General
Power Sector Must be Adequately Funded—Experts
Experts and stakeholders have stressed the need for adequate financing of the energy sector in Nigeria for any meaningful progress to be achieved.
This emphasis was made at the 2019 Power Nigeria Exhibition and Conference which held at the Landmark Centre Lagos. The conference is the largest power event serving West African utility, commercial, industrial and key-end user markets brought together experts from the financial sectors including, the Central Bank of Nigeria, FBNQuest Merchant Bank and Nigeria Infrastructure Debt Fund to discuss collaborative strategies to close the financial gap in the Power sector.
At the programme, experts in attendance shed light on the reforms needed in the energy sector to attain its full potential and yield returns on investments. They also discussed how lack of access to capital is hindering the electricity sector.
Also highlighted were frameworks for assisting companies with funding requests; risk mitigation tools in projects or expansions; electricity-focused mutual funds/collective investment schemes in Nigeria; returns investors can expect and how lending rates can be improved in the next two years.
Speaking at the conference, the Commissioner, Ekiti State Ministry of Infrastructure and Public Utilities, Mr Bamidele Faparusi, explained how good customer relationships are essential for improving the quality of power in the country.
Using Ekiti state as a case study, the Commissioner said, “Improving the power sector in Nigeria calls for collaborative effort between the government, private sector and the end users.
“Unpaid electricity bills affect the proper running of the sector, hence, a need for DisCos to build trust and maintain good relationships with the end users so as to minimize default in payments and address power issues.
“In addition, huge financial investments should be made in distribution networks to attain smartness and profitability while regulatory agencies should ensure compliance with stipulated rules and guidelines”.
On her part, Head –Energy and Natural Resources, FBNQuest Merchant Bank, Ms Rolake Akinkugbe-Filani, said there is a huge financial gap in the sector that needs to be urgently addressed to meet sector growth.
According to Ms Akinkugbe-Filani, “The Nigerian Power Sector needs to rid itself of legacy debt of over 300 Billion Naira if any progress is to be made.
“There is a need for private funding to be injected into the system and for an urgent shift in the funding landscape from investment banks to SME initiatives. Private sector investment could come in terms of advisory, capacity building for project developers as well as financing for capital projects.”
Power Nigeria exists to serve the West African and Nigerian energy market. The event has successfully established itself as an annual hub for suppliers to meet buyers, driving the energy markets in Nigeria forward.
The international brand status combined with local knowledge & stakeholder partnerships results in making Power Nigeria a must-attend event for all energy industry professionals. Join Power Nigeria 2019 from 24-26 September 2019.
General
Expectations Heighten For Reactivation of Nigeria’s Other Refineries
By Adedapo Adesanya
After years of laying fallow, the Port Harcourt Refinery began producing and distribute petroleum products Premium Motor Spirit (PMS) or petrol, Automotive Gas Oil (AGO) or diesel and Household Kerosene (HHK) or Kerosene.
This development has raised expectations regarding Nigeria’s other three refineries not yet operational. These include the second refinery in Port Harcourt as well as the Warri and Kaduna Refinery.
The reactivation of these facilities, according to energy analysts, will help push out more supply of petroleum products, which may help cut down high prices that Nigerians pay while also making the country self-sufficient.
The newly operational refinery was built in 1965 and Port Harcourt II was added in 1989, increasing capacity by 150,000 barrels per day, making the total capacity of the Port Harcourt complex 210,000 barrels per day.
The Warri Refinery was built in in 1978 and is supposed to have an upgraded capacity up to 125,000 barrels per day and the Kaduna Refinery, which was commissioned in 1980, was designed with a capacity of 110,000 barrels per day.
Speaking during a brief ceremony to mark the commencement of products loading at the refinery on Tuesday in Port Harcourt, the Group CEO, Mr Mele Kyari described the commencement of the loadout activities as a monumental achievement for Nigeria which signifies a new era of energy independence and economic growth for the country.
The GCEO further thanked Nigerians for their patience and for the legitimate expectations on the Company to deliver on the other refineries.
Meanwhile, President Bola Tinubu on Tuesday extended his heartfelt congratulations to the NNPC on the successful revitalization of the Port Harcourt refinery and charged the NNPC Limited to expedite the scheduled reactivation of both the second Port Harcourt refinery and the Warri and Kaduna refineries.
He said these efforts will significantly enhance domestic production capacity alongside the contributions of privately-owned refineries and make our country a major energy hub, with the gas sector also enjoying unprecedented attention by the administration.
The President underscores his administration’s determination to repair the nation’s refineries, aiming to eradicate the disheartening perception of Nigeria as a major crude oil producer that lacks the ability to refine its own resources for domestic consumption.
General
e-Governance Bill Will Promote Accountability, Transparency—Oyo Stakeholders
By Aduragbemi Omiyale
Some stakeholders in Oyo State, including the state government, have called for a speedy passage of the National Digital Economy and e-Governance Bill, submitting that it would ensure accountability and transparency in governance.
At a stakeholder engagement meeting on the National Digital Economy and eGovernance Bill in Ibadan on Tuesday, participants agreed that the e-governance bill would smoothen government activities and boost government-citizen engagement.
The Minister of Communications, Innovation and Digital Economy, Mr Olatunbosun Tijani, appealed to Nigerians to give the bill the needed support for passage.
Mr Tinubu, speaking at the event through Banke Ajagunna, noted that the importance of the bill cannot be underestimated as it will enhance the digital economy and build trust between the government and the people.
According to him, the consultative engagement is going on in all the states of the federation to seek the input of stakeholders on the bill, and submitting it is a significant step forward in Nigeria’s digital transformation journey.
This bill, according to him, aims to drive economic growth through digital technology, improve public service delivery, and create a competitive environment for the Nigerian digital economy.
He noted that in a bid to migrate Nigeria into a smart country, the federal government through his ministry proposed the National Digital Economy and e-Governance Bill.
The Minister said the bill offers numerous opportunities for businesses to innovate and expand, with improved digital infrastructure and a supportive regulatory environment. Individuals will also benefit from improved access to digital services and better governance through e-governance initiatives.
He highlighted the advantages of the E-governance bill to include Economic Transformation and Establishment of a regulatory foundation to encourage digital commerce, cross-border trade, and innovation, positioning Nigeria as a major player in Africa’s digital landscape.
“It will facilitate the digital transformation of government services to make them more transparent, accessible, and responsive to citizens,” Mr Tijani stated.
He also said the bill will ensure Digital Access for All, saying, “it will promote infrastructure and digital literacy programs to make digital services accessible across Nigeria, including underserved regions.”
Speaking earlier, the Senior Special Assistant on ICT and E-Governance to the Governor, Mr Bayo Akande hailed the federal government’s National Digital Economy and E-Governance Bill.
Mr Akande, who observed that the nation is overdue for a digital economy, which is the order of the day, added that this bill will drive economic growth through digital technology.
“Despite advances in technology, Nigeria’s digital economy faces critical challenges, Nigeria lags behind countries with robust e-governance frameworks that empower citizens and protect consumer data. Without intervention, Nigeria risks losing economic opportunities in an increasingly digital world,” he stated.
“Though Oyo has already started to introduce digital methods in the governance space of the state, as the state recently deployed Business Process Automation, in a bid to make Oyo state government services go paperless, the bill is a step in the right direction,” the aide to Governor Seyi Makinde of Oyo State noted.
General
Labour Party Disassociates Self From Interim Executive Committee
By Modupe Gbadeyanka
The national leadership of the Labour Party (LP) has affirmed Mr Lookman Abiodun Jagun as the leader of the party in Ogun State.
Mr Jagun was appointed as the leader of the Caretaker Committee for Ogun State chapter of the opposition party by its highest organ, the National Executive Committee (NEC).
In a statement issued by the National Publicity Secretary of Labour Party, Obiora Ifoh, it was emphasised that any other group parading itself as the leadership organ of the party in Ogun State was not recognised by the national leadership.
There has been a group known as the Interim Executive Committee (IEC) of the Labour Party claiming to be in charge of the party in the state.
But Labour Party stated that this group is not known to it as “the Interim Executive Committee is an aberration and it is unknown to both the constitution of the Labour Party and the national leadership of the party.”
The Labour Party has a structure and a valid constitution that governs its operations and all members are expected to abide by the party’s constitution.
“The party does not permit or encourages members to arrogate powers and functions to themselves, without recourse to the constitution or the national leadership.
“Faithful party men and women in Ogun state are advised to be wary of the antics and activities of the self-styled IEC, as they do not enjoy the support or validation of the National Leadership of the Labour Party.
“We also urge every member and intending members to subject themselves to the ongoing e-membership registration and revalidation exercise to be able to participate in the activities of the party, including the congresses that will commence in February 2025 across the nation,” the statement said.
-
Feature/OPED5 years ago
Davos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years ago
Estranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years ago
Sort Codes of GTBank Branches in Nigeria
-
Economy1 year ago
Subsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years ago
First Bank Announces Planned Downtime
-
Sports2 years ago
Highest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN