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

Published

2 months ago

November 2, 2024

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.”

Related Topics:European Union Featured Nigeria

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Moroccan annual inflation rises to 0.8% in November

Published

22 hours 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

2 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.”