The quest to solve Nigeria’s perennial power problem has gotten a boost as two energy companies have entered into an agreement to bring a hybrid power solution to Nigeria and other African countries.
The companies are Distributed Power Africa (DPA), a subsidiary of Econet Wireless Global, and Électicité De France (EDF), a foremost electricity company. They both signed the pact recently in Johannesburg, South Africa.
According to a statement obtained from Econet Wireless Global’s website, the deal will enable both parties to supply commercial, industrial, and hybrid power solutions to African countries; beginning with Nigeria, Ivory Coast, and South Africa.
What this means: The hybrid power solution is expected to combine solar power with energy back-up systems such as batteries. Below are what are the things expected from the pact:
- Ultimately, the synergy will help tackle frequent power-cuts and lack of access to power grids, two major factors hampering business and economic growth in Nigeria and other sub-Saharan African countries.
- The initiative will equally facilitate the ease of doing business in such countries by providing more affordable power option to manufacturers and business owners across the continent.
- With renewable energy as its forte, EDF will handle the technology requirement of the synergy while DPA is responsible for driving the sales and distribution of the products across Africa.
Econet’s Founder, Strive Mayisiwa, said the following;
“Enabling reliable and stable energy to businesses will help meet the continent’s global economic growth goals. In the Telecoms industry, for every 10 % increase in teledensity, we observed a 1% increase in GDP. In the Energy sector, we expect a tenfold increase in GDP by addressing the continental power challenge.”
Renewable energy is a veritable power option that is becoming increasingly popular in African businesses and households. It offers reliable and ready-to-use solutions by removing the obstacle of a frequent power outage that the majority of countries in Africa experience.
Similarly, it guarantees a clean, noise-free environment unlike generators, which are notorious for noise and polluting the air. According to an estimate by experts, renewable energy will constitute 50% of sub-Saharan Africa’s power generation growth by 2040.
Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over
The President had visited the frontlines to share his election victory with the soldiers before the unfortunate incident.
President Idriss Deby of Chad has died of injuries suffered on the frontlines when some terrorists attacked the army. The President had visited the frontlines to share his election victory with the soldiers before the unfortunate incident.
The departure of the newly re-elected President was disclosed by the AFP News Agency on Tuesday through its Twitter handle.
It tweeted, “#UPDATE Chad’s newly re-elected President Idriss Deby Itno, in power for three decades, died Tuesday of injuries while fighting rebels in the north of the Sahel country, the army says.”
Meanwhile, a four-star general who is a son of Chad’s slain president Idriss Deby Itno will replace him at the head of a military council, the army announced Tuesday.
“A military council has been set up headed by his son, General Mahamat Idriss Deby Itno,” the army’s spokesman, General Azem Bermandoa Agouna, said on state radio, shortly after the announcement that the newly re-elected president had died of wounds while fighting rebels in the north of Chad.
Elon Musk loses an estimated $6bn after a Tesla car accident killed two people
Elon Musk’s net worth dipped by $6 billion following a tragic Tesla car accident that killed two people.
The second richest man in the world, Elon Musk, witnessed his wealth shed an estimated $6bn after a Tesla car was involved in an accident that led to the death of two people.
Tesla stocks dropped by 3.8% after the news of the crash went mainstream. The resultant effect on Elon Musk’s wealth was a $5.71bn loss in a single day.
Two men lost their lives on Saturday night in Houston when their 2019 Tesla model car slammed into a tree. Police authorities on sight claimed the car might have been on autopilot due to the sitting position of the corpses.
They also struggled to put out the fire from the Tesla car and even called Tesla for help. The death of the two men has sparked a heated argument between Tesla and its critics. Autopilot or not?
Although police officers’ assertion that the car may have been on autopilot remains unconfirmed, it has raised serious uncertainty about the safety of Tesla’s autopilot feature and Tesla’s critics are not backing down on this.
Elon Musk reacts
Elon Musk has reacted to the news, insisting that the autopilot feature in the crashed vehicle was not enabled. According to him, the Wall Street Journal’s coverage of the accident was not professional.
What you should know
Elon Musk is now worth $183bn following the recent drop. He closed the gap on Amazon’s Jeff Bezos to $4bn early last week. The gap has widened to $14bn today.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- 2020 FY Results: Guinea Insurance Plc reports a loss of N227.7 million.
- 2020 FY Results: Unity Bank Plc posts profit after tax of N2.09 billion.
- Guinea Insurance Plc reports a loss of N142.13 million in 9M 2020.
- Unilever Nigeria Plc set to hold Annual General Meeting on 6th of May.
- UBA Plc posts profit after tax of N38.16 billion in Q1 2021.