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EU Withdraws Financial Support for Nigeria, Says Country Not Poor

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  • EU Withdraws Financial Support for Nigeria, Says Country Not Poor

The European Union (EU) has withdrawn financial support for Nigeria, saying the country has enough resources to meet her developmental needs.

The Head of EU delegation to Nigeria and ECOWAS, Ambassador Michel Arrion, gave the charge Thursday at an annual distinguished lecture organised by IBB Golf Club in collaboration with Foundation for Global Impact and Sustainable Development.

He said what the EU would do instead is to help with technical support and capacity-building towards development.

While urging the Nigerian government to Begin to look beyond Official Development Assistance (ODA), the envoy suggested the judicious application of taxation.

He charged Nigeria to remain committed to the course of the Economic Community of West African States (ECOWAS) and the African Union in order to realise the goals of the regional blocks.

The ambassador who noted that the EU would not have become what it is today without the quality leadership provided by Germany, stated that Nigeria as a nation has what it takes to uplift the regional block and give it direction.

“We are not offering more financial support, we are proposing more political and policy dialogue, technical assistance, capacity building, training, transfer of technology, more advocacy for more private investments and other innovative sources of funding.

“To finance the development of the country, Nigeria must find alternative funding to ODA. Nigeria must collect much more taxes five times more, to reach an average of 20 per cent of the GDP, and spend better.

“It should also attract much more foreign investment and put in place more and better private/public partnerships. I believe Nigerian authority should work harder to provide good reasons for foreign investors to want to invest in Nigeria,” he said.

Speaking on the theme: ‘40 Years of EU in Nigeria, Lessons and the Way Forward,’ Arrion noted that ECOWAS can only be strong when leading countries such as Nigeria believe in it.

He added that to achieve the 2030 Sustainable Development Goals (SDGs), Nigeria and other countries within the West African region must be committed to regional integration.

“We in the EU believe in the relevance of regional integration. ECOWAS would be strong when Nigeria believes in it and is committed to making it strong.

“EU is strong because Germany believes in it,” Arrion stated.

Reviewing the operations of the EU in Nigeria in the past 40 years, the ambassador stated that it has been 40 years of development cooperation in agriculture, infrastructures, health, water, energy and other micro-project.

According to him, the body has Since 2000 adopted a more ‘political’ approach in its support by engaging in human rights activism, campaign for improved criminal justice system, prisons reform, fight against trafficking in human beings, small arms and drugs.

“More recently, a much more political approach has been adopted in our cooperation with Office of National Security Adviser (ONSA) towards the de-radicalisation, counter-radicalisation of Boko Haram, fight against corruption as well as humanitarian assistance, and aid to reconstruction of the North-east,” the ambassador stated.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Energy

How Nigeria’s National Power Grid Collapsed Ten Times Within 9 Months 

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The national power grid has again collapsed, leaving many Nigerians in total darkness.

Investors King can authoritatively report that this is the tenth time the power grid will be disrupted this year alone.

For this recent collapse, the grid, reportedly lost power generation around 1:39 pm on Tuesday.

Information revealed that power generation was 2,711 megawatts as of 1:00 pm, having previously peaked at 3,631 MW.

Earlier, power generation peaked at 3,934.77 MW around six o’clock in the morning.

However, between 2 pm and 3 pm, hourly generation dropped to 0.00 MW.

The Transmission Company of Nigeria confirmed that the national grid experienced a partial disturbance at about 1:52 pm on Tuesday, 5th November 2024.

TCN spokesperson Ndidi Mbah mentioned that the recent collapse was due to a series of line and generator trippings that caused instability in the grid and, consequently, the partial disturbance of the system.

Mbah pointed out that data from the National Control Centre revealed that a part of the grid was not affected by the bulk power disruption.

TCN however indicated that work work is in progress to restore power.

She explained that engineers are already working to quickly restore bulk power supply to the states affected by the “partial disturbance.”

Mbah noted that presently, bulk power supply has been restored to Abuja at 2:49 pm, maintaining that “we are gradually restoring it to other parts of the country.”

She apologized to Nigerians for whatever inconvenience the collapse might have caused.

Findings by Investors King revealed that the grid had collapsed at ten different times between March and November, this year.

Times the grid collapsed included February 4, March 28, April 15, July 16, two times in August 5, October 14, October 15, twice in October 19 and now today, November 5.

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Darkness Falls Again: TCN Explains Latest National Grid Collapse

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The Transmission Company of Nigeria (TCN) has provided an explanation for the latest National Grid collapse, which occurred on Tuesday, November 5.

Tuesday’s collapse, marking the 10th in 2024 alone, left Nigerians in total darkness.

Recall that the National Grid collapsed twice in October, sparking concerns among Nigerians.

Reacting to the latest collapse via a statement on Tuesday, the General Manager of TCN Public Affairs, Ndidi Mbah, disclosed that the collapse happened at 1:52 pm.

The GM revealed that the grid collapse was caused by line and generator trippings.

Mrs. Mbah said, “TCN states that the national grid experienced a partial disturbance at about 1:52 pm today, 5th November 2024.

“This followed a series of line and generator trippings that caused instability in the grid and, consequently, the partial disturbance of the system.

Data from the National Control Centre (NCC) revealed that a part of the grid was not affected by the bulk power disruption.

Mbah disclosed that operators are working to restore power in affected states, adding that power was restored in Abuja.

She explained, “TCN engineers are already working to quickly restore bulk power supply to the states affected by the partial disturbance. Presently, bulk power supply has been restored to Abuja at 2:49 pm, and we are gradually restoring power to other parts of the country.”

Apologizing to Nigerians, TCN said, “We sincerely apologize for any inconvenience this may cause our electricity customers.”

Investors King, in an earlier report, revealed that in an attempt to address the persistent collapse of the national grid, the Nigerian Electricity Regulatory Commission (NERC) announced that discussions were underway with Independent Operators to take over the management of the grid.

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Nigeria Partners with ECOWAS and Morocco to Launch $26B African Gas Pipeline

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The Nigerian government, in partnership with the Economic Community of West African States (ECOWAS), Morocco, and Mauritania, has announced plans to advance the $26 billion African Atlantic Gas Pipeline project to drive economic growth across Africa.

This development was revealed on Monday, November 5, by Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), at the ECOWAS Inter-Ministerial Meeting on the Nigeria-Morocco Gas Pipeline Project.

Speaking at the meeting, which was attended by ECOWAS Ministers of Hydrocarbons and Energy as well as representatives from Morocco and Mauritania, Kyari stated that, once completed, the project will connect 13 African countries.

Represented by Olalekan Ogunleye, NNPC’s Executive Vice President for Gas Power & New Energy, Kyari said this will be Africa’s largest pipeline project.

Ogunleye confirmed that progress has been made with the front-end engineering design completed, the phase two study finalized, and work ongoing for environmental and social impact assessments as well as land acquisition and resettlement.

He emphasized NNPC’s readiness to execute the project: “Today, we come together to make significant progress in the African Atlantic gas pipeline project, which is a transformative initiative connecting at least 13 African nations in shared prosperity and development. These achievements underscore our capability to deliver this landmark project, supported by strong regional collaboration.”

Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), described the project as a game-changer for the regional economy, stating, “We stand at a critical juncture where these agreements can reshape our energy landscape, strengthen our economies, and uplift our people.”

He also highlighted that the project will increase Africa’s presence in the global gas market, noting that “the agreements demonstrate a strong commitment to advancing hydrocarbon and energy trade across ECOWAS, enhancing access to natural gas in West Africa, and expanding Africa’s global footprint in the gas market.”

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