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
Crude production under the collective Organisation of the Petroleum Exporting Countries (OPEC ) fell in May to its lowest level in at least 37 years as the blockade of Iran by the United States and disruptions in the Persian Gulf, continued to limit output.
According to a Bloomberg survey released on Friday, output from the organisation’s 11 current members, including Nigeria, dropped by 1.22 million barrels per day to 16.33 million barrels per day last month.
Iran accounted for more than half of the decline. The data excludes the United Arab Emirates (UAE), which departed the cartel last month after six decades of membership.
War between a US-Israeli alliance and Iran has reduced oil supplies from the Middle East, largely closing the Strait of Hormuz waterway. Saudi Arabia, Iraq, the UAE and Kuwait have been forced to cut crude production. Iranian shipments face additional pressure following a US blockade of its ports imposed in mid-April.
Iranian output fell by 710,000 barrels per day to a five-year low of 2.34 million barrels per day in May, the survey showed. Central Command reported that US forces have redirected 127 commercial vessels to enforce the blockade of all maritime traffic entering and exiting Iranian ports.
Kuwait recorded the second-largest decline last month, with production falling by 310,000 barrels per day to 490,000 barrels per day, less than one-fifth of pre-war levels. Saudi Arabia, the group’s leader, saw output decrease by 240,000 barrels per day to 6.57 million barrels per day.
The production reductions have not prevented OPEC and its allies from raising quotas over recent months, continuing a year-long process of restoring output halted several years ago.
This comes ahead of a meeting scheduled to be held on Sunday, June 7, where a sub-group of seven members is expected to increase targets by 188,000 barrels again in July. The session is one of four online meetings OPEC and its partners plan to hold that day.
Delegates indicated the alliance has plans for two additional monthly quota increases in August and September. UAE output rose by 300,000 barrels per day to 2.44 million barrels per day in May, according to the survey.
By Aduragbemi Omiyale
The 2025 third quarter Budget Implementation Report from the Budget Office of the Federation has shown that the federal government exceeded the funds allocation for repayment of debts for the first nine months of the fiscal year by about 18 per cent.
In a report by Punch, the sum of N10.74 trillion was budgeted for debt servicing between January and September 2025, but the government used N12.63 trillion for the purpose, N1.90 trillion or 17.65 per cent more than the allocation for the year.
The funds were spent on domestic debts, foreign debts and sinking fund by the central government in nine months.
Business Post reports that for the whole year, the amount approved by the National Assembly and signed by President Bola Tinubu for debt repayments was N14.31 trillion.
Looking at the nine-month figures, domestic debt service gulped N6.23 trillion, exceeding its N5.39 trillion provision, while foreign debt service was N6.30 trillion versus the budget provision of N5.06 trillion.
According to the report, the figures indicated that 67.2 per cent of the federal government’s retained revenue of N18.63 trillion was spent on debt service in the first nine months of 2025. When the sinking fund is included, debt-related payments consumed about 67.8 per cent of revenue.
It was also observed that aggregate federal government revenue underperformed the budget by N12.03 trillion or 39.24 per cent, as actual revenue of N18.63 trillion fell short of the N30.67 trillion projected for the first three quarters.
In the third quarter alone, the government generated N7.70 trillion versus the quarterly target of N10.22 trillion as a result of persistent oil revenue shortfalls, despite stronger non-oil collections.
The debt burden also crowded out capital spending, as total capital expenditure was N3.10 trillion in the first nine months compared with the N17.58 trillion budgeted for the period, indicating that actual debt-related payments were more than four times capital expenditure.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a loss of 1.13 per cent on Thursday, June 4, shrinking the market capitalisation by N30.03 billion to N2.630 trillion from N2.660 trillion on Wednesday.
Similarly, this brought down the NASD Unlisted Security Index (NSI) by 50.19 points to 4,396.08 points from the 4,446.27 points recorded a day earlier.
The loss was influenced by the overpowering of the bulls by the bears, after the bourse closed with two price gainers and three price losers, led by FrieslandCampina Wamco Nigeria Plc, which slumped by N20.03 to sell at N190.38 per unit compared with midweek’s N210.41 per unit. Food Concepts Plc declined by 25 Kobo to trade at N2.50 per share versus the previous day’s N3.00 per share, and Acorn Petroleum Plc crumbled by 2 Kobo to end at N1.32 per unit, in contrast to the preceding session’s N1.34 per unit.
For the gainers, Central Securities Clearing System (CSCS) Plc added N2.93 to close at N78.34 per share compared with the previous price of N75.41 per share, and Afriland Properties Plc gained 80 Kobo to settle at N16.80 per unit versus N16.00 per unit.
There was a slip in the volume of transactions yesterday by 46.8 per cent to 280,714 units from 527,221 units, as the value of trades dropped 66.5 per cent to N21.8 million from the preceding session’s N64.2 million, and the number of deals fell by 8.7 per cent to 42 deals from 46 deals.
Great Nigeria Insurance (GNI) Plc ended the session as the most traded stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also finished the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
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