- Nigeria, China Sign MoU on Minerals’ Exploration
The Federal Government has signed a Memorandum of Understanding (MoU) with the East China Meteorological Institute on solid minerals exploration.
Acting Minister of Mines and Steel Development, Abubakar Bwari, said the country cannot afford all the funding required for exploration and data in the sector.
He said though the country had earlier signed some MoUs, it is calling for more.
Speaking in Abuja at the MoU signing ceremony, he said: “This is a very important MoU, considering how important exploration and data is to the mining sector; this is the area we have been lagging behind and we intend to give attention to it. Because of the cost of exploration, government cannot do it alone and that is why we have been having discussions with other mining countries to assist Nigeria in the area of exploration.
“This is an addition to the MoUs we have been having with other countries; we have an MoU with the Shandong Province, with the Ministry of Land Resources in China, the government of Morocco, the government of South Africa and we welcome more of these MoUs particularly when it has to do with exploration.”
Nigerian Geological Survey Agency (NGSA) Director-General, Alex Nwegbu said the Federal Government last year advertised for exploration, which it intended to fund but realised that it was too expensive and time consuming, a reason it invited competent stakeholders to partner.
He said: “We have known over the years that we are short in terms of valuable credible data on the mineral resources we have, so the Federal Government is embarking on a very ambitious program of generating data to bridge the gap of what is required for investors to show sufficient interest in the sector, the Federal Government has done the airborne, has done a lot of geological mapping but this is not enough, investors require more than that.
“Last year, the ministry advertised for exploration and this is to be funded by the government but we realised that exploration is very expensive and time consuming and that the Federal Government cannot do it alone and therefore we want to invite competent stakeholders who will assist government in generating this geoscience data.”
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Nigeria’s Presidential CNG Initiative Allocates N100bn for CNG Buses and EV Adoption
The Presidential Compressed Natural Gas (CNG) Initiative has allocated N100 billion to expedite the deployment of CNG buses nationwide, according to a statement released on Wednesday.
The initiative, designed to catalyze an Auto-gas and Electric Vehicle (EV) revolution in mass transit and transportation, aims to enhance sustainability and cost-effectiveness.
The statement revealed that the fund would be instrumental in supporting the adoption of auto-gas and electric vehicles, signaling a commitment to a more sustainable and economical future in the transportation sector.
The Presidential CNG Initiative plans to leverage over 11,500 CNG and electric-fueled vehicles, along with the deployment of 55,000 conversion kits.
This strategic approach is intended to reduce transportation costs for Nigerians and mitigate the challenges posed by the rising cost of living.
Under the Renewed Hope Agenda, the Presidential CNG Initiative is dedicated to realizing the President’s vision, guided by its steering committee led by FIRS Chairman Zacch Adedeji.
The statement highlighted recent achievements, including strategic technical partnerships and the ongoing commissioning of CNG Conversion centers in key states such as Lagos, Abuja, Kaduna, Ogun, and Rivers.
Several more centers are slated for commissioning in the coming weeks, reflecting the initiative’s momentum and commitment to achieving its objectives.
Nigeria’s Power Transformation: 53 Projects Worth N122bn on Track for May 2024 Completion
The Central Bank of Nigeria (CBN), in collaboration with the Transmission Company of Nigeria (TCN) and power distribution companies, is set to complete 53 power projects by May next year.
Valued at N122 billion, these projects aim to add over 1,000 megawatts to TCN’s wheeling capacity.
During a recent tour of three ongoing projects in Lagos, TCN’s Programme Coordinator, Mathew Ajibade, assured that the projects were not abandoned, refuting speculations.
He confirmed that work is progressing smoothly and is expected to be completed by May 2024, as initially planned.
Assistant Director/Head of Infrastructure Finance Office at the CBN, Tumba Tijani, highlighted the CBN’s support for the power sector, revealing that the bank released a loan at a 9% interest rate in August last year for the projects.
The funding, part of the Nigeria Electricity Market Stabilisation Facility-3, amounts to N122,289,344 and aims to address transmission/distribution bottlenecks, enhance supply to end-users, and unlock unutilized generation capacity.
Tijani disclosed that N85.43 billion has been disbursed into the Advance Payment Guarantee account of the 53 contractors responsible for executing the projects.
The comprehensive project list includes the delivery of power transformers, re-conductoring existing transmission lines, upgrading existing substations, and constructing 33KV line bays.
The initiative reflects a concerted effort to enhance Nigeria’s power infrastructure and meet growing energy demands.
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