Economy
ECOWAS Inaugurates Regional Off-grid Project to Boost Electricity
The Economic Community of West African States (ECOWAS) Commission on Thursday inaugurated a Regional Off-Grid Electricity Access Project (ROGEAP) .
The project is to boost electricity for households, commercial enterprises, public institutions and for productive use.
ROGEAP is to be carried out through stand-alone solar photovoltaic systems in West Africa and four countries of the Sahel regions.
At the inauguration of the project and a workshop in Abuja, the Minster of Power, Mr Abubakar Aliyu, said that the ROGEAP project had been designed to provide solutions to improve the living conditions of the populace.
The minister, who was represented by Mr Ali-Dapshima Abubakar, Director, Renewable and Rural Power Access, Ministry of Power, said renewable energy was locally available and could be used for heating purposes and supply of electricity.
” It helps to reduce dependence on imported fossil fuels, enhance national energy security, reduce oil import bills, thereby reducing poverty,” he said.
Aliyu, however, said that the ministry had in the past collaborated with ECOWAS Centre for Renewable Energy and Energy Efficiency (ECREEE) which is an agency of the commission on implementation of the Regional Off-Grid Electrification Project (ROGEP) project since 2017.
”ROGEP as conceived entails the development of Solar Home Systems (SHS) to rural areas by providing developers with soft loans funded by the World Bank.
” The loans are to be issued by World Bank through intermediary banks and the interest to be borne by the project developers.
”Government is required to guarantee the payment of energy provided in essential sectors such as public health centres and public schools only,” he said.
According to him, though the project had considerable achievement, it was halted due to the expiration of the effectiveness period.
”The ECOWAS Commission is inaugurating ROGEP project under a new name ROGEAP to increase access to electricity for households, commercial enterprises, public institutions
”And for productive uses, through stand-alone solar photovoltaic systems, in West Africa and four countries of the Sahel regions, ” he said.
Speaking earlier, the representative of ECOWAS and “Conseiller Principal” El hadji Sylla, highlighted the importance of energy in achieving sustainable development and poverty reduction in regions.
Sylla said that energy could be achieved, using modern stand-alone sola technology through a harmonised regional approach.
He said the project had two main components which were development of a regional market for off–grid solar Photovoltaics (PV) system and access to finance.
”The project is expected to support member states to set a favourable framework to develop the solar off-grid market and to promote private sector participation.
The workshop had in attendance participants from government and related agencies, the private sector, financial institutions,
Others are development partners, technical partners, Civil Society Organizations and the Media, expected to validate the workshop report. (NAN)
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)
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)
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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