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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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Nigeria’s Dangote Refinery exports first fuel to Cameroon

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The Dangote Refinery in Nigeria said on Wednesday that it had exported its first petrol to Cameroon, marking a significant milestone that may help stabilise gasoline costs throughout the region and open the door for regional energy integration.

When fully operational, Nigerian billionaire Aliko Dangote’s 650,000-barrel refinery in Lagos is intended to alter the trade of refined products in the Atlantic basin and compete with refineries in Europe.

According to a statement by Neptune Oil, an energy company based in Cameroon, both businesses were looking into new projects to create a dependable supply chain that would assist in stabilising fuel costs and opportunities throughout the area.

According to Neptune Oil, there were no middlemen involved in the petrol delivery deal.

It is anticipated that the refinery’s operations will spur growth in the upstream, midstream, and downstream sectors, increasing investments in cement manufacture, plastic and rubber production, chemical and pharmaceutical goods, and oil refining.

 

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Egypt’s November inflation drops to 25.5%, near 2-year low

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According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.

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