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Electricity: Nigeria to patronize local meter manufacturers amid shortage

Published

9 months ago

March 24, 2024

Nigeria’s Minister of Power, Adebayo Adelabu, has said that the government would patronize local meter manufacturers amid shortage.

Adelabu made the revelation during his working visit to MEMMCOL in Mowe, Ogun State. The policy, according to the minister, seeks to enhance local content development and stimulate industrial sector growth.

“We will also prioritise patronage, ensuring sustainability in their operations, aligning with President Bola Tinubu’s renewed hope agenda.

“It is a must to have significant local content in power sector’s projects and contracts,” Adelabu explained.

He emphasised the importance of providing local producers with long-term capital and affordable financing. In addition, as in the oil and gas sector, he announced plans to enact laws guaranteeing local content in the power sector, highlighting the critical need for comprehensive backward integration and technical training initiatives.

“That is the only way local producers can be sustained. But, we need to start developing capacity in terms of investment infrastructure and also ensure mass production. Need to develop local capacity to avoid importation.

“We must have comprehensive plan for full backward integration, so that the locally manufactured productst will be achieved. We need to start training our people in technical training.” Adelabu said.

Since late 2023, the appalling state of the electricity supply has gotten worse as gas suppliers to gas-fired thermal power plants have stopped supplying the product to the plants because of the $1.3 billion in debt that the electricity-producing facilities owe.

He clarified that over the next five years, the Presidential Metering Initiatives intend to install two to 2.5 million metres annually. He said that closing large metering gaps is the first priority, highlighting the need for cooperation from all parties involved.

Most Nigerian homes engage power transaction based on estimated billing which often end with complaints mostly by energy consumers over alleged practice of over-billing.

Related Topics:electricity Energy Featured Nigeria power

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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.”