Economy
UK-Kenya Renewable Energy Conference
Kenya’s renewable energy sector is on the cusp of big things. With a Government committed to a 5000Mw plan by 2017; an established feed-in-tariff; and an increasing demand for electricity as industrialisation continues at pace, the conditions are set for geothermal, wind and solar power to take off in a big way.
Two main forces are driving this change.
First is the enviable economic growth that Kenya has enjoyed in recent years, and is forecast to maintain in the future.
Rapid economic growth will drive greater demand for power: from businesses, to produce goods and services; and from consumers as they buy more TVs, fridges, freezers and other goods.
Kenya already has a renewable-rich energy mix, and is looking to continue this.
The second driver is that global climate change policy is stimulating increased take up of renewable energy around the world. This is leading to extraordinary and enormous economies of scale and efficiencies.
Last year the Paris climate negotiations sent a clear message to the world – to governments, to businesses, investors and citizens – that the future is low carbon. It created a surge in market demand for renewable energy.
You would expect rising demand to drive prices up. But technology and innovation are doing the opposite, so increasing demand further. In the world of computers we’re familiar with Moore’s law: namely that processing speeds for computers will double every two years, with prices falling. We’re seeing something similar in renewables. 30 years ago, wind turbines were generally rated around 50kw. 15 years ago we were getting used to 2000kw (2Mw) turbines. Now, in the North Sea, we’re expecting 8Mw monsters offshore.
Prices are falling similarly: solar panels now make up less than half the cost of the average PV installation. My Deputy High Commissioner is still fuming at the £13,000 he paid to put 4kw on his roof in 2011 – something that might now cost only £5,000. Offshore wind costs are another example of this. The UK agreed a strike price of £140 per Mw/hour for offshore wind as recently as 2014. In the Netherlands the most recent auction saw suppliers coming forward to supply offshore wind for just £70 per Mw/hour.
As a result of these changes, the UK now has three times more offshore wind – over 5000 Mw – than the entire generating capacity of the Kenyan grid. UK installed solar capacity – and let’s face it, the UK isn’t a sunny country – is over 10Gw – a 1400% increase on as recent as 2011.
As innovation pushes costs down, the implications for Kenya are clear. Renewables will not simply be environmentally beneficial, but economically advantageous. In time, they will push out hydrocarbons.
The UK and Kenya are together at the vanguard of this renewable energy, clean technology and innovation revolution. Kenya has one of the most active renewable energy sectors in Africa – second only to South Africa in terms of investment. The UK is a global leader in many of the sectors for which Kenya has greatest demand, as well as leading the way in innovative new technology such as wave power, tidal stream, pump storage and grid-scale flow batteries.
Kenya has set ambitious targets to boost its energy mix as part of the Energy Pillar in Vision 2030. As it continues to strive with regional competitors like Ethiopia, it wants to keep energy costs down. Renewables will enable this. And UK companies should be at the heart of this. From project development to design, finance and investment, legal and security, R&D and consulting; to grid development, transmission and distribution – UK companies have the expertise to help Kenya achieve success.
The energy market of tomorrow will – and must – look fundamentally different to yesterday. Out goes an industry dominated by giant utilities; a monopoly of centralised energy models. In comes a new, diverse market; driven by innovation, with an entrepreneurial, dynamic set of market participants. Put simply, new actors, new investors, new technology.
Let me say something about how all this connects to Kenya’s development agenda, of which the UK is such a strong supporter. A reliable electricity supply is one of the most powerful tools for helping people lift themselves out of poverty. Yet two out of three people in Sub-Saharan Africa are currently living without electricity access.
Twenty years ago, there was a nine month wait in Kenya for a monopoly provided land telephone line. Then Safaricom arrived on the scene. In just ten years we have seen a total transformation of the way in which Kenyans communicate – the mobile revolution. Now we need – and I am convinced that we will see – a similar revolution in access to affordable clean energy over the next ten years.
This will require governments, investors and aid agencies to tear down regulatory barriers and attract new finance. It will require us to develop markets where lower costs for renewable energy filter through to consumers because of genuine competition between suppliers.
The private sector has an opportunity to show the way in turning development challenges into business opportunities. A few years ago, seed funding from UK Aid working with Vodaphone and Safaricom helped create a mobile payment platform called M-PESA. Today that platform processes nearly half of Kenyan GDP, and means three in four Kenyans have access to the financial system.
This is the kind of country where those transformational things can be done. Let’s work together to make them happen.
By Adedapo Adesanya
The federal government has said its Naira-for-crude initiative remains in effect and will continue despite its recent suspension by the Nigerian National Petroleum Company (NNPC) Limited.
According to a statement from the Ministry of Finance, the scheme is still in effect and will continue immediately, overruling the decision of the NNPC Limited under its immediate past chief executive, Mr Mele Kyari, which tenured the programme.
It affirmed that the crude and refined product sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.
The statement followed a meeting led by the Minister of Finance Wale Edun, with stakeholders, including the Chairman of the Technical Sub-Committee and Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji and the Chief Financial Officer of NNPC Limited, Mr Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading.
Others included the representatives of Dangote Petroleum Refinery and Petrochemicals; and senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), representative of Afreximbank, as well as the Secretary of the Committee, Mrs Hauwa Ibrahim.
The statement noted that the stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC).
“As with any major policy shift, the Committee acknowledges that implementation challenges may arise from time to time. However, such issues are being actively addressed through coordinated efforts among all parties.
“The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the statement concluded.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange fell further by 0.79 per cent on Tuesday, April 8, triggered by decline in the prices of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc.
The loss happened despite the share price of First Trust Microfinance Bank Plc going up by 4 Kobo to close the day at 62 Kobo per unit compared with Monday’s closing price of 58 Kobo per unit.
During the trading session, CSSC Plc lost N2.51 to settle at N22.70 per share compared with the previous day’s N25.21 per share, and FrieslandCampina Wamco Nigeria Plc went down by N1.43 to sell at N36.59 per unit, in contrast to the previous day’s N38.02 per unit.
As a result, the market capitalisation of the trading platform depleted by N15.15 billion to close at N1.894 trillion versus N1.909 trillion and the NASD Unlisted Security Index (NSI) decreased by 26.24 points to 3,280.63 points from Monday’s 3,306 87 points.
Trading data showed a decrease of 53.8 per cent in the volume of securities transacted to 259,092 units from the 560,253 units traded in the previous trading day, the value of securities bought and sold by the market participants contracted by 36.9 per cent to N10.5 million from N16.7 million, and the number of deals fell by 5.6 per cent to 17 deals from the 18 deals recorded a day earlier.
At the close of transactions, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units valued at N520.9 million, followed by Industrial and General Insurance (IGI) Plc with 71.2 million units sold for N24.2 million, and Geo Fluids Plc with 44.4 million units worth N89.8 million.
Also, FrieslandCampina Wamco Nigeria Plc remained as most traded stock by value on a year-to-date basis with the sale of 14.4 million units worth N557.6 million, trailed by Impresit Bakolori Plc with 533.9.million units worth N520.9 million, and Afriland Properties Plc with 17.8 million units sold for N364.2 million.
If you’ve been exploring the world of trading—whether you’re just starting out or already have experience—you’ve probably come across the concept of funded trading programs. These programs are becoming increasingly popular, and for good reason. They offer traders a chance to prove their skills and trade with someone else’s capital, rather than risking their own money. But is it the right path for you? Let’s dive into why funded trading programs might be the smartest move for your trading journey.
What Is a Funded Trading Program?
A funded trading program is a type of partnership between a trader and a proprietary trading firm. The trader usually goes through an evaluation phase to prove their skills and discipline. Once they pass, they receive a funded trading account with a set amount of capital provided by the firm. The trader then earns a share of the profits they make, while the firm handles the losses.
Why Beginners Should Consider Funded Trading
One of the biggest hurdles for new traders is risk. When you’re still learning the ropes, it’s easy to blow through your personal savings trying to figure out what works. Funded programs allow beginners to develop and test their trading strategies with significantly less financial risk. Here are a few key benefits:
1. Learn Without Risking Your Own Capital
Most funded programs require you to pay a small fee to take an evaluation, but after that, you’re trading with the firm’s money. This can take a lot of the emotional stress out of trading and help beginners stay more focused and disciplined.
2. Structured Environment
Funded programs often have rules in place for things like drawdowns, daily losses, and risk management. For beginners, this structure is incredibly helpful in developing good habits from the start.
3. Faster Learning Curve
With real-time market exposure and feedback, new traders can learn more quickly. Instead of being stuck in demo accounts or risking too much too soon, they get a guided experience with real consequences and real rewards.
Why Experienced Traders Can Benefit Too
Even seasoned traders often face the challenge of limited capital. Funded programs offer an attractive way to scale their strategies without having to put more of their own money on the line. Here’s how:
1. Access to Larger Capital
Many traders have a winning system, but not enough capital to see meaningful returns. Funded programs can provide accounts ranging from $25,000 to $200,000 or more, giving traders the power to earn bigger profits.
2. No Need to Risk Personal Funds
Risk is always present in trading, but with a funded account, experienced traders can focus on execution without worrying about personal losses. This freedom can improve decision-making and reduce emotional trading.
3. Earn a Professional Income
With profit splits often ranging from 70% to 90%, consistent traders can earn a significant income. Many funded traders eventually turn it into a full-time career.
Things to Look for in a Funded Program
Before jumping into a funded trading program, it’s important to choose the right one. Look for:
- Transparent Rules: Make sure the program clearly outlines its rules, fees, and profit split.
- Reasonable Challenge Conditions: Some firms have evaluation phases that are too difficult or unrealistic. Find one that balances challenge with opportunity.
- Good Customer Support: A responsive support team is crucial when you need answers quickly.
- Fast Payouts: Check reviews or testimonials about how fast and consistently they pay traders.
Why TenTrade Is a Great Place to Start
If you’re looking for a trustworthy and beginner-friendly funded trading program, TenTrade is a fantastic choice. Their platform is easy to use, and their challenge structure is fair and accessible. TenTrade also offers fast payouts and excellent support, making them a favorite among new and seasoned traders alike.
Common Myths About Funded Trading
Let’s bust a few myths that might be holding you back:
- “Only pros can pass the challenge.” Not true. Many beginners have passed on their first or second try. If you have discipline and follow the rules, you’ve got a solid shot.
- “They never pay out.” Reputable programs like TenTrade have a long track record of timely and fair payouts.
- “It’s just a scam to collect fees.” While there are bad actors in any industry, funded trading as a whole is a legitimate and fast-growing field. Do your research and choose a trusted provider.
Final Thoughts
Funded trading programs offer a rare opportunity: trade with someone else’s money, keep most of the profits, and limit your personal risk. Whether you’re just getting started or looking to scale up, they can be a game-changer. With the right mindset, discipline, and a good platform like TenTrade, you can take your trading skills to the next level without taking on the financial stress that usually comes with it.
So, should you get started with funded trading? If you’re serious about becoming a better trader and want to accelerate your progress, the answer is a definite yes.
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