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Nigeria to Generate $7.5bn From Grid Solar Energy

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The Minister of Environment Hajiya Amina Mohammed has projected that the country can generate $7, 5 billion (about N15 trillion) from of grid solar energy.

This is even as the Coordinator of Nigerian-German Energy partnership, Dr. Jeremy Gaines, has lauded the Federal Government’s 13,000MW plans for electricity through solar energy over the next decades.

Speaking at the just held Conference of Parties on Climate Change, otherwise known as COP 21, in Paris, France, the minister said: “In particular, we plan to develop around 13,000 gigawatt of off-grid solar power, delivering energy access to the poorest communities in a cheaper and healthier manner with less emission.

We also plan to create a more efficient,lower carbon oil and gas sector. By ending gas flaring and using the gas for commercial purposes, including power generation, we could generate as much as $7.5bn worth of benefits.”

According to her, given the climate risks that Nigeria faces, this is the only way in which the government’s ambitious Agriculture Transformation Agenda can be delivered

“Nigeria’s ambitious INDCs aim at reducing emissions by 20 per cent by the year 2030 with support from the international community. This will support the restructuring of the economy in a way that will facilitate inclusive growth with vast opportunities to diversify the energy mix, with emphasis on renewable energy and efficient gas power,” she added. However, Dr. Gaines commended the government for the ambitious, Intended Nationally Determined Contributions, INDCs, which have been set for Nigeria.

He further added that promoting renewable energy as a primary sustainable development strategy for socio-economic inclusion that is good for the global environment, but is even better for ordinary Nigerians, while at the same time simply making business sense, the so called triple bottom line.

“A massive roll-out of on and off-grid solar power is one of the areas that the Nigerian German Energy Partnership and Germany’s GIZ (through its Nigerian Energy Support Plan) has consistently advocated.

“Through GIZ the German government has been busy supporting Nigeria with getting all the homework done to enable a strong rise in off-grid solar PV systems.
The Paris climate summit has put longer-term financing mechanisms in place to assist here. Such a roll-out is especially meaningful if integrated with the deployment of agricultural facilities (irrigation pumps, etc.) as this could be a key to unlocking socio-economic growth in particular in the North of the country.

“It is probably too early to set concrete targets for the volume of off-grid solar until the various technical and financing challenges have been overcome. But the Minister’s determination to push the development of such systems shows the administration’s welcome resolve to embark down this path,” he added.

The managing director, Zaphnaah Nigeria Limited, Mr. Debo Adefolaju, added that, “It can be done, but a lot of things are attached to it.

“Is not just about clearing land and installations or putting the panels on a roof, it has to be attached to industries for it to be worthwhile.

“Meaning, either we are going to be using it for irrigation or we are going to set-up a plant to be manufacturing solar panels or batteries nearby, so that for the purpose of illustration, everything we are doing should be gear into employing our youth.

“Everything will have a value chain, either the installation; we have to train our boy and girls to install, to do the wiring, to maintain the system after it has been installed. As far as am concern it all about employment,” he stated.

He further said “Nigeria is blessed with everything. We get between 12 and 14 hours of sunlight, our business should be first in the six geopolitical zone to start manufacturing solar panels.” NIMASA is doing it in Nigeria, we also need to be producing battery in Country, we cannot afford to be importing everything.”

“We need to get people who will be willing to set factory. In Ghana, such factories exist, if we can bring those guys here to come and work with our boys and girls here, and start manufacturing solar panels, wire, and battery and have a quality in place to recycle battery when they run down and be able to adopt a culture of maintenance.”

Vanguard

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Government

FG Approves N1.85 Billion For Construction of Ebonyi Salt Lake Walls

The Federal Government on Wednesday approved a sum of N1.85 billion for the construction of walls around Ebonyi Salt Lake.

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The Federal Government on Wednesday approved a sum of N1.85 billion for the construction of walls around Ebonyi Salt Lake.

Briefing newsmen at the end of the Federal Executive Council (FEC) council meeting on Wednesday, Minister of Mines and Steel Development, Olamilekan Adegbite disclosed that the project will be funded directly by the presidency. 

The Minister further explained that the 27km retaining wall would contain the loss of raw salt from the salt lakes in Ebonyi State, saving at least $88m spent yearly on salt importation.

Investors King earlier reported that Nigeria spent at least N155 Billion within the last two years to import salt and other locally available products from Asia and South America.

Salt is one of the most common mineral resources in Nigeria. A large deposit of salt could be found in Ebonyi State. The state even prides itself as the “salt of the nation”.

However, Nigeria has not been able to successfully preserve and mine the large salt deposits. 

The Minister nevertheless disclosed that the wall which will be built along the lake will help to solve the challenges. 

“The salt is in Ebonyi State, of course, naturally, but it cannot be mined without this infrastructure that we’re about to do, we’re building a retaining wall because water comes in and washes the salt away every time. 

“These are salt lakes that occur naturally, so the salt is in the lakes, but when water comes in, it washes the salt away”. He noted. 

According to the Minister, the wall which has been awarded to Reinforced Global Resources Limited, at the sum of N1.85bn is about 27 kilometres long and about 2.9 meters high. 

The retaining wall project is expected to be completed within six months after which the process of salt mining from the lake will begin. 

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Nigerian Political Parties to Spend Billions of Naira as INEC Lift Ban on Political Campaigns

Political parties in Nigeria are expected to spend billions of naira in the next year’s elections as INEC officially lifts the ban on political activities. 

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2023 Presidential Candidates

Political parties in Nigeria are expected to spend billions of naira in the next year’s elections as INEC officially lifts the ban on political activities. 

It is about five months to the next general election in Nigeria where citizens will go to the polls to cast their vote for the candidate of their choice. Political parties are expected to spend billions of naira during this electioneering process as it was in previous elections. 

It will be recalled that the Independent Electoral Commission (INEC) has fixed February 25th for the Presidential and National Assembly elections while Governorship and State Assembly elections will be held on March 11th, 2023.

Investors King understands that Nigerian previous elections were hugely monetised and next year’s election would not be an exception. 

A closer analysis of the presidential election shows that there are 18 Presidential candidates which will compete in 176,846 polling units. 

Going by the electoral laws and the previous election, all candidates are expected to appoint polling unit agents who are offered some token for their service. 

Investors King gathered that in the last elections, polling units agents were offered between N10,000 to N20,000. Using N10,000 as a variable, this means each of the leading political parties will expend at least N1.7 billion on polling unit agents.

Other areas where political parties are expected to spend money include logistics, public campaigns, posters and banners, courtesy call gratification and security among others. 

Besides, it is also expected that the leading political parties will engage in vote buying which could run into hundreds of billions of naira. Many Election Monitoring Groups (EMGs) such as Yiaga Africa have alleged voter inducement in previous elections. 

Political parties spend between N5000 to N10,000 to induce voters. It can be assumed that parties will spend more in the next general election since Nigeria’s voter population has increased to 95 million, adding more than 12 million new registered voters in the just concluded voter registration. 

Meanwhile, the Independent Electoral Commission (INEC) has disclosed that the commission will spend N305 billion to conduct the 2023 election. This is different from the commission’s yearly budget which currently stands at N40 billion. 

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Nigeria Senate to Tax Unoccupied And Expensive Building Owners in Abuja

The Nigeria Senate intends to introduce a bill to tax unoccupied and outrageously expensive buildings in the Federal Capital City. 

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The Nigeria Senate intends to introduce a bill to tax unoccupied and outrageously expensive buildings in the Federal Capital City. 

The Chairman Senate Committee on Federal Capital Territory, Senator Adeyemi Smart lamented that there were too many unoccupied buildings in the city despite being completed and built to taste. 

A check by Investors King shows that thousands of expensive houses are left unoccupied in Abuja, especially in high-net-worth neighbourhoods such as Guzape and Katampe Extension (Diplomatic Zone).

Smart Adeyemi made it known at a press briefing with members of the committee that the Senate will introduce a property tax bill on such buildings to mitigate the issue of accommodation in the capital city which has been a critical burden on average citizens. 

He said, “We have found that in this city, many houses are without habitation. There are a lot of mansions with no one living in them and no one is asking questions.

He added that the government will lock any uninhabited building and cause the owner to pay a fee to the government. 

“If you have built houses and they are unoccupied, we’d find out the reasons and tell the government to lock them up so that criminals will not take charge.

We’d propel legislation that will cause them to start paying taxes so that we’d use the money to develop the city”. He said.

The Senator also questioned why expensive buildings will be left unoccupied for years if the funds are from legitimate sources.  

It will be recalled that the ICPC Chairman Prof. Bolaji Owasanoye, warned estate developers against serving as conduits for Illicit Financial Flows, (IFFS) at the commission’s 13th Annual General Meeting, AGM held in July 2022.

The ICPC Chairman further stated that the commission is currently probing completed and unoccupied estates in Abuja, Lagos and Port Harcourt, with the help of sister agencies.

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