Connect with us

General

AfDB Pledges $1bn for Nigeria’s Power Sector

Published

on

power sector liabilities

By Adedapo Adesanya

The African Development Bank (AfDB) has announced plans to support Nigeria’s power sector with $1 billion to boost electricity.

Mr Kevin Kariuki, Vice President, Power, Energy, Climate Change and Green Growth Complex, AfDB, said this at the Eight Africa Energy MarketPlace (AEMP) Forum in Abuja organised by AfDB, Ministry of Power, and the United Kingdom Nigeria Infrastructure Advisory Facility (UKNIAF).

“We will be shortly seeking board approval for a one billion dollars policy-based operation (PBO) with a significant energy component.

“This is aimed at supporting the ongoing power sector reforms triggered by the new Electricity Act.

“The timing of the AEMP and the proposed policy-based lending focused on the energy sector is, therefore, not coincidental.

“We will finance the policy recommendations to actualise the expected outcomes from the National Integrated Electricity Policy and Strategic Implementation Plan.”

He said that good policies attracted sustainable investments, adding that enabling environment would maximise the value of ongoing investments, including the 256.2 million dollars Nigeria Transmission Expansion Project.

According to him, the project entailed the construction of 500 Kilometres (KM) of transmission lines and four substations with a capacity of over 1,000 Mega Volt Ampere (MVA).

“And the 200 million dollars Nigeria Electrification Project, which will build 150 mini-grids.

“Moreover, we are financing a study for the Transmission Company of Nigeria (TCN) to explore deployment of Battery Energy Storage Systems to enhance grid stability and facilitate greater uptake of renewable energy generation.

“Nigeria is part of our flagship $20 billion Desert-to-Power Initiative, which aims to generate 10,000 Megawatts (MW) of solar power across 11 countries in the Sahel region to provide power to 250 million Africans.”

According to the AfDB vice president, this shows great promise for increasing the proportion of renewable energy in Nigeria’s energy mix.

He said that through the multi-prong approach of supporting policy development, financing critical power sector infrastructure, and providing technical assistance and capacity building would be achieved.

“We strongly believe that our partnership with the Federal Government will ensure a viable and sustainable power sector that will yield the desired result,” he said.

On his part, the Minister of Power, Mr Adebayo Adelabu, said the NIEP-SIP would serve as a guiding blueprint for Nigeria’s energy development.

He said that Section 3 (1) of the Electricity Act, 2023, mandated the Ministry of Power to draft and publish, in the Federal Government Gazette, the Nigerian Integrated Electricity Policy and Strategic Implementation Plan (NIEP-SIP).

Mr Adelabu said the Act directed the ministry to do this in consultation with relevant government authorities and other stakeholders within one year of the commencement.

According to him, the NIEP-SIP will serve as a guiding blueprint for Nigeria’s energy development, addressing areas such as rural electrification, public-private partnerships for universal electricity access.

“Power-source specific policies, bulk power purchase, and management of local distribution in rural areas, among other pertinent aspects as directed by the federal government.

“In alignment with this legal mandate, the ministry of power has initiated the development of the NIEP-SIP, as required by EA-2023, aiming to address industry challenges and capitalising on opportunities identified during a comprehensive two-day retreat in December.

“I strongly believe and hope that through this collaboration, the Federal Government will leverage the opportunity provided by this AEMP to engage with stakeholders in the sector.”

The minister added that the collaboration would also facilitate the realisation of the goals of the mandate of section Three of the Electricity Act, 2023.

Adding his input, Mr Lamin Barrow, Director-General, Nigeria Country Department, AfDB said that the event was timely, coming in the wake of the ongoing rollout of the 2023 Electricity Act.

Mr Barrow said the event also provided a unique opportunity to contribute to the preparation of the National Integrated Electricity Policy and Strategic Implementation Plan (NIEP-SIP), in line with the requirements of the new Electricity Act.

“As part of the AEMP, several technical sessions were held virtually that generated a raft of recommendations across key areas, including recapitalisation of the Nigerian Electricity Supply Industry (NESI).

“Reform of the National Wholesale Electricity Market, operationalisation of State-level electricity markets, accelerating Universal Access, promoting a Just Energy Transition, enhancing human capital and national content development.

“We wish to commend the experts for their contributions at these technical sessions and urge participants to share their insights and experience in the two-day sessions to inform the action place emanating from the Eight AEMP,” he said.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

General

Dangote Cement Ibese Commissions Cassava Processing Plant in Ogun

Published

on

Cassava Processing Plant in Ogun

By Aduragbemi Omiyale

In order to aid alternative and sustainable means of livelihood amid rising food prices and growing concerns over food security in Nigeria, the Ibese Plant of Dangote Cement Plc has handed over a state-of-the-art garri and fufu processing plant to the Kajola host community in Ewekoro Local Government Area of Ogun State.

The facility is expected to support cassava farmers and processors by improving efficiency and expanding income-generating opportunities.

According to the organisation, the project, delivered under the Community Development Agreement (CDA) with its host communities signed in 2022, is a strategic intervention aimed at boosting agricultural value addition, reducing post-harvest losses and strengthening livelihoods for rural farmers and women.

The Ibese Plant Director, Mr Ayyagari Subbaraidu, at the commissioning, said, “This project is aimed at improving cassava processing, reducing losses and creating sustainable employment for women and farmers in the community.”

He disclosed that the facility features separate garri and fufu processing units equipped with modern machinery, including a five-tonne-per-day peeling machine, hydraulic presses, frying systems, fermentation basins, solar-powered boreholes and sanitation infrastructure, adding that it will serve as a catalyst for local economic growth by enhancing productivity and supporting small-scale agribusinesses across Kajola and neighbouring communities.

The Plant Director also urged the community and the Project Governance Committee to maintain transparency in the management of the facility to ensure long-term sustainability.

The Ogun State Commissioner for Agriculture and Food Security, Mr Bolu Owotomo, who was at the unveiling of the project, said it aligns with Governor Dapo Abiodun’s vision of making agriculture a key driver of economic growth through value addition and enterprise development.

The Commissioner disclosed that “over 166,000 farmers, including more than 90,000 cassava farmers, have been registered under the Ogun State Farmers Information Management System (OGFIMS) to benefit from government interventions.”

He urged the community to safeguard the facility and assured residents of the continued support of the state government towards agricultural development and food security.

“This processing plant will strengthen the cassava value chain, improve product quality, create jobs and enhance food security while boosting farmers’ incomes,” the Commissioner stated.

Continue Reading

General

FG Backs US Sanctions on Three BDC Operators Linked to Terror Financing

Published

on

bdc operator

By Adedapo Adesanya

The federal government has hailed the recent sanctioning of three Nigerian bureau de change (BDC) operators by the United States’ Office of Foreign Assets Control (OFAC) for alleged terrorism financing.

“The Nigeria Sanctions Committee welcomes the recent inclusion of Mukthar Muhammad Adamu, Nine to Nine BDC, and Generation BDC Limited by the United States Office of Foreign Assets Control (OFAC).

“These designations follow the inclusion of Adamu and his companies as part of a broader update to the Nigeria Sanctions List approved and published on 18th June 2026,” it disclosed in a statement.

It said that the naming of the three companies and six people followed extensive intelligence gathering, financial investigations, and inter-agency assessments, which established reasonable grounds to believe that the affected individuals and entities facilitated, financed, supported, or otherwise contributed to the activities of the Islamic State West Africa Province (ISWAP) and associated terrorist networks.

“The individuals and entities added to the Nigeria Sanctions List on 18th June 2026 are Ibrahim Yakubu Ogirima (NLISWi.19), Muktar Muhammad Adamu (NLISWi.20), Adamu Chiroma (NLISWi.21), Ibrahim Abubakar (NLISWi.22), Abdullahi Umar Usman (NLISWi.23), Babangida Muhammed Adamu Hammajam (NLISWi.24), Abbal Bako & Sons Bureau De Change Limited (NLISWe.25), Generation Currency BDC Limited (NLISWe.26), Nine to Nine BDC Limited (NLISWe.27),” the statement read in part.

The federal government reiterated its directive to all financial institutions and designated non-financial businesses and professions to continue to comply with all sanctions obligations, including asset-freezing requirements, the filing of suspicious transaction reports, and the reporting of all relevant matches to the appropriate authorities.

The sanctions committee commended the work of the Federal Ministry of Justice, Office of the National Security Adviser (ONSA), Central Bank of Nigeria (CBN), Department of State Services, Economic and Financial Crimes Commission, and the Nigerian Financial Intelligence Unit for their actions to ensure that terrorist groups are denied the resources that sustain their activities.

It stated that Nigeria remains resolute in its commitment to ensuring that terrorists and their financiers find no safe haven within the country’s financial system.

The committee also said that the Federal Government would continue to work closely with domestic stakeholders and international partners to protect national security, strengthen financial integrity, and contribute to global efforts to combat terrorism and its financing.

Continue Reading

General

Lagos Seals Radio Station, Others for Noise Pollution

Published

on

Wise FM Lagos

By Aduragbemi Omiyale

A radio station, Wise FM, has been sealed by officials of the Lagos State Environmental Protection Agency (LASEPA).

The premises of the broadcast media platform, located on Ogabi Street, Meiran, Ile-Iwe Bus Stop, were shut by the state government on Tuesday, June 23, 2026, alongside other establishments across different parts of Lagos State for alleged persistent violations of environmental regulations despite repeated warnings, abatement notices, and opportunities provided for compliance.

In a statement by LASEPA, it was disclosed that the enforcement exercise was carried out in response to various environmental infractions, including noise pollution, air pollution, obstruction of official duties, and failure to comply with its directives.

As regards Wise FM, it was said that it was sealed for noise and air pollution as well as non-compliance with the Agency’s directives.

Another organisation affected, Star-View Terrace, located in Amuwo Odofin, Lagos, was shut down for noise pollution and non-compliance with the agency’s directives, while Premiership Suites, located at Akin Osiyemi Street, Off Allen Avenue, Ikeja, was sealed for non-compliance with the agency’s directives.

Speaking on the enforcement operation, the General Manager of LASEPA, Mr Babatunde Ajayi, reiterated the organisation’s unwavering commitment to safeguarding public health and ensuring a cleaner, safer, and more sustainable environment across Lagos State.

He stressed that both individuals and corporate organisations have a responsibility to comply with environmental laws and regulations, stressing that environmental protection remains a collective duty that requires the cooperation of all stakeholders.

The LASEPA boss warned that the agency would continue to intensify enforcement actions against violators in order to curb environmental nuisances and protect residents from the harmful effects of pollution.

Mr Ajayi urged residents, business owners, and operators of commercial establishments to adopt environmentally responsible practices and cooperate with regulatory authorities in promoting a healthier, cleaner, and more livable Lagos.

Continue Reading

Trending