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Stakeholders in Nigeria's power sector express concern over its poor state, as supply to end users remains below 4,000 megawatts, a decade after privatisation. Ahead of the Nigerian Electricity Supply Industry (NESI) Market Participants and Stakeholder Roundtable, industry players call for a review of key issues impacting the sector, including gas-to-power issues, market liquidity, and metering of consumers. The roundtable aims to facilitate comprehensive discussions on the 10-year milestone of privatisation and explore opportunities and prospects for the industry.
The Bayelsa State Labour Party (LP) governorship candidate, Engr. Udengs Eradiri, has called on the people of Bayelsa, especially the youth, to rise up and vote for a new order in the upcoming elections. Eradiri highlighted the untapped resource potential of coastal communities like Odioma, emphasizing the need for a focused development strategy to unlock Bayelsa's wealth. He outlined his People, Education, Agriculture, and Power (PEAP) agenda, which aims to address developmental challenges, improve healthcare, upgrade educational facilities, and promote agriculture as a means of achieving self-sufficiency in food production. Eradiri also pledged to invest in skills development and provide 24 hours of electricity for the state using local gas resources.
The Nigerian Electricity Regulation Commission (NERC) has revealed that the federal government paid a total of N36 billion to subsidize electricity consumption in the first quarter of 2023. The funds were paid to the Nigerian Bulk Electricity Trading (NBET) and were aimed at covering the gap between the cost-reflective tariffs and allowed tariffs. This subsidy is necessary due to the absence of cost-reflective tariffs in the country's electricity sector.
The Nigerian Electricity Regulation Commission (NERC) has revealed that the federal government paid N36bn in the first quarter of 2023 to subsidize electricity consumption. The amount, which was paid to the Nigerian Bulk Electricity Trading (NBET), translates to N12bn monthly support. The subsidy was provided due to the absence of cost-reflective tariffs and aims to bridge the gap between the cost-reflective and allowed tariff.
Udengs Eradiri, the Bayelsa State Labour Party (LP) governorship candidate, is urging the common people, especially the youths, to rise up and vote for a new order in a bid to save Bayelsa. He believes that the state's coastal communities and ocean cities hold the key to unlocking its resource potential and birthing a new Bayelsa. With his People, Education, Agriculture, and Power (PEAP) agenda, Eradiri aims to address the developmental challenges the state faces, including healthcare, education, power, and agriculture. He emphasizes the need for skills development, upgrading educational facilities, and promoting self-sufficiency in food production. Eradiri also highlights the importance of utilizing the gas in Odioma to provide 24-hour electricity and power an industrial area, while emphasizing the significance of strong leadership in achieving these goals.
The 6th edition of the Nigeria Small and Medium Enterprises (SMEs) Summit and Awards, known as SMESUMA '23, will be held in Abuja in October 2023. The event aims to highlight the entrepreneurial spirit of Nigerians and recognize their contributions to job creation and wealth generation. With the support of both public and private sectors, SMESUMA celebrates the success of SMEs and promotes economic growth in the country. This year's edition will feature rewards for winners in various categories and empower SME operators on the spot.
The Nigerian Postal Service (NIPOST) recently conducted a raid in Katsina State, targeting unlicensed and illegal courier and logistics operations. The exercise aims to sanitize the sector and address issues such as public safety, security threats, and unethical practices. Over 200 illegal operators were identified in Katsina alone, and they have been given a demand notice to comply with NIPOST regulations or face legal consequences.
The Nigeria Content Development Monitoring Board (NCDMB) is calling for collaboration with the insurance sector to support the implementation of the Nigerian Oil and Gas Industry Content Act (NOGICD). The board believes that the engagement of various government agencies is essential in achieving its strategic goals of promoting local content in the oil and gas industry. Through collaboration, the NCDMB aims to achieve a 70% Nigerian content performance by 2027.
Delta State Government is exploring the possibility of investing in electric vehicles for mass transportation in order to mitigate the impact of fuel subsidy removal on its citizens. The Governor, Sheriff Oborevwori, recently test-drove two electric vehicles and expressed the need to study the economic viability and operational sustainability of electric vehicles in Nigeria. This move comes at a time when the cost of fuel is increasing, making electric vehicles a potential solution to reduce transportation costs. A committee led by the Secretary to the State Government has been set up to evaluate the feasibility of utilizing electric vehicles for public transport.
Stakeholders have emphasized the need for a conducive environment to support the establishment of the Koko Free Trade Zone in Delta State. The zone is expected to boost economic activities in the area and attract local and foreign investments. The Chairman of the Delta State Special Economic Zones highlighted the potential benefits of the Free Trade Zone, including the construction of a railway and dredging of the Benin River. The Managing Director/CEO of the Delta Special Economic Zone reassured the community of collaboration and representation of all stakeholders. The project, initiated years ago, has received support from past and present governors of the state.
The Lagos State chapter of the Labour Party has called on President Bola Tinubu to address the problems hindering stable electricity supply in Nigeria. The party emphasized that improving electricity supply would alleviate the hardships caused by the removal of fuel subsidies and reduce reliance on generators. They suggested addressing the metering gap and encouraging private investment in power generation as potential solutions. The party also advocated for diversification of energy sources, including the consideration of nuclear energy.
The Nigeria Civil Aviation Authority (NCAA) has announced its plans to investigate and regulate the activities of unapproved aviation fuel marketers. This action comes after four incidents of contaminated Jet-A1 fuel were discovered in commercial aircraft tanks. The Director-General of NCAA, Capt. Musa Nuhu, revealed that some fuel suppliers were operating illegally at Nigerian airports, supplying contaminated fuel to unsuspecting airlines. The authority aims to collaborate with the Nigerian Upstream Petroleum Regulatory Commission/Department of Petroleum Resources (DPR) and the Federal Airports Authority of Nigeria (FAAN) to address this issue and ensure the safety of air travel.
The Nigeria Civil Aviation Authority (NCAA) is set to take action against unapproved aviation fuel marketers involved in the supply of contaminated Jet-A1. With several incidents of contaminated fuel in recent months, the NCAA aims to ensure the safety of airlines and passengers by cracking down on illegal suppliers. The authority will work closely with the Nigerian Upstream Petroleum Regulatory Commission/Department of Petroleum Resources (DPR) and the Federal Airports Authority of Nigeria (FAAN) to address the issue.
The Nigerian Electricity Commission (NERC) has reported that electricity consumers in Nigeria paid N247.09 billion in the first quarter of 2023. This represents a 1.14% increase from the previous quarter and a collection efficiency of 68.75%. The report also highlights the changes in collection efficiency across different distribution companies and the factors affecting average hourly generation on the grid.
GlaxoSmithKline Nigeria has announced its decision to cease operations in Nigeria due to the challenging market conditions, increased competition, and rising business costs. The British pharmaceutical company plans to adopt a third-party distribution model for its drugs and consumer healthcare goods. GlaxoSmithKline Nigeria's half-year sales dropped significantly, leading to the evaluation of alternative options. The company is set to submit a scheme of arrangement to Nigeria's Securities and Exchange Commission. The decision reflects the economic difficulties faced by companies in Nigeria, including inflation, rising costs, and a shrinking consumer base.
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