Business
Electricity: FG Exploits 2.7 bn Coal Deposit
In a bid to enhance electricity supply in the country, the Federal Government has concluded arrangements to exploit the nation’s 2.7 billion metric tones of coal deposit to generate about 5,000 megawatts of electricity before the end of the year.
The Federal Government says it would woo Chinese firms with the appropriate technology knowhow for a joint exploitation of coal as a step to increasing national electricity output.
Diezani Alison-Madueke, Minister of Mines and Steel Development, who met with a delegation of Industrial Commercial Bank of China (ICBC) in Abuja, recently, said government had identified eleven strategic coal clusters that could provide a sizable quantity of coal for power projects.
Alison Madueke, noted that the transmission of about 5,000 mega watts of electricity from the natural resource is currently lying fallow.

Electricity transformers donated to communities by the Rivers State Government. Photo: Chris Monyanaga.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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