NEWS
Nigeria Loses $29bn Annually to Unreliable Electricity- W/Bank
The World Bank says businesses in Nigeria lose about $29bn annually
because of unreliable electricity.
The bank said solving Nigeria’s power problem will offer the nation an
opportunity to tackle long-standing challenges and boost the economy.
In its latest report, “Nigeria Development Update: Resilience through
Reforms,” the World Bank noted that the federal government has started
implementing critical actions to address the power sector
underperformance, threatening the nation’s post-pandemic recovery.
“To address the economic challenges that have arisen from the oil
price shock and COVID-19, in July 2020, the FGN launched a N23
trillion ($5.
9 billion) Nigerian Economic Sustainability Plan (NESP),”the report reads.
“The NESP lays out an ambitious package of policy measures and
programs to stimulate activity and create jobs through investments in
agriculture, roads, renewables, and housing.
“But any economic recovery program will be severely challenged by
minimal access to electricity, an insufficient power supply, and a
financially unviable power sector.
“However, the focus on kick-starting the economy and the general push
to place it on a stronger and more sustainable recovery path provides
a new impetus to reforms in the sector.”
The report also noted that the national electrification project (NEP)
was launched to improve the sector’s performance and increase access
to reliable electricity across Nigeria.
“Nigeria is a critical member of the West Africa Power Pool (WAPP),
the regional market launched in 2018, which can significantly improve
the electricity supply not just in Nigeria but throughout all of West
Africa.
“By the mid-2020s, it is expected that all 14 countries in the WAPP
will be interconnected; efforts are already underway to increase the
capacity of the network and to reinforce it in order to increase
domestic supply and accrue the benefits of regional trade.”
The report advised Nigeria to improve its investment climate and
clarify the monetary and fiscal policies that incentivise private
investments in the power sector.
“Address constraints in the transmission and distribution segments and
maintenance issues in a generation; upgrade, rehabilitate, and
reinforce transmission lines,” the report added.
“Adopt a dual strategy to expand access to electricity service that
involves off-grid access solutions, such as mini-grids and solar home
systems.
“Focus on underserved rural populations and rural institutions, such
as schools, health centres, and administrative buildings as well as
rural businesses, farms, and enterprises for job creation and economic
development.”
NEWS
FG Declares Public Holidays for Christmas, New Year
The Federal Government has declared Wednesday, Thursday and Jan.1, 2025 as public holidays.
This is contained in a statement signed by the Ministry of Interior’s Permanent Secretary, Dr Magdalene Ajani, on Monday in Abuja.
According to Ajani, the Minister of Interior, Olubunmi Tunji-Ojo said that the public holidays were to enable citizens to celebrate Christmas, Boxing Day and the New Year respectively.
“The Christmas season is a good moment for both spiritual reflection and national renewal.
“As we celebrate the birth of Jesus, the Prince of Peace, let us demonstrate kindness and extend goodwill to one another, irrespective of our differences,” the Minister.
Tunji-Ojo emphasised the importance of the season as a time to foster harmony and to strengthen bonds across families and communities.
He assured citizens of the federal government’s continued commitment to ensuring peace, security, and prosperity across the nation.
He further expressed confidence in the renewed hope agenda of President Tinubu’s administration for a better and prosperous economy in 2025.
The Minister, on behalf of the federal government sent warm greetings to all Nigerians, urging them to use the festive period to reflect on the values of love, peace, and unity that the season signifies.(NAN)
NEWS
Hoodlums Attack Etsu Lokoja’s Palace, Raze Properties
Some suspected hoodlums on Saturday attacked the palace of Etsu Lokoja, Chief Emmanuel Dauda-Shelika, Nyamkpa IV, burning properties within the premises, including a vehicle.
The palace, located on plot 306, New Layout, Lokoja, was allegedly attacked by hoodlums at about 1:00 am on Saturday.
The Nupe Natives of Lokoja Development Union were planning to host the 2nd edition of the Nupe Natives end-of-the-year event, tagged “Lokoja ’24 Nupe Cultural Fiesta,” on Dec.
21, 2024, before the incident occurred.The event was, however, aborted due to the unfortunate attack.
Dauda-Shelika said this on Monday in Lokoja that he heard a big bang on my door at around 1 am.
“I woke up to check through the window, wondering what could have happened.
“Then, I suddenly saw wildfire coming out of my car that was set ablaze by attackers.
“I knew it was an attack on the palace, and therefore I could not come out because of fear of being attacked. So, I managed to come out through the back door and scaled the fence to escape for my life.
“Thereafter, I came out to the road and realised that all my neighbours in the community were on the ground trying hard to quench the fire, but unfortunately the car was burnt as well as other properties inside it.”
The traditional ruler appealed to the government and security agencies to investigate the cause of the attack and bring perpetrators and their sponsors to justice.
He admonished Nupe natives in Lokoja to avoid any reprisal attack but continue to remain peaceful and law abiding and allow the government and security agencies to conduct a thorough investigation of the attack.
“We are appealing to Gov. Ahmed Ododo and security agencies to please use their good offices to investigate this unfortunate incident and bring to justice whoever is concerned, whether directly or indirectly.
“We also want the government to kindly visit our issues by recognising and grading the stool of Etsu Lokoja, which had been in existence before colonisation,” he said.
He stated that the Lokoja Local Government Area chairman and his security team came for an on-the-spot assessment that Saturday morning, as well as the police and other security outfits.
The National President, Nupe Natives Union Lokoja, Alh. Abubakar Ndashite, said the event scheduled for Saturday was a celebration of Nupe cultural heritage and not any form of coronation as being insinuated from some quarters.
Ndashite, who doubles as the chairman of the planning committee, said the aborted event was to project the Nupe spirit and culture as well as the rich history of the diversely composed Lokoja community and the peaceful and harmonious coexistence among her.
He expressed his displeasure over the aborted cultural event, noting that the union had expended so much on it, and urged the government to bring perpetrators to book. (NAN)
NEWS
Eight Dead, Three Injured in Ohafia Road Crash
The Abia Sector Command of the Federal Road Safety Corps (FRSC) has confirmed the death of eight persons with two others injured in a road traffic crash that occurred along the Bende-Ohafia Road.
A statement by the Sector Commander, Mrs Ngozi Ezeoma, on Monday in Umuahia said that the crash occurred on Sunday along the Mmuri River axis of the road in Ohafia Local Government Area of the state.
She said the crash involved a Trailer carrying chippings which hit and fell on a Sharon Volkswagen vehicle with 10 persons on board.
“At the time of the crash eight persons had died including a woman standing by the roadside and three were injured.
“The injured victims were taken to the hospital while the dead ones were deposited at the morgue,” she said.
Ezeoma said that preliminary investigation revealed that the crash was caused by dangerous driving and excessive speeding. (NAN)