Power Sector And Other Related News Stories For Friday May 12th 2023
Nigeria Scouts $24.5 Billion for 30,000MW Electricity
The Federal Government, yesterday, said unless the private sector invests about $3.5 billion yearly, raising electricity generation capacity to 30, 000 megawatts in the next seven years would remain a mirage.
This brings Nigeria’s investment need to at least a cumulative $24.5 billion if the aspiration of raising electricity capacity to 30,000 before 2030 will be realistic.
Minister of Power, Aliyu Abubakar, who spoke at the ‘Solar Power Naija Programme Investor Matchmaking Event’ organised by the Rural Electrification Agency (REA) in Abuja, linked the industrial revolution of the country to the power sector, adding: “Federal Ministry of Power is at the centre of undertaking critical actions that would transform the industry from public to a private sector-driven.”
Power Supply Crisis May Linger, PENGASSAN Warns
Nigerians looking forward to improved electricity supply may continue to wait as the dismal nature of the power sector may not change any time soon, the Petroleum and Natural Gas Senior Staff Association of Nigeria stated on Thursday.
PENGASSAN outlined several reasons why Nigeria’s power supply situation would not improve in the near future, stressing that this was despite the economic significance of electricity to the country.
The association’s President, Festus Osifo, who disclosed this at the 7th Triennial National Delegates Conference of PENGASSAN in Abuja, also warned the Federal Government against selective implementation of the Petroleum Industry Act 2021.
REA Shops for N140bn to Expand Energy Access to 25m Nigerians
As part of efforts to boost energy access in the country, the Rural Electrification Agency, REA, yesterday, urged the private sector to invest in the N140 billion Solar Power Naija scheme with a target of reaching 25 million people.
The scheme is expected to provide five million new connections through the solar home system and solar mini-grid systems.
Speaking at the first-ever match-making fair in Abuja, the Managing Director of REA, Ahmad Salihijo Ahmad, explained that the programme is also expected to provide an additional N7 billion increase in tax revenue, $10 million in import substitution and 250,000 new jobs in the energy sector.
Nigeria Ranked Africa’s Biggest Economy in Energy
Energy Commission of Nigeria (ECN), yesterday, ranked Nigeria as largest economy in Africa power-wise. It said only three to four per cent of energy consumption of Nigerian manufacturing industry come from grid-connected electricity. energy Acting Director-General of the commission, Joseph Sunday, made the disclosure during the ‘Lessons Learnt Workshop to disseminate project results and knowledge’ in Abuja for overview of results achieved by United Nations Environment Programme (UNEP) projects to demonstrate effectiveness of renewable energy solutions for commercial and industrial clients.
Seplat Committed to Affordable Energy -Omiyi
At its recent 10th annual general meeting (AGM) Seplat Energy’s independent non-executive chairman, Basil Omiyi, CON, had a parley with the media.
To what would you attribute Seplat Energy’s impressive 2022 full-year business performance?
Seplat Energy’s strategy is enabled by strong corporate governance and risk management, and built upon the values of safety, integrity, partnership, ambition and agility.
In 2022, against a challenging environment of oil theft and outages on our export routes, the company averaged 24,735 barrels of liquids a day for export and 112.3 MMscfd of processed natural gas for domestic power generation.
FEC Approves Management Concession for Gurara II, Kashimbila ower Plants, Others, Targets 400MW
The Federal Executive Council (FEC) on Wednesday approved an Operation and Management concession for the 360 Mega Watts Gurara II Multipurpose Dam & Hydro Power Plant and the 40 Mega Watts Kashimbilla Hydro Power Plant under a Public Private Partnership model, the Infrastructure Concession Regulatory Commission ICRC said in a press statement.
The move by FEC, followed the regulatory guidance of the Infrastructure Concession Regulatory Commission (ICRC), which also saw the approval for the concession of a Secure E-ticketing Solutions for the Lagos Ibadan Rail Service and the Warri-Itakpe Rail Service as well as the Device Management System, a project by the Nigerian Communications Commission (NCC).