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Electricity hope for Nigeria as Ajaokuta-Kaduna-Kano 614km gas pipeline project to start operations in 2023

Published

1 year ago

April 17, 2022

The head of Nigeria’s oil corporation, Nigerian National Petroleum Corporation (NNPC), Mele Kyari has revealed that Nigeria’s 614 km (384 miles) gas pipeline that is under construction will start operating during the first quarter of next year, which would help boost electricity supply.

The NNPC boss made the revelation on Thursday while speaking at a site the pipeline passes through in Abuja.

Kyari also said the construction was one of the major projects pursued by the government of President Muhammadu Buhari, who has pushed for infrastructure development since coming into power in 2015.

Developed by NNPC, the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project entails the construction of a 614km-long natural gas pipeline from the Ajaokuta terminal gas station (TGS) in the Kogi state in the southern region of Nigeria, through the Federal Capital Territory (FCT), Niger, and Kaduna, to terminate at a gas station in Kano.

“We will put gas on this line before the President leaves … by the first quarter of 2023 we will put gas on this line. Power will be stabilized, industries will come up as a result of this project,” Kyari told reporters.

The project is estimated at US$ 2.8bn, and is being implemented in three phases, under a build and transfer (BT) public-private partnership (PPP) model, which involves the contractor providing 100% of the financing.

Nigeria is Africa’s top exporter of crude oil and holds some of the world’s largest known reserves of gas, but has struggled to attract investment into the sector.

Related Topics:#NNPC Ajaokuta-Kaduna-Kano Featured

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Kenya: Parliament approves appointment of Kamau Thugge as central bank governor

Published

18 hours ago

June 7, 2023

Ifeoluwa Dada

Months after throwing open the position for the country’s top banker, Kenya’s parliament has approved the appointment of Kamau Thugge as the country’s central bank governor.

The National Assembly on Wednesday approved the
appointment of economist and senior civil servant who was nominated by President William Ruto as the next apex bank chief.

Thugge, who served as principal secretary in the finance ministry until mid-2018, was nominated after serving as one of the president’s senior economic advisers since late last year.

He shook off competition from others shortlisted candidates like Adan Mohamed, who served in the cabinet from 2013-2022, with four others also interviewed for the role.

The new central bank governor will be faced with the immediate pressure of stabilizing the country’s monetary policy as the East African giant currently faces a shortage of funds amidst rising public debt.

Despite the odds, the World Bank in a report earlier today expects growth to edge up to 5.0% in 2023, underpinned by a recovery in agriculture.

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Ghana presents ‘working proposal’ for debt restructuring— IMF sources

Published

18 hours ago

June 7, 2023

Ifeoluwa Dada

West African country, Ghana has made a major move at resolving its debt crisis as the country has presented debt restructuring proposal to its creditors.

According to sources quoted by Reuters, a “working proposal” has been submitted to help the country escape its worst economic crisis in a generation.

One of the sources revealed that the proposal was a first attempt to engage the official creditor committee after its formation in May. It should be recalled that the Paris Club last month announced that official sector of creditors of Ghana had formed a committee co-chaired by China and France for debt restructuring talks.

The plan is to end restructuring of domestic debt before turning to negotiations with its official bilateral creditors and international bondholders, a government official said.

Ghana is one of several cash-strapped countries facing unprecedented delays in getting bailouts as China, its biggest bilateral creditor with about $1.7 billion of debt and Western economies disagree over how debt relief should be structured.

The first formal review of the programme will hold in the coming months as an IMF team will visit Ghana between 8th and 15th of June.