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Nigerian govt, EU sign £17.9m off-grid electricity deal

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Nigeria’s off-grid electricity initiative will get £17.9 million in funding from the central government, the European Union, and the German Government, according to an agreement they signed.

The initiative was started as part of the Nigerian Energy Support Program’s third phase, and its goal is to encourage investments in energy efficiency, renewable energy, and rural electrification.

According to the EU, the scheme will link 30,000 people to clean cooking gas and provide electricity to 154,000 people. In the third phase, eight megawatts of electricity will be produced.

Co-funded by the European Union and the German Federal Ministry for Economic Cooperation and Development, the NESP was put into operation in 2013 as a technical assistance program run by the Federal Ministry of Power and the Deutsche Gesellschaft für Internationale Zusammenarbeit.

“Achieving a cleaner future is the business of all stakeholders,” stated Inga Stefanowicz, Head of Section Green and Digital Economy at the European Union Delegation to Nigeria and ECOWAS, during the NESP III inauguration and steering committee meeting.

According to her, the EU has not only persisted in helping the Nigerian government fulfil its ambitions for energy security but has also helped it move towards a sustainable energy future by increasing the proportion of renewable energy in its electrical mix.

“Solar installation for health projects, we support and work hand in hand with state governments. This is part of our key objectives, in fact, and at the centre of our partnership with Nigeria. Clean and digital economy and part of our global gateway strategy that works for the people and the planet.”

Johannes Lehne, the deputy ambassador of the Federal Republic of Germany’s Embassy, also spoke at the inauguration and reiterated the German government’s commitment to helping Nigeria meet its energy transformation goals.

He said, “Technologies and investments for renewable energy and energy efficiency will be key for diversifying Nigeria’s energy mix and decarbonising the five critical sectors identified in the Energy Transition Plan.

“The third phase of NESP was commissioned by the German Federal Ministry for Economic Cooperation and Development with €8.9m Euros in May this year.

“The EU has recently commissioned an additional €9m, which increases the total budget of the NESP programme to €17.9m. This shows Germany’s and its partners continued commitment to support Nigeria’s set targets in the Energy Transition Plan.”

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Nigerian to launch $5bn Africa Energy Bank in January

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To improve energy access and development throughout Africa, the Nigerian government has announced that the much-awaited $5 billion Africa Energy Bank will open for business on January 28, 2025.

Nicholas Ella, the Permanent Secretary of the Federal Ministry of Petroleum Resources and Executive Board Member representing Nigeria at the 19th Executive Board meeting of the African Petroleum Producers Organisation in Yaounde, Cameroon, revealed this.

Representatives from 13 member nations attended the summit.

The permanent secretary reaffirmed Nigeria’s dedication to the principles of APPO and the prompt establishment of the energy bank in Abuja in a statement released by the Ministry of Petroleum Resources on Friday.

Recall that Nigeria defeated Ghana, Algeria, South Africa, and the Benin Republic to win the right to host the Africa Energy Bank Headquarters in July 2024?

The AEB seeks to close funding shortfalls in the oil and gas sector on the continent.

Ella said, “I am pleased to address the Executive Board meeting on this very important subject matter – the take-off of the Africa Energy Bank Headquarters in Abuja, Nigeria.

“As you are no doubt aware, the headquarters building (of the Africa Energy Bank) was inspected by the Technical Team on May 24, 2024, and renovation works for its completion are ongoing.

“Nigeria is fully committed to delivering the building with furnishing to the bank in good time. We have the full support and cooperation of Mr President and our National Assembly to actualise this project in Nigeria.”

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Angola’s draft budget estimates 1.65%/GDP deficit in 2025

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Draft budget documents show that Angola’s government expects a 1.65% GDP budget deficit in 2025, up from 1.46% this year.

According to finance ministry records on its website, Africa’s second-largest crude oil exporter’s 2025 budget is predicated on $70 per barrel of oil. Brent crude futures were around $74 per barrel on Friday.

In an interview with Reuters last week, Vera Daves de Sousa, the finance minister of Angola, stated that the southern African nation was under a lot of strain due to the possibility of declining oil prices.

Additionally, according to the draft budget, economic growth would pick up speed in the non-oil sectors, increasing from 3.3% this year to 4.1% next year.

According to the finance ministry, yearly inflation will drop from nearly 29% to 16.6% by the end of next year.

Last week, Daves de Sousa told Reuters that Angola was considering asking the International Monetary Fund for a funding program.

Its most current IMF program, worth $3.7 billion, was authorised in 2018 after the country’s earnings were severely damaged by the collapse of global petroleum prices.

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