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Botswana calls for private sector bids to improve power, renewable energy

Published

3 years ago

May 9, 2022

South African country, Botswana is making bold steps in the bid to increase the proportion of renewable energy.

The country is inviting bids from independent power producers (IPPs) to build a 200 megawatt (MW) power plant as the country looks to boost power generation.

Botswana’s Ministry of Minerals and Energy said the bid would cover financing, construction, operation, and maintenance as well as decommissioning of the plant at the end of its economic life.

“The project, comprising two units of 100 MW each, will be required to be commercially online by 2026/2027 and will sell all the energy produced and capacity to the Botswana Power Corporation (BPC) through a Power Purchase Agreement,” read the pre-qualification document.

Botswana has abundant solar energy resources, receiving over 3,200 hours of sunshine per year with average insulation on a horizontal surface of 21MJ/m2, one of the highest rates of insulation in the world. It is essential to take advantage of the abundance of this resource.

Under a 20-year resource plan approved in 2020, Botswana plans to add more than 600 MW of solar and coal-fired power by 2026, as the country looks to wean itself off imports while also eyeing power exports.

Africa is rich in renewable energy sources, including hydro, sun, wind, and others, and the time is right for sound planning to ensure the right energy mix. Decisions made today will shape the continent’s energy sector for decades. The Agency has engaged closely with African countries since its formation in 2011.

Related Topics:Botswana Featured power Renewable energy

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Moroccan annual inflation rises to 0.8% in November

Published

2 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”