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Power Generation Increased by 100% in Three Years – Fashola

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  • Power Generation Increased by 100% in Three Years – Fashola

The Minister of Power, Works and Housing, Babatunde Fashola, has stated that power generation in Nigeria increased by 100 per cent within a space of three years.

Fashola, who disclosed this while playing host to members of the Federation of Construction Industry in his office on Monday in Abuja, specifically stated that power generation increased from 4,000 megawatts in 2015 to 8,000MW in 2018.

This, however, was different from the latest power generation figures obtained from the Transmission Company of Nigeria on Monday, as the TCN stated that peak generation attained on February 3, 2019, was 4,976MW.

It also stated that the peak average energy ever sent out was 4,557MWH/H and that this was recorded on February 2, 2016.

TCN further stated that the peak power generation ever attained was 5,222MW, adding that the figure was recorded on December 18, 2017.

But Fashola, in a statement issued by the FMPWH on Monday, told his guests that Nigerians now spent less on fuelling of generators and plants because of frequent and improved electricity supply nationwide.

The minister said the government was committed to renewing and expanding the Nigerian economy through the provision of critical infrastructure.

He explained that the ministry was almost completing 34 pilot national housing programmes in the states that had provided land for the take-off of the programme, adding that the rehabilitation and reconstruction of federal secretariats were ongoing in Bayelsa, Anambra, Zamfara and Nasarawa states.

Fashola told the FOCI members that the Federal Government recognised the efforts of the association in helping to galvanise the quarry and mining industry due to the volume of construction going on in the built environment and the road sector.

Fashola was quoted in the statement as saying, “When I first met you, there were complaints of non-payment for three to four years before the coming of this administration.

“But I can confidently say there is not one year since the beginning of this administration that contractors have not been paid; the money move round the economy.”

Fashola also explained that Executive Order 5 sought to achieve local participation for Nigerians and Nigerian companies, as the ministry was already compiling the list of Nigerians working on project sites.

He further explained that the recent Executive Order 7 signed by the President would ensure industrialisation, adding that it would expand construction work and manufacturing jobs.

The Director-General, FOCI, who led the delegation, Olubunmi Adekoje, appreciated the ministry for the support given to the association and the timely intervention in the area of finance to boost the activities of the industry.

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.

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Economy

Akinwumi Adesina Says It Is Impossible for Businesses to Survive Without Generator in Nigeria

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Akinwumi Adesina

The President of the African Development Bank (AFDB), Akinwumi Adesina faulted the lack of reliable power supply in Nigeria as a hindrance to industrial growth in the nation.

Speaking at the 49th Annual General Meeting of the Manufacturers Association of Nigeria in Abuja, Adesina stated that Nigerians spend $14 billion yearly on generators and fuel. He further went on to quote a report by the International Monetary Fund (IMF) which stated that Nigeria loses $29 billion annually, about 5.8 percent of its Gross Domestic Product due to a lack of reliable power supply.

He went on to note the various challenges affecting manufacturing in the country stating that lack of reliable power supply in the country is a major challenge to manufacturers. His words were “To be a manufacturer in Nigeria is not an easy task. You succeed not because of the ease of doing business in the country, but by surmounting multiple constraints that limit industrial manufacturing. Today, the major challenge facing Nigeria’s manufacturing is the very high cost and unreliability of electricity supply. Load shedding and the inconsistent availability of electrical power have resulted in high and uncompetitive manufacturing costs.

He went on saying “Today, no business can survive in Nigeria without generators. Consequently, the abnormal has become normal. Traveling on a road one day in Lagos, I saw an advertisement on a billboard that caught my attention. It was advertising generators with the bold statement, we are the Nation’s number one reliable power supplier!!”

He then went on to proffer potential solutions to the problem, saying that Nigeria should invest in different means of energy generation to ensure the efficiency of the local industries. He suggested there should be massive investment in variable energy mixes, including gas, hydropower resources, and large-scale solar systems to ensure stable baseload power for industries to direct power preferentially to industries and to support industrial mini-grids and concentrate power in industrial zones. In addition, he suggested the development of more efficient utilities which would reduce the technical and non-technical losses in power generation, transmission and distribution systems.

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World Bank Says Nigeria’s Economy is Static, Per Capita Income Unchanged in 40 Years

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The World Bank claims Nigeria’s per capita income has been static since 1981, which is a total of 40 years.

The Country Director of the World Bank, Shubham Chaudhuri said this at the breakout panel session of the 27th Nigerian Economic Summit on Lightning Nigeria: Solution framework for power recovery held in Abuja.

He further went on to advise Nigeria’s economic managers to quickly assemble potent strategies to harness the robust potential of the country.

He went on to say that the medium-term development plan for 2021-2025 is set on the development agenda for sustainable growth driven by new and emerging sectors. He claimed about three million Nigerians come of working age yearly, but surveys have shown that they aspire to go abroad to earn a better standard of living.

Per Capita Income is an Economic indicator that indicates the average income earned per person in a country in a specified year. It is calculated by dividing the country’s total income by its total population. In 1981, according to World Bank data, Nigeria’s per capita income was $2,180.2 and per capita income was $2,097 in 2020, meaning there has been no significant change in four decades.

 Earlier in the session, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed called for a paradigm shift in running the country’s economy through comprehensive and targeted reforms, a reorientation of national values, and a radical shift in attitudes to taxation and public financial management. 

She said, “This is consistent with the focus of this administration on targeted investment in critical infrastructure and social development.

 The Nigerian Economic Summit is the flagship event of the Nigerian Economic Summit Group (NESG) and it is organized in collaboration with the National Planning Commission (NPC). The Nigerian economic summit has consistently focused on job creation, small and medium-sized enterprises (SME) growth, competitiveness, dismantling the pillars of corruption, encouraging sustainable growth and development, and aligning home-grown long-term agenda with the UN sustainable development goals. The 27th Nigerian Economic Summit has the theme Securing our Future: The Fierce Urgency of Now.

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Economy

East African Countries to Discuss Economic Recovery and Investments Promotion this Week in Kigali

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Trade - Investors King

More than 100 decision-makers and economic stakeholders will gather in Kigali this week to discuss the road to social and economic recovery and how to attract investments in East Africa. The meeting known as the 25th session of the Intergovernmental Committee of Senior Officials and Experts (ICSOE), will take place from 27 to 29 October 2021. 

The ICSOE is the annual gathering of the office for Eastern Africa of the UN Economic Commission in Africa (UNECA) organised in collaboration with the Rwanda Ministry of Finance and Economic Planning. The theme of this year’s meeting is: “Strengthening resilience for a strong recovery and attracting investments to foster economic diversification and long-term growth in Eastern Africa”.

Dr Mama Keita, Director of UNECA in Eastern Africa said that the Covid-19 pandemic has weakened the economic conditions of all countries in the region. She stressed that the ICSOE meeting will provide a platform for various stakeholders from governments to have a conversation with experts and private sectors on the needed economic recovery and on how to re-ignite the engines of trade and investment.

Dr Uzziel Ndagijimana, Minister of Finance and Economic Planning said that this meeting is timely and significant. “This is the time for Rwanda to discuss with other countries of the region the potentials and the ability to rise and be responsive to the socio-economic challenges, exacerbated by the Covid-19 crisis.

According to Ms Keita, the African Continental Free Trade Area (AfCFTA) is undoubtedly critical to support the recovery from the severe adverse impacts of the Covid-19 pandemic, increase the economic multiplier in the region and will help countries to build back better, grow their economies and create jobs that foster inclusive growth.

The participants at the meeting will discuss thematic issues such as deepening Regional Value Chains, environment for investment Opportunities and Interlinkages between peace, security and development.

The subregional office for East Africa of UNECA serves 14 countries: Burundi, Comores, RD Congo, Djibouti, Eritrea, Ethiopia, Kenya, Madagascar, Rwanda, Seychelles, Somalia, South Sudan, Tanzania and Uganda.

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