Economy

TCN Recovers 693 Stranded Power Equipment Containers from Ports

Published

5 years ago

August 2, 2018

TCN Recovers 693 Stranded Power Equipment Containers from Ports

The Transmission Company of Nigeria has recovered 693 power equipment containers that were stranded at seaports across the country.

According to the firm, the recovery was achieved last week, as it revealed that some of the containers had been stranded at various ports for about 15 years.

The Managing Director, TCN, Usman Mohammed, told journalists in Abuja on Wednesday that some of the power equipment had been auctioned, but noted that the firm was going after the auctioneers to recover the containers.

He said, “We were able to recover 693 containers as of last week, out of a total of 800 containers that have been in the ports. Some of these containers have been there for 15 years; others have been auctioned and we had to trace the auctioneers to get the containers.”

Mohammed also stated that the Federal Government had given the necessary support to his company, adding that the government was now set to solve the problems in the distribution arm of the power sector.

He said, “How did we get the containers? It is the support and collaboration that we are getting from the minister. That is why we are achieving this and I’m saying this because I don’t want the management of the TCN to take all the credit for what we are achieving.

“The government is supporting us. And with the same way they are supporting us, I know that as they have beamed their searchlight on the distribution companies, they are going to solve the problems with power distribution.”

He further disclosed that the Federal Government had approved for the TCN to anchor the N72bn investment, which the government planned to invest in the 11 electricity distribution companies in Nigeria.

Mohammed stated that the Minister of Power, Works and Housing, Babatunde Fashola, had got the approval from the government for the TCN to manage the N72bn planned investment in the Discos.

He said, “The Discos have low capacity; investments have not been done in the Discos, you know it. We have inaugurated so many substations, go and find out how many of these have been done by the Discos. That is why we are begging the government and anybody that is willing to listen to us that investments need to go to the Discos.

“We are actually working with the government to see that the last mile, which is now the weakest link in the power value chain which is distribution, that investment is directed to that sector.”

He added, “In the past, the government had not shown interest in putting money in the distribution. But recently, the minister of power approached the government and got it to approve N72bn, which will be invested in the Discos.

“This is one milestone that will help us to also stabilise the grid. It is in our interest that distribution is rehabilitated and I can tell you we lost two transformers in Abuja because of poor distribution. If distribution is not fixed, it will affect us at the TCN. Government is investing in the Discos and it is the TCN that is managing the investment. We are managing it on behalf of the minister of power.”

According to Mohammed, the failure of the Discos and their excuses are untenable because the TCN transmits electricity to the Republic of Benin and Togo, and the distribution companies in these countries distribute power efficiently to customers.

He said, “The reality of the matter is that we need investments in the Discos. Some of you may not know, but those of you who have the opportunity of entering Benin Republic, 80 per cent of electricity that is consumed in Benin and Togo is coming from Nigeria.

“Go there, you will see stable power; we at the transmission network are the ones taking power to them; why is it that they have stable power but we don’t have here? It is because our distribution network is weak. Go to Togo and see how a distribution network is.”

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, 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 Presidential CNG Initiative Allocates N100bn for CNG Buses and EV Adoption

Published

20 hours ago

December 7, 2023

Investors King

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.

Economy

Nigeria’s Power Transformation: 53 Projects Worth N122bn on Track for May 2024 Completion

Published

20 hours ago

December 7, 2023

Investors King

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.

Economy

Nigeria’s Untapped Coffee Sector Holds the Key to $2 Billion Annual Revenue

Published

2 days ago

December 6, 2023

Investors King

People stand in front of coffeeshops in Rembrandtplein in Amsterdam

Amidst declining foreign reserves and the need for alternative revenue streams, Nigeria’s overlooked coffee industry emerges as a potential powerhouse capable of contributing over $2 billion annually to foreign exchange earnings.

Industry experts emphasize the necessity for strategic investments and modernized farming practices to unlock the full economic potential of the coffee sector.

While Nigeria is not among the top 10 coffee producers in Africa, the country’s untapped coffee industry holds the promise of significant financial gains, job creation, and sustainable agricultural development.

The urgency for revitalization comes as Nigeria grapples with a decline in foreign reserves, dropping from $38.25 billion in September 2022 to $33.23 billion in the third quarter of 2023.

Salihu Imam, Chairman of the National Coffee and Tea Association of Nigeria, Oyo State, highlighted the global significance of coffee, stating, “Coffee is the second most traded/valuable of all commodities and first in Agricultural commodities in the world.”

The potential economic impact extends beyond immediate financial gains, with Nigeria positioning itself as a key player in the global coffee trade.

Despite its potential, Nigeria’s coffee exports remain modest, producing less than one million bags annually.

In contrast, Ethiopia, the largest coffee exporter in Africa, is projected to produce 8.25 million bags. Experts suggest that Nigeria, with its unique coffee varieties, could generate $2 billion annually.

Segun Lary-Lean, President of the West Africa Specialty Coffee Association, emphasized the robust global demand for coffee, comparing it to water in Western countries.

He noted the significant earnings of coffee-producing nations like Brazil, Colombia, Vietnam, and Kenya, which experienced a 17% increase in coffee earnings.

In a call to action, industry players urge the Federal Government to prioritize strategic investments, modernized farming practices, and value-added processing to harness the coffee sector’s full economic benefits.

Unlocking the potential of Nigeria’s coffee industry stands not only as a financial opportunity but as a catalyst for broader economic growth and diversification.