Economy
AFD Stakes $70m for Renewable Energy Development in Nigeria
The Agence Francaise de Developpement (AFD) has staked a total of 70 million U.S dollars to fund renewable energy and efficient energy projects in Nigeria.Mr Chukwudumije Igwe, Member, Project and Structured Finance, Sub Sahara Africa, Access Bank, said this at the second edition of Sustainable Use of Natural Resources and Energy Finance (SUNREF) Nigeria programme investor conference on Thursday in Lagos.
The AFD 70 million U. S dollars fund was meant to be jointly disbursed by Access Bank Plc and United Bank for Africa (UBA).Igwe said the fund was expected to bridge Nigeria’s power needs and reduce environmental pollution.He stated that SUNREF was committed to sponsoring projects that were innovative, technically eligible, energy efficient and renewable.“SUNREF is a fund that has been made available by AFD to back renewable and energy efficient projects.“Access bank is one of the disbursing banks and we are looking forward to reviewing and accessing projects that meets eligibility and also the risk criteria.“The total size of the fund is 70 million U.S dollars and has been shared between Access Bank and UBA and we are looking for eligible projects to disburse this fund to.“We know that a lot of the SUNREF project are power and renewable projects and we know how critical infrastructure is to Nigeria and the federal government cannot do it alone.“The private sector is key and we also know that bridging this gap would involve private sector and development finance institutions.“This is why this is very critical and we hope that the fund would bridge a whole lot of the nation’s infrastructure gap,” he said.Team Lead, SUNREF Nigeria, Mr Javier Betancourt, noted that the renewable energy sector had so far remained forgotten by financiers.He said that the event was to bring together some investors, manufacturers and captains of industry to have a conversation to address issues in the renewable energy sector as regards financing and policies.Betancourt said access to finance to fund renewable energy projects required long-term financing not available in the country. He, however, pointed out that the sector had become a more important subject matter, hence the involvement of banks in the matter.“The 70 million U.S dollars is largely not enough but a start because what Nigeria needs is in billions because over 80 million people in Nigeria are completely unelectrified while the remaining 100 million are somewhat electrified.“The investment needed is enormous and $70 million does not even begin to cover it, but it does help start things.“This fund we are bringing in will be longer terms with minimum of five years and these are concessional lending rates which would help to finance these projects.“It’s difficult approximating the exact amount the country needs by the renewable sector to bridge the nation’s energy gap but I can say that Nigeria needs another 14GW of energy, an investment of about $10 billion in total.“$70 million is a drop in the ocean, but it is an important drop because it will help move this sector to get the appropriate finance,” he said.The Minister of Industry, Trade and Investment, Otuba Adeniyi Adebayo, represented by the Deputy Director, Industrial Development, Mr John Opaluwa, reaffirmed the ministry’s commitment to attracting investors into the country to boost industrial activities and economic growth.He reaffirmed the need for economic managers to prioritise substantial investment into the implementation of the renewable energy solutions and energy efficiency measures.“The rapid population growth and increase in industrial activities has led to a significant increase in energy consumption resulting to increase in environmental pollution and economic difficulties.“Renewable energy provides assess to alternative sources of energy that are more sustainable and reduce dependence on fossil fuels,” he said.President, Manufacturers Association of Nigeria (MAN), Mr Mansur Ahmed, said the poor state of energy service over the years had constrained the manufacturing sector, leading to low level of competitiveness globally.Ahmed, welcoming the initiative, said it would reduce the cost of doing business in the country and urged manufacturers to take advantage of the funding facility. (NAN)Economy
Minister Says Upgrading MAN to Varsity will Unlock Maritime Opportunities
Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy says upgrading the Maritime Academy of Nigeria (MAN), Oron to a university, will unlock opportunities in the maritime economy.
Oyetola made the expression at the 2024 MAN cadets graduation ceremony in Oron, Akwa Ibom on Saturday.
Represented by Mr Babatunde Bombata, the Director, Maritime Safety and Security, the minister said the Federal Government was working assiduously to unlock opportunities within the marine and blue economy.
He said that the ministry was already collaborating with the Ministry of Education and the Nigerian Universities Commission to ensure MAN’s seamless transition to a university.
“It is our hope that this upgrade will unlock new opportunities for advanced learning, cutting edge research and innovation within the marine and blue economy fields,” he said.
Oyetola urged the graduating cadets to be innovative, resourceful and forward looking in their future endeavours.
“The maritime and blue economy sectors are filled with opportunities, so your contributions to the sector will be instrumental in ensuring a brighter future.
“The government is committed to fostering excellence and innovation in these fields, and we eagerly anticipate the positive impact you will make in your careers,” he said.
He further said that the Federal Government was working on developing a national policy on marine and blue economy.
“This policy will serve as a strategic framework to drive economic diversification, attract investments, create jobs and youth empowerment.
In his remarks, Gov. Umo Eno of Akwa Ibom, said the state government would continue to collaborate with the academy to develop the maritime sector.
Represented by the Commissioner for Internal Security and Waterways, Gen. Koko Essien, (Rtd), Eno urged the graduating cadets to utilise their training in developing the maritime sector.
“I am hopeful that you will utilise the training you have acquired here to further your career as seafarers and in the development of our blue economy,” he said.
Eno commended the Acting Rector, Dr Kevin Okonna and his management team for their commitment towards repositioning the academy for greater results.
Earlier, Okonna said that graduates of the institution had contributed immensely to the growth of Nigeria’s maritime and blue economy.
“Today, we have an opportunity to celebrate a new set of well-trained personnel to the maritime and allied industries.
“We pride ourselves as the pioneer maritime training institution, this is because of the institution’s contributions to national development,” he said.
The acting rector urged the graduating cadets to made effective use of the knowledge gained during their training to make meaningful impact on the growth of the maritime sector.
Report says that awards were given to graduating cadets who distinguished themselves in character and learning. (NAN)
Economy
Investors Gain N183bn on NGX
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)
Economy
Yuan Weakens to 7.1870 Against Dollar
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)