Business
Stakeholders Urge Release Of Electricity Stabilisation Fund
Stakeholders in the pri
vate sector have called on the Central Bank of Nigeria (CBN) to release the Nigerian Electricity Market Stabilization Facility Fund meant for the power sector.
Speaking to The Tide in Port Harcourt on Monday, Chairman, Private Sector Stakeholders on Power, Mr Felix Chukwudi, said the apex bank had signed an agreement with stakeholders in the power sector on the release of the N213 billion power stabilization fund from the first week of January 2015.
Chukwudi said the apex bank is yet to disburse the fund to stakeholders in the power sector.
He said regular power supply will boost Nigeria’s industrialisation, stressing that Nigerians are waiting earnestly for the disbursement of the stabilisation fund.
He explained that one of the major problems with the nation’s economic development is the lack of power supply, stressing that with the free fall of Naira and oil prices, there is the need for the government to disburse the fund in order for the electricity sector to be fixed.
Chukwudi said the fall in oil price was an added advantage to the country’s quest for diversification, but stressed that increases in revenue base of industrial and other sectors would not thrive in the midst of incessant outages.
He said industrialisation of Nigeria is highly dependent on the availability of power supply in the country, stressing that for the country to work optimally there has to be at least regular power supply.
The businessman said most heavy machines work at their best when they have been heated up for say three hours non-stop and they park up when there is fluctuation in power supply.
He stressed that power outage during production always results in the loss of millions of Naira by the private sector stakeholders and operators adding that most industrialists resort to generators during production to minimise losses.
It would be recalled that CBN Governor, Mr Godwin Emefiele, had on Monday, December 22, 2014 in Abuja said the agreement entered with Deposit Money Banks (DMBs) was to fund the power sector for an improved facility.
Emefiele said the banks are the channel through which the power intervention facility would be disbursed for investors in the power sector to clear their legacy debts and make the sector economically viable.
Philip Okparaji
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
