Connect with us

Business

MAN Wants Tinubu To Appoint Incorruptible Minister of Power 

Published

on

443 Views

The Manufacturers Association of Nigeria is requesting President Bola Ahmed Tinubu to appoint a committed and incorruptible Minister of Power that has broad experience of the operations and politicking within the power sector.

Otunba Francis Meshioye,  President of the Manufacturers, who made the call, lauded President Tinubu for having signed the Electricity Act 2023 Bill into Law, describing it as a game changer.

He said that given the numerous constraints within the sector, the success of the new Act largely rests on its effective implementation, hence , the need for an incorruptible Minister of Power.

” Over the past decades, the Nigerian power sector has encountered much turbulence in its electricity value chain due to poor policy enforcement, over-regulation, instability of gas supply and bottlenecks in its transmission network.

” These problems have culminated into erratic electricity supply, frequent power outages and persistent collapses of national grid.

“For many years, the situation has stunted the growth of the economy. Consequently, access to electricity has remained a hurdle for millions of Nigerians,” he said.

Highlight of the Electricity Act 2023
In replacement of the Electricity and Power Sector Reforms Act 2005, the Electricity Act 2023 is aimed at providing an all-inclusive framework which will serve as a guide to the decentralization of the power sector in order to encourage private investment and build a competitive electricity market.

Major high points from the Electricity Act are as outlined:
*  States, private companies and individuals are now legally permitted to generate, transmit and distribute electricity.
* Power generation licensees are obligated to meet renewable energy generation as prescribed by the NERC.

* NERC will only surrender regulatory responsibilities to states with established electricity market laws.

*Without a license but an undertaking, the Act empowers any private individual or company to generate not more than 1MW in aggregate at a location.
* Subject to the determination of the NERC, private individuals or companies can sign an undertaking to distribute electricity of not more than 100 Kilowatts in aggregate at a location.

* The Act prohibits interstate or transnational electricity distribution.

* Generating companies are mandated to either generate or purchase electricity from renewable sources or procure instruments for generating renewable energy.

* The Act empowers legislative committees to carry out an oversight function over the NESI

* Except for Lagos, Kaduna and Edo with established electricity market laws, electricity in other states will still be regulated by NERC.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Naira Rates To Dollar, Pound ,Euro… Friday, October 2

Published

on

By

16 Views

BLACK MARKET RATES

₦1375DOLLAR (USD)

₦1845 POUND (GBP)

EURO (EUR) ₦1550

₦1000 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦370 UAE DIRHAM

₦190 CHINESE YUAN (CNY)

₦100 GHANA CEDI (GHS)

₦2350 CFA F.(XOF)

₦2250 CFA F.(XAF)

₦850 AUSTRALIAN DOLLAR (AUSSIE)

Official CBN Exchange Rates

DOLLAR (USD)₦1329.16

POUND (GBP)₦1766.59

EURO (EUR) ₦1510.06

SWISS FRANC (CHF) ₦1593.91

JAPANESE YEN (JPN)₦8.47

CFA FRANC (XOF) ₦2.30

WEST AFRICAN UNIT OF ACCOUNT (WAUA) ₦1807.23

CHINESE YUAN (CNY) ₦198.25

SAUDI RIYAL (SAR) ₦353.97

SOUTH AFRICAN RAND (ZAR) ₦81.18

Continue Reading

Business

Obasanjo: “Aliko Embarrass Me”

He got all his workers together in that refinery and said, without telling me, and there, said…

Published

on

By

34 Views

Former President of Nigeria, Olusegun Obasanjo, has described Aliko Dangote as his “boss”, crediting the businessman’s industrial achievements to the policies and encouragement provided by his administration.

Obasanjo said this while speaking at the groundbreaking ceremony of the Dangote East Africa Refinery in Lamu, Kenya, where he recalled his recent visit to the Dangote refinery and the businessman’s acknowledgement of the role he played in his transition from cement importation to production.

He said, “About two months ago, three months ago, I visited the refinery which you visited last week. And I just couldn’t stop being surprised what Aliko did. But then Aliko embarrassed me.”

According to Obasanjo, Dangote had gathered his workers during the visit and publicly attributed part of his success in cement production and the eventual development of his refinery to the policies and encouragement of the former president.

He said, “He got all his workers together in that refinery and said, without telling me, and there, said, all of you working here, all of you, the man you have to thank is this man, that’s me. I didn’t have anything to do with his refinery or what it is.

He said, without this man, I would not have been in cement production.“And it is the cement production that provided the encouragement, the inspiration for the refinery. So, thank you. They all shouted and thanked me.”

Obasanjo said Dangote had expanded the opportunities created by his administration beyond Nigeria, particularly through cement production across Africa, and was now replicating the model in the petroleum refining sector.

“May God continue to expand your coast. And you are my boss. You will continue to be my boss.”

Continue Reading

Business

Minister Tasks Charcoal Merchants on Sustainable Forestry

The minister gave the charge at the flag-off of the 2026 Operation One Million Trees Tree Planting Programme organised by the Association for Forest Conservation and Green Industrial Charcoal Merchants at the Faculty of Renewable Natural Resources, University of Ibadan.

Published

on

By

36 Views

•Charcoal merchants and other stakeholders in the forestry sector

The Minister of Environment, Balarabe Abass Lawal, has charged charcoal merchants and other stakeholders in the forestry sector to embrace sustainable practices and support the federal government’s efforts to reverse deforestation and restore Nigeria’s degraded forest landscapes.

The minister gave the charge at the flag-off of the 2026 Operation One Million Trees Tree Planting Programme organised by the Association for Forest Conservation and Green Industrial Charcoal Merchants at the Faculty of Renewable Natural Resources, University of Ibadan.

The programme, which brought together forestry practitioners, charcoal merchants, environmentalists, students, regulators and other stakeholders, is aimed at promoting afforestation and encouraging responsible management of Nigeria’s forest resources.

Speaking at the event, the minister described tree planting as one of the most practical measures for combating climate change, reversing deforestation, restoring biodiversity, controlling desertification and strengthening the resilience of the nation’s ecosystems.

The Chairman of the Association for Forest Conservation and Green Industrial Charcoal Merchants, Mr Adeshola Adebowale Idowu, emphasised that the event carried a clear message for everyone involved in the charcoal business and, indeed, every Nigerian.

Idowu said stakeholders should develop the habit of replacing trees removed from the environment, encouraging Nigerians to plant trees around their homes and communities.

He advocated a practice of planting several trees for every tree cut down, stressing that trees remain indispensable to human existence because many products used by society are derived from them

( THISDAY)

Continue Reading

Trending