AfDB Approves $500M Loan to Boost Nigeria's Power and Clean Energy Sectors

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AfDB Approves $500M Loan to Boost Nigeria's Power and Clean Energy Sectors - The African Development Bank (AfDB) has approved a $500 million loan to Nigeria to transform the country's electricity infrastructure and improve access to cleaner energy sources. The loan will finance the first phase of the Economic Governance and Energy Transition Support Program (EGET-SP), which aims to decentralize the electricity supply industry and attract investments from regional governments and the private sector. The EGET-SP aligns with Nigeria's new Electricity Act and Energy Transition Plan, which aim to develop 250 GW of installed electricity capacity by 2050, with 90% from renewable sources, and provide clean cooking solutions to most of the population by 2030. The loan comes at a time when the government faces challenges in eliminating estimated billing and bridging the metering gap, despite efforts to improve the electricity distribution sector with support from the World Bank.

Abuja Gears Up for ESRI User Conference West Africa 2024 - Abuja, Nigeria is gearing up for the inaugural ESRI User Conference West Africa 2024 from September 10-11. This key gathering brings together GIS professionals, academics, and industry leaders from across the region.

To register for the Esri User Conference West Africa 2024, please click the link: https://africabusinessconvention.com/event/esri-user-conference-west-africa-2024/

The conference highlights the growing significance of GIS in areas such as infrastructure, environment, disaster response, and urban planning. Attendees will gain hands-on experience with the latest ArcGIS software, learn from leading experts, and network to foster partnerships and share best practices. With increased accessibility to satellite imagery, GPS devices, and open-source software like QGIS, GIS data is driving innovation throughout West Africa. This conference serves as a launchpad for the future, empowering participants to leverage GIS technology to create positive change. It underscores the region's commitment to harnessing the power of geospatial information to address pressing challenges and shape a better tomorrow. The conference is scheduled to take place at NAF Conference Centre, Abuja. Read more

Equities Market Posts Biggest Daily Loss in Nationwide Protest Week - Nigeria's stock market witnessed its sharpest daily decline during a week of widespread protests against the government. On Thursday, August 1st, the Nigerian Exchange Limited (NGX) All-Share Index and market capitalization fell by 0.42% as demonstrators took to the streets across major cities to voice their discontent with issues like bad governance and hunger. Shares of companies like Oando Plc and Dangote Sugar Refinery were among the biggest losers, dropping 8% and 7.67% respectively. Analysts had anticipated a "flat to negative tilt in market sentiment" due to the protests, which prompted some businesses to close their offices in Lagos, Port Harcourt, and Abuja for the day. Despite the decline, there was still active trading in shares of Fidelity Bank, UBA, Zenith Bank, Oando, and Access Holdings. The equity market's poor performance reflects the broader social and economic upheaval in the country as Nigerians demand accountability and change from their leaders.

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