Category Archives: Business

Poor electricity costs Nigeria N10tn yearly, says World Bank

The unreliable power supply in Nigeria is causing huge economic losses, estimated at N10.1tn, yearly, the World Bank has said.

The World Bank, in a new report, noted that transition from a publicly-owned to largely privately-owned power market, which began in 2013, did not bring the expected outcomes.

Nigeria Power sector loses N356.49bn as 4,000MW stalled daily

About 4,000 megawatts-hour/hour of electricity was constrained daily in the power sector in the past six months, resulting in a cumulative revenue loss of N356.49bn.

Findings showed that insufficient gas supply, distribution infrastructure and transmission facilities caused the huge revenue loss and constrained electricity generation daily.

Discos get tariff guidelines for additional power distribution

The Nigerian Electricity Regulatory Commission has outlined guidelines which power distributors must adhere to when purchasing additional generation capacity that will lead to higher electricity tariffs payable by power users.

According to the commission, the tariff for such additional generation capacity would be higher than the prevailing wholesale tariff from the general power pool.

Biden Campaign Raised $10M more than Trump in June

Former Vice President Joe Biden’s campaign and joint committees outraised President Trump by $10 million in the month of June, Biden’s campaign announced Wednesday.The campaign, in combination with the Democratic National Committee (DNC) and their joint fundraising committees, raised a total of $141 million in June, according to the Biden campaign, an all-time single-month high. The campaign listed educators as the most common donor occupation, saying that more than 2.6 million people had joined the campaign’s email list in the past month.

Vietnam Opens World’s ‘First’ Gold-plated Hotel

The world’s first self-proclaimed gold-plated hotel is open for business in Vietnam — and the owners insist they have the Midas touch despite the cramping of global travel during the coronavirus pandemic.The “Dolce Hanoi Golden Lake” hotel costs $200 million to construct with a 24-carat plating across lobbies, an infinity pool and rooms with even cutlery, cups, shower heads and toilet seats receiving the golden treatment. Coffee for the guests comes in a gold cup and bath time is taken in gilded splendour.

109,823 beneficiaries of Batch A, B of N-power now business owners – Sadiya Farouq

Sadiya Farouq, the Minister of Humanitarian Affairs, Disaster Management and Social Development, on Saturday, has said no fewer than 109,823 beneficiaries of the N-Power Programme are now business owners.

In a statement on Saturday in Abuja by Farouq’s Special Assistant on Strategic Communication, Halima Oyelade, said the beneficiaries of Batch A and B of N-Power have established businesses in their communities.

Forex Constraint Devalues Naira to N380/$

Shortage of forex in the economy caused the naira to fall below the official rate of by 3.5 per cent to N380/$1 from N360/$1 according to the Central Bank of Nigeria.

The Deputy Governor, Financial Systems Stability Directorate, CBN, Aishah Ahmad, said this in her presentation at the last Monetary Policy Committee meeting.

N-Power : Three million Candidates Apply for 400,000 job Spaces

N-Power is one of the National Social Investment Programmes of the Federal Government of Nigeria.

Over three million applicants have enrolled for about 400,000 job spaces in the third batch of the Federal Government’s N-Power programme.

Olam seeks new ideas to address food security

Olam International, in partnership with Agropolis Foundation, is seeking groundbreaking scientific research that can deliver transformational impacts on global agriculture.

Olam said the winner would be given $75,000 grant to support the development and implementation of research findings.

Shell Nigeria 20km Gas Pipeline Connects Industrial Zones In Aba State

Shell Nigeria Gas (SNG) has completed the final phase of its 20km domestic gas pipeline expansion project in Abia State, connecting Agbor Hill, Osisioma and Araria industrial zones.

The project has also enabled the supply of pipeline gas to Ariaria Market Energy Solutions Limited, the Independent Power Project (IPP) consortium that provides electricity to the popular Ariaria market in Abia State. Ariaria International Market is one of the largest leather shoe-making and open stall markets in West Africa, with over 37,000 shops and an estimated one million traders.