Connect with us

Economy

China’s CGWIC, NASENI Partner to Establish Transformer Production Plant in Nigeria

China Great Wall Industry Corporation (CGWIC), an energy-saving and environmental protection services company has partnered with the National Agency for Science and Engineering Infrastructure (NASENI) to establish the first of its kind transformer production plant in Nigeria.

Published

on

Power - Investors King

China Great Wall Industry Corporation (CGWIC), an energy-saving and environmental protection services company has partnered with the National Agency for Science and Engineering Infrastructure (NASENI) to establish the first of its kind transformer production plant in Nigeria.

The transformer plant is aimed at driving industrialization through economic diversification which is in line with the federal government’s agenda.

According to a statement from the deputy director, NASENI, Mr. Oluwasegun Ayeoyenikan, the two bodies in partnership will lay out the foundation and groundbreaking ceremony in September 2022.

An official meeting with the Chinese team and the NASENI Management was held yesterday at NASENI Corporate Headquarters in Abuja. Prof. Muhammed Haruna Sanni, Executive vice chairman of NASENI was in attendance.

The purpose of the meeting was to put a final seal on the groundbreaking event scheduled to hold in September 2022 under the directives of President Muhammed Buhari, who is also the chairman of the board of the agency.

The Chairman of Chinese Liaoning Huaye Group Development Ltd, Anshan, Ma Liming, and the head of the delegation disclosed that the partnership is not only focused on the production plant but also on other components which include the training of 60 NASENI Engineers on Transformer Production Line and High voltage Testing Laboratory Plant and the establishment of a solar cell manufacturing plant in Nigeria aimed at popularizing renewable energy in the country.

He said “NASENI and China would continue to work together to ensure the attainment of the industrialization agenda of the Federal Republic of Nigeria which the three projects have as targets to be kick-started with the building of a first-class Transformer Plant in Africa to be located in Nigeria.

“We will work together as good partners to ensure that Nigeria has the best transformer plant in Africa.”

He also revealed that Nigeria and China have a longstanding relationship which has paved way for a partnership of building a first-class transformer manufacturing plant in Nigeria.

The Executive Vice Chairman of NASENI, Prof. Muhammad Haruna Sanni, in his welcome speech revealed that the project idea was conceived in 2015 but due to technicalities, it wasn’t birthed.

He further explained that more than 50% of the 15% counterpart fund to be paid by the federal government for the establishment of the transformer plant in Nigeria has been fulfilled and the groundbreaking and foundation laying ceremony of the project will be done by President Muhammad Buhari in September 2022.

He added, “NASENI had already trained about 60 Engineers since 2019, in these areas to ensure that when the plant becomes active, it will be the best and will be run by trained Nigerian engineers and scientists.


“For any nation to have a steady power supply, it must have these three important projects, Solar cell production plant, High Voltage Testing Laboratory, and Transformer Production Line. You cannot have a permanent and steady power supply when you import all the components of electricity as currently obtained in Nigeria”.

He said NASENI is intentionally driving the project now in line with its mandate to provide capital goods and equipment including machinery to offer a solid foundation for the industrial development of the country.

“We are in this to ensure that Nigeria becomes one of the countries in the world with a steady power supply which is an essential foundation for a genuine industrialization dream by the country” he stressed.

Prof. Haruna also said, due to the importance which NASENI placed on solar energy, 98 NASENI engineers will soon be trained in Solar Cell Modular production in China.

He added that “The Engineers will leave by September this year. If we have the Solar Cell production plant in Nigeria, we will have steady light and even transmit to other African countries. The benefits of having a local Solar Cell Manufacturing plant in the country are enormous”.

Continue Reading
Comments

Economy

Federal Government to Create Jobs Through Sugar Production

Nigerian government to create jobs and earn foreign exchange through sugar production

Published

on

Sugar - Investors King

Nigerian government to create jobs and earn foreign exchange through sugar production. 

The Executive Secretary of the National Sugar Development Council (NSDC), Zacch Adedeji disclosed during an interview in Abuja that Nigeria will soon be competing globally in sugar production. 

Zacch Adedeji pledged that the National Sugar Development Council under his leadership will open doors for job creation and foreign exchange. He further stated that the sugar production sector has a lot of potential that can enhance the economy if the sector is vigorously explored. 

He also stated that the implementation of the Nigerian Sugar Master Plan (NSMP)  has been able to attract huge investment to the sugar sector. 

Investors King could recall that the Federal Executive Council in September 2012 approved the National Sugar Master Plan (NSMP) as a government strategy roadmap for the development of the Nigerian sugar sub-sector.

According to the NSDC boss, “The Federal Government, through the National Sugar Development Council, is committed to building a globally competitive sugar industry that would boost the local economy, provide jobs for Nigeria’s teeming youth population and position Nigeria as a net exporter of the commodity.”

Adedeji also disclosed that the council is trying to address this issue of inadequate qualified indigenous manpower. He noted the council has created the Nigeria Sugar Institute in Ilorin, Kwara State to help drive local production and possibly export in the future. 

“The Institute has commenced the training of young Nigerian graduates both in field and factory operations through an exchange programme with famous sugar institutes like the National Sugar Institute, Kanpur, India as well as the Mauritius Sugar Industry Research Institute, in Mauritius”. 

Meanwhile, the Federal Government at its weekly Federal Executive Council meeting (FEC) yesterday approved the second phase of the National Sugar Masterplan. The MasterPlan which is a 10-year plan is aimed to save $350 million yearly from foreign exchange and also create 110,000 jobs.

While addressing newsmen after the meeting, the Minister of Industry, Trade and Investment, Niyi Adebayo disclosed that the second phase of the National Sugar Masterplan will span from 2023 to 2033. 

Continue Reading

Economy

CBN Not Mandated to Sell Dollars to Airlines, Godwin Emefiele Tells Foreign Airlines

The Central Bank Of Nigeria (CBN) has disclosed that it was not mandated by any law to sell dollars to foreign airlines operating in the country.

Published

on

Emirates Airlines

The Central Bank Of Nigeria (CBN) has disclosed that it was not mandated by any law to sell dollars to foreign airlines operating in the country.

The central bank governor Godwin Emefiele while speaking at the monetary policy committee meeting stated that the apex bank is committed to clearing up trapped funds of foreign airlines, however, it was not the CBN’s responsibility to provide the funds in dollars.

The CBN governor said, “The sector is a sector that has always enjoyed priority allocation. For other sectors where there are priorities like the airlines, we have always granted them the priority that they desire because we know people want to travel and they don’t want to be constrained by the need for them to travel. 

“In spite of this, we have seen that the number of travels or naira value of tickets issued by the airlines has increased. We decided to release $265 million when the pressure was building aggressively. 

“We will do everything possible and are determined to clear the backlog and consistently, at all the retail interventions. As long as the bank accounts are funded, we will continue to ensure that the cumulative backlog is cleared. 

“But I think it is important for me to say this — the foreign airlines are saying this because they said we should respect bilateral air services agreements (BASA) that say proceeds of all their ticket sales must be repatriated out of the country.

“It did not say you must repatriate all your dollars. There is no law that makes it compulsory that you must buy your dollars from the central bank. When you put money in your account, what it means is that you tell your bank to buy your dollar.

“Your bank will go to the legitimate or approved sources which in this case is the I&E to buy dollars and pay for your ticket sales proceeds.

“If they don’t find, they may resort to the CBN but it doesn’t mean that the CBN is under compulsion to provide your dollars because it is good for me to say this so that people don’t just rest on the conclusion that CBN is under compulsion to provide the dollars.” 

Recall that the issue of trapped funds had generated several reactions from aviation stakeholders and the non-repatriation of airlines revenue had grown from $450 million in May to $464 million in July. The CBN intervened by releasing $265 million to clear part of the forex backlog.

It should be recalled that earlier this month, Investors King had reported that the federal government of Nigeria sought to sanction airlines selling tickets in dollars.

Continue Reading

Economy

Lagos State to Generate at Least N240 Billion From Metro Train in One Year

Lagos State Government will likely generate at least N240 billion from the metro rail when it becomes fully operational. 

Published

on

Lagos Train

Lagos State Government will likely generate at least N240 billion from the metro rail when it becomes fully operational. 

In the wee hours of yesterday, Lagos State Government took delivery of about 20 modern coaches and two motors of its red rail. The coaches were reportedly shipped from Milwaukee USA. 

In January 2022, Lagos State Governor, Babajide Sanwolu visited the factory of Talgo Inc, a train manufacturer in Milwaukee where the coaches for the red line train were purchased. 

It will be recalled that the Lagos metro train is being constructed in two phases, the red line and the blue line metro rail. 

The red line part of the project which is scheduled to fully commence operation within the first quarter (Q1) of 2023 will traverse 37 kilometres. 

No doubt, apart from the transportation benefit, many businesses will spring up along the rail corridor while old businesses will be positively impacted. 

Meanwhile, Investors King’s investigation shows that Lagos State Government will generate about N240 billion every year from both the red and blue lines of the metro rail. 

Both the Red and Blue are expected to lift at least 2.2 million passengers daily when they become fully operational. Using an average price of N300 per trip, Lagos State is expected to generate N660 million every day and a culmination of N240.9 billion in one year. 

Early this year, Lagos State Governor, Babajide Sanwolu disclosed when featured on a Channels TV program, Sunrise Daily that the train ticket will cost between N200 to N300 per trip.

“Time is money and we need to move millions of people in Lagos from one corridor to another. The vision is to reduce travel time and gridlock on the road”. 

“Instead of you staying one hour on the road, it’s going to take you 20 minutes which comes with a lot of benefits. Affordability is critical, it’s not going to be in the thousands. So, you will still be in your regular N200, N300 per journey and that is what we are looking at”. He said.

Lagos Metro Rail is being constructed by China Civil Engineering and Construction Corporation (CECC). 

 

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending