Connect with us

News

Power Sector Needs N6trn Revenue Annually To Ensure Steady Supply -Minister

Published

on

The Minister of Power, Chief Adebayo Adelabu has disclosed that about N6 trillion revenue is required annually to ensure steady power supply in Nigeria.
Adelabu who disclosed this yesterday while speaking at the ongoing Nigerian Oil and Gas Energy Week in Abuja said significant amount of investment is needed to improve power generation and distribution in the country.
He pointed out the the industry currently generates about N1 trillion annually in revenue, explaining that an additional N5 trillion in revenue would stabilise power supply in the country.
He pointed out the industry needs to work harder to attract the N16 trillion spent annually by individuals and entities in self generation of power in the country.
“The requirement to have a stable, uninterrupted and functional electricity supply in Nigeria requires huge funds that the government and its budgets cannot afford to fund it alone”.
He argued that the power industry is bigger than the telecommunications industry, pointing out that “if you know how much our people spend in buying diesel, petrol, generators and serving them in a year. The last study we had in 2023, a total spend of N16.5 trillion in self generation.
“The revenue for the entire industry, the grid and the formal power sector was just N1 trillion for 2023”, he added.
Despite the $1.3 billion debt owed to gas suppliers, the Minister called on oul and gas to supply more gas to the sector.
“The domestic gas-power market accounts for 60 percent (approx. 700 MMSCF Daily) of the total domestic gas supply. This gas quantity currently sustains Nigeria’s 4GW average grid generation capacity.
“In line with the Nigeria Energy Transition Plan vision 30:30, which seeks to achieve 30GW by the year 2030, our energy mix is projected to be 70% (or 21GW) thermal source (most likely gas considering the country’s gas potential) and 30per cent (or 9GW) renewable source.
“The power sector would require over five times what the industry currently utilises from the domestic gas market to achieve our 70% thermal energy target with gas-powered generation. Additional investments would be needed to increase the country’s gas production to achieve this level of gas supply to the power sector without compromising the export obligations. To this end, I call on the investors here today to strongly consider the investment in the further development of gas production in the country, especially our abundant unexploited Non-Associated Gas reserves”, he added.

Continue Reading

News

Nigeria Partners UK, Germany, Others On Green Industrial Dev’t

Published

on

Nigeria is partnering with the United Kingdom(UK), Germany and the World Economic Forum towards the realisation of President Bola Tinubu’s plans for a green industrial development of the country.
Chief Ajuri Ngelale, Special Presidential Envoy on Climate Action, Wednesday in Abuja, said that the meeting with the leadership of the UK-Nigeria Infrastructure Advisory Facility (UKNAIF) centred on enabling a private sector-led, public sector-enabled programme.
“We (also) hosted a virtual discussion with the Managing Director of the World Economic Forum (WEF) Center for Nature and Climate, Ms Gim Huay.
“We agreed to actionable next steps that will ensure greater collaboration with international investors and DFIs in accordance with our green industrial roadmap.
“On Wednesday evening, we hosted a fruitful session with a delegation from the German Embassy led by its Head of Climate Negotiations, Ambassador Johannes Lehne.
“Specific steps toward deepening collaboration on hydrogen and wind energy development were agreed upon with a follow-up next week,” he said.
The Tide’s source reports that in May, President Tinubu approved the establishment of a committee to oversee the Green Economic Initiative, known as the Presidential Committee on Climate Action and Green Economic Solutions.
Tinubu also approved the appointment of Chief Ajuri Ngelale as Special Envoy on Climate Action and will retain his role as the Special Adviser to the President on Media & Publicity.
The committee was part of a strategic move of the President to ensure the advancement of his administration’s climate and green economic initiatives.
The committee is to coordinate and oversee all the policies and programmes on climate action and green economic development.
The UKNIAF is a technical assistance programme (2019 – 2025) that aims to transform Nigeria’s capacity to plan, finance, deliver and maintain climate-smart. critical infrastructure.
It aims to achieve transformation through technical support in two component areas: Power and Infrastructure Finance.
The key counterparts are the Federal Government of Nigeria and its agencies; selected state governments; the Foreign, Commonwealth and Development Office in Nigeria (FCDO); the wider development and development finance institution groups.

Continue Reading

News

Nigeria To Host Africa’s $5bn Energy Bank– Minister

Published

on

Nigeria has been granted the hosting right for the African Energy Bank (AEB) after beating Ghana, Benin Republic, Algeria, South Africa and Cote D’Ivoire in a keenly contested bidding.
Sen. Heineken Lokpobiri, the Minister of State, Petroleum Resources (Oil), told newsmen in Abuja yesterday, that the award of hosting right for the bank highlighted Nigeria’s robust energy sector.
He said “the award of the hosting right also highlights the country ‘s strategic vision for Africa’s energy future.”
Lokpobiri expressed gratitude to President Bola Tinubu for the support extended during the course of the bidding.
He also thanked the Council of Ministers of the African Petroleum Producers Organisation (APPO) for the confidence in Nigeria’s capability.
The minister highlighted the collaborative spirit of the APPO members and their shared vision for a united, energy-secured Africa.
He emphasised that “this decision reflects our collective ambition to create African solutions to Africa’s energy challenges.
“The African Energy Bank will be instrumental to providing the necessary financial backbone for energy projects that will drive growth and development across the continent.
“The decision is a significant step for the continent’s energy sector and underscores Nigeria’s pivotal role in Africa’s energy landscape.”
The minister assured Nigerians and Africans at large that the establishment of the African Energy Bank would mark a transformative era in meeting energy needs.
He said that the initiative aligned with the broader objectives of African Union’s Agenda 2063, aiming for a prosperous and self-sustaining Africa.
“We are committed to ensuring that the bank did not only move Nigeria forward, but becomes a beacon of progress for the entire continent.
“Our goal is to foster sustainable energy solutions that are both innovative and inclusive.”
The Tide’s source reports that the bank is expected to facilitate access to funding for energy projects, thereby catalysing economic growth and enhancing energy security.

Continue Reading

News

Your Prayer Is Sustaining Us, Fubara Tells PFN

Published

on

The Rivers State Governor, Sir Siminalayi Fubara, has commended the PFN for the prayers of Christians across the State, which has sustained his administration.
Governor Fubara made the commendation while speaking as Special Guest of Honour during the dedication of the Pentecostal Fellowship of Nigeria (PFN), Secretariat Complex in Port Harcout, yesterday.
Sir Fubara, who was represented by the Secretary to the State Government, Dr. Tammy Wenike Danagogo, applauded the brethren and PFN for upholding the State in prayers and for constructing the PFN State Secretariat for use to the glory of God.
“I appreciate the leadership of PFN for toeing the path of wisdom, vigour and strength. I thank the General Overseer of the Salvation Ministries, Pastor David Ibiyeomie, for taking up the responsibility and all Christians, we are indebted to you for leading and ensuring the work of God is done.
“Rivers State is termed a Christian State because of your laudable activities. Be assured of Rivers State Government’s support in your activities because we know that your prayers over the years have been sustaining us. And we need your prayers today more than ever before. This government will never betray the trust you have reposed on us, “ he stated.
Anchoring his words from Exodus 20, Isaiah 6:1 and later Mark 11: 24-25, the National President of PFN, Bishop Francis Wale Oke, admonished Christians to be courageous and finish their God given tasks as they toe the paths of Jesus Christ. He prayed God’s peace upon the Government and people of Rivers State as he encouraged all to chase peace with all men.
“Let us follow peace with all men, without peace, we can’t see the Lord and when we stand praying, forgive. There is greater glory ahead for Rivers State,” Bishop Oke stressed.
The General Overseer of Salvation Ministries, Pastor David Ibiyeomie, and Chairman of the Project Committee thanked God for the grace to embark on the project, and thereafter handed it over to the State PFN.
The dedication service was attended by renowned men of God, including the National Deputy Secretary, PFN, Bishop Bakare, The National Vice President, South-South, Apostle Zilley Aggrey, Rivers State Chairman of PFN, Rev. Dr. Minaibi Dagogo Jack, the Rivers State Chairman of CAN Archbishop Boma Kaladokubo, President of Ministers Prayer Network, Rev. Mosy Madugba, amongst others.

Continue Reading

Trending