In a landmark move, the Federal Government of Nigeria (FG) has officially handed over the $1.3 billion Zungeru Hydroelectric Power Plant to Penstock Limited, a private operator, marking a significant step towards boosting the country’s power generation capacity.
The announcement was made on Tuesday at the inaugural 2024 session of the National Council on Privatisation (NCP), held at the Presidential Villa in Abuja.
It is projected that this transition will significantly increase Nigeria’s power generation capacity, thereby helping to meet the expanding energy requirements of the country.
Mele Kyari, CEO of Nigerian National Petroleum Company Limited, emphasized the critical role of energy security in public wealth creation at a conference in Abuja.
He highlighted that sectors like agriculture heavily rely on energy for success.
With Nigeria facing a significant energy deficit, hindered by investment uncertainties and multiple taxation, Kyari assured efforts to bridge the gap.
Over 70 percent lack clean cooking fuel access, while 50 percent lack electricity, underscoring the urgency for sustainable solutions.
The Lagos State Government plans to relocate the Ikeja Computer Village due to its current residential area status.
Olajide Babatunde, the Special Adviser to the Governor on e-GIS and Urban Development, confirmed the decision.
The assessment by the Lagos State Building Control Agency determined the move to Katangua in Abule Egba.
Babatunde assured residents of smooth relocation, citing Katangua’s ample space and infrastructure.
The transition aims to align with urban planning regulations.
Governor Umar Namadi of Jigawa State seeks over $50million investment from the Islamic Development Bank, Arab Bank for Economic Development in Africa, and Saudi investors.
The initiative aims to boost agriculture and productivity, driving economic growth.
Discussions also focus on educational projects, including an Islamic University and 11 Islamic centers across Jigawa State, to improve access to quality education.
The governor’s delegation engages in establishing social and business partnerships to advance the state’s development.
The oil market rebounded in early Asian trade, with Brent crude up 0.15 percent to $82.46 a barrel and WTI rising 0.12 percent to $77.13.
This followed concerns over output cuts and attacks on Red Sea shipping, juxtaposed with fading prospects of U.S. rate reductions.
Tuesday saw Brent and WTI contracts slip 1.5 percent and 1.4 percent respectively.
Meanwhile, Washington vetoed a UN resolution on the Israel-Hamas conflict, advocating for a ceasefire linked to the release of Israeli hostages.
