Economy News Extra Investments/Capital Market Latest News Power/Electricity Privatisation & Commerce

Transcorp Plc Wins Afam Power GenCo Bid

Transnational Corporation of Nigeria Plc, (Transcorp Plc) has been named the preferred bidder for Afam Electricity Generation Company (GenCo) in furtherance of government’s efforts to increase electricity generation through private sector investments. Transcorp was successful with its offer of N105.3 billion (about $293 million) for the power plant, which operates a natural-gas fired power plant […]

Budgeting Economy News Extra Investments/Capital Market Latest News Political Economy Power/Electricity

FEC Approves New $247.3Mn Loan For Infrastructure Devt

Despite concerns by some analysts and the International Monetary Fund (IMF) about Nigeria’s rising debt stock, the Federal Executive Council (FEC) has approved another $247.3 million foreign loan for infrastructure development. Nigeria’s domestic and foreign debt had jumped from N12.12 trillion in 2015 to N24.38 trillion in 2018. Giving a breakdown of the loan based […]

Economy News Extra Investments/Capital Market Latest News Power/Electricity

ABCON Tasks FG On Power Sector Reform Imperatives

The Association of Bureaux De Change Operators of Nigeria (ABCON) has canvassed the need for government to fast-track the implementation of the power sector reform programme as a desirable step towards providing stable electricity for households and businesses in the country. This is even as it called on its member-entities BDCs to adopt the principle […]

Budgeting Economy News Extra Latest News Power/Electricity

Afam Power Boss Seeks Adequate Budgetary Allocation For GenCo

The Managing Director, Afam Power Plc, Mr Olumide Obademi, on Friday appealed to the Federal Government for adequate budgetary provision to enable the company remain competitive in the nation’s power generation market. He made the appeal in Afam, Rivers State when principal officials of the Federal Ministry of Power, Works and Housing embarked on a facility  inspection […]

Economy News Extra Latest News Power/Electricity Technology

NERC Flaws Discos’ Stance On Meter Supply

Nigeria’s power sector regulator, the Nigerian Electricity Regulatory Commission (NERC) has flawed the position of the electricity distribution companies (Discos) on meter supply to consumers, saying the responsibility is that of the companies based on the provisions of the Meter Asset Provider (MAP) Regulations 2018. The commission, in a statement maintained that the DisCos’ role […]

Economy News Extra Latest News Power/Electricity

Meter Manufacturing Firm Urges CBN On Funding Support

One of the licensed meter manufacturing companies in the country, Momas Electricity Meter Manufacturing Company Ltd. (MEMMCOL), on Thursday urged the Central Bank of Nigeria (CBN) to create a credit line of  single digit interest rate to meter manufacturers to support manufacturing entities’ current efforts to ensure adequate distribution of meters to electricity consumers nationwide. […]

Economy News Extra Latest News Power/Electricity

Discos’ Prepaid Meter Supplies Hit 1.67Mn Nationwide – NBS

The National Bureau of Statistics (NBS) has reported that the 11 electricity Distribution Companies (DisCos) in the country so far supplied a total of  1,669,675 units of prepaid meters to consumers nationwide as at the end of December 2018.. According to the official statistics producing and reporting agency in its latest ‘Power Sector Report: Energy […]

Economy News Extra Latest News Power/Electricity

FG Targets 30% Renewable Energy Mix By 2030

The Federal Government has unveiled plans to meet 30 percent of its energy needs from renewable energy sources by 2030. The Minister of Works, Power and Housing, Babatunde Fashola, gave this hint in his keynote address at the 2018 pre-conference workshop of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos The minister said that […]

Economy News Extra Latest News Power/Electricity

FG, Donor Agencies To Seal $956Mn Power Transmission Deals

The Federal Government and multilateral donor agencies are expected to sign three key transmission projects deals worth $956 million to be executed by the Transmission Company of Nigeria under its national grid expansion plan before this month ends. Already, a meeting had been held between the TCN and representatives of the multilateral donor agencies in […]

Economy News Extra Latest News Oil & Gas Power/Electricity

NERC Links Poor Power Supply Mainly To Gas Shortage

The Nigerian Electricity Regulatory Commission (NERC) has reported that the major constraints experienced in the country’s electricity sector in the first quarter (Q1) of 2018, is due largely to gas supply shortfall to power generation companies (Gencos). In its just published Q1 2018 quarterly report of activities in the sector, the Commission stated that 74 […]