Nigeria government receives $500m funding from World Bank

Shubham Chaudhuri, the Nigeria World bank Country director explaining key goals of the bank

The World Bank approved $500m to support the government of Nigeria in improving its electricity distribution sector. The Bank made the announcement Friday in a press release signed by Mr Mansir Nasir in its Abuja Office. The project will help boost electricity access by improving the performance of the Electricity Distribution Companies (DISCOs) through a large-scale metering program desired by Nigerians for a long time. In addition, financial support would be provided to private distribution companies only on achievement of results in terms of access connections, improved financial management and…

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Scarcity: NNPC has 2bn litres of petrol in stock – Kyari

mele kyari on, opec+ downstream deregulation litres of petrol

The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has assured motorists of ample availability of Premium Motor Spirit (PMS) revealing that the Corporation has not less than two billion litres of petrol in its strategic depots across the country. In a press release by the corporation’s Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, the GMD attributed the emergence of queues in some petrol stations across the country to the disruption of the free flow of vehicular movement occasioned by curfews and…

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Oil demand decline to persist – World Bank

world bank to support oil demand decline

Measuring sectoral impacts of COVID-19 pandemic continue to suggest that oil demand decline will persist through 2021. While metal and agricultural commodities recouped their losses from the COVID-19 pandemic and expected to make modest gains in 2021, energy prices, despite some recovery still stabilize below pre-pandemic levels next year, the World Bank said Thursday. Oil prices Oil prices fell dramatically in the early stages of COVID-19. And they have only partially regained pre-pandemic price levels. The World Bank’s semi-annual Commodity Markets Outlook report revealed this. The prediction for oil prices…

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Electricity tariff: NLC condemns NERC inaction, threatens strike

a image showing a site that added to increased electricity generation

The Nigeria Labour Congress (NLC) condemned the Nigeria Electricity Regulatory Commission (NERC) inaction on the plan by DISCOs to hike electricity tariff in the country. Mr Ayuba Wabba, the NLC President on Tuesday in Abuja made the call in a statement titled: “Increase in Electricity Tariff by Abuja DISCOs – a taunting of the will of the Nigerian people gone too far”. Wabba said that the organised labour would mobilise Nigerian workers to resist the increase in electricity tariff by the Abuja Electricity Distribution Company (AEDC), effective from Sept. 1.…

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Power Privatization: Senate Queries N1.8 trillion Spend by FG

The Nigerian Senate commenced an investigation into the privatization of the power sector agreement in 2013 saying N1.8 trillion spent so far by the federal government has not yielded expected results. The Senate President, Dr Ahmed Lawan who declared open the Senate Investigative Public Hearing on the Power Sector Recovery Plan disclosed this on Monday. According to public analysts, Nigerian power sector failure is responsible for the slow pace of development and the incessant power supply is causing the country to lose its scare resources on many fronts. Dr Lawan…

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Innovative gas infrastructure: A panacea to solving Nigeria’s power problem and gas flaring challenges

Innovative gas infrastructure: A panacea to solving Nigeria’s power problem

The demand for gas is growing speedily and it supply is very poor due to lack of production facilities in Nigeria. The potential of gas reducing the problems of epileptic power supply and gas flaring could be immensely solved if the innovative gas infrastructure is developed in the country. Nigeria ranks ninth largest gas reserves in the world; however, this natural deposit is underutilized because of low infrastructural development to transit to more clean energy. Therefore, solving Nigeria’s power and gas flaring problems requires building innovative gas infrastructures that utilize…

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Fuel subsidy removal in Nigeria, A recourse for dwindling economy

Fuel attendant selling petrol after fuel subsidy removal in Nigeria

The first day of the year 2012 marks a remarkable day in the subsidy regime in Nigeria. But, more importantly, in the aftermath of the fuel subsidy removal in Nigeria by then Johnathan’s administration. There are opposing reactions virtually from all corners of Nigeria including men and women in this current administration. They led protest tagged ‘Occupy Nigeria’. Enough of history, within four years and four months, Nigerians have learned and understood better on the subject of fuel subsidy. However, there seem to be commentators that are more political than…

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