil production averaged 14.01 mb/d in November 2024, which is 219 tb/d higher, m-o-m. Crude oil output increased mainly in Kazakhstan and Malaysia,” the organisation added.
In a related development, OPEC trimmed its 2024 and 2025 oil demand growth forecasts for the fifth time this year.
Now, the cartel expects the world’s oil demand growth at 1.61 million barrels per day from the previously 1.82 million barrels per day.
For 2025, OPEC says the world oil demand growth forecast is now at 1.45 million barrels per day, a 900,000 barrels per day cut from the previously expected 1.54 million barrels per day.
On the changes, OPEC says that the downgrade for this year owes to more bearish data received in the third quarter of 2024 while the projections for next year relate to the potential impact that will arise from US tariffs.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
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