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Nigerian govt says the country will generate 6,000MW of electricity before end of 2024

Published

4 months ago

May 28, 2024

The Nigerian government has revealed that the country will produce 6,000 megawatts of power before the end of this year, although it currently produces between 4,000 and 4,500 MW of electricity annually for a population of roughly 200 million.

In his ministerial speech in Abuja, Minister of Power Adebayo Adelabu highlighted the accomplishments of his ministry since President Bola Tinubu took office on May 29, 2023. Adelabu stated that on May 3, 2024, the nation’s power generation reached 5,000MW for the first time in three years.

Based on the sector’s advancements over the past year, Adelabu pledged that Nigeria would reach 6,000MW of electricity output by year’s end.

“On generation capacity, let me say that 5,000MW of power was achieved in May 2024 for the first time in three years. Precisely on May 3, 2024, we generated, transmitted and distributed 5,003.45MW of power.

“We all know where we were before now. But we rose to the occasion and changed the situation for the better, and our target is to achieve 6,000MW before the end of this year, which will be the first time in the history of Nigeria, and it will happen,” the minister stated.

He mentioned that there have been several infrastructure improvements in the past year and mentioned that one of the programs that made sure Nigeria’s electricity assets were improved was the Presidential Electricity Initiative, which is still in place.

“In November 2023, President Tinubu and German Chancellor Olaf Scholz witnessed the signing of an accelerated performance agreement aimed at expediting the implementation of the Presidential Power Initiative to improve electricity supply in Nigeria.

“The implementation of the pilot phase has resulted in infrastructure improvement which includes additional grid evacuation capacity by 2,230MW and an additional 183MW to be commissioned by the end of June 2024, Adelabu stated.

He stated that Phase 1 contracts for the Presidential Power Initiative were being finalized by the administration.

“There is also the rehabilitation of 15 brownfield substations with an expected contract date of August 2024. There is the construction of 22 green field substations with an expected contract date of October 2024,” he said.

Regarding metering, Adelabu stated that to increase the sector’s liquidity and reduce projected billing, the presidential metering effort was set to supply two million meters annually for the following five years.

Related Topics:electricity Featured Nigeria

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Kenya urges IMF to probe corruption after Western pressure

Published

22 hours ago

October 4, 2024

Ifeoluwa Dada

Following pressure from Western countries, Kenya’s government has requested that the International Monetary Fund (IMF) conduct an official evaluation of the country’s governance and corruption problems.

Kenya has battled debt that has risen to dangerous levels in recent years. Its decision to back out of planned tax increases earlier this year in response to violent protests made it more difficult for the country to receive a $600 million payment from the IMF.

The countries must request the so-called “governance diagnostic,” which examines if corruption and governance flaws are sapping revenue or causing other issues with state finances.

“We have received a governance diagnostics request from the authorities,” an IMF spokesperson said in response to written questions.

“The government of Kenya aims to strengthen its governance and anti-corruption policies. They intend to utilize these diagnostics to enhance public spending efficiency, boost competitiveness, foster growth, and inclusively reduce poverty.”

According to a person with knowledge of the matter, the assessment would be a gesture of goodwill in the nation’s attempts to get its finances back on track even though it was unrelated to the payment.

President William Ruto was forced to rescind $2.7 billion in proposed tax increases in June as a result of widespread protests centred around perceived waste and corruption in the government.

Requests for comments were not answered by Kenya’s finance ministry. The news that Western countries were pressuring for the IMF review was originally broken by Reuters on Tuesday.

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TotalEnergies CEO to meet Mozambique president for further project discourse

Published

2 days ago

October 3, 2024

Ifeoluwa Dada

To discuss the company’s proposed LNG project in Mozambique with the nation’s new president, CEO Patrick Pouyanne has announced he will travel to Mozambique later this month.

“The project remains profitable, we remain committed,” Pouyanne said at an investor presentation.

The $20 billion Mozambique LNG project has been delayed because of worries about violent upheaval in the area, although Pouyanne claimed there had been “progress on security” recently.

On October 9, Mozambicans will cast their votes in presidential and legislative elections that will almost certainly prolong the fifty-year rule of the ruling Frelimo party, which is fighting a protracted Islamist insurgency in one of the largest gas reserves in Africa.

Pouyanne went on to say that lenders had affirmed between 70% and 80% of a $14 billion finance package that supports the project.

“We are waiting on the green light on financing from three credit agencies, some are in Western countries where rules on gas have changed … as soon as that is in place we will move,” Pouyanne said.