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World Bank, Others Approve N19bn To Support Nigeria’s Power Project

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12 years ago

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The World Bank, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), has approved $1.18 billion about N191billion to support Nigeria in boosting its power generation.
This is contained in a statement by Mr Bamidele Oladokun, Communication Associate to the World Bank, in Abuja last Wednesday.
It stated that the donors approved the loans and guarantees to support a series of energy projects that would help boost independent power generation and reduce energy shortages in Nigeria.
“The World Bank approved up to US$245 million for the 459-megawatt Azura Edo power plant, near Benin City, Edo; and US$150 million for the 533-mw Qua Iboe plant in Ibeno, Akwa Ibom.
“Both plants are gas-fired. The Boards of IFC and MIGA also approved loans and hedging instruments of up to US$135 million and guarantees of up to US$659 million for the Azura Edo project,” it stated.
It stated that Nigeria was endowed with abundant energy resources, including the world’s eighth largest reserves of natural gas yet 65 per cent of the country’s population had no access to electricity.
It added that unlocking the flow of Nigeria’s extensive natural gas reserves would expand power supply and energy exports to neighbouring countries in the West Africa Power Pool.
The statement said that supporting private sector-financed independent power producers (IPPs) formed a critical part of the Nigerian government’s Power Sector Reform Roadmap.
It said this was a strategy to improve power services throughout the country that was widely supported by the Nigerian public.
It quoted the Vice President, Africa Region World Bank, Mr Makhtar Diop, as saying efficient, affordable and reliable access to electricity is essential for small and medium-sized enterprises in Nigeria to accelerate job creation.
“I am glad that we were able to support Nigerias extensive energy reform programme.
“We are also to provide direct assistance to increase generation capacity by mobilising nearly US$1.7 billion of private sector financing through a range of instruments,” Diop said.
Diop said the IBRD guarantees, included forward-looking mitigation and risk-sharing arrangements, designed to augment the country’s power sector reforms while building market confidence and setting industry benchmarks.
He explained that the IFC’s investment and MIGA’s guarantee for the Azura Edo power plant would support a trail blazing project at the centre of Nigeria’s ambitious power sector programme.
The statement also quoted the IFC Regional Vice President, Mr Jean Philippe, as saying “for energy issues to be addressed in Nigeria both the public and private sectors needed to invest in it.
“The World Banks group could help catalyse significant private investment in an environment that best assures successful delivery of increased power supply,” he said.
The Vice President and Chief Operating Officer of MIGA, Mr Michel Wormser, was also quoted as saying, “the Azura Edo IPP was expected to have a strong demonstration effect.

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Niger Delta Investment Summit Targets $5bn Inflows, 500,000 Jobs

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April 10, 2026

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The Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled the plans to host a major economic and investment summit aimed at attracting five billion dollars, ( N7 trillion) investments in addition to creating about 500,000 jobs over the next five years.
The Chairman of NDCCITMA Board, Ambassador Idaere Ogan, disclosed this in Port Harcourt, recently.
Ogan stated  that the initiative is designed to reposition the Niger Delta as a viable destination for sustainable economic growth and development.
He explained the summit would bring together investors, policymakers, manufacturers and business leaders from within and outside Nigeria to explore opportunities across key sectors of the regional economy.
According to him, the event is expected to attract high-profile participation, with President Bola Tinubu billed as Special Guest of Honour, while the Prime Minister of Barbados, Mia Amor Mottley, is expected to deliver the keynote address.
Ogan said the summit would focus on critical sectors including agriculture, manufacturing, logistics and the blue economy, which he described as areas with significant untapped potential.
He called on state governments, development partners and private sector stakeholders to support the initiative, stressing that collective efforts are required to unlock the region’s economic prospects.
 NDCCITMA chairman further stated that improving security conditions and increasing economic confidence in the Niger Delta have made the region more attractive to both local and foreign investors.
He emphasised that ongoing economic reforms at the national level have also contributed to creating a more favourable investment climate.
Also speaking, the Chairman of the Summit Organising Committee, Dr. Solomon Edebiri, said the event would prioritise the growth of small and medium-scale enterprises (SMEs) across the region.
He noted the summit would provide a strategic platform for networking, business partnership and policy dialogue aimed at strengthening the private sector.
Edebiri disclosed that findings from a recent business roundtable revealed significant untapped investment opportunities, which the summit seeks to harness through targeted collaborations.
He revealed that the event would feature exhibitions of viable projects, facilitate business-to-business and business-to-government engagements, and also promote innovations across multiple sectors.
According to him, the expected outcomes of the summit include job creation, increased industrial activity and improved livelihoods for people in the Niger Delta.
To build momentum ahead of the event, NDCCITMA said the body would embark on awareness roadshows across states in the Niger Delta, as well as in Lagos and Abuja, to attract broad participation.
King Onunwor
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NPA Targets N1.489tn Revenue In 2026

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5 days ago

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April 10, 2026

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The Management  of Nigerian Ports Authority (NPA) has set N1.489 trillion as its Internally Generated Revenue (IGR) target for the 2026 fiscal year.
NPA says the figure represents an increase of N21 billion over the N1.468 trillion target for 2025, which the agency exceeded with an actual revenue of N1.97 trillion.
 The Managing Director NPA, Dr Abubakar Dantsoho, stated this  during the agency’s 2026 budget defence before the Senate Committee on Marine Transport.
Dantsoho said  the authority was set to begin groundbreaking projects for the modernisation of Apapa and Tin Can Island ports to enhance global competitiveness.
According to him, of the projected revenue: N945 billion is allocated for capital projects, N447.5 billion for operating expenses, and
N90.6 billion for remittance into the Consolidated Revenue Fund (CRF).
The MD explained that the budget was anchored on the mantra, “Consolidation, Renewed Resilience and Shared Prosperity.”
Dantsoho said that the modernisation of Apapa and Tin Can Island ports were flagship projects aimed at boosting revenue.
“Apapa and Tin Can Island ports are old and no longer adequate for modern global port operations.
“Apapa Port is about 100 years old, while Tin Can Island Port is over 50 years old, with limited capacity for handling modern vessels and cargo volumes.
“Groundbreaking for their modernisation will commence within the next two to three weeks,” he added.
On the Treasury Single Account (TSA), Dantsoho said all revenues generated by the NPA are paid directly into the account managed by the Central Bank of Nigeria (CBN).
“We do not retain any funds. The Central Bank is the signatory and we must apply for funds whenever needed,” he explained.
Earlier in his remarks,Chairman of the Senate Committee on Ports, Sen. Wasiu Eshinlokun (Lagos Central), said the committee’s oversight function was collaborative rather than adversarial.
“Our goal is to work with you to strengthen institutional capacity, eliminate inefficiencies and ensure that every naira appropriated serves the public interest,” he said.
Chinedu Wosu
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NPF Disburses ?21.68m  To Fallen Heros’ Families …Reinforce Welfare Commitment 

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April 10, 2026

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Nigeria Police Force has disbursed a total of ?21,678,120 to the deceased police officers families in Rivers State as part of ongoing welfare interventions by the force.
The gesture formed a major highlight of the activities marking  the 2026 National Police Day celebration in the state, underscoring renewed institutional focus on personnel welfare and post-service support systems.
The Commissioner of Police, Olugbenga Adepoju, who presided over the cheque presentation ceremony, said the initiative reflects the Force’s commitment to honouring officers who paid the ultimate price in their line of duty.
He explained that the financial support is designed to cushion the economic burden faced by bereaved families, while also reinforcing confidence among serving personnel about the Force’s long-term welfare structure.
Adepoju conveyed the sympathy of the leadership of the Nigeria Police Force to the beneficiaries, noting that the sacrifices of fallen officers remain invaluable to national security and public safety.
The police boss further stressed that sustained welfare interventions are critical to boosting morale, enhancing productivity, and strengthening institutional loyalty within the Force.
He reiterated that the welfare scheme aligns with broader reforms aimed at repositioning the Nigeria Police Force as a responsive and people-oriented institution.
Beneficiaries of the cheques commended the Inspector-General of Police, Olatunji Rilwan Disu, for prioritising the welfare of officers and their families through consistent and impactful interventions.
They described the initiative as timely and compassionate, noting that it would go a long way in alleviating financial pressures arising from the loss of their loved ones.
The families also acknowledged ongoing reforms under the current police leadership, which they said have strengthened trust, improved service delivery, and enhanced the overall image of the Force.
The Rivers State Police Command reaffirmed its commitment to sustaining similar initiatives as part of efforts to uphold the dignity, sacrifice, and legacy of officers who served the nation with distinction.
King Onunwor
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