Power Sector And Other Related News Stories For Wednesday November 22nd 2023
Firm Pledges More Investment in Nigeria’s Power Sector
ARM-Harith Infrastructure Fund will boost investment in the electricity sector in Nigeria following the launch of AD Power HoldCo, which aims at investing in renewable energy equity financing.
With a focus on off-grid and interconnected mini-grids as well as captive commercial projects sized at less than 1MW in Nigeria, the firm would invest equity and quasi-equity instruments into companies holding projects with small to medium-sized renewable energy off-grid projects, interconnected mini-grids and commercial and industrial projects.
Stakeholders Ask Govt to Address Commercial Bottlenecks in Power Sector
Stakeholders in the Nigerian power sector and financial industry have urged the federal government to address bottlenecks to unlock investment opportunities in the country’s electricity sector.
Privatised over a decade ago with the intention that the sector would survive on its own, the federal government has spent trillions of naira to save the industry, currently on the verge of bankruptcy.
While the performance of the sector is crippling the economy as manufacturers and small businesses are shutting down, President Bola Tinubu, earlier this month, said the distribution segment of the market alone would require about $2 trillion to function optimally.
Closing Nigeria’s Metering Gap – A decade of progress
In the face of current global energy challenges, with demands on the rise and the urgent need for sustainable solutions, the role of smart metering has emerged as a critical piece in the puzzle. As countries work to improve their electricity services while reducing carbon emissions, they require innovative solutions to tackle current issues and create a sustainable and efficient future.
Smart metering, with its potential to revolutionise the way energy is monitored, consumed, and managed, has emerged as a linchpin in this quest for a resilient energy infrastructure. With their ability to provide real-time data, enhance grid efficiency, and empower consumers, Smart meters are positioned as key tools in achieving a more sustainable and responsive energy ecosystem. At the fore of this transformative wave in Nigeria is Mojec Power Group, which offers a vision that extends beyond borders and offers a transformative approach to the global energy landscape.
In Berlin, Tinubu Pushes for Investment in Nigeria’s Power, Rail Sectors
President Bola Tinubu met with German Federal Chancellor, Olaf Scholz, on Monday in Berlin, where he stated that Nigeria’s pursuit of German investment in targeted sectors of the economy was focused on critical growth-enabling industries in energy, transportation, and electric power production, transmission, and distribution.
Tinubu spoke on the side-lines of the G20 Compact with Africa Economic Conference in Berlin.
Recognising the success of Siemens AG in positively transforming the quantity and quality of Egyptian electric power supply, the president noted that under his leadership, the staggered and unsteady implementation of the Siemens-supported Presidential Power Initiative (PPI) would assume a new urgency with a more deliberate process of project execution.
Nigeria Signs $500 Million Energy Deal With Germany
Nigeria has signed a $500 million worth of gas export deal with Germany.
This is according to a statement released via Twitter by Dr Doris Uzoka-Anite, the Minister for Industry, Trade and Investment on Tuesday, November 21.
According to the statement, a memorandum of understanding (MoU)was signed between the country and German companies on gas exports and renewable energy.
Electricity Supply Will Improve By 2024 First Half — Minister
The Minister of Foreign Affairs, Amb Maitama Tuggar, says with the Siemens gas deal between Nigeria and Germany, Nigerians will experience improved electricity supply by the first half of 2024.
Tuggar spoke virtually from Berlin, Germany, on Channels Television’s Politics Today programme on Tuesday.
“In the coming year by the first half of next year (2024), there will be a remarkable improvement in the electricity supply in Nigeria,” he said, adding that the setbacks experienced in the past would be managed by the President Bola Tinubu administration.
Nigeria Needs Stable Power Supply to Attract Foreign Investment
The Director General, Textile Garment and Tailoring Employers, Hamma Kwajafa, has said Nigeria’s drive for foreign investments cannot succeed without critical infrastructure like electricity.
Kwajafa, said this yesterday, in Kaduna, while addressing the 35th annual National Education Conference of the National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGTWN).
He said the South African economy was doing better than Nigeria because of stable power supply.
According to him, South Africa, with a population of just 60 million people, boasts 50,000 megawatts of electricity, while Nigeria, with a population of over 200 million people, was battling with 7,000 megawatts.
“We say Nigeria is the giant of Africa, but infrastructure is our biggest challenge.