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Nigeria’s power generation hits 3-year high of 5,105MW— Minister

Published

5 months ago

August 8, 2024

Adebayo Adelabu, the Minister of Power, has said that Nigeria’s power industry produced 5,105 megawatts of electricity on July 27, 2024, marking its highest level in three years.

Adelabu made this announcement during the first meeting of the Inter-Ministerial Power Sector Working Group in Abuja on Wednesday. The minister emphasized the recent accomplishments and future objectives of the electricity sector, stating that on July 27, a record-breaking 5,105MW of power was generated and transmitted, marking the greatest level achieved in the past three years. This represents an enhancement from the former capability, which was approximately 4,000MW or lower.

“Our target is to achieve a landmark generation and transmission of 6,000MW by December.”

To maximize the economic potential of Nigeria’s power industry, the ministers at the meeting advocated for enhanced collaboration across all ministries and sectors and underlined the sector’s critical role in promoting economic growth and industrialisation, coinciding with President Bola Tinubu’s vision.

Adelabu underlined the significance of inter-ministerial collaboration to attain these objectives, stressing that “power is not something that should be left alone to the Ministry of Power and its agencies. There are many supportive ministries without which we cannot achieve our mandate.”

According to him, the power ministry is collaborating closely with the Ministries of Environment, Water Resources and Sanitation, Budget and Planning, and Petroleum Resources, specifically with the Minister of State (Gas), Ekperikpe Ekpo.

Joseph Utsev, the Minister of Water Resources and Sanitation, had the same opinion, “The Ministry of Water Resources and the Ministry of Power are like brothers and sisters. We will do everything possible to work together to achieve the renewable energy agenda of the President in making life better for Nigerians.”

Adelabu emphasized the importance of renewable energy sources in meeting the demand for sustainable energy solutions.

“We are focusing on generating power in a sustainable and environment-friendly manner. This is why we talk about renewables, through solar, wind, and small dams,” he said.

The Minister of Environment, represented by Minister of State, Iziaq Salako, highlighted the ecological consequences of power generation and underscored the significance of effectively handling the trash produced during this process.

“As we go ahead to develop our power sector, we are also developing a process to manage the waste that will come out,” he said.

Adelabu specified the scope of responsibilities for the working group, which encompass the implementation of smooth liquidity and financing in the power sector, offering guidance on the governance structure of electricity distribution companies, and prioritizing the energy transition program to attain net zero emissions by 2060.

According to the minister, the coordinated efforts aim to enhance both power generation and delivery, while also ensuring that homes, businesses, and industries throughout the country benefit from these improvements.

Nigeria suffered its worst electricity supply late last year but the poor situation has relatively improved but the capacity deficit remains for one of Africa’s largest economies.

Related Topics:Electricity cost Featured Nigeria

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IMF, Egypt reach agreement for fourth review of Egypt’s $1.2 billion loan request

Published

4 minutes ago

December 26, 2024

Ifeoluwa Dada

Egypt and the International Monetary Fund (IMF) have reached a staff-level agreement over the fourth review of the Extended Fund Facility arrangement, which might lead to a $1.2 billion payout under the program.

In March, Egypt, struggling with rising inflation and cash shortages, consented to the $8 billion, 46-month facility. Its economic problems were made worse by a precipitous drop in Suez Canal revenue over the last year due to regional tensions.

Over the next two years, Egypt’s government has committed to raising its tax-to-revenue ratio by 2% of GDP, according to the IMF, emphasising removing exemptions rather than raising taxes.

According to a statement from the IMF, this would allow it to expand social expenditure to support vulnerable populations.

“While the authorities’ plans to streamline and simplify the tax system are commendable, further reforms will be needed to enhance domestic revenue mobilization efforts,” the statement said.

According to the IMF statement, Egypt had also committed to maintaining its commitment to a flexible currency rate and to taking more urgent action to guarantee that the private sector became the primary driver of development.

The IMF’s executive board still has to accept the fourth review’s staff-level agreement.

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Libya’s eastern govt accepts petrol subsidy elimination

Published

9 minutes ago

December 26, 2024

Ifeoluwa Dada

In a recent statement, the eastern government of Libya claimed it had reached a consensus on a plan to eliminate gasoline subsidies and would draft a mechanism to carry out the accord.

Additional information on the idea was not released by the administration led by Osama Hamad, a challenger to the internationally acknowledged Tripoli-based government.

However, it is uncertain if Hamad’s government would be able to carry out the plan in the divided nation.

According to the Global Petrol Prices online tracker, a litre of gasoline costs just 0.150 Libyan dinars ($0.03) in OPEC member Libya, making it the second-cheapest in the world.

Following an uprising against former ruler Muammar Gaddafi in 2011, smuggling networks have thrived in the ensuing political unrest and armed fighting. In 2014, conflicting eastern and western governments separated the nation.

A World Bank analysis estimates that the annual value of fuel smuggling from Libya is at least $5 billion.

In a meeting with Mari Barrasi, the deputy governor of the Central Bank of Libya (CBL), located in Tripoli, and four members of the bank’s board of directors, Hamad in Benghazi supported the idea of removing subsidies.

The CBL’s Benghazi branch offices served as the venue for the conference.

The eastern parliament appointed Hamad in 2023 to succeed Abdulhamid Dbeibah, who had been put in position in 2021 under a U.N.-backed procedure that the parliament said had lost its legitimacy.

Dbeibah, who is located in Tripoli, stated in January that he will conduct a public poll on the topic of eliminating gasoline subsidies, but he hasn’t done anything about it since.

According to CBL figures, gasoline subsidies cost 12.8 billion Libyan dinars between January and November of this year. 4.8 Libyan dinars to $1 is the official exchange rate.