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Osinbajo Inaugurates NDPHC 2x60MVA, 132/33KV Awka Substation

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Osinbajo inaugurates NDPHC 2x60MVA, 132/33KV Awka substationInaugurationBy Constance AthekameAbuja, Aug. 25, 2021 (NAN) Vice President, Prof. Yemi Osinbajo, has inaugurated the 2×60 Mega Volt Ampree (MVA) 132/33 Kilo Volt (KV) Awka Substation in Anambra State, built by the Niger Delta Power Holding Company Limited (NDPHC) to improve power supply to the state.

A statement by the NDPHC said that the Vice President, who is also the Chairman of NDPHC Board, inaugurated the project on Tuesday.
Speaking at the ceremony, Osinbajo reiterated Federal Government’s commitment to continue to create enabling environment for businesses to grow in the country.Osinbajo noted that for Nigeria’s economy to grow at required rate, small businesses have to be supported by both the Federal and State governments.
He said that the new substation, built by the  NDPHC, would deliver about 100 Mega Watts (MW) of power to the Anambra state capital and its environs.“The economy of Nigeria largely depends on efforts made at the sub-national level, that’s the state level.“It is the aggregation of the work that is done in the states that leads to the great economy that we hope for and are working for in this nation of ours.“Anambra State revenue has increased from about N10.4 billion in 2014 to N26.37 billion as at  2019 and this is another 152 per cent increase in the state’s Internal Generated Revenue (IGR),” he said.The VP said that enabling environment and ease of doing business implemented in Anambra has seen it becoming one of the fastest growing manufacturing hubs in the country.He said that Nnewi houses key local manufacturing companies, including Innoson Vehicles Manufacturing, Tommy Tommy Industries, Chikason Group, amongst others, is evidence of the entrepreneurial ability of the Nigerian people and the drive is possible but also importantly the enabling environment that states can create.” Osinbajo emphasised that the way the economy will develop is through small businesses powered by states and assisted as much as possible by the Federal Government.He pointed out that the industrial growth of the state happened despite power supply challenge, adding that the new substation is a direct measure by the government to address the challenge.“Since the technical commissioning of the substation in November 2020, this new substation has been in service providing 33KV evacuation capacity for at least 100MW of power through its two units of 60MVA, a total of 120MVA.“The commitment of the administration to ensure the completion of the Awka NIPP 132KVA grid substation now provides a hitherto unavailable 70MW additional  power capacity for driving industrial growth and boosting the economy of the state, with a positive effect on employment and social-economic upliftment for residents of the state,” he said.Also speaking, the Anambra state Governor, Willie Obiano, thanked the Federal Government and the NDPHC for constructing the substation, saying it will greatly boost the industrialization of the state.Obiano noted that with improved power supply to the state, many industries would save the cost of self generation of electricity.He said that the newly-commissioned shoe making factory and the cargo airport would be direct beneficiaries of the new substation.Earlier in his address, the Managing Director of NDPHC, Mr. Chiedu Ugbo, disclosed that besides the industries, about a million households in Awka and its environs will benefit from improved power supply.Ugbo said that the project is one of the several transmission projects conceived under the National Integrated Power Project (NIPP) being implemented by NDPHC.He said that the project is part of Federal Government’s commitment towards improving electricity transmission infrastructure in the country.He explained that “the substation is provided with six 33kV feeders to enable a robust power evacuation to the following hitherto constrained locations of the EEDC Franchise territory of Anambra, including two premium new locations critical to the Anambra Government, the Awka Township 33/11kV Injection Substation; the Agu Awka 2unit 15MVA 33/11kV Injection Substation serving the nearby Agu Awka Industrial Layout; the Enugu-Ukwu 33/11kV Injection Substation; the Aguleri/Umuleri 33/11kV Injection Substation; the New Anambra Airport; and the New Awka Millennium City.”He also said that the company has recently completed a 32 Kilometers (KM) of line with one unit of 2.5MVA and injection substation to the new airport in the state.“The feeder from this Awka transmission substation will be supplying close to one million households spread over the urban and rural parts of the state, including existing and upcoming industrial layouts, factories, markets and other critical state infrastructures,” he added.On her part, the Managing Director of News Engineering, the contractor who handled the project, Mrs Josephine Nwaeze, disclosed that the project was executed solely by Nigerians.She called on the Federal Government to make more projects available to indigenous companies to grow the economy. (NAN)

Economy

Investors Gain N183bn on NGX

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The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.

Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.

The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.

68, against 98,206.
97 recorded on Tuesday.

Consequently, the Year-To-Date (YTD) return increased to 31.

74 per cent.

Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.

Market breadth closed positive with 34 gainers and 17 losers.

On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.

Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.

On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.

Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.

A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.

Meanwhile, ETranzact led the  activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)

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Economy

Yuan Weakens to 7.1870 Against Dollar

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The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
(Xinhua/NAN)

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Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL

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Arewa Youths Initiative for Energy Reforms (AYIFER), has urged  Nigeria National Petroleum Corporation Limited (NNPCL)  to do everything possible to bring Kaduna Refinery back into operation.

National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.

Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.

He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.

“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.

“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.

“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.

Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.

According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.

He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)

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