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W’Bank Group To Support Nigeria’s Power Sector

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10 years ago

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The International Finance
Corporation (IFC), a member of the World Bank Group, says it is ready to assist Nigeria to develop its power sector if necessary challenges in the sector are settled.
The IFC Country Manager in Nigeria, Mrs Essien Lore, gave the assurance at the 5th Annual Powering Africa Nigeria  Conference in Abuja on Thursday.
The News Agency of Nigeria (NAN) reports that the conference, organised by Energy net, a United Kingdom-based  company, is designed to  forge partnership with investors on sustaining  energy in Africa and Nigeria.
It is also designed to evolve workable measures of ensuring energy access and energy efficiency in Nigeria’s power sector.
Lore said that the challenge with the nation’s power sector was not just the issue of liquidity, but sectorial issues.
She said in spite of the success recorded so far in the nation’s power sector over the years, there was still some sectorial issues that needed the attention of all stakeholders.
She said the power sector was in a state of emergency, adding that solving it required a sense of urgency, coalition of public and private partners  with clear  defined actions.
She identified sectorial deficit, inadequate gas supply, sectorial  governance, transmission bottlenecks and inadequate  generation as  major challenges bedeviling the sector.
She, however, said that the World Bank group was ready to support well designed power projects in the country, noting that the group had eamarked millions of dollars to support  the development of power  in Nigeria.
“ As a member of World Bank group, from our perspective, the only thing that is preventing us from supporting more projects is the sector issues.”
She expressed believe that the challenges in the sector would be surmounted.
“We are on the right part and we are envisaging that the power issues we face today will be a thing of the past and the sector issues need to be  addressed.
She said investing in the power sector was an investment that would have ripple effect on the entire sectors, adding  that IFC was ready to support investment in the sector.
“We don’t have a problem of liquidity; the issue is to get the sector issues right and once we get them right the needed support will com.”
Ealier, the Permanent Secretary, Federal Ministry of Works and Housing, Mr Abubakar Magaji, said that buildings were major consumers of electricity generated.
Magaji, represented by Mrs Esther Okougha, Director, Engineering Services in the ministry, said 60 to 70 per cent of the grid generated energy was consumed by buildings.
Magaji said Nigeria had the plan of reaching 10,000 mega watts of electricity generation before 2020.
He said energy efficiency measures represented the cheapest way of improving the state of energy supply in Nigeria.
He said the Federal Government had launched a building energy efficiency guideline for Nigeria builders.
Magaji said the book was designed to guide builders on how to construct houses to ensure energy efficiency.

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Association Woos Govt, Coys On  Boat Operators  Employments

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2 weeks ago

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June 12, 2026

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The leadership of Bonny Maritime Boat Association has called on Rivers state Government and oil companies operating in the state to provide sustainable employment to unemployed boat Operators.
The Association also want the government, companies and other relevant employers of labour to provide trainings for boat Operators to enhance their skills
Safety Officer of the Association, Comrade Kingdom Kingsley made this known in  a  telephone interview with  The Tide.
He noted that most of the boat Operators and owners plying Bonny route lacks jobs due to the fleets of boats introduced by Bonny Road Transport that had taken over the passengers to the Island
He noted that passengers are no longer patronizing boats owned by the Association, thereby rendering the operators redundant
“Most of our operators can not afford to feed their families due to no jobs, we don’t want to indulge in crime, government should fix our members with  sustainable jobs to take care of their immediate needs”
He called on oil companies operating in the state to engage their skilled boat Operators in their companies to reduce the sufferings faced by the Association.
The Safety Officer called on the state government  to made funds available to unemployed youths in the state to start up business than roam the streets.
He noted that provision of funds to youths would reduce crime rates and reposition their mindsets for a better life
“The  youths of Rivers state are suffering, have no job to feed their families, thereby indulging in criminality daily”
“The youths need empowerment,  jobs,  recreational facilities and better things of life as citizens of this Nation”, Kingsley said.
CHINEDU WOSU
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FG Approves $1 Bn AFCFTA Credit Facility For Nigerian Exporters

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2 weeks ago

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June 12, 2026

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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this  during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
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NIWA Harps On  Avoidance Of Leaking Boats

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2 weeks ago

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June 12, 2026

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The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
 NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
 Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said  the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
CHINEDU WOSU
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