Geregu Power’s annual profit up 46% as turnover nears N71bn
Chisom Nwatu
October 11, 2022
By Chisom Nwatu Nigerian Exchange’s debutant Geregu Power Plc has attained for 2021 a net profit level 45.5 percent above the figure it announced a year earlier, according to the audited earnings report of the Ajaokuta-based gas power generator issued on Monday. Remarkable increase in the volume of energy sold and capacity charge were the […]
$127bn needed to unlock potential of green mini-grids in Africa, says report
Mike OchonmaOctober 11, 2022
BY MIKE OCHONMA Researchers have recommended investing $127 billion in green mini-grids to provide access to electricity for half a billion people in developing countries, particularly in sub-Saharan Africa, according to a new report by the World Bank. According to the report, produced by the World Bank’s Energy Sector Management Assistance Program (ESMAP), investing $127 billion in […]
Nigeria’s decentralised renewable energy sector jobs to exceed 76,000 by 2023, says study
Innocent ObasiOctober 6, 2022
By Innocent Obasi Nigeria has created a robust market position in decentralised renewable energy (DRE) and is poised to reap the benefits as it addresses energy poverty and rural unemployment, according to a new report. The report, ‘Powering Jobs Census 2022: The Energy Access Workforce Nigeria’, was launched by Power for All, a global network […]
NERC, BPE name Ahmed Dangana new MD of KEDCO
Adeola AjakaiyeJuly 26, 2022
By Adeola Ajakaiye, in Kano. Power sector regulators, Nigerian Electricity Regulatory Commission (NERC) and Bureau of Public Enterprises (BPE) have approved the reconstitution of the board of directors of Kano Electricity Distribution Company Plc (KEDCO). The approval followed the federal government’s restructuring of five electricity distribution companies (DisCos) as a result of a takeover of […]
Government’s approach to power sector crisis seen as hypocritical
Businessam StaffMarch 21, 2022
BY OLUSOLA BELLO President Muhammadu Buhari was last Wednesday forced to offer what many analysts considered a needless apology when he was jolted to suddenly realise the economic quagmire his government’s mishandling of the country’s fuel and power problems has put Nigerians. The prolonged shortage of petroleum products and the collapse of the national grid […]
Nigeria, SSA big energy transition challenge, need $350bn to electrify
Olusola BelloMarch 21, 2022
BY: OLUSOLA BELLO Nigeria and the entire sub-Saharan Africa offer an alternative vision of how the energy transition will change power generation, according to new research by global energy consultancy Wood Mackenzie. Statistics from African Development Bank (AfDB) show that more than 640 million Africans have no access to energy, which corresponds to an electricity […]
Power grid failures pile pressure on economic growth
Onome AmugeMarch 21, 2022
BY: ONOME AMUGE Just as Nigerians continue to bear the brunt of the current energy crisis in the petroleum sector amid rising inflation, the country’s erratic electricity output, spurred by poor power supply from the national grid and the recurring electricity system collapse, has inflicted yet another blow on the populace. The agonsing trend of […]
New gas deal to boost Nigeria’s 1.2 tcf
BEN EGUZOZIEApril 26, 2021
…GDA, Nigeria’s first agreement separating gas development from oil production Ben Eguzozie, in Port Harcourt A new gas commercialization deal signed by the Nigerian National Petroleum Corporation (NNPC) and Sterling Oil Exploration and Production Company (SEEPCO), a private operator of the Oil Mining Lease (OML) 143, is set to boost Nigeria’s 1.2 trillion cubic […]
Nigeria tops electricity-deficient countries – World Bank
BEN EGUZOZIEApril 26, 2021
…Down from 2017 ranking after Yemen …Global lender approved $1.25bn financing to support Nigeria reset power sector …Businesses lose $29bn annually to power unavailability Ben Eguzozie, in Port Harcourt Nigeria, Africa’s top oil producer and the continent’s biggest economy by GDP, has unenviably slipped into first-from-bottom in electricity-deficient countries index, according […]
Poor electricity costs Nigerian businesses $29bn per year – World Bank
Online EditorApril 22, 2021
Arakunle Kayode The World Bank has disclosed that approximately $29 billion is lost every year for Nigerian businesses as a result of the country’s unreliable electricity. According to the bank, Nigeria also has the most people without access to electricity in the world, with one out of every ten people without access to electricity […]