Business
FG Targets Power Sector Transition To Cost-Effective Tariffs
Nigeria’s electricity tariffs are expected to rise in the coming months as the Federal Government works towards transitioning to a cost-efficient, cost-reflective pricing model.
The Special Adviser to the President on Energy, Olu Verheijen, disclosed this while speaking to Journalists in Dar es Salaam, Tanzania.
In a Statement, Verheijen, who stressed the need for higher electricity tariffs to ensure the sustainability of the power sector, noted however that while tariffs must reflect the actual cost of power supply, subsidies would be maintained to protect low-income consumers.
“One of the key challenges we’re looking to resolve over the next few months is transitioning to a cost-efficient but cost-reflective tariff.
“This is needed so the sector generates revenue required to attract private capital, while also protecting the poor and vulnerable”, she explained.
According to her, Nigeria’s power industry requires substantial investment to meet its development targets.
Out of the country’s 14 gigawatts of installed power capacity, only 8 gigawatts can be transmitted nationwide, and merely 4 to 5 gigawatts are reliably delivered to homes and businesses.
Verheijen insisted that Nigeria’s energy policies must be aligned with its long-term economic goals.
“Your energy policies have to be closely linked with your own ambition for your country.
“Our own ambition is to be a $1 trillion economy in five years and to move to an upper-middle-income country in 25 years”, she said.
Continue Reading
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.
?
“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
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
-
Nation3 days ago
Asarama Kingdom Condemns Gruesome Murder of A Commercial Vehicle Driver
-
Rivers3 days ago
Monarch Raises Alarm Over Defamatory Politics … Urges For Unity In Ogoni
-
News3 days ago
Nigeria, Ethiopia Seal Agreement To Transfer 100 Nigerian Prisoners
-
News3 days ago
Nigeria No Longer Safe For Drug Cartels – Marwa
-
News3 days ago
Xenophobia: 268 Nigerian Returnees Arrive In Lagos From S’Africa
-
News3 days agoFG Declares Today Public Holiday To Mark Democracy Day
-
Women3 days ago
Nigerian Women And Dividends Of Democracy
-
Business3 days ago
FG Approves $1 Bn AFCFTA Credit Facility For Nigerian Exporters