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GE Plans 2GW Hydroelectric Power in Nigeria

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water projects - Investors King
  • 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.

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

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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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