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World Bank, Others Approve N19bn To Support Nigeria’s Power Project

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11 years ago

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The World Bank, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), has approved $1.18 billion about N191billion to support Nigeria in boosting its power generation.
This is contained in a statement by Mr Bamidele Oladokun, Communication Associate to the World Bank, in Abuja last Wednesday.
It stated that the donors approved the loans and guarantees to support a series of energy projects that would help boost independent power generation and reduce energy shortages in Nigeria.
“The World Bank approved up to US$245 million for the 459-megawatt Azura Edo power plant, near Benin City, Edo; and US$150 million for the 533-mw Qua Iboe plant in Ibeno, Akwa Ibom.
“Both plants are gas-fired. The Boards of IFC and MIGA also approved loans and hedging instruments of up to US$135 million and guarantees of up to US$659 million for the Azura Edo project,” it stated.
It stated that Nigeria was endowed with abundant energy resources, including the world’s eighth largest reserves of natural gas yet 65 per cent of the country’s population had no access to electricity.
It added that unlocking the flow of Nigeria’s extensive natural gas reserves would expand power supply and energy exports to neighbouring countries in the West Africa Power Pool.
The statement said that supporting private sector-financed independent power producers (IPPs) formed a critical part of the Nigerian government’s Power Sector Reform Roadmap.
It said this was a strategy to improve power services throughout the country that was widely supported by the Nigerian public.
It quoted the Vice President, Africa Region World Bank, Mr Makhtar Diop, as saying efficient, affordable and reliable access to electricity is essential for small and medium-sized enterprises in Nigeria to accelerate job creation.
“I am glad that we were able to support Nigerias extensive energy reform programme.
“We are also to provide direct assistance to increase generation capacity by mobilising nearly US$1.7 billion of private sector financing through a range of instruments,” Diop said.
Diop said the IBRD guarantees, included forward-looking mitigation and risk-sharing arrangements, designed to augment the country’s power sector reforms while building market confidence and setting industry benchmarks.
He explained that the IFC’s investment and MIGA’s guarantee for the Azura Edo power plant would support a trail blazing project at the centre of Nigeria’s ambitious power sector programme.
The statement also quoted the IFC Regional Vice President, Mr Jean Philippe, as saying “for energy issues to be addressed in Nigeria both the public and private sectors needed to invest in it.
“The World Banks group could help catalyse significant private investment in an environment that best assures successful delivery of increased power supply,” he said.
The Vice President and Chief Operating Officer of MIGA, Mr Michel Wormser, was also quoted as saying, “the Azura Edo IPP was expected to have a strong demonstration effect.

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NPA Assures On Staff Welfare 

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1 week ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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1 week ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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