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Power Plants Lose 1,552MW

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More than six months after the nation’s electricity generation dropped below 3,000 megawatts, output from the power plants is still 1,552MW lower than the peak achieved in February.

Power generation stood at 3,523.10MW as of 6am on Friday, September 2, 2016, up from 3,026.3MW on August 29, data from the System Operator showed.

The Transmission Company of Nigeria announced on February 2, 2016 that the nation had achieved its peak electricity generation of 5,074.70MW.

But the feat was short-lived as generation dropped below the 4,000MW mark later that month.

On March 1, the Nigerian Electricity Regulatory Commission said power supply through the national grid had dropped below 2,800MW due to vandalism.

Eight days after, power generation in the country fell to a record low of 1,580.6MW, a development that threw many parts of the country into blackout for days.

The downturn in power supply was exacerbated in May by the several attacks on oil and gas installations in the Niger Delta, which made generation plunge to a new low of 1,400MW on May 17, according to the TCN.

The nation’s power grid recorded 21 collapses in the first half of the year – 16 total and five partial collapses.

The latest system collapse (partial) was recorded on July 10, according to data from the National Control Centre.

More than half of the nation’s power plants are currently facing gas shortage, with unutilised electricity generation capacity due to gas constraints put at 3,988.3MW as of August 29.

The country generates the bulk of its electricity from gas-fired power plants, while output from hydro-power plants makes up about 30 per cent of the total generation.

In what was a big blow to electricity generation in the country, Shell’s Forcados export terminal was hit in February, forcing the oil major to declare force majeure on the exports of the crude oil grade.

The Nigerian National Petroleum Corporation, in its financial and operations’ report recently said, “The nation has lost over 1,500MW of power supply to the damage as gas supply from Forcados, which is Nigeria’s major artery, accounts for 40 to 50 per cent of gas production. Incessant pipeline vandalism poses the greatest threat to the industry.”

Industry experts have continued to highlight the need for a robust energy mix by exploring renewable energy resources including solar and wind.

An energy expert and Partner, Bloomfield Law Practice, Mr. Ayodele Oni, said, “I understand that a number of Nigerians are partnering companies providing cutting-edge energy solutions such as solar systems that are run on computerised platforms.

“I believe that if the government provides the enabling environment for the foregoing, less emphasis will be placed on gas pipelines and vandalism should reduce.”

A former Minister of Power and Chief Executive Officer, Geometric Power Limited, Prof. Barth Nnaji, said the country should diversify its sources of power generation to ensure sustainable fuel supply.

“We have not touched coal. We have a lot of coal in the country,” he said at a public lecture in Lagos last month.

Nnaji added, “The US produces about 40 per cent of its one million megawatts of electricity from coal, while China produces 60 per cent of its electricity from coal. We have coal here but we are not making use of it. Even the natural gas that we have, are we really producing the gas? It is certainly not enough. Hydro is another source.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Fidelity Bank To Develop SMEs Capacity in Non-oil Exports Sector

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Fidelity Bank SMEs Capacity-Investors King

In furtherance of its resolve to help Nigerian businesses build sustainable export capabilities, leading Nigerian lender, Fidelity Bank Plc, is set to host the 11th and 12th editions of its highly acclaimed Export Management Programme (EMP).

Launched in 2016, the EMP is targeted at preparing participants for real-time experiences in the international non-oil export markets and the broader export market at large. The session typically covers a wide range of topics including Export documentation, Selection and Implementation of Supply Chain Management for Exports, Application of Export Development Business Processes amongst others.

Speaking on the programme, the Managing Director, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe noted that, “As a leading supporter of small businesses, we introduced the EMP five years ago to bridge the knowledge gap in the export business locally and to help participants to compete effectively in the global export market. Given the success, we have recorded in the course of the programme and following the yearnings of potential participants, we decided to host an edition of the training in Kano for those who are unable to attend the session in Lagos.”

While EMP 11 is scheduled to hold at the Lagos Business School (LBS), Lekki, Lagos between 4 and 8 October 2021; EMP 12 would hold at a soon-to-be-announced venue in Kano State from 11 to 15 October 2021. The sessions would be facilitated by leading faculty from LBS, Nigerian Export Promotion Council (NEPC) staff as well as experts in financial management and exports.

Fidelity Bank has over the years demonstrated its resolve to grow the non-oil export side of the economy through strategic initiatives and partnerships. For instance, the bank provided over N32.7 billion in credits to businesses operating in strategic sectors including rice, dairy, poultry, oil palm and cocoa in 2019. The bank has also successfully leveraged strategic partnerships with the Central Bank of Nigeria (CBN) and Development Finance Institutions (DFIs) under various industry targeted intervention funding programmes to enhance access to credit for eligible players in the agribusiness and non-oil exports space with the aim of addressing food security gaps and enhancing foreign exchange earnings.

“The benefits of supporting the non-oil sector of the economy cannot be overemphasized given the immense benefits that it provides to the economy and the nation in terms of providing much needed foreign exchange investments, increasing our Gross Domestic Product (GDP) and employment generation. This informs our decision to host the EMP regularly and we enjoin interested entrepreneurs to take advantage of this initiative to take their business to the next level,” Onyeali-Ikpe explained.

To register for the event, kindly visit www.fidelitybank.ng

About Fidelity Bank Plc

Fidelity Bank is a full-fledged commercial bank operating in Nigeria, with about 6million customers who are serviced across its 250 business offices and various other digital banking channels. The bank has in recent times won accolades as the Best SME Friendly Bank, Best in Mobile Banking and the Most Improved Corporate/Investment Bank among several industry awards and recognitions. The bank was also ranked the 4th Best Bank in the Retail Banking Segment in the 2017 Banking Industry Satisfaction Survey conducted by KPMG.

Focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs), Fidelity Bank is rapidly implementing a digital-based retail banking strategy which has resulted in an exponential growth in savings deposits over the last 3 years and a corresponding surge in customer enrollment on the bank’s flagship mobile/internet banking products.

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Afrexim and Asoko Partner to Help List African Companies

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Afreximbank - Investors King

Asoko Insight, Africa’s leading provider of corporate data and engagement services, is pleased to announce a partnership with Africa Export-Import Bank that will help African companies list on its due diligence platform, the MANSA.

Launched by Afrexim in 2018 to counter the cuts in trade finance and investment financial flows to Africa, MANSA aims to be a single source of the primary data required for Customer Due Diligence (CDD) and Know Your Customer (KYC) checks on African entities. The transparency MANSA provides will address key trade-related challenges facing the continent, including the lack of market information, the high cost of doing business in Africa and the challenges around discovering African counterparties.

The corporate information gathered through this KYC platform provides an additional layer of confidence for international financiers and African companies seeking business partners,  unlocking the flow of capital and creating a more transparent operational landscape for trade and investment.

Onboarded as an official data partner for the project, Asoko will host access to the MANSA platform on its Digital Engagement platform through which African companies can register and submit their CDD/KYC information to be listed on the MANSA platform.

Rob Withagen, co-founder and CEO of Asoko Insight, said, “Easing access to African companies for trade and investment opportunities is at the core of Asoko’s work. MANSA is a key tool for facilitating data sharing about members of Africa’s vibrant private sector and we’re pleased to offer a route to it via our Digital Engagement platform.

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HOPE Consortium and Astral Aviation Sign MOU to Enhance Vaccine Distribution Solutions in Africa

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HOPE Consortium - Investors King

As part of its continued commitment to vaccine distribution in Africa, the HOPE Consortium has partnered with Kenya-based cargo airline, Astral Aviation, to offer vaccine distribution solutions to Africa. This highlights the HOPE Consortium’s efforts in reinforcing partnerships that focus on fighting the COVID-19 global pandemic, as well as fulfilling the organisation’s mission as a global logistics facilitator, by aiding in vaccine delivery.

As part of the partnership agreement, both entities will focus on intra-African cooperation to enhance vaccine distribution within the African continent. The HOPE Consortium will utilise Astral Aviation’s comprehensive network, technologies, and market expertise, to support its global objective of facilitating vaccine availability with a specific emphasis on the African continent. The alliance will ensure timely delivery of vaccines and critical supplies to all 54 African nations.

Astral Aviation operates a diverse fleet of 14 freighter aircraft and provides innovative, flexible, and cost-effective UAV (Unmanned Aerial Vehicle) and UAS (Unmanned Aerial Systems) integrated drone-based solutions, as well as warehousing solutions to both in-store and remote locations.

This synergetic collaboration with the HOPE Consortium will see Astral Aviation provide capacity for vaccine deliveries on its scheduled and charter freighter network, in addition to world-class drone solutions and systems to Africa, with the purpose of facilitating immunisation programmes.

Commenting on the partnership, Mr. Sanjeev Gadhia, CEO of Astral Aviation said: “We are truly honoured to partner with the HOPE Consortium and participate in the critical distribution of COVID-19 vaccines, based on our track record in performing humanitarian initiatives and vaccine flights within Africa. Astral will add further technological and warehousing solutions for distribution of the COVID-19 vaccines from the hub in Abu Dhabi, to all the 54 countries in Africa directly or via its Nairobi Hub, which occupies 9000 m2 of cold-storage facilities.”

It is worth mentioning that Astral has also been selected by UNICEF to perform vaccine flights for COVAX and for the African Union via the African Medical Supplies Platform.

Through this partnership, the HOPE Consortium furthers its end-to-end supply chains required to distribute vaccines from their base in Abu Dhabi to all African countries. The HOPE Consortium has geared its operations to transport millions of critical COVID-19 vaccines to any country in need and thus far has handled over 100 million vaccine doses across 40 countries.

Robert Sutton, Head of Logistics Cluster, Abu Dhabi Ports, said: “Africa has always been a high priority market for the HOPE Consortium, and to that end, we are pleased to join hands with Astral Aviation. With a track record of operating over 20 years within Africa, their expertise provides a new dimension towards achieving our overarching objectives. This partnership reinforces the HOPE Consortium’s aim of creating a sustainable ecosystem, based on our collective global networks, logistics and supply chain capabilities, in order to facilitate vaccine distribution across the world. Our partnership with Astral Aviation is another benchmark towards our commitment to serve every country, region, and locale. We are confident that this partnership will help enhance HOPE Consortium’s efforts in Africa and ensure that no one is left behind in the quest against the pandemic.”

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