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GE Plans 2GW Hydroelectric Power in Nigeria

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  • GE Plans 2GW Hydroelectric Power in Nigeria

The General Electric is planning to install hydroelectric plants that will generate additional two gigawatts of electricity in the country by 2030 in view the the nation’s growing power demands.

This is part of 29GW hydropower expansion projects to be executed by the American multinational corporation in four African countries in the next 13 years.

The President and Chief Executive Officer, Hydro, GE Renewable Energy, Yves Rannou, gave this indication in the corporation’s latest report, ahead of the 2017 World Hydropower Congress.

He said that presently, the firm had about 18 GW hydro installed base in Africa, adding that Angola, Mozambique, Morocco and Ethiopia would benefit from its expansion plans in the next 13 years.

He explained that if Africa would expand into renewable energy, its effort should be supported by robust infrastructure.

Rannou said, “Several African countries have made commitments to support the global energy transition to renewable energy and hydropower is absolutely required to meet those needs. Our participation in supplying fast and sustainable access to energy for Africa is one of the GE’s top priorities. Renewable is an energy industry of the future for Africa and that future starts now.

“In 2016, more than 3GW of hydropower capacity was put into operation with plans to grow its installed base in the years to come. There are also plans for an additional 7GW in Angola; +2GW in Mozambique and Nigeria; +2GW in Morocco; and +18GW in Ethiopia by 2030.”

He noted that Africa was one of the most economically dynamic continents, with only three per cent of the huge hydro capacity being utilised.

According to him, the future of sustainable access to energy by African countries depends on hydro, wind and solar.

While highlighting other benefits of hydroelectric power, he said it would control flood, encourage irrigation and water supply for agriculture and land planning.

Rannou added, “It develops industry; it improves access to healthcare; it helps support education and high quality jobs.

“It has returned to the forefront now because everyone realises how hydropower contributes to grid stability, thanks to its flexibility and scale of production. It also enables the expansion of wind and solar, and is a key player in the overall energy mix.”

The GE, whose business focuses on oil and gas, power, water supply, aviation, health care, transportation and capital, has also proposed to invest in Nigeria’s three refineries located in Port Harcourt, Warri and Kaduna, and selected power projects earlier this year.

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.

Economy

Nigeria’s Real Estate Sector Shrinks by 8.06% in the Third Quarter -NBS

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Economic uncertainty plunged Nigeria’s real estate sector by 8.06 percent in the third quarter of the year, according to the National Bureau of Statistics (NBS).

Nigeria’s statistics office said “In nominal terms, real estate services recorded a growth rate of –8.06 per cent in the third quarter of 2020, indicating a decline of –11.78 per cent points compared to the growth rate at the same period in 2019, and by 9.12 per cent points when compared to the preceding quarter.

“Quarter-on-quarter, the sector growth rate was 18.92 per cent.

“Real GDP growth recorded in the sector in Q3 2020 stood at -13.40 per cent, lower than the growth recorded in third quarter of 2019 by –11.09 per cent points, but higher relative to Q2 2020 by 8.59 per cent points.

“Quarter-on-quarter, the sector grew by 17.15 per cent in the third quarter of 2020.

“It contributed 5.58 per cent to real GDP in Q3, 2020, lower than the 6.21 per cent it recorded in the corresponding quarter of 2019.”

Nigeria’s economy contracted by 2.48 percent in the first nine months following a 6.10 percent and 3.62 percent contraction in the second and third quarters respectively.

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Economy

Nigeria Requires N400 Billion Annually to Maintain Federal Roads -Senator Bassey

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The Chairman of the Senate Committee on road maintenance, Senator Gersome Bassey, on Friday said Nigeria requires about N400 billion annually to maintain federal roads across the country.

The Senator, therefore, described the N38 billion budgeted for road repairs in the 2021 proposed Budget as grossly inadequate. According to him, nothing meaningful could be achieved by the Federal Roads Maintenance Agency (FERMA) with such an amount.

He said, “For the 35 kilometres federal roads in the country to be motorable at all times, the sum of N400bn is required on yearly basis for maintenance.”

Bassey “What the committee submitted to the Appropriation Committee in the 2021 fiscal year is the N38bn proposed for it by the executive which cannot cover up to one quarter of the entire length of deplorable roads in the country.

“Unfortunately, despite having the power of appropriation, we cannot as a committee jerk up the sum since we are not in a position to carry out the estimation of work to be done on each of the specific portion of the road.

“Doing that without proposals to that effect from the executive, may lead to project insertion or padding as often alleged in the media.”

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Economy

Scarcity of Day-Old-Chicks Cripple Poultry Farmers in Akwa Ibom

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Despite billions of Naira spent on Akwa Prime Hatchery and Poultry Limited by the Executive Governor of Akwa Ibom State, Udom Emmanuel, poultry farmers in the state said they had to order day-old-chicks from outside the state as the 200,000 capacity poultry farm developed specifically to make day-old-chicks and other poultry products available at affordable prices is almost empty at the moment.

The farmers expressed frustration over many challenges they face in the course of bringing day-old-chicks from outside the state. Usually, Ibadan, Enugu and sometimes as far as Kaduna, while the hatchery built and inaugurated in 2016 remains idle.

Mr Ekot Akpan, one of the poultry farmers who spoke with the pressmen said the state had not had it this bad.

Akpan said: “For the 12 years that I have been in poultry farming, this is the first time that poultry farmers have been so harshly affected by both economic and non-economic factors. And, quite unfortunately, nobody is available to offer any explanation.

“Farmers have been left at the whims and caprice of owners of the means of production.

“There seems to be no government regulation of the poultry industry. How, do you explain a situation where you wake up suddenly and the price of a day old chick is selling for N600, a bag of feed goes as high as N6,000.

“And, in a state that government claims to be pursuing agriculture as one of his cardinal programmes.

“For instance, in 2016, the state government said it has constructed an hatchery, and the intention according the government was to ensure availability of day old chicks at affordable price to farmers, but, quite, unfortunately, that effort has not yielded any tangible result.

“Farmers are still getting their day old chicks from Ibadan, Kaduna, and Enugu. So, the question now is where is the hatchery?

“One would have expected that farmers would be buying old chicks at humane prices, but, from all indications they acclaimed hatchery is a ruse. So, which one is the Akwa Prime Hatchery producing,” he said.

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