Business
FG Targets 30% In Renewable Energy By 2030
In a bid to diversify its energy sources and optimise other assets for power production, Nigeria is targeting 30 per cent of its energy needs from renewables by 2030.
The Minister of Works, Power and Housing, Mr Babatunde Fashola made the assertion in a keynote address at the 2018 pre-conference workshop of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos last Monday.
Fashola said that the current component of grid power consists mainly of gas-fired power (85%) and hydropower (15%), adding that there was the need to produce an energy mix that targets a 30 per cent component of renewable energy out of the gross energy produced by 2030.
“Let me be clear and unequivocal by saying upfront that our commitment as a nation and government to pursue renewable and low carbon energy at low cost is clear, firm and unshaking.
“But this is not all. It is a commitment driven by necessity, contract and policy,” he said.
The minister said that government had also matched its intent with actions such as signing 14 solar power purchase agreement (PPAs) with 14 developers with the potential to deliver over 1,000 MW of solar power.
“In addition to the necessity to diversify our energy sources from gas and provide some energy security, we are also driven to pursue renewable energy by contract,” he said.
He said that Africa must intensify efforts at improving transmission grid for renewable energy to be effectively developed on the continent.
Fashola said that Nigeria as a committed member of the United Nations, African Union and ECOWAS, has adopted several international treaties and policies which promote the use of renewable energy.
This, he said, was in line with the national vision to provide incremental power, and then steady and uninterrupted power.
The minister said that the Federal Government recently approved an integrated energy mix targets under Electricity Vision 30:30:30 which targets generation of 30 GW in 2030, with 30 per cent from renewable energy sources.
“Africa has trillions of standard cubic feet of natural gas reserves, billions of barrels of crude oil reserves and billions of tonnes of coal,” he said.
The minister said that government had completed arrangements to concession six hydro dams to private operators under build, operate and transfer (BOT) scheme.
He said the step was aimed at energising educational institutions and markets in the country.
Fashola said: “These are government-led initiatives based on the rural electrification plan approved by the president in 2016 to provide access to power for rural dwellers and vulnerable members of our society.
“We proposed to use six small hydro-dams that had been abandoned for decades, Federal Government owned universities and some markets as anchors.
“Apart from the universities, where government is directly funding the intervention, the markets are being privately funded”.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
-
Politics3 days ago
How Social Media Threatened My 40-Year-Old Marriage -Lai Mohammed
-
News3 days ago
We May Shut Down Universities Indefinitely, Non- Teaching Staff Threaten
-
Sports1 day ago
Immediate Relegation Awaits Man City, If…
-
Politics1 day ago
FEC Approves 10% Appointments For Youths
-
Oil & Energy3 days ago
Africa’s Energy Leap From Fossil Fuels To Renewable Powerhouse
-
Sports3 days ago
All African Games: Nigeria Finishes Second On Medal Table
-
Rivers3 days ago
RSLCSC Boss Celebrates Fubara’s Supreme Court Victory
-
News1 day ago
Fubara Decorates ADC, Camp Commandant With New Ranks