FG Pours $800 Million into Power Infrastructure

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FG Pours $800 Million into Power Infrastructure - The Federal Government is investing $800 million in the construction of substations and distribution networks to boost Nigeria's electricity supply. This investment is part of the Presidential Power Initiative (PPI) and will be divided between two lots: $400 million for southern DISCOs and $400 million for northern DISCOs. Despite recent improvements in generation capacity, Nigeria's power sector continues to face challenges due to aging and dilapidated infrastructure. The minister of power, Adebayo Adelabu, acknowledged that the country's transmission and distribution networks are fragile, leading to frequent power outages and affecting industries. To address these issues, the government aims to increase generation capacity to 6,000 megawatts by the end of the year and to 30 gigawatts by 2030. The plan includes a focus on renewable energy sources, such as hydroelectric power, solar, and wind. The construction of a super grid is also a key part of the government's strategy to improve the power sector. This project will enhance the capacity and flexibility of the national grid, allowing for more efficient transmission and distribution of electricity.

NNPC Finally Admits Huge Debts to Foreign Petrol Suppliers - The Nigerian National Petroleum Company Limited (NNPC) has finally acknowledged owing significant debts to its international petrol suppliers. This admission comes after months of denial and amid rising fuel subsidy costs. The NNPC attributes the debt to a combination of factors, including the falling value of the naira, rising international oil prices, and the increasing cost of fuel subsidy. The revelation has further exacerbated the fuel crisis in Nigeria, with long fuel queues and soaring prices becoming a common occurrence. The NNPC's previous explanations for the fuel scarcity, such as weather conditions and flooding,have been discredited. Former Vice President Atiku Abubakar has called for the NNPC to be listed on the stock exchange in line with the Petroleum Industry Act (PIA). He believes that this would enhance transparency, corporate governance, and the company's profitability. Atiku also criticized the government's approach to the payment of fuel subsidy and questioned the feasibility of its plan to hand over refineries to private operators. Meanwhile, legal expert Femi Falana has raised concerns about the 'monumental fraud' surrounding fuel importation in Nigeria. He questioned the discrepancy between the increasing fuel subsidy payments and the apparent decline in fuel consumption. Falana alleged that the NNPC may not be fully transparent about the smuggling of fuel out of the country. The NNPC's admission of debt to foreign petrol suppliers highlights the challenges facing Nigeria's energy sector. The government will need to address these issues to ensure a stable and reliable fuel supply for the country.

Capital Market Town Hall Meeting Set for October 7th - ThinkBusiness Africa and the African Business Convention are hosting a special town hall meeting on 7^th of October, 2024 to discuss the future of Nigeria's capital market. The event will feature a keynote address by Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC). Discussions at the conference will explore the challenges and opportunities facing the Nigerian capital market and discuss potential solutions.

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