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 Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed higher by 1.41 per cent on Friday, May 15, supported by four securities on the platform.
During the session, FrieslandCampina Wamco Plc added N14.24 to its share price to sell for N159.00 per unit, in contrast to the previous day’s N144.76 per unit.
Further, Central Securities and Clearing System (CSCS) Plc appreciated by N1.34 to N72.34 per share from N71.00 per share, Geo-Fluids Plc improved its price by 4 Kobo to N2.94 per unit from N2.90 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to trade at 61 Kobo per share compared with Thursday’s closing price of 60 Kobo per share.
As a result, the NASD Unlisted Security Index (NSI) rose by 58.20 points to 4,188.41 points from 4,130.21 points, and the market capitalisation soared by N34.82 billion to N2.506 trillion from N2.471 trillion on Thursday.
During the session, the volume of trades went up by 180.8 per cent to 1.2 million units from 417,349 units, and the value of transactions increased by 29.8 per cent to N29.8 million from N23.2 million, while the number of deals fell by 22.6 per cent to 24 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units valued at N1.9 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
By Dipo Olowookere
The bears overpowered the Nigerian Exchange (NGX) Limited on Friday, sinking it further by 0.76 per cent when the closing gong was struck by 4 pm.
The nation’s flagship equity market was under selling pressure during the session, as investors booked profits after the shares witnessed price appreciation in the past trading sessions.
The energy sector was the most impacted, as it shed 4.43 per cent. The consumer goods index declined by 0.90 per cent, the banking counter decreased by 0.15 per cent, and the industrial goods sector lost 0.08 per cent, while the insurance counter gained 2.42 per cent, which was not enough to salvage the situation.
Consequently, the All-Share Index (ASI) contracted by 1,912.19 points to 250,330.92 points from 252,243.11 points, and the market capitalisation moderated by 1.225 trillion to N160.444 trillion from N161.669 trillion.
Zichis was the worst-performing stock for the session after it gave up 9.97 per cent to close at N29.43, FTN Cocoa slipped by 9.95 per cent to N8.96, The Initiates slumped by 9.90 per cent to N32.30, LivingTrust Mortgage Bank tumbled by 9.88 per cent to N3.83, and International Energy Insurance dropped 9.71 per cent to trade at N2.79.
The best-performing stock was ABC Transport, which grew by 10.00 per cent to N6.27. May and Baker also appreciated by 10.00 per cent to N47.30, SCOA Nigeria surged by 9.98 per cent to N33.05, Trans-Nationwide Express expanded by 9.97 per cent to N7.06, and DAAR Communications jumped 9.76 per cent to N2.25.
Yesterday, investors traded 1.1 billion shares worth N44.3 billion in 65,744 deals compared with the 1.0 billion shares valued at N41.6 billion transacted in 74,822 deals a day earlier. This indicated a dip in the number of deals by 12.13 per cent, and a rise in the trading volume and value by 10.00 per cent and 6.49 per cent, respectively.
Chams was the busiest equity for the day, with 328.5 million units sold for N1.1 billion. UBA traded 61.6 million units worth N2.7 billion, First Holdco transacted 58.7 million units valued at N4.2 billion, Secure Electronic Technology exchanged 51.9 million units worth N45.0 million, and Access Holdings traded 51.8 million units valued at N1.3 billion.
By Adedapo Adesanya
The last trading session of the week at the Nigerian Autonomous Foreign Exchange Market (NAFEX) ended on a negative note for the Naira on Friday, May 15, as it lost N15 Kobo or 0.1 per cent against the Dollar to trade at N1,371.04/$1 compared with the previous day’s N1,370.89/$1.
However, it further appreciated against the Pound Sterling in the same market segment yesterday by N20.77 to close at N1,830.61/£1 versus Thursday’s value of N1,851.38/£1, and gained N7.91 against the Euro to settle at N1,595.07/€1 versus N1,602.98/€1.
At the GTBank FX desk, the Naira lost N2 against the US Dollar during the session to sell at N1,383/$1 compared with the preceding session’s N1,381/$1, and at the black market, it remained unchanged at N1,385/$1.
The Naira is forecast to be broadly stable, supported by Dollar sales by the Central Bank of Nigeria (CBN) amid steady, higher oil receipts, with the market settling into a balance.
Policy direction is also expected to give the market some boost as the CBN said the new edition of the FX market guidelines will deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
According to the Governor of the CBN, Mr Yemi Cardoso, the update is due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework. According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Meanwhile, the cryptocurrency market plunged into the red zone as rising bond yields hit risk assets across markets, while traders are increasingly betting the Federal Reserve may need to raise rates again. Rising energy prices and resurging inflation could force central banks back into tightening mode.
Cardano (ADA) shrank by 4.4 per cent to $0.2557, Dogecoin (DOGE) slid by 3.7 per cent to $0.1104, Ripple (XRP) depreciated by 3.5 per cent to $1.41, Solana (SOL) crashed by 3.5 per cent to $87.81, and Binance Coin (BNB) slumped by 3.4 per cent to $659.64.
Further, Bitcoin (BTC) declined by 2.6 per cent to $78,547.49, Ethereum (ETH) lost 2.1 per cent to quote at $2,209.19, and TRON (TRX) tumbled by 0.7 per cent to $0.3509, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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