Business
Solar, Not Major Source of Power – Minister
Laner Babalola, Minister of Power has revealed that the government was not seriously looking at solar as a major source of power supply; “solar provides an insignificant portion of the power needs of countries and would not be explored as a major power option in Nigeria”, Babalola said. According to the minister, the landmass required for solar power generation, the cost involved and the quality of light produced are major challenges.
Solar panels are best for the few houses surrounding each, solar light is not as efficient as other sources of light, solar is not very bright for mass use. Moreover, the equipment needed to trap the light are not everlasting. In the places where we have seen solar in use across the world, they are not a major solution to power supply”, he stated. In this place, he continued solar provides an insignificant one percent of total power requirement. To generate 2000MW of electricity from solar, you need a landmass of about 65 square kilometers, twice the size of Abuja to install panels, landmass is a major issue in solar power generation.
The minister was speaking while being conducted round the facilities of the Guregu power plant, Kogi State.
The Guregu power plant, Kogi State is plagued with gas supply crisis which could further undermine the government’s 600mw power generation target.
The government, according to the minister has given the managers of the stations up to this year end to solve its gas supply issue once and for all, stressing that government would no longer sit back and allow its power plants rot away because of gas supply crisis.
The minister advised that they should start looking at the gas issue from a different perspective, adding that the target should aim at sorting out the gas issue and get the plant to perform to full capacity. “If you don’t have a good framework in place, Geregu would just be a wasting asset. Get this done between now and December, if there is anything that we in Abuja need to do, please let us know quickly”, he remarked.
It would be recalled that the construction of Geregu 414mw gas turbine plants comprising a total of 3X 138mw simple cycle siemens V94.2 gas turbine units was completed in 2006, commissioned in February 2007 and went into operation in June 2007.
Gas has remained an issue with the station, which has hardly produced above 100mw since inception.
According to Mr. Monima Stanley-Idum, Head of Station at Geregu power station, all the three units are available but due mainly to gas supply constraints present generation is limited to serving an Island part of Kogi, Ondo, Delta and Edo States for one unit with a maximum load of 100MW, utilising an average of 25 million standard cubic feet per day. The gas supply for the 114mw capacity of the plant is put at 105 million standard cubic feet per day. He assured however, that the three units will contribute a minimum of 350mw towards the 6000mw target in December, were we are tied to the national grid. The challenges we face in spite of our 100 per cent availability are the issues of grid stability, commensurate with the design of the plant to utilise the maximum capacity of the plant and shortage in gas supply coupled with inadequate staff housing. Another issue plaguing the plant, it was gathered is the inability of government to upgrade the 30MVA transmission station at Ajaokuta to 60MVA to aid transmission of power generation from the plant.
On the current power generation, Babalola stressed that 3500mw was currently being generated, transmitted and distributed. He assured that the system would ensure that 6000MW of electricity exist and is available by the end of December 2009.
Business
FG Approves ?758bn Bonds To Clear Pension Backlogs, Says PenCom
														Business
Banks Must Back Innovation, Not Just Big Corporates — Edun
														Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
Business
FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment
														The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.
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