UK PM, Rishi Sunak, fined for not wearing car seat belt
Iran sentences mentally ill protestor to death for burning Quran
Sierra Leone introduces job quota for women
Russia opens criminal case against US citizen accused of espionage
History made as US state swears in first ever black governor
Like locusts, PDP will devour everything if returned to power – Tinubu
Wike vows to lead challenge against ‘illegal’ dissolution of Ekiti PDP exco in court
Nnamani says PDP violated its constitution in suspending him
Senate invites Kyari over Tompolo’s N48bn pipeline security contract
2023: Tinubu slept through peace meeting, Sowore mocks APC candidate
MTN lures shareholders with incentive shares after 2022 under-performance
New naira notes: CBN introduces cash swap programme
Why Nigerians in Diaspora don’t have to fear buying property in Nigeria
Oil companies lose N803bn to sabotaged pipelines in 2022, highest in 3yrs
Banks to pay N1m daily as CBN moves to enforce distribution of new Naira notes
INVESTIGATION: 4 yrs after completion, Kwara PHC facility inactive, rural dwellers in pains
INVESTIGATION: How Oyo State, contractors spent N1.1bn on water projects, but communities don’t have a drop
INVESTIGATION: In Cross River, civil servants retire into poverty as govt looks away, squanders funds on frivolities
Students suffer as contractors abandon Kano school projects after receiving over N70m
SPECIAL REPORT: World Bank road projects go bad in Enugu, as state govt fails to fulfill promise
FACT CHECK: Did a UK Secretary of State endorse Peter Obi?
FACT CHECK: Has T.Y Danjuma endorsed Peter Obi for President?
FACT CHECK: Did Tinubu say Igbos are kidnappers?
FACT CHECK: Did Wike promise Obi votes in Rivers State?
FACT CHECK: Was a player’s contract terminated for Ronaldo to have the number 7 jersey in Al-Nassr?
Osimhen scores in Napoli’s derby win over Salernitana
EPL: Everton fall to defeat vs West Ham after Liverpool, Chelsea share spoils
Djokovic into last-16 of Australian Open, Murray knocked out by Bautista Agut
OFFICIAL: Chelsea complete signing of Madueke from PSV
Juventus drop to 11 in Serie A as club docked 15 points
TechNigeria: A weekly digest of what went down in Nigeria’s tech space
Google’s parent company, Alphabet, to cut 12,000 jobs
Instagram launches ‘Quiet Mode’ feature to boost users’ productivity. 2 other stories and a trivia
Wikipedia redesigns website, first time in over ten years. 2 other stories and a trivia
Flow secures $4.5M pre-Series A funding. 3 other stories and a trivia
Naira records slight gain against US dollar as expert makes positive prediction for 2023
Naira value stable against US dollar as forex demands drop by 72%
Naira starts the week at N461.50 official rate
Again, Naira value depreciates at official market
Naira gains on dollar across fx market windows
The International Renewable Energy Agency (IRENA)has said Nigeria is the highest importer of Premium Motor Spirit (PMS) and diesel generator in Africa, and one of the largest importers worldwide
In a new report released by the agency for the month of January 2023, titled; ‘Renewable Energy Roadmap: Nigeria’, it was said that no other African country imports as many generators as the largest economy on the continent does.
The global intergovernmental agency for energy transformation blamed it on poor electricity supply in the country and lack of financing in the power sector.
It was disclosed that households and small and medium-sized enterprises spend more on kerosene, fuel and diesel compared to grid electricity.Read more
As a result, Nigerian products are approximately one-third more expensive than goods imported into the country, “Given the several million captive generators imported into the country, Nigeria leads Africa as the highest importer of generators and is also one of the largest importers worldwide.
“Nigeria’s erratic power supply systems and the relatively expensive captive generation negatively impact the economy from the residential to the industry sector.
READ ALSO:Data shows almost half Nigeria’s electricity supply is from generators despite promises
“Owing to the high costs of captive generation, households and small and medium-sized enterprises spend between two and three times more on kerosene, diesel and petrol than they do on electricity from the grid. In industry, government figures suggest that the cost of self-generating power makes Nigerian products approximately one-third more expensive than imports,” the report reads.
Commenting on the funding issue, IRENA said the industry needs $34.5 billion to power all households by 2030, “In terms of improving electricity access, around $34.5 billion in total investment will be required to provide electricity access to all households by 2030.
“The Transmission Company of Nigeria (TCN) suggests that rehabilitation and expansion of the grid will require an annual investment of $1 billion for the next ten years.”
The report reads that investment in renewables is more cost-effective than the conventional pathway, explaining, “investment in renewables is cost-effective – it is cheaper than the planned case, regardless of the economic growth rate achieved.
“Therefore, by using its abundant and largely untapped renewable energy resources, Nigeria could provide sustainable energy for all its citizens in a cost-effective manner.
“However, the study also shows that under very high economic growth (10% annual gross domestic product [GDP] growth rate), current energy policies would be insufficient to meet the total electricity needs of Nigeria by 2050, with substantial shares of distributed oil-based generation needing to remain in the Nigerian electricity supply mix.”
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
Buhari’s policy flip flop impacts oil industry negatively, major oil marketers say in open letter
Netflix’s Reed Hastings follows Bezos, Gates’ footsteps after Disney shock
Your email address will not be published.
In the middle of the night sometime in September 2019, Fatimah Ballah struggled with severe pains as she tries to…
Multimillion naira water projects largely initiated by the late Abiola Ajimobi-led state government in Oyo State to benefit over 40…
Thousands of civil servants in Cross River State struggle to stay alive as they are denied their gratuities and monthly…
In 2019, to improve the condition of public schools in Kano State, the Federal Government disbursed millions of naira to…
Counterpart funded road projects between the world Bank and Enugu State government have started to fail, as the state government…
Copyright © 2021 Ripples Nigeria. All rights reserved.