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FG Reveals Zungeru Hydroelectric Power Project Ready, to Become Functional Q1 2023

The federal government has revealed that the newly constructed $1.2 billion Zungeru Hydro Electric Power project located in Niger state will become operational in the first (Q1) 2023 after its inauguration.

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The federal government has revealed that the newly constructed $1.2 billion Zungeru Hydro Electric Power project located in Niger state will become operational in the first (Q1) 2023 after its inauguration.

This was disclosed by the Minister of Power, Mr. Abubakar Aliyu, who inspected the extent of work done so far on the power plant.

According to the minister, each of the three turbines has already been installed and will be expected to generate 175 megawatts of electricity. He also noted that when the power plant becomes functional, it will generate 700 megawatts of electricity.

Commenting on the work done so far, the minister expressed satisfaction, stating that the contractors and workers have so far exhibited commitment. However, he stated that the project ought to have been functional already as the challenges of Covid-19 and insecurity hindered its early completion.

He further disclosed that the Zungeru Power Project is part of the federal government’s plans to improve electricity supply across Nigeria and to fulfill President Muhammadu Buhari’s commitment to vision 30:30:30.

Also commenting on the project is Secretary to the Government of Niger State (SSG), Ahmed Ibrahim Matane who accompanied the minister for inspection, said the state government has demonstrated “a high level of commitment to the implementation of the project because apart from electricity generation, it has abundant agricultural potential for the host communities to harness”.

Investors King understands that when the plant becomes functional, it will provide a huge respite both to the epileptic power sector and the struggling economy of the country.

Also, it is expected to provide direct and indirect employment opportunities to more than 2,000 people. 

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AfDB Boosts Africa’s Renewable Energy With $20m

AfDB approved an equity investment of $20m in Evolution Fund III

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Board of Directors of African Development Bank Group (AfDB), on Thursday 17th of November, 2022, approved an equity investment of $20m in Evolution Fund III, a pan-African clean and sustainable energy private equity fund set aside in mobilising about $400m into renewable energy and resource-efficiency assets across sub-Saharan Africa over a 10-year period.

Inspired Evolution Investment Management, the fund manager has more than 15 years experience, with a track record of deploying more than $310m in renewable energy projects in African countries.

The fund manager, through its predecessor funds, has delivered 21 renewable energy projects with a total generation capacity of 2 GW.

The project, tagged “EVIII” aims to broaden geographic and technology scope to incorporate North Africa, and several SSA countries, as well as decentralise energy business models as the key climate mitigation and energy transition.

AfDB’s support is expected to contribute to an additional 2,162MW of installed renewable power generation capacity, 1.8m tons of CO2 emission savings, and a green and sustainable growth across Africa by creating 2,480 full-time jobs, consolidating on the track records of Evolution Funds I and II, which had generated around 1,309 jobs, boasting 22 per cent women engagement.

The Vice President, African Development Bank’s Power, Energy, Climate Change and Green Growth Complex, Kevin Kariuki, assured “The Bank is committed to boosting its portfolio of renewable energy projects and encouraging private investment in renewable and efficient energy solutions.”

Kariuki added that “The Evolution Fund III is well placed to invest much-needed capital in long-term, low-carbon and climate-resilient development pathways towards achieving a just, net-zero future for African countries.”

He revealed the bank’s investment in Evolution Fund III aligns with its ‘High Five objectives,’ particularly, ‘Light Up and Power Africa’ under its New Deal on Energy for the African continent.

The Director, Energy Financial Solutions, Policy & Regulations of AfDB, Wale Shonibare, admonished “The bank’s support for a private equity fund focused on promoting renewable energy in Africa, will assist regional member countries to achieve their Nationally determined contributions and Paris Agreement obligations.”

The continental bank strives to support renewable energy projects, as the African Development Bank acted as the Mandated Lead Arranger (MLA) and Coordinating Bank for the ZAR 11.6 bn total investment, with a commitment of ZAR 2.306 billion to the transaction in South Africa’s largest solar power project which began implementation in February 2022.

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Nigeria Owns Africa’s Largest Gas Reserves – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed that Nigeria owns Africa’s largest proven gas reserves of over 208 trillion cubic feet, with most of it untapped or flared.

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Gas Exports Drop as Shell Declares Force Majeure

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed that Nigeria owns Africa’s largest proven gas reserves of over 208 trillion cubic feet, with most of it untapped or flared.

In a bid to access the gas resources at the country’s disposal, the federal government declared 2021 – 2030 as the DECADE OF GAS, a period for the country to switch from an oil exploration country to a gas-focused industrial development.

The Chief Executive Officer of the NUPRC, Mr. Gbenga Komolafe, said monetizing gas resources is a positive move towards achieving energy security which is in accordance with the ongoing global energy transition.

According to Ed Ubong, the Managing Director of Shell Nigeria Gas Limited and President of the Nigeria Gas Association, Nigeria has more than enough gas and it needs to be brought to the surface, to be monetized and consumed.

Similarly, Mr. Timipre Sylvia, the Minister of State for Petroleum Resources, said that the growth of Nigeria’s gas reserves was important to achieving the “Decade of Gas Development”.

Sylvia stated that the government has its part to play in energizing the gas sector if Nigeria was to compete with the rest of the global economy.

The federal government, in an attempt to monetize Nigeria’s abundant gas reserve, signed a Memorandum of Understanding with Morocco to construct a 5,600KM gas pipeline that would diversify the economy and also generate additional revenue for the country.

The main motivation behind the gas utilization projects embarked on by the federal government is the government’s goal of wealth creation and economic diversification. Gas seems to be the future for Nigeria as natural gas will be the main energy source in the transition from fossil fuels to green energies.

Natural gas has the potential to not only develop Nigeria’s economy but also improve the standard of living of the country’s citizen.

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FG to Add Additional 817 MWs to The National Grid to Boost Power Supply

The federal government has revealed plans to add an additional 817 megawatts (MWs) of electricity to the national grid to boost power supply within the federal capital territory (FCT) and its environs.

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The federal government has revealed plans to add an additional 817 megawatts (MWs) of electricity to the national grid to boost power supply within the federal capital territory (FCT) and its environs.

This was disclosed by the Managing Director of Transmission Company of Nigeria (TCN) Mr. Sule Abdulaziz while on a visit to the ongoing projects in the Federal Capital Territory (FCT).

He added that when the project is completed, it would add 1. 465 more transmission lines to the grid, improving and strengthening the FCT’s access to electricity.

In his words, “With the additional lines, TCN capacity of transmission lines will be higher than what is in existence and this means that in future, we can build some sub-stations without upgrading the lines”.

“This is part of efforts to increase transmission wheeling capacity in the FCT and environs. The project is categorized into six lots and is far advanced in execution above 85 percent in total completion by December.

“This will be adequate and it will serve the population of Abuja. The government while making plans for the project has in mind that if the population of FCT increases within five to 10 years, there is a master plan that the station will serve the territory in the next 50 years.

“Construction of complete new 2x60MVA, 132/33 KV substation with 132KV line Bays at Wumba/Lokogoma including about 5km 132 underground XLPE Cable from New Apo Sub Station are ongoing.

“Others are the construction of a 2x150MVA 330/132/33KV substation at New Apo where the managing director frowns at the slow pace of work done by the contractor”.

He also lamented on the recent abysmal supply of electricity, noting that the contracts for all the substations were signed at the same time and wondered why the slow pace of work.

“We have spent a lot of money to clear their containers which entered demurrage and this money is not part of AFD grant but TCN Internally Generated Revenue which could have been used for other projects. We are going to push them to finish the project on time,‘’ he said.

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