Business
Geometric Power Plant to Start Electricity Generation Within 2 Months, Says Prof Nnaji
The 188-megawatt Geometric Power plant in the Osisioma Industrial Layout in Aba, Abia State, will start to generate electricity within two months, according to the Geometric Power group chairman, Professor Bart Nnaji, who is also a former Minister of Power.
Starting with one of its four General Electric brand turbines, the second will come on stream once the performance of the first turbine is declared satisfactory by the team of engineers led by KSE Energy of Turkey and Engineer Ben Caven, a former executive director of the National Electric Power Authority (NEPA) reputed to be the only person to have run the generation, engineering and transmission divisions of the state-owned utility.
“The generation of electicity from the Geometric Power plant will be a game changer in the socioeconomic development of not just Aba city but nine out of the 17 local government areas in Abia State serviced by Aba Power, a member of Geometric group”, Nnaji declared today to wildly cheering participants at the First African Continental Free Trade Area (AfCFTA) Market Opportunities Conference holding at the Technology Incubation Centre in Aba, organised by the Continental Export Import (CONEX) Ltd.
“We have completed building four brand new power substations and refurbishing three substations inherited from the Power Holding Company of Nigeria (PHCN), in addition to providing thousands of kilometres of cables and wires, as well as world-class tubular poles available in only highly industrialised cities such as Tokyo in Japan and San Francisco in California.
“All that remains now is to provide fuel or gas to the Geometric Power plant through the 27-kilometre gas pipeline from Owaza in Ukwa West LGA in Abia State to the Osisioma Industrial Layout on the Aba outskirts.
“Oilserv, Nigeria’s foremost indigenous gas pipeline builder, is doing a good job”.
Professor Nnaji, also a former Minister of Science and Technology who held the title of Distinguished Professor of Engineering in the United States, disclosed that though work has been completed on the seven substations, thousands of kms of wires as well as tubular poles, the power infrastructure will be put in use only when the Geometric Power plant becomes operational.
Th plant commissioning, he added, would bring about a dramatic improvement in not power supply but also its quality.
The Aba Integrated Power Project, he continued, “is the only electricity company in Nigeria that generates and also distributes power”.
He disclosed that he chose to cite Geometric Power to catalyse Aba’s development as the headquarters of indigenous technology and manufacturing, noting that with “constant, quality and affordable electricity soon, the cost of doing business in Abia State will reduce significantly and this will, in turn, impact on the national economy”.
He advised Aba business people to embrace the African Continental Free Trade Area, as it will elminate multiple taxes by various local and state governments as well as the Federal Government.
Nigeria has signed the agreement and ratified it, thus attaining the status of a state party whose goods and services can be exported to other African countries with relative ease.
Nnaji commended Aba businesses for excelling in textiles, leather products and metals which need large export markets.
Other participants in the two-day conference which will end tomorrow include the Nigerian Export Promotion Council, the Nigerian Shippers Council, United Bank for Africa, and the African Export Import Bank (AFREXIM Bank).
Nigeria’s inflation dropped to 23.7 percent in April, from 24.23 percent in March 2025.
The National Bureau of Statistics, NBS, disclosed this in its April Consumer Price Index and inflation data released on Thursday.
The figure showed that Nigeria’s inflation cooled off by 1.86 percent on a month-on-month basis.
Similarly, the food inflation rate in April stood at 21.26 percent.
“In April 2025, the headline inflation rate eased to 23.71 percent relative to the March 2025 headline inflation rate of 24.23 percent.
“The MoM headline inflation rate in April 2025 was 1.86 percent.
The food inflation rate was 21.26 percent (YoY),” NBS wrote on its X account on Thursday.
The latest CPI data comes ahead of the Central Bank of Nigeria’s Monetary Policy Committee meeting slated for May 19 and 20, 2025.
Recall that Nigeria’s inflation rose to 24.23 percent in March for the first time after CPI rebase in January 2025.
In February, the CBN MPC paused interest rate hikes after inflation dropped.
Business
Lagos Attracts $200m Investment from Abu Dhabi -Ambrose-Medebem
The investment is also aimed at boosting ICT innovation and healthcare facilities.
Lagos State Government said it has attracted over $200 million in partnership deal with the Abu Dhabi Ports aimed at developing critical infrastructure and logistics within the Lekki corridor.
The investment is also aimed at boosting ICT innovation and healthcare facilities.
The State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, said this during the ongoing ministerial press briefing to mark the 2nd year in office of the second term of the State Governor, Mr Babajide Sanwo-Olu at Alausa, Ikeja.
The State government recently held a roundtable investment forum as part of measures to boost its economy.
The Commissioner revealed that, “As a result of the Lagos Investment Roundtable, numerous Expressions of Interest from local and foreign investors are under active discussion.”
Business
Nigeria First Policy: Customs Championing Made-in-Nigeria Vehicles Procurements
In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”
The Comptroller-General of Customs (CGC), Adewale Adeniyi has assured members of the Nigeria Automotive Manufacturers Association (NAMA) that the Service would champion the procurements of locally assembled vehicles from the auto manufacturers inline with the government’s Nigeria First Policy Directive.
CGC Adeniyi gave the assurance when he inspected vehicles produced by members of the Nigeria Automotive Manufacturers Association (NAMA) at the Service’s headquarters, Maitama, Abuja.
After the inspection, the CGC commended the association for turning up in full strength and expressed satisfaction with the quality of the vehicles.
He remarked, “In terms of aesthetics, I am satisfied with what I see here. In terms of functionality, we have been assured by the manufacturers that the vehicles are quite efficient.”
“What gives me joy is that in all the vehicles I have seen today, there is an imprint of Nigeria, which shows that they are fully assembled here. It gives me joy that Mr President’s policy is on the right course,” he added.
He further praised President Bola Tinubu’s Renewed Hope Nigeria First policy initiative in the automobile industry.
He pledged that the Nigeria Customs Service would continue to patronise and support the sector for the growth and well-being of the nation’s industrial economy.
In response, Ilekuba Anslem Chairman, Chief Executive Officer of Cedric Masters Group, commended the CGC for his unwavering support for the automobile industry.
Also, Oluwatobi Ajayi, Chairman and Chief Executive Officer of Nord Automobile Limited, praised the CGC.
“Even before this policy was announced, you had been championing made-in-Nigeria vehicles.
With Mr President’s announcement, we are confident that you will be the first CEO of a government parastatal to fully champion this policy,” he said.
He assured the CGC that the company would not abandon its vehicles after sales.Similarly, Jonas Ojukwu, a Director at Innoson Vehicle Manufacturing Company Limited (IVM), assured the Nigeria Customs Service of the company’s commitment to delivering the best to the Service.
Other stakeholders who spoke at the event included representatives from Mikano Motors Nigeria and Stallion Motors Nigeria.
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