Economy

Ways to Achieve Energy Security in Nigeria—Saraki

Published

9 years ago

02/06/2017

By Dipo Olowookere

Senate President, Mr Bukola Saraki, has listed steps needed to be taken to achieve energy security in the country, which will eventually lead to safe environment and uplift the social economic wellbeing of the people.

Mr Saraki, while speaking on Friday at a one day workshop on the State of Energy Security in Nigeria, organized by the Konrad Adenauer Stiftung (KAS) climate policy and energy security programme for sub-Saharan Africa in Lagos, said Nigeria must look inwards to provide the required capital to invest in energy infrastructure by reforming the administration of current major source of revenue, improving other revenue generating sectors and instituting an economic diversification framework that could initiate a stepwise transition to a green economic development pathway.

The Senate President, represented by his Chief of Staff, Mr Hakeem Baba Ahmed, noted that it was key for the country to deepen strategic partnerships with countries that have more experience and resources to build capacity for policy coherence and technology transfer in order to generate made in Nigeria energy access innovations to grow the Naira.

While further giving the recommendations in his speech, Mr Saraki said the 8th National Assembly firmly believes that the supply of adequate and affordable energy mix was essential and should be a complimentary means to achieve energy security.

He said, “Nigeria must deepen strategic partnerships with countries that have more experience and resources to build our capacity for policy coherence and technology transfer to generate made in Nigeria energy access innovations to grow the Naira.

“The 8th National Assembly and the Senate under my leadership believes that the supply of adequate and affordable energy mix is essential in the 21st century, and there cannot be any pretense about this.

“But it should be a complimentary means to achieve energy security because energy security can only be achieved through adequate investments that are coherent and consistent.

“Looking inwards to provide the required capital to invest in energy infrastructure means reforming the administration of our current major source of revenue, improving other revenue generating sectors, and instituting an economic diversification framework that could initiate a stepwise transition to a green economic development pathway. I believe that this is the best way to go if we truly want to achieve sustainable energy security in Nigeria.”

He further stated that since revenue derived from oil is highly volatile, fixing gaps leading to revenue leakages in the petroleum industry need to be addressed before implementing any policy for energy sufficiency and sustainability.

He said that the passage of the Petroleum Industry Governance Bill (PIGB) by the 8th Senate is meant to reform the oil industry and make it more revenue efficient and investment friendly.

“Nigeria’s mono-economic revenue profile derived from oil is highly volatile as it depends on global oil price shocks thereby affecting government budgetary framework and by extension, the entire economy,” Saraki said. “Therefore, fixing the lacuna in the oil and gas sector have to be tackled first before implementing any policy frameworks and reforms that can give a robust energy base for the nation.

“As a result, last week Thursday, the 8th Senate made history by breaking a 17 years jinx by passing the first part of the Petroleum Industry Governance Bill for the reform of the petroleum industry.

“The bill established a framework for the creation of commercially oriented and profit-driven petroleum entities that fosters a conducive business environment for the petroleum industry operations that ensures value addition, promote transparency and accountability in the administration of petroleum resources of Nigeria.

“The bill applies to the rights, interests, obligations and liabilities of the petroleum industry in Nigeria and establishes a regulatory commission, the Ministry of Petroleum Incorporated, the National Petroleum Company, the Nigeria Asset Management Company and a Fund which shall defray expenditures of the commission,” he said.

The Senate President stated that if a village of less than 10000 inhabitants in Feldheim can cooperate to achieve 100 per cent renewable energy supply, states in Nigeria can replicate the feet by partnering with the private sector.

He said that his vision is for the country to liberalize the energy situation in such a way that all segments of the populace can have uninterrupted access to power to support and uplift their social, economic and educational wellbeing.

He said further that, “In March this year, I visited the 100% Renewable energy village of Feldheim near Berlin and was impressed by the fact that a small village of less than 1000 people was able to form an energy cooperative that generate energy from renewable sources such that surpluses are sold to the national grid. That experience was an eye-opener for my delegation that if a small village in Germany can develop such an energy model, why can’t one state in Nigeria do it in partnership with the private sector?

“The 8th National Assembly is working hard to pass the necessary laws to achieve energy security and we will continue to do this with effective support from partners like everyone in this room.

“We acknowledge that in order to fundamentally create a robust and secure energy base, strategic and deliberate government policy both short and long terms that will guarantee the present and future energy needs is necessary.

“Together we can help liberalize the energy situation in Nigeria in such a way that the rural woman can cook with a clean cookstove and fuel; the school pupil can wake up at night and have light to do his/her home-work; the farmer can power coolers to preserve his/her milk and prevent post-harvest losses; the barber and hair-dresser can make more money with regular energy access; the industrialist will no longer want to close shop and move to Ghana,” he said.

Economy

Food Concepts Return NASD OTC Exchange to Danger Zone

Published

1 hour ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.

Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.

This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.

Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.

Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.

At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.

InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.

Economy

Investors Gain N97bn from Local Equity Market

Published

1 hour ago

05/12/2025

Dipo Olowookere

By Dipo Olowookere

The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.

This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.

UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.

On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.

Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.

Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.

A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.

This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.

For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.

Economy

Naira Loses 18 Kobo Against Dollar at Official Market, N5 at Black Market

Published

2 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.

At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.

It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.

Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.

Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.

Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.

“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.

Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.

Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.

If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.

Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.