Economy
Toshiba Aims To Solve Energy Problems In Africa
By Modupe Gbadeyanka
Toshiba Corporation has disclosed that it is working hard to partner with African countries with a view to proffering solutions to the energy problems facing the continent.
Toshiba participated in the Tokyo International Conference on African Development 2016 in Nairobi, Kenya, which was held on August 27 and 28 at the Kenyatta International Convention Center.
The company showcased its ability to provide total energy solutions that ‘Make Energy”, “Transmit and Store Energy” and realize the “Smart Use of Energy”.
It said these ideas demonstrate its ideal positioning to support growing demand for power in Africa with world-class geothermal power generation equipment and high efficiency energy transmission and distribution (T&D) technologies.
It further said some of its company’s key next-generation products for Africa include smart meter systems that deliver enhanced energy network management and support for off-grid energy solutions – essential for providing stable energy in a region as diverse and challenging as Africa.
“Already, almost 60% of our sales are outside Japan,” said Takeshi Yokota, Toshiba’s Corporate Senior Vice President and Corporate Representative for Europe, the Middle East & Africa.
“We are growing our business by promoting expansion in emerging markets, and see Africa as very promising. We have done business in Africa for over 50 years, and established our first office here in 1967. Since 2014, our business here has been driven by Toshiba Africa (Pty) Ltd. We are very happy to participate in TICAD Japan Fair and to introduce Toshiba’s potential to a wide audience,” he added.
Toshiba now focuses on three business domains, energy, infrastructure and storage, all of which can support Africa’s move toward sustained growth. Most important as a driver for growth and improved wellbeing is the company’s energy business. The countries of Africa all target economic growth, and all must contend with demanding environmental conditions.
“Toshiba can contribute,” says Mr Yokota. “We have established technologies that can contribute to supply power stability and make the best use of natural resources for energy generation. Our corporate philosophy is ‘Committed to people, Committed to the Future’, and I have no doubt that Toshiba has a lot to offer in terms of contributing to people’s lives and a better future for Africa.”
Toshiba first entered Africa’s hydroelectric and thermal power plant market in the 1970s.
More recently, in 2013, the company supplied four 70-megawatt turbines and generators for Olkaria I and IV at the Olkaria Geothermal Power Plant, Kenya’s largest geothermal power complex, and they were successfully brought on line in February 2015.
Toshiba has an unrivaled record in the global geothermal power market. It delivered Japan’s first geothermal steam turbines and generators in 1966, and since then has delivered 53 turbines around the world, with a total capacity of 3,400 megawatts. As the source of approximately 23% of the world’s installed geothermal capacity, Toshiba is the global top supplier.
In East Africa, which can look to the vast geothermal potential of the Great Rift Valley, Toshiba is collaborating with numerous countries in the geothermal power business. In 2015, the company concluded MOUs with Ethiopian Electric Power and Tanzania Geothermal Development Company Limited, and on August 9 this year announced its most recent MOU, with Office Djiboutien de Développement de l’Energie Géothermique (ODDEG), the government organization responsible for developing Djibouti’s geothermal power capabilities.
Toshiba’s contributions in Africa also cover power transmission and distribution. In 2015, Toshiba Transmission & Distribution Systems (India) Pvt. Ltd. (TTDI), an Indian subsidiary of Toshiba, won a contract to supply Kenya Power & Lighting Company (KPLC) with approximately 4,000 transmission and distribution (T&D) transformers for the substation network that connects power plants to end-consumers in Nairobi and the surrounding region. After successfully completing this order, TTDI was awarded an additional US$34-million contract in April this year to supply approximately 8,000 more distribution transformers.
Looking to the future in Africa, Toyoaki Fujita, Business Development Executive for overseas operation in Toshiba’s Energy Systems and Solutions Company, had the following comment: “All the data points to rapid economic growth over the next 30 years boosting African energy demand 1.7 times. Meeting the challenges of growth requires comprehensive solutions, and that is where Toshiba can contribute. As a company that can “Make Energy”, “Transmit and Store Energy” and support “Smart Use of Energy”, we can help to build smarter energy networks and support efficient transmission and use.”
At Japan Fair, Toshiba showed how energy transmission and use can be enhanced by its Advanced Metering Infrastructure (AMI) Systems, which has won the lion’s share of the global market, 35%. The system can be utilized with smart grid technologies to build efficient and effective transmission and distribution networks. The exhibition will also include H2One, Toshiba’s CO2-free off-grid energy solution system, a fuel-cell in a container, which can easily be installed in off grid areas and that uses renewable energy sources, such as solar and wind, plus water, to deliver a stable supply in areas that are isolated and lack electricity.
Mr Fujita added, “Our rich experience allows us to support Africa’s growing demand for clean energy with our latest and eco-friendly solutions, like H2One. The MOU we have agreed in the geothermal business also include provision for training local people, to ensure sustainability over the long term. Looking at everything we can do, I am confident that Toshiba can be Africa’s friendly partner in building a better future.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south territory with a decline of 0.56 per cent on Wednesday, April 2.
This brought down the market capitalisation by N13 billion to N2.417 trillion from N2.430 trillion, and downed the NASD Unlisted Security Index (NSI) by 22.57 points to 4,062.87 points from the previous session’s 4,062.87 points.
It was observed that the NASD exchange ended with three price gainers and three price losers during the trading day.
MRS Oil Plc depreciated by N19.00 to close at N171.00 per unit compared with the previous price of N190.00 per unit, NASD Plc lost N4.14 to trade at N37.36 per share compared with Wednesday’s N41.50 per share, and Central Securities Clearing System (CSCS) Plc gave up N2.00 to sell at N78.00 per unit versus N80.00 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc appreciated by 19 Kobo to N93.00 per share from N92.81 per share, Food Concepts Plc expanded by 15 Kobo to N2.87 per unit from N2.72 per unit, and Great Nigeria Insurance (GNI) Plc improved by 2 Kobo to 52 Kobo per share from 50 Kobo per share.
Yesterday, the volume of securities dipped by 91.8 per cent to 260.2 million units from 3.2 billion units, the value of securities went down by 98.1 per cent to N154.2 million from N8.3 billion, while the number of deals soared by 53.3 per cent to 46 deals from 30 deals.
GNI Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 56.9 million units valued at N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.
The most traded stock by volume on a year-to-date basis was also GNI Plc with 3.4 billion units sold for N8.2 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The Naira dropped N2.09 or 0.15 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 2, to trade at N1,380.79/$1 compared with Wednesday’s rate of N1,378.70/$1.
However, it appreciated against the Pound Sterling in the official market by N2.77 to quote at N1,824.86/£1 versus the N1,836.57/£1 it was traded at midweek, and improved its value against the Euro by N10.54 to N1,591.92/€1 from N1,602.46/€1.
Yesterday was the last trading session of the week for the local currency in the spot market, as the market will be closed on Friday and Monday for the Easter Holiday.
At the black market, the Nigerian Naira maintained stability against the greenback yesterday at N1,405/$1, but gained N8 at the GTBank FX counter to settle at N1,388/$1, in contrast to the previous session’s N1,396/$1.
Pressure eased on the domestic currency as strong policy indicators have helped calm the majority of worries within the financial systems. Particularly in the remittance segment, the apex bank has directed all International Money Transfer Operators (IMTOs) to route remittance transactions through designated Naira settlement accounts in banks, a move aimed at boosting transparency and channelling more foreign exchange into the formal market.
This helps take off pressure from the foreign reserves, which have fallen below the $50 billion mark as they are gradually decreasing rather than falling sharply.
Meanwhile, the cryptocurrency market was bullish on Thursday, as macro sentiment shifted against recent optimism after reports that Iran is drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.
The remarks came after U.S. President Trump on Wednesday night vowed to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” once the war ends.
Cardano (ADA) chalked up 1.9 per cent to trade at $0.2435, Dogecoin (DOGE) grew by 1.2 per cent to $0.0912, Ethereum (ETH) appreciated by 0.8 per cent to $2,066.37, Bitcoin (BTC) added 0.5 per cent to sell at $67,080.53, Solana (SOL) increased by 0.5 per cent to $79.91, and Ripple (XRP) jumped 0.2 per cent to $1.31.
Conversely, Binance Coin (BNB) dipped 0.7 per cent to $586.90, and TRON (TRX) depreciated by 0.3 per cent to $0.3147, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The local stock market was relatively flat on Friday, as the bears and the bulls shared the spoils of war, though investor sentiment turned bullish compared with the preceding session’s bearish posture.
Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) was marginally down by 4.66 points as it ended at 201,698.89 points versus Wednesday’s 201,703.55 points, and the market capitalisation slightly contracted by N3 billion to N129.806 trillion from N129.809 trillion.
Customs Street was shut on Friday because of the public holidays declared by the federal government today and next Monday.
Business Post reports that John Holt declined by 9.91 per cent to N15.45, Abbey Mortgage Bank shed 9.60 per cent to trade at N8.95, International Energy Insurance slipped by 6.48 per cent to N3.32, Chams shrank by 5.30 per cent to N3.75, and Tantalizers depreciated by 5.18 per cent to N4.03.
On the flip side, Unilever Nigeria improved by 10.00 per cent to N103.40, Fortis Global Insurance gained 9.82 per cent to trade at N1.23, Multiverse appreciated 9.81 per cent to N20.15, Legend Internet advanced by 9.38 per cent to N6.30, and Zichis grew by 9.02 per cent to N14.14.
The market breadth index was positive during the trading session, as there were 35 appreciating stocks and 24 depreciating stocks.
Yesterday, investors traded 560.0 million equities valued at N19.3 billion in 49,676 deals, in contrast to the 815.5 million equities worth N33.3 billion transacted in 52,641 deals in the preceding day, representing a drop in the trading volume, value, and number of deals by 31.33 per cent, 42.04 per cent, and 5.63 per cent, respectively.
Secure Electronic Technology dominated the activity log with 59.7 million shares valued at N61.1 million, Wema Bank exchanged 52.0 million equities worth N1.4 billion, VFD Group transacted 36.0 million stocks for N410.5 million, Access Holdings sold 35.3 million shares valued at N914.8 million, and Chams traded 31.0 million equities worth N115.0 million.
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