Oil & Energy

Solar Panels, EV Batteries To Be Manufactured In Nigeria – Tinubu

Published

2 years ago

May 13, 2024

Poised to positioning the nation as a production hub in Africa, President Bola Ahmed Tinubu has announced plans for the local manufacturing of solar panels and electric vehicle (EV) batteries.
Tinubu made the declaration during the inauguration of Nigeria’s largest Lithium Processing Plant in Lafia, Nasarawa State.
A statement issued by the Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale, at the weekend, emphasised the significance of this development as a testament to the country’s appeal for foreign investment.
The statement said, “there are other aspects of lithium that you are exploring in the country, especially in battery production. Nigeria is a huge market for solar panels. Africa is a major consumer of solar technologies.
“I do not see why these panels and batteries cannot be produced here. The labour is cheaper. Our youths are vibrant and skilled. Our people are brilliant and adapt to new technology.
“The economy is increasingly more vibrant, and Nigeria is dependable. We have the consumption capacity and a surplus of steady-handed citizens with gifted minds and an innate drive to work and produce.
“You must not leave the community in ruins as you explore for our high-grade minerals. You must be concerned with cooperation and always care for the community.
“We are caring partners. We want your investments to succeed so that you can expand further. Whenever you call on us, we will help you. You can, in mutually-beneficial collaboration with us, dominate the solar panel market as part of a revolution in Africa and the West African sub-region”.
President Tinubu, who welcomed the inauguration of the plant and the announcement of further investment, stressed the importance of environmental stewardship, community engagement, and corporate social responsibility for the Chinese firms.
He urged them to prioritise these aspects as integral components of their operations, highlighting the potential for collaboration to promote mutual interests between China and Nigeria.
“You can always promote the interest of China and Nigeria as the best place in Africa to do business. We are preparing to produce in this country the solar technologies that the entire continent will use.
“It is a great joy to have you (the Chinese executives) in Nigeria. It is part of our campaign that Nigeria is open for business. We congratulate your courage in believing in us and the inauguration of the new factory.
“I can assure you that we will continue to give you the necessary support and encouragement. This is an opportunity for you to help tell the rest of the investment world that Nigeria is solid and open for business”, the President said.
It would be recalled that Avatar, a prominent Chinese firm, has established a lithium processing plant in Nasarawa State, capable of producing approximately 4,000 metric tonnes of lithium daily.
In addition, Canmax Technologies, another leading Chinese company renowned for its significant contribution to global battery material production, has announced plans for a new investment of $200 million to establish another lithium processing plant in the region.
Present at the inauguration were Governor Abdullahi Sule of Nasarawa State, who was accompanied by Mr. Hi Yongwei, Chairman of Avatar New Energy Materials Company Limited, and Mr. Zhenhua Pei, Chairman, Canmax Technologies.

Oil & Energy

NERC, OYSERC Partner To Strengthen Regulation

Published

2 days ago

February 23, 2026

The Tide

THE Nigerian Electricity Regulatory Commission (NERC) has stressed the need for strict adherence to due process in operationalizing state electricity regulatory bodies.

It, however, pledged institutional and technical support to the Oyo State Electricity Regulatory Commission (OYSERC).

The Chairman, NERC, Dr Musiliu Oseni, who made the position known while receiving the OYSERC delegation, emphasised that the establishment and take-off of state commissions must align fully with the law setting them up.

Oseni said that the NERC remains committed to partnering with State Electricity Regulatory Commissions (SERC) to guarantee their institutional stability, operational effectiveness and long-term success.

He insisted that regulatory coordination between federal and state institutions is critical in the evolving electricity market framework, noting that collaboration would help to build strong institutions capable of delivering sustainable outcomes for the sector.

Also speaking, the Acting Chairman, OYSERC and leader of the delegation, Prof. Dahud Kehinde Shangodoyin, said that the visit was aimed at formally introducing the commission’s acting leadership to the NERC and laying the groundwork for a productive working relationship.

Shangodoyin said , the acting members were appointed to provide direction and lay a solid foundation for the commission during its transitional period, pending the appointment of substantive members.

“We are here to formally introduce the acting leadership of OYSERC and to establish a working relationship with NERC as we commence our regulatory responsibilities,” he said.

He acknowledged NERC’s readiness to provide technical and regulatory support, particularly in the area of capacity development, describing the backing as essential for strengthening the commission’s operations at this formative stage.

“We appreciate NERC’s willingness to support us technically and regulatorily, especially in building our capacity during this transition,” he added.

Oil & Energy

NLC Faults FG’s 3trn Dept Payment To GenCos

Published

2 days ago

February 23, 2026

The Tide

The Nigeria Labour Congress and the Association of Power Generation Companies have engaged in a showdown over federal government legacy debt.

NLC president Joe Ajaero has faulted the federal government’s move to give GenCos N3 trillion from the Federation account as repayment for a power sector legacy debt, which amounts to N6.5 trillion.

In a statement on Thursday, Ajaero said the Federal Government proposed the N3 trillion payment and the N6 trillion debt as a heist and grand deception to shortchange the Nigerian people.

“Nigerians cannot and should not continue to pay for darkness,” Ajaero stated.

Meanwhile, the Chief Executive Officer of the Association of Power Generation Companies, APGC, Dr. Joy Ogaji, said Ajaero may be ignorant of the true state of things, insisting that the federal government is indebted to GenCos to the tune of N6.5 trillion.

She feared the longstanding conflict could result in the eventual collapse of the country’s power.

According to her, the federal government’s N501 billion issuance of power sector bonds is inadequate to address its accumulated debt.

Oil & Energy

PENGASSAN Rejects Presidential EO On Oil, Gas Revenue Remittance ……… Seeks PIA Review

Published

2 days ago

February 23, 2026

The Tide

The Natural Gas Senior Staff Association of Nigeria(PENGASSAN) Festus Osifo, has faulted the public explanation surrounding the Federal Government’s recent oil revenue Executive Order(EO).

President of the association, Festus Osifo, argued that claims about a 30 per cent deduction from petroleum sharing contract revenue are misleading.

Recall that President Bola Ahmed Tinubu, last Wednesday, February 18, signed the executive order directing that royalty oil, tax oil, profit oil, profit gas, and other revenues due to the Federation under production sharing, profit sharing, and risk service contracts be paid directly into the Federation Account.

The order also scrapped the 30 per cent Frontier Exploration Fund under the PIA and stopped the 30 per cent management fee on profit oil and profit gas retained by the Nigerian National Petroleum Company Limited.

In his reaction, Osifo, while addressing journalists, in Lagos, Thursday, said the figure being referenced does not represent gross revenue accruing to the Nigerian National Petroleum Company Limited.

He explained that revenues from production sharing contracts are subject to several deductions before arriving at what is classified as profit oil or profit gas.

Osifo also urged President Bola Tinubu to withdraw his recently signed Presidential Executive Order to Safeguard Federation Oil and Gas Revenues and Provide Regulatory Clarity, 2026.

He warned that the directive undermines the Petroleum Industry Act and could create uncertainty in the oil and gas industry, insisting that any amendment to the existing legal framework must pass through the National Assembly.

Osifo argued that an executive order cannot override a law enacted by the National Assembly, describing the move as setting a troubling precedent.

“Yes, that is what should be done from the beginning. You can review the laws of a land. There is no law that is perfect,” he said.

He added that the President should constitute a team to review the PIA, identify its strengths and weaknesses, and forward proposed amendments to lawmakers.

“When you get revenue from PSC, you have to make some deductibles. You deduct royalties. You deduct tax. You also deduct the cost of cost recovery. Once you have done that, you will now have what we call profit oil or profit gas. Then that is where you now deduct the 30 per cent,” he stated..

According to him, when the deductions are properly accounted for, the 30 per cent being referenced translates to about two per cent of total revenue from the production sharing contracts.

“In effect, that deduction is about two per cent of the revenue of the PLCs,” he added, maintaining that the explanation presented in the public domain did not accurately reflect the structure of the deductions.

Osifo warned that removing the affected portion of the revenue could have operational implications for NNPC Ltd, noting that the funds are used to meet salary obligations and other internal expenses.

“That two per cent is what NNPC uses to pay salaries and meet some of its obligations.The one you are also removing from the midstream and downstream, it is part of what they use in meeting their internal obligations. So as you are removing this, how are they going to pay salaries?” he queried.

Beyond the immediate impact on the company’s workforce, he cautioned that regulatory uncertainty could affect investor confidence in the sector.

“If the international community and investors lose confidence in Nigeria, it has a way of affecting investment. That should be the direction. You don’t put a cow before the horse,” he added.

According to him, stakeholders, including labour unions and industry operators, should be given the opportunity to make inputs at the National Assembly as part of the amendment process saying “That is how laws are refined,”