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Oil Price Crash: Nigeria Needs Emergency Measures – SEC

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Acting Director-General of the Securities and Exchange Commission, SEC, Ms Mary Uduk, yesterday, disclosed that emergency measures needed to be put in place by the country to insulate the Nigerian economy against expected shocks caused by the falling crude oil prices and increasing spread of coronavirus.
Addressing newsmen in Abuja, on its forthcoming International Conference on Nigeria’s Commodities Market, Uduk stated that with the current state of things, Nigeria’s 2020 budget is already seriously threatened.
She maintained that the Nigerian capital market was not totally insulated from the global shocks, noting that the commission would continue to monitor developments in the global market to ensure that the effect on the Nigerian capital market was minimal.
According to her, the declining crude oil price if not properly managed, would affect Nigeria’s foreign exchange-earning ability and the capacity of the country to service its debts.
She called for a multi-sectoral approach towards addressing the challenges to ensure that the country does not plunge into another round of recession.
Uduk, however, commended efforts spearheaded by the Central Bank of Nigeria, CBN, noting that the apex bank needed to be supported by stakeholders across all sectors of the Nigerian economy in order to achieve meaningful results. She said: “In CBN right now, the government has convened a conference that is looking at how this thing is affecting the economy of Nigeria.
The budget 2020 is already seriously threatened because the country’s crude oil benchmark was at $57 per barrel, but as of last night when I was looking at a report on a news network, I saw that oil price had gone down to $31 per barrel. That is how bad it is.
“The government has to sit down and calibrate and look at what are the steps that are to be taken in order to avoid a recession if we are not already even there. And you know that will affect our ability to earn foreign exchange which is predicated on doing a lot of things. We have to service our debts and all of that. “It does not just have to be one sector it has to be a concerted effort, all of our needs to sit down and say what can we do and right now as we speak it is been done in CBN.”
“It does not just have to be one sector it has to be a concerted effort, all of our needs to sit down and say what can we do and right now as we speak it is been done in CBN.”
Uduk further stated that the forthcoming International conference on Nigeria’s commodities market was another platform for critical stakeholders to brainstorm on issues bothering on diversification of the Nigerian economy and the roles agriculture would play in insulating the Nigerian economy from the shocks in the global economy.
She commended the Federal Government’s efforts at diversifying the Nigerian economy and moving the country away from overreliance on one commodity, adding that agriculture remained an important part of that plan holding the potential of delivering on the country’s food security needs, providing jobs and increasing our foreign exchange earnings.
“The International Conference on Nigeria’s Commodities Market 2020 will gather relevant stakeholders in the commodities ecosystem to consider the most pertinent issues in growing the ecosystem in Nigeria, with the end goal of creating an enabling environment for the deployment of innovative solutions that improve processes, products, productivity, and the partnerships available in the market as well as enable investors to access various investment opportunities across the value chain,” the SEC boss noted.

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The Tofu Brine Battery That Could End the Lithium Era

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Researchers in Hong Kong and China have developed a new form of battery that is more eco-friendly and longer lasting than lithium ion batteries –  and it runs on tofu brine. The new water battery is still in research phases, but if the technology proves to be scalable enough to hit commercial markets, it could be a game-changer for the energy and tech sectors.

“Compared with current aqueous battery systems … our system delivers exceptional long-term cycling stability and environmental friendliness under neutral conditions,” the research team, composed of scientists from the City University of Hong Kong and Southern University of Science and Technology in Shenzhen, Guangdong, said in a paper published this month in Nature Communications.

The researchers found that their battery model can be recharged over 120,000 times. “At over a hundred thousand cycles, this could mean a single water-based battery could last at least a decade or so,” states a recent report on the breakthrough from Interesting Engineering. “For applications like grid storage (solar farms, wind balancing), that’s extremely valuable,” the article went on to say.

This kind of lifespan would represent a drastic improvement over the battery technologies that dominate today’s market. Lithium-ion batteries degrade after between 1,000 and 3,000 charge cycles. This could prove revolutionary, as finding an alternative to lithium-ion batteries to power rechargeable devices is a major priority for Big Tech and the global energy sector.

Moreover, these tofu-brine batteries could prove safer and more environmentally friendly than lithium-ion batteries. According to the study authors, the full cells are environmentally benign and nontoxic and can be directly discarded to environments according to various standards.” Water based (also called aqueous) batteries can also potentially be cheap to produce as they rely on ingredients that are less rare in addition to being less hazardous.

Lithium is environmentally harmful to extract, prone to fires, and its supply chains are geopolitically fraught. Currently, China alone controls half of the global lithium market, and is rapidly increasing its stake. In 2024, more than eight in ten battery cells on the planet were made in China. This means that finding a battery model that can compete with lithium-ion batteries in applications like grid-scale energy storage and electric vehicles would have revolutionary implications for global markets.

Researchers around the world have been racing to develop battery models that could diversify the market and make it more competitive and resilient. These models range widely in size, components, and application, with models currently under development for next-gen sodium-ion batteries, quantum batteries, nuclear batteries, and even sand and dirt batteries.

Of course, the irony is that the leading alternatives to lithium-ion batteries are also being developed in Chinese labs. If this new tofu-brine battery proves scalable and applicable outside of a laboratory environment, it could just be another step toward Beijing’s goal of near-total domination of clean energy technology value chains and status as the world’s first and premiere ‘electro-state.’

China’s extreme advantage in global battery making gives it a major point of leverage in global economies as the world continues to electrify at a rapid pace. It is estimated that European demand for lithium in batteries will reach kilo tonnes (thousands of tonnes) of Lithium Carbonate Equivalent by next year, and North American demand will reach 250 kit LCE. it’s all but certain that the vast majority of that demand will be supplied by China.

Other nations are aware of the risk of this dependency, and are taking pains to protect and promote domestic battery manufacturing, but these efforts may be too little, too late. “For globally competitive battery manufacturing industries to emerge outside of Asia over the next ten years, companies will need to do far more than ensure regulatory compliance,” summarizes a McKinsey & Company report released in January. “Challenges will need to be overcome on multiple fronts spanning supply chains, talent management, operations and technology.”

By: Haley Zaremba

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REA TO Spend N100bn On Hybrid Mini-grids For Govt Agencies In 2026

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The Rural Electrification Agency (REA) says it will spend N100 billion in 2026 to deploy hybrid mini-grids for government agencies within and outside Abuja.

The Managing Directors, REA, Abba Aliyu, disclosed this while addressing newsmen on the sidelines of the 2026 budget defence session organised by the House Committee on Rural Electrification in Abuja, Friday.

The approved funds form part of the National Public Sector Solarisation programme, a component of the agency’s broader N170 billion budget proposal for 2026.

The initiative is designed to improve electricity reliability for public institutions while reducing operational costs and easing pressure on the national grid.

Aliyu explained that the agency’s total proposed budget for 2026 stands at N170 billion, with N100 billion of the amount dedicated specifically to the solarisation initiative targeting government agencies.

He said the hybrid mini-grid systems combine solar power with complementary energy sources to ensure an uninterrupted electricity supply.

“The total budget size for 2026 operations is N170 billion, out of which N100 billion had been approved for National Public Sector Solarisation.

“The managing director said that the N100 billion targets provision of hybrid mini-grid for government agencies within and outside Abuja”,
He stated that the intervention covers agencies in the Federal Capital Territory as well as other parts of the country with the aim of reducing energy costs for government operations while improving electricity reliability.

Aliyu cited the National Hospital in Abuja as an example where similar infrastructure had been deployed to ensure stable power and cut operational expenses.He added that beyond the Solarisation

programme, the 2026 budget includes over 500 electrification projects nationwide, covering grid extensions for nearby communities, deployment of transformers, mini-grids for agrarian and cottage-industry clusters, and solar home systems for sparsely populated areas.

Recall that earlier in February 2026, REA signed a Memorandum of Understanding with the Economic Community of West African States (ECOWAS) to deploy solar power systems to 15 public institutions across Nigeria.

The project will be implemented under the Regional Off-Grid Electricity Access Project (ROGEAP), a World Bank-supported initiative aimed at expanding off-grid electricity access across West Africa and the Sahel.

ECOWAS will provide a $700,000 grant to fund the installation of solar photovoltaic systems in selected rural health centres  and schools in the Federal Capital Territory, Niger, and Nasarawa States.

The initiative marked the formal commencement of Nigeria’s pilot implementation phase under ROGEAP, with REA serving as the technical and financial implementing agency.
 through interconnected mini-grids.
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PIA: TotalEnergies Transfers OLO Oilfield HCDT Obligation To Aradel ……Says HCDT Enabled Completion of 100 Projects In 2 years

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Pursuant of the Petroleum Industry Act (PIA), TotalEnergies has handed over the OLO Oilfield Host Community Development Trust (HCDT) to Aradel Holdings Plc.
This transition follows Aradel’s earlier acquisition of the Olo and Olo West marginal fields (formerly part of OML 58) from the TotalEnergies/NNPCL Joint Venture, and formally completes the transfer of settlor responsibilities under the trust, ensuring that community development work already underway continues without interruption.
Speaking at the Hand-Over ceremony in Abuja, weekend, the Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, said the development trust remains intact, its governance structure preserved and its statutory funding obligations transitioning seamlessly to the new settlor as envisioned by the PIA.
Represented by the Executive Commissioner, for Health, Safety, Environment, and Community (HSEC), John Tonlagha, Eyesan explained that the Commission would continue to provide firm and consistent oversight to ensure full compliance with the PIA for the benefit of both the communities and the industry.
Also speaking, the General Manager, Community Affairs, Projects and Development, TotalEnergies, Dornu Kogam, urged Aradel Holdings to maintain the same transparent, community-centered approach throughout project completion.
TotalEnergies further confirmed that all obligations up to the date of transfer have been fully met, and no outstanding liabilities remain adding that Aradel formally assumes full responsibility going forward, with the Commission’s regulatory consent granted.

In his remarks, the Community Affairs Manager, Aradel Holdings Plc, Blessyn Okpowo, affirmed the company’s commitment to honouring all PIA obligations and continuing Total Energies’ community engagement approach.“We want to say that in line with the PIA, we will honour commitments and duties required of the settlor and we want to work very smoothly with the way TotalEnergies has worked with them,” he stated.

The Chairman, Board of Trustees, OLO host community, Wales Godwin, commended the HCDT’s delivery of 118 projects out of 160 planned.

He recognised the Commission’s role in approving the Community Development Plan (CDP) before project start, underscoring regulatory excellence.The parties noted that between 2023 and 2025, the trust has enabled the completion of more than 100 community projects, spanning water supply, electricity, road infrastructure, education, and healthcare with a further 40 projects currently ongoing.

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