Business News
Lagos on the edge of 24/7 power supply in 2018

Published
3 years agoon

Lagosians should expect an appreciable improvement in power supply in the state if the comment of the state governor Mr. Akinwumi Ambode is anything to go by.
While addressing members of business community and the informal sector, the Governor said the state government is already adopting strategies to short-circuit power generation, transmission and distribution to ensure a stable 24/7 power supply to residents of the state.
Recent data reveals that the power requirements of Lagos today is estimated at about 10,000-12,000 MW. This is a sharp contrast to the less than 1,000MW available to Lagos State from the national grid. This situation has propelled many people to resort to self-help, compelling them to provide their own electricity, resulting in emergence of all manner of domestic power generating sets. This has resulted in very high cost of electricity which unfortunately accounts for 30 per cent of operating costs of any business.
Improved power supply, without doubt, remains a major key to tackling the myriads of social challenges such as unemployment, insecurity among others, currently bedevilling the Nigerian society. This, indeed, is the driving force of the state government in its various investments in the power sector. The need to generate more wealth and increase productivity is a major factor in the state government renewed resolve to improve power supply in the state
Lastly, it is important for the people to embrace the culture of power conservation as a way of freeing unused power so that power across the state could considerably stabilize. The habit of turning on unneeded power should be discouraged. Aside switching off unused power, the use of energy saving bulbs at homes and offices represents another way through which power could be conserved.Besides the need to conserve power, there is need for government and other stakeholders across the country to explore other sources of power aside from hydropower.
-Fikayo Owoeye
Nairametrics Research team tracks, collates, maintains and manages a rich database of macro-economic and micro-economic data from Nigeria and Africa. Our analysts share some of the data collated on Nairametrics, using formats such as docs, tables and charts etc. The team also publishes research based analysis as articles on a regular basis.


Tech News
Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million
Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.
Published
6 hours agoon
March 7, 2021
Twitter CEO, Jack Dorsey is auctioning his first-ever tweet on Twitter “just setting up my twttr” on a website that sells tweets as non-fungible tokens (NFTs).
The tweet was listed for sale on ‘Valuables by Cent’ – a tweets marketplace that was launched three months ago. The tweet was first made in March 2006
The tweet received offers as high as $88,888.88 within minutes of Jack tweeting a link to the listing on” Valuables by Cent” on Friday.
Currently, bidding has reached $2.5 million (€2.1 million) indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
The highest bid for the tweet — $2.5 million — came from Bridge Oracle CEO Sina Estavi. It topped cryptocurrency pioneer, Justin Sun’s $2 million bid.
The final buyer of the tweet will receive a certificate, digitally signed and verified by Jack Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents. Most of this information, however, is already publicly available.
According to Valuables by Cent’s terms, 95% of a tweet’s sale will go to the original creator while the remainder will go to the website.
What you should know
- NFTs is a unique digital certificate that states who owns a photo, video, or other forms of online media.
- Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform.
- Bidding had reached $2.5 million (€2.1 million) on Saturday, indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
- More people are currently bidding their tweets on the platform.
Stock Market
Bamboo’s current rate for buying U.S Stocks weakens to N492/$1
Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

Published
10 hours agoon
March 7, 2021
The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.
About two weeks ago, the Nigerian stock trading app offered an exchange rate of about N484 to $1.
The green-colored trading app known for allowing local-based Nigerians to invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.
READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban
That being said, Nairametrics’s most recent research observed Chaka. ng offers the lowest exchange rate charge of N480 to 1$, other Nigerian-based stock trading apps that include Trove and Risevest currently offer their clients N491.68 and N486 to $1 respectively.
In addition, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.
A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.
Consequently, a lot of Nigerians are flocking the New York Stock Exchange (NYSE) on the account it has about 2,800 companies listed, while the NASDAQ has about 3,300 stocks listed. This gives Nigerian investors numerous options where they can invest their money. It is also why the US economy attracts billions of dollars in portfolio investments annually.
READ: Many Nigerians are trooping into foreign stock markets
Bamboo is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.
In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Seplat falls into a loss in FY 2020
- 2020 FY Results: Cornerstone Insurance Plc reports a 61.1% decline in profit
- Ellah Lakes increases operating expenses by 33.36% in HY 2020
- 2020 FY Results: Nigerian Breweries reports a 54.3% decline in profits in 2020
- Abbey Mortgage Bank projects N51.08 million profit in Q2 2020.
-
Get the scoops and market intelligence that can help
you make better investment decisions right in your
mailbox.