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Nigeria Needs More Investment To Achieve 195,400Mw Energy Deficit
For Nigerians to enjoy constant electricity supply, there is the need for more investments in the sector that will culminate in the country being able to generate 200,000 MegaWatts (MW).
This means Nigeria needs additional 195,400 megawatts to meet its electricity needs, because it generates an average of 4,600MW for a population of 200 million.
Group Managing Director, Mojec International Limited, Chantelle Abdul, disclosed this at the yearly international conference of the Association of Energy Correspondents of Nigeria (NAEC) in Lagos.
She said low energy generation was responsible for frequent blackouts in the country.
“Based on international standards of 1 GW (1000MW) to one million people, the country is expected to, at least, generate 200GW (200,000MW) to give the population better access to electricity.
“Nigeria has the capacity to generate 12.5GW (12,000MW) of electricity, but owing to different reasons, the 29 generation companies (GenCos) are only able to generate, transmit and distribute between 3GW to 5GW (3,000MW to 5,000MW)”, Abdul said.
She said Nigeria, Africa’s most populous country, faces surging electricity demand owing to rapid urbanisation and industrialisation.
According to her, before 2023, there were 26 gas-powered plants and three hydro plants, but the approval of 11 new GenCos in the year had taken the electricity generating plants to 40, with the country’s transmission wheeling capacity standing at about 8.1 GW (8,100MW).
She expressed hope that the new Electricity Act would pave way for more investment into the sector to allow states to generate, transmit and distribute their electricity.
Egbin has the highest capacity as a gas plant to produce 1.39GW (1,390MW), and Kainji Jebba Power Plc has the highest capacity as a Hydro plant to produce 1.33GW (1, 330MW).
Abdul said solar plants could be introduced to the state governments to serve as a means to generate electricity for their various regions.
In a related development, Nigeria will need about $25 billion of yearly investment in the next 10 years to achieve crude oil output of 4 million barrels per day and 3 billion cubic feet per day of domestic gas production, Executive Chairman, AA Holdings, Austin Avuru, has said at the conference.
Speaking on the theme, “Nigeria’s Energy Transition: Enhancing investment opportunities & addressing challenges in the energy sector”, Avuru said Nigeria should focus more on energy security and optimise the value of its oil and gas resources before committing to its energy transition agenda.
He explained the energy transition agenda is a lot more serious than an issue that has to do with carbon emissions in the country, adding that carbon emissions reduction has been the key factor that all the energy transition argument has been hinged on.
Most countries have focused on addressing energy security and optimising the available resources while driving the transition.
The Executive Chairman said every country would address these two things before coming to what some people think is the residual matter of reduction of carbon emission.
He underlined the need Nigeria should prioritise energy security for both now and in the future and optimise the value of the numerous energy resources that it has today, while still pushing the energy transition agenda.
Avuru said if the government must prioritise the energy transition agenda, it should have raised the country’s crude oil production to about three to four million barrels per day presently; then, reduce production to one million barrels daily by 2040.
He believed the country should have achieved domestic gas production of four billion cubic feet per day between now and 2030.
To curb the incessant oil theft in the country, the Nigerian Upstream Regulatory Commission (NUPRC) has introduced the Advanced Cargo Declaration regime in upstream petroleum operations to arrest oil robbery and curtail export of stolen crude oil.
The commission also stated its plans to reactivate shut-in wells as part of initiatives to increase oil and gas production in the country.
The Commission Chief Executive, Gbenga Komolafe said this intervention at the conference, represented by Abel Nsa, Head of the National Oil and Gas Excellence Centre (NOGEC) Department, NUPRC, said the initiative aims at ensuring that crude oil and gas cargoes exported from Nigeria have a unique identifier that confirms all documentation as regards the exported consignment.
‘‘This implies that any cargo without the unique identifier becomes tagged as illegitimate. This, by no small measure, enhances transparency in our export operations”, he stated.
He said NUPRC had deployed key resources to the Special Investigative Unit of the Commission to forestall any cases of sharp practices by operators in the sector.
‘‘Over the next few months, we are positive that we shall record a marked increase in our national oil and gas production volumes.
“Quick-win strategies such as our aggressive drive to reactivate shut-in and declining wells will boost production prior to the onset of more long-term initiatives like operations from the new marginal field awardees.
“Also, the Commission is working alongside security operatives to bring a halt to the menace of crude oil theft, which has over the years contributed to a huge loss of production”, he said.
The Commission Chief Executive added that the agency had begun the implementation of the Drill or Drop Provision with a comprehensive review of assets which had been undeveloped by operators.
Such assets, he said, would be placed in a basket and then offered to willing and qualified investors with the capacity to explore, develop and produce the block(s) or field(s) in a timely, efficient, safe, and environmentally friendly manner.
He stated that the ongoing mini bid round for seven Deep Offshore Petroleum Prospecting Licences (PPLs) would boost the nation’s reserves as well as bring about anticipated benefits to the nation and other stakeholders.
On reduction in unit cost per barrel and revenue, he explained that the Commission is committed to ensuring a significant reduction in the cost of doing business in the upstream petroleum industry.
‘‘Following an in-depth comparative analysis between the Unit Operating Cost (UOC) in Nigeria and those obtainable in other climes
“We have commenced the development of cost studies and benchmarks to ensure an improvement in the cost efficiency of our upstream petroleum operations, in accordance with Section 8 of the Petroleum Industry Act 2021.
The NUPRC has also begun a review of all Crude Handling Agreements (CHA) with a view to entrenching openness and competitiveness, thereby reducing the cost of production while increasing government revenue from the sector. It is noteworthy that in the year 2022, using the strategies listed above, the Commission outperformed its revenue collection target by 18.3 per cent’’, he explained
Komolafe maintained that the Commission had stepped up efforts toward transparency in the sector and that transparency in hydrocarbon accounting was essential in ensuring maximum value derivation by the government and stakeholders.
According to him, transparency is essential to ensuring security of investments made by our financial partners.
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The Director, South South Zone National Agency for Food Drug Administration and Control (NAFDAC), Pharmacist Chujwuma P.Oligbu has said its thorough implementation of its core mandate of monitoring has no link with witch-hunting or fault finding as perceived at some quarters.
Oligbu, made this known when he spoke as as guest at the maiden Rivers state Supermarkets stakeholders’ Seminar/Workshop in Port Harcourt recently.
Rather, he said they were mere opportunities for education, correction and continuous improvement.
The Agency’s South South Boss, noted that Supermarket operators who maintain transparent records, cooperate during inspections, and promptly address identified gaps demonstrate professionalism and commitment to public health standard.
He listed the deserving essence of supermarket operation to include the key aspects of supermarket operation that deserves emphasis is product sourcing.
“Supermarkets must ensure that all regulated products stocked on their shelves are duly registered with NAFDAC and sourced from legitimate manufacturers or distributors”, he said .
According to him, the presence of unregistered, expired, counterfeit, or improper labelled products undermines consumer confidence and poses serious health risks.
He pointed out that such has the likelihood of exposeing supermarket operators to legal sanctions that could damage their reputation and financial stability.
The NAFDAC Operator, further enlightened the participants that mere registration of a particular product with the Federal agency do not guarantee absolute consumption safety.
“Temperature control, cleanliness, pest control, stock rotation, and proper shelving are not optional practice; they are essential components of compliance”, he said.
The South South zonal director also told the operators of supermarket that their employees rotine training on the basis of the product they display for sale is of utmost importance.
In her presentation a Breast Milk Nutrition Expert , Professor Alice Nte of University of Port Harcourt Teaching Hospital (UPTH), was against the body’s prime attention to breast milk substitute or baby milk in supermarkets as well as its advertisement or promotion.
Nye jerked up the importance of mothers breast milk to the newborn baby and added that it help in fighting against childhood diseases, infections and combating cancer in breastfeeding mothers.
Meanwhile, NAFDAC Deputy Director, South – South Zone , Mrs. Riter Chujwuma educated the participants on the guidelines for global listing, and the need to adhere strictly to rules guiding global listing to avoid confiscation of their imported products.
By: King Onunwor
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Analysts linked the growth largely to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024.
The policy compelled many customers to regularise their biometric records to retain access to banking services.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.
The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.
The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.
In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.
He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.
Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.
According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.
He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.
The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.
He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.
He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.
Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.
He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.
Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.
As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.
Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.
Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.
He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.
Lady Usendi