AfDB Approves $20m for Renewable Energy Projects in Nigeria, Others

By Adedapo Adesanya Nigeria will develop a new integrated national electricity policy and strategic implementation plan, as mandated by the Electricity Act 2023, according to the Minister of Power, Mr Adebayo Adelabu. President Bola Tinubu had on June 9 assented to the Electricity Bill, now an Act empowering states, companies and individuals to generate, transmit and distribute electricity. This, in turn, repealed the Electric Power Sector Reform Act (EPSR A), 2005 and create a comprehensive legal and institutional framework to guide the Nigerian Electricity Supply Industry (NESI). Mr Adelabu, while speaking on Monday at the Nigeria Electricity Management Services Agency

By Adedapo Adesanya The Chairman of the House of Representatives Committee on National Planning and Economic Affairs, Mr Isiaka Ibrahim, has said the National Bureau of Statistics (NBS) must be insulated from political interference to perform more effectively. Mr Ibrahim said this at a Public Lecture to mark the 2023 African Statistics Day celebration in Abuja on Wednesday themed Modernising Data Ecosystems to Accelerate the Implementation of the AfCFTA: The Role of Official Statistics and Big Data in the Economic Transformation and Sustainable Development of Africa. He said the reliability of data from the stats office would be questioned if

By Bliss Okperan The House of Representatives has asked that the Minister of Communication and Digital Economy, Mr Bosun Tijani, intervene in, halt and reverse the increase in the DSTV/GOTV tariffs by MultiChoice Nigeria. A member of the House, Mr Umar Ajilo, moved the motion on Tuesday on the floor, saying the prevailing economic hardship has made it difficult for subscribers to meet up with the increment. Recall that earlier this month, MultiChoice Nigeria introduced new rates for its DSTV and GOTV packages in the country, blaming rising costs of business operations for its action. “On Monday, November 6, 2023,

By Bliss Okperan Governor Abba Kabir Yusuf of Kano State has presented another supplementary budget to the Kano State House of Assembly. Recall that about two months ago, the Governor presented a supplementary budget of N58 billion to the state legislative arm of government. On Tuesday, he approached the parliament for approval for another supplementary budget of N24 billion, noting that the funds would be used for the settlement of gratuity and personnel costs. According to him, the payment of gratuity will gulp N20 billion, while N4 billion is for personnel costs. The first and second supplementary budgets under Mr

By Adedapo Adesanya The Nigerian Employers’ Consultative Association (NECA) has lauded the decisive actions taken by President Bola Tinubu in fostering a more conducive business climate in Nigeria through strategic tax reform measures but sought more to alleviate the business environment. NECA’s Director-General,  Mr Adewale-Smatt Oyerinde, in a statement issued after Mr Tinubu signed four executive orders, said, “In this context, Tinubu’s bold intervention through several Executive Orders has been welcomed with great enthusiasm.” The President signed four Executive Orders which includes the suspension of the five per cent excise tax on telecommunication services as well as the excise duties

By Adedapo Adesanya  Amid the continuous tightening of the interest rate benchmark by the Central Bank of Nigeria (CBN), there have been predictions that more Nigerian banks will have to pursue cross-border expansion. The latest was put forward by Mr Johnson Chukwu, CEO of Cowry Asset Management, who noted that Nigeria’s continuous hawkish monetary policy would see more Nigerian local lenders find footing in other climes with favourable interest rates.  He made this disclosure at a recent Cowry Asset Management virtual webinar themed Nigeria’s Economic Landscape. He explained that the cumulative 6.5 per cent increase in the benchmark interest rate would

By Modupe Gbadeyanka A total of N199.4 billion was generated from the solid minerals industry by the Federal Government from 2007 to 2014. This information was made known by the Nigeria Extractive Industries Transparency Initiative (NEITI) in its report published on its website. The agency saddled with the responsibility of ensuring transparency and accountability in the country’s extractive industries stated that a bulk of the amount was earned in 2014. From the graph released by NEITI, a total of N55.8 billion was made from the solid minerals sector in 2014, while the least amount, N8.2 billion, was made in 2007.

By Modupe Gbadeyanka The European Union (EU) has contributed €1 million to the International Monetary Fund (IMF) Somalia Trust Fund as part of its long-standing commitment to support economic governance and capacity development in Somalia. The EU support will contribute to normalizing relations with the International Financial Institutions (IFIs) and lay the groundwork for an eventual resumption of their financial assistance. Somalia is currently ineligible to receive any IMF financial assistance given its $328 million in arrears with the Washington-based institution. The Somalia Trust Fund is one of the tools which is supporting crucial reforms and helps Somalia in its

By Modupe Gbadeyanka Future Market Insights (FMI) delivers key insights on the global battery management system (BMS) market in its latest report titled, “Battery Management System Market: Global Industry Analysis and Opportunity Assessment, 2015–2025”. Global battery management system market revenue is expected to increase at a CAGR of 19.9% during the forecast period (2015–2025). Battery management system is an electronic system that helps to maintain optimal health of rechargeable batteries. BMS controls load environment, monitors battery state and accordingly balances battery charging. Battery management system prolongs battery life, helps to prevent battery damage due to overcharging and voltage fluctuations and

By Bliss Okperan The National Security Adviser (NSA), Mr Nuhu Ribadu, has appealed to the striking labour unions to return to work, stating that those who assaulted the President of the Nigeria Labour Congress (NLC), Mr Joe Ajaero, two weeks ago have been apprehended. Recall that Mr Ajaero was assaulted on November 1, 2023, in Owerri, the Imo State capital, by some thugs alleged to be sponsored by the state government. The organised labour, in reaction to the incident, called for a nationwide industrial action, saying the federal government refused to condemn the act and bring those behind it to

By Dipo Olowookere Capital market operators in Nigeria have expressed divergent views on the plan by the Securities and Exchange Commission (SEC) to fragment the stock market, Vanguard is reporting. The SEC had disclosed plan to fragment the stock exchange further to cater for small and medium enterprises (SMEs) in the country interested in listing but are encumbered by the stringent listing requirement of the Nigerian Stock Exchange (NSE) as part of efforts to drive equity listing in the stock market. According to SEC, the process, when completed, would lessen the strident listing rules that have been hindering small companies