Business
‘DisCos Generated N263 billion In Q2 2023’ – NBS
Nigeria’s operating electricity supply industry, the Electricity Distribution Companies (DisCos) has been said to have generated N263 billion in revenue in the second quarter of 2023.
The National Bureau of Statistics (NBS) revealed this in its Nigeria electricity report detailing energy billed, revenue generated and customers by DisCos (Q2 2023) and published last Friday.
The NBS said revenue collected by the Discos during the period was N263.08 billion from N247.33 billion in Q1 2023.
On a year-on-year basis, revenue generated in the reference period rose by 39.63 per cent from N188.41 billion recorded in Q2 2022.
According to the report, total customer numbers in Q2 2023 stood at 11.47 million from 11.27 million in Q1 2023, showing an increase of 1.84 per cent.
The NBS said on a year-on-year basis, customer numbers in Q2 2023 rose by 6.17 per cent from 10.81 million reported in Q2 2022.
The bereau also stated that metered customers stood at 5.47 million in Q2 2023, indicating a growth of 3.10 per cent from 5.31 million recorded in the preceding quarter.
“On a year-on-year basis, this grew by 10.40 per cent from the figure reported in Q2 2022 which was 4.96 million”, it stated.
In addition, the bureau revealed estimated customers during the quarter were 6.00 million, higher by 0.72 per cent from 5.96 million in Q1 2023.
“On a year-on-year basis, estimated customers increased by 2.58 per cent in Q2 2023 from 5.85 million in Q2 2022.
“Electricity supply was 5,909.83 (Gwh) in Q2 2023 from 5,851.87 (Gwh) in the previous quarter.
“However, on a year-on-year basis, electricity supply increased by 13.06 per cent compared to 5,226.97 (Gwh) reported in Q2 2022″, the report stated.
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
-
Nation2 days ago
Asarama Kingdom Condemns Gruesome Murder of A Commercial Vehicle Driver
-
Rivers2 days ago
Monarch Raises Alarm Over Defamatory Politics … Urges For Unity In Ogoni
-
News2 days ago
Nigeria, Ethiopia Seal Agreement To Transfer 100 Nigerian Prisoners
-
News2 days ago
Nigeria No Longer Safe For Drug Cartels – Marwa
-
News2 days ago
Xenophobia: 268 Nigerian Returnees Arrive In Lagos From S’Africa
-
News2 days agoFG Declares Today Public Holiday To Mark Democracy Day
-
Women2 days ago
Nigerian Women And Dividends Of Democracy
-
Business2 days ago
FG Approves $1 Bn AFCFTA Credit Facility For Nigerian Exporters