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Proposed Nuclear Power Plants’ll Boost Electricity – Expert

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A Russian nuclear energy expert has said that the construction of a proposed Nuclear Power Plant (NPP) in Nigeria is capable of delivering stable and affordable electricity in the country.
Dmitry Shornikov, also the Chief Executive Officer, Central and Southern Africa, Nuclear Energy Corporation (ROSATOM), said this in an interview text emailed to newsmen in Abuja yesterday.
According to the expert, another advantage of NPP is the predictability of the price of electricity, which has a life span range of between 60 to 80 years.
“Another proven advantage of nuclear power is its environmental friendliness, NPPs do not emit any harmful substances into the atmosphere during their operation.
“First and foremost, I have to point out that nuclear energy is not a competitor with other energy sources but rather a compliementary base load source.
“Nuclear power is characterised by the very large amount of energy available from a very small amount of fuel.
“The amount of waste is correspondingly very small, for example, 25 tons of uranium generates roughly the same amount of electricity as 2.7 million tons of coal.
“The nuclear sector is also the only energy sector that safely stores 100 per cent of all its waste.
“As far as security of supply goes, nuclear is unrivalled, new generation NPPs are able to achieve net capacity factors of well over 90 per cent, whereas renewable sources for instance achieve far less than half of that.
“The net capacity factor is essentially the ratio of a power plants’ actual output over a period of time, when compared to its potential output if it were possible for it to operate at full capacity continuously over same period of time.
“Nuclear energy, therefore, becomes a vital component in the development of a clean energy mix in any country.’’
He said that the primary energy consumption in Nigeria was largely through traditional biomass and waste, consisting of wood, charcoal, manure, and crop residues.
This, according to him, accounts for 74 per cent of energy mix in Nigeria.
“This high share represents the use of biomass to meet off-grid heating and cooking needs, mainly in rural areas.
“The International Atomic Energy Agency (IAEA) estimated that 115 million people in Nigeria rely on traditional biomass and waste as their main sources of energy.
“The other 26 per cent is made up of oil, gas and hydropower. In recent years, the electricity production from hydroelectric sources has plunged due to water shortages and climate change.’’
On safety concerns raised over the proposed NPP in Nigeria, Dmitry said; “Modern nuclear reactors and plants have proved to be real ‘workhorses’ for developed and developing countries.
“They are among the safest and most secure industrial facilities in the world.’’
He said the multiple layers of physical security, inherent in NPP, together with high levels of operational performance, protects plant workers, the public and the environment.
“Nuclear plants are well-designed, operated by trained personnel, defended against all forms of attacks and prepared in the event of an emergency.
“All the standards in the sphere of NPP construction and exploitation are well elaborated and being monitored constantly by high-level team of international experts from IAEA and key Member-States.
“Stringent international regulation, automated, redundant safety systems and the industry’s commitment to comprehensive safety procedures keep nuclear power plants and their communities safe.”
Meanwhile, Nigeria is among the African Regional Cooperative Agreement for Research, Development and Training Related to Nuclear Science and Technology (AFRA) a regional cooperative aspect of IAEA.
Dmitry said Nigeria needs to diversify to other energy sources like nuclear power as “not many sources alone can provide a sustainable, economically viable and secure supply of electricity.
“Therefore, an energy mix is crucial because different sources can bring together these three factors’’.
“Hydrocarbons such as coal for instance are economically viable and offer stable power but are unfortunately very bad for the environment.
“Renewable such as wind and solar are great for the environment but are irregular by nature, and only produce electricity when the wind is blowing or the sun is shining.
“There is unfortunately no economically viable methods of storing power at this point.”
He said it was also important not to be overly dependent on a single source of power, as many African countries were excessively dependent on hydro, which has proved detrimental in the ever changing climate conditions.
Dmitry said the inclusion of nuclear energy to Nigerian’s energy mix would provide much needed diversity and stability to the country’s energy mix.
“Nuclear energy and renewable are not mutually exclusive, each of them has its advantages and models of use, both sources are clean and eco-friendly.”
He said a recent analysis conducted by the Nuclear Energy Institute (NEI) indicated that nuclear plants create some of the largest economic benefits when compared to all other generating sources.
According to NEI, the operation of a nuclear plant requires the highest number of skilled workers per kWh produced when compared to any other technology.
“On average, these jobs pay 36 per cent more than the average salaries in the area where the plant is constructed.
“New plant construction creates a direct demand for thousands of locally sourced skilled labourers such as welders, pipefitters, masons, carpenters, millwrights, sheet metal workers, electricians’ and heavy equipment operators among others.
He further listed benefits to be derived from the implementation of NPP projects to include availability of local investments aimed at maintaining the well-being of the region and development of science and technology.
The ROSATOM official said that the continuous development of the sectors would transform the country into a major economic force on the continent and on the global market.

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FIRS Clarifies New Tax Laws, Debunks Levy Misconceptions

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The Federal Inland Revenue Service has said that Nigeria’s newly enacted tax laws are designed to strengthen economic competitiveness, attract investments, and improve long-term fiscal stability.
The agency also clarified that the much-debated four per cent development levy on imported goods is not a new or additional tax burden, but a streamlined consolidation of several existing levies.
According a statement released Wednesday, one of the most misunderstood elements of the new tax framework is the four per cent development levy with the agency explaining that the levy replaces a range of fragmented charges — such as the Tertiary Education Tax, NITDA Levy, NASENI Levy and Police Trust Fund Levy — that businesses previously paid separately.
This consolidation, it said, reduces compliance costs, eliminates unpredictability and ends the era of multiple agency-driven levies. The law also exempts small businesses and non-resident companies, offering protection to firms most vulnerable to economic shocks.
Another major clarification relates to Free Trade Zones. Earlier commentary had suggested that the government was rolling back the incentives that have attracted export-oriented investors for decades. However, the reforms maintain the tax-exempt status of FTZ enterprises and introduce clearer guidelines to preserve the purpose of the zones.
“Under the new rules, FTZ companies can sell up to 25 per cent of their output into the domestic market without losing tax exemptions. A three-year transition period has also been provided to allow firms to adjust smoothly.
“Government officials say the reforms aim to curb abuses where companies used FTZ licences to evade domestic taxes while competing within the Nigerian market”, it said.
With the new measures, Nigeria aligns with global FTZ models in places like the UAE and Malaysia, where the zones function primarily as export hubs for logistics, manufacturing and technology.
The introduction of a 15 per cent minimum Effective Tax Rate for large multinational and domestic companies has also been met with public concern. But the FIRS notes that this policy aligns with a global tax agreement endorsed by over 140 countries under the OECD/G20 framework.
Without this adoption, Nigeria risked losing revenue to other countries through the “Top-Up Tax” mechanism, where the home country of a multinational collects the difference when a host country charges below 15 per cent. By localising the rule, Nigeria ensures that tax revenue from multinational operations remains within its borders.
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CBN Revises Cash Withdrawal Rules January 2026, Ends Special Authorisation

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The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, with effect from January 2026.

In a circular released Tuesday, December 2, 2025, and signed by the Director, Financial Policy & Regulation Department, FIRS, Dr. Rita I. Sike, the apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.

However, with time, the need has arisen to streamline these provisions to reflect present-day realities.

The statement said the new set of cash-related policies is designed to reduce the cost of cash management, strengthen security, and curb money laundering risks associated with the economy’s heavy reliance on physical currency.

“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.

“With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities,”

“Effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million”, it said.

According to the statement, withdrawals above these thresholds would attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.

Daily withdrawals from Automated Teller Machines (ATMs) would be capped at N100,000 per customer, subject to a maximum of N500,000 weekly stating that these transactions would count toward the cumulative weekly withdrawal limit.
The special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly has been discontinued.

The CBN also confirmed that all currency denominations may now be loaded in ATMs, while the over-the-counter encashment limit for third-party cheques remains at N100,000. Such withdrawals will also form part of the weekly withdrawal limit.

Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.

They must also create separate accounts to warehouse processing charges collected on excess withdrawals.

Exemptions and superseding provisions
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.

However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.

The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.

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Shippers Council Vows Commitment To Security At Nigerian Ports

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The Nigerian Shippers Council (NSC)has restated its commitment towards ensuring security at Nigerian seaports.
Executive Secretary/Chief Executive Officer of the Council, Dr Pius Akuta, said this in Port Harcourt, while declaring open a one day workshop organized by the Nigerian Shippers Council in collaboration with the Nigerian police( Marin Division).
Theme for the workshop was ‘Facilitating Port Efficiency; The strategic Role of Maritime police “
Akuta who was represented by the Director, Regulatory Services, Nigerian Shippers Council, Mrs Margeret Ogbonnah, said the workshop was to seek areas of collaboration with security agencies at the Ports with a view to facilitating trade
Akuta said the theme of the workshop reflects the desire of the council and the Nigerian police to build capacity of police officers for better understanding and administration of their statutory roles in the Maritime environment.
He said Nigerian seaports has constantly been reputed as one of the Port with the longest cargo dwell in the world, adding,”This is so, because while it takes only six hours to clear a containerized cargo in Singapore Port, seven days in Lome Port, it takes an average of 21 days or more in Nigerian Ports” stressing that this situation which has affected the global perception index on Ease of Doing Business in Nigerian seaports must be addressed.
Akuta said NSC which is the economic regulator of the Ports has the responsibility of ensuring that efficiency is established in the Ports inorder to attract patronages.
“Pursuant to its regulatory mandate, the NSC has been collaborating with several agencies to ensure the facilitation of trade and ease of movement of cargo outside the Ports to avoid congestion”he said.
Also speaking the commissioner of police, Eastern Port Command, Port Harcourt, CP Tijani Fakai, said Maritime police has played some roles in facilitating Ports efficiency.
He listed some of the roles to include ensuring security and crime prevention at the Ports, checking of illegal fishing activities at the Ports, checking of human trafficking and drug smuggling and prevention of fire incident at the Ports.
Represented by ACP, Rufina Ukadike, the CP said police at the Ports have also helped in the decongestion and prevention of unauthorized Anchorage.
He commended the Nigerian Shippers Council for the workshop and assured of continuous collaboration.
Speaking on the dynamics of cargo handling, Deputy Controller of customs, Muhydeen Ayinla Ayoola, said the launching of electronic tracking system and dissolution of controller General Taskforce has helped to ensure efficiency at the Ports.
Ayoola who represented the custom Area Controller Port Harcourt 1 Area command, however raised concerned over rising national security threat , which according to him has affected efficiency at the Ports.
John Bibor
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