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Business News

The number of idle power plants in Nigeria rises to 10 

The number of idle power plants across the country as at Monday, September 9, 2019, rose to ten, as power generation in the country fell below 3,000 megawatts.

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Electricity tariff, The number of idle power plants in Nigeria rises to 10 , Nigeria, Canada to ink new $2.3b power deal , China to pay $261.4 million for production of Made-in-Nigeria transformers , GenCos to shut down over NBET's administrative charge  

The number of idle power plants across the country as at Monday, September 9, 2019, rose to ten, as power generation in the country fell below 3,000 megawatts. This is according to data obtained from the Nigeria Electricity System Operator. 

The country’s total power generation plunged to 2,866.1MW as of 6:00am on Monday, September 9 from 3,141.8MW on Sunday, September 8. 

The idle power plants which have not been able to generate any megawatt of electricity include the six built under the National Integrated Power Project, namely -Sapele, AlaojiOlorunsogoOmotoshoIhovbor and Gbarain. Others are Afam IV&V, Ibom Power IPP, AES IPP and ASCO IPP. 

[READ MORE: Banks, hotels, manufacturers brace up for 31% rise in electricity tariffs]

According to the data, when total power generation stood at 3,142.1MW on Friday, September 6, only four plants were idle.  

Why this matters: The non-functional power plants and the drop in power generation are both contributing to the failing state of Nigeria’s power supply.

The need for electricity to be stable in the country cannot be over-emphasised. According to the November 2018 edition of the Monthly Business Expectations Survey Report of the Central Bank of Nigeria (CBN), the most compelling factor constraining businesses in Nigeria was the insufficient power supply.  

The survey underscored the fact that electricity is a very necessary and important ingredient required for businesses to function properly and expand. Higher electricity costs drive business costs higher and reduce business competitiveness. This is because as costs of electricity rise, businesses look for alternative power sources like generators leading to reduced output and productivity thereby rendering them less competitive. 

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[READ ALSO: Why NERC is considering increasing electricity tariffs]

What you should know: Not less than eleven national grids have collapsed since the year began – four in January and one each in February, April, May, June and August. 

 

 

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Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Business

Twitter to establish its first African presence in Ghana

Twitter has announced Ghana as headquarter of its operations in Africa.

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Square buys $50 million worth of Bitcoins, Twitter warns political figures to abstain from fake, misleading statements, Has Twitter's Jack Dorsey changed the popular narrative attached to Nigerians?, Twitter forecasts future drop in revenue after milestone record in 2019 Q4 , Twitter founder, Jack Dorsey invest N2.3 million in Nigerian startup, DevCareer , Some Verified accounts may not be able to tweet, as Twitter freezes password reset to address cyberattack, Jack Dorsey Sells First-ever Tweet for $2.9 million dollars as an NFT

Jack Dorsey, CEO of Twitter Inc has announced today in a tweet that the company is establishing a presence in Africa.

“Twitter is now present on the continent. Thank you, Ghana and Nana Akufo-Addo,” Dorsey tweeted.

As part of its mission to serve the public conversation, Twitter is making it easier for everyone to join in and provide more relevant experiences for people across the world.

Why Ghana as a choice…

Twitter stated that it chose to expand to Ghana first because the country is an advocate of free speech, online freedom, and the Open Internet.

In a blog post the company said, “In line with our growth strategy, we’re excited to announce that we are now actively building a team in Ghana. To truly serve the public conversation, we must be more immersed in the rich and vibrant communities that drive the conversations taking place every day across the African continent.”

“Furthermore, Ghana’s recent appointment to host The Secretariat of the African Continental Free Trade Area aligns with our overarching goal to establish a presence in the region that will support our efforts to improve and tailor our service across Africa.

“Whenever we enter new markets, we work hard to ensure that we are not just investing in the talent that we hire, but also investing in local communities and the social fabric that supports them. We have already laid foundations through partnerships with Amref Health Africa in Kenya, Afrochella in Ghana, Mentally Aware Nigeria Initiative (MANI) in Nigeria, and The HackLab Foundation in Ghana. As part of our long-term commitment to the region, we’ll continue to explore compelling ways we can use the positive power of Twitter to strengthen our communities through employee engagement, platform activation, and corporate giving,” Twitter stated.

The company is also looking to hire specialists to join several teams to operate in product, design, engineering, marketing and communications.

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Reacting to Dorsey’s announcement, Ghanaian President, Nana Akufo-Addo, in a tweet said that the government and people of Ghana welcome welcomed the micro-blogging site.

“The choice of Ghana as HQ for Twitter’s Africa operations is excellent news. Government and Ghanaians welcome very much this announcement and the confidence reposed in our country,” President Akufo-Addo tweeted.

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Business

Youths need critical skills to strengthen Nigerian economy – Bankers Committee’s FITC

Nigerian youths need to embrace adequate skills and create a pool of well-engaged workforce to directly strengthen the nation’s economy.

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Financial Institutions Training Centre (FITC)

Bankers Committee’s FITC has called on Nigerian youths to embrace adequate skills and create a pool of well-engaged workforce to directly strengthen the nation’s economy.

This was disclosed by the Managing Director, FITC, Chizor Malize, during the launch of its Future of Work Academy for Youths on Monday.

According to her, the initiative is to continuously bridge the knowledge gap in the country and Africa at large, as it is expected to equip the youths for the peculiar needs of the Future of Work.

It also seeks to solve the prevalent issue of producing university graduates with degrees and skills that have limited practical use in the current global job market, as well as the requirements for the Future of Work.

She said, “The world of work is changing rapidly, and competition for the right talent is fierce. Graduate talents have for decades been primarily identified and employed based on academic excellence, however, in the emerging world of work, creativity, innovation, and work-ready skills have become the non-negotiable indicators for competitive advantage, and to evaluate capabilities.

“It is therefore important for youths to build critical skills, that will equip them for the requirements of the Future of Work in the ever-evolving business landscape. The value FITC FOWA is bringing to corporations at this time cannot be overemphasized. By equipping youths and creating a pool of well-engaged workforce for organizations, FITC FOWA will be directly strengthening the economy and the society in general.”

Malize added that the initiative offers essential courses in Data Science, Data Analytics, Coding, Digital Marketing, Graphics Designs, MS Excel & Analytics, Digital Marketing, Use of PowerPoint, and other key areas that have been strategically packaged to educate, enlighten, and upskill undergraduates and graduates with the vital skills for the Future of Work.

What you should know

Owned by the Bankers Committee (CBN, NDIC and all Nigerian deposit money banks), FITC was established in 1981 as a non-profit organisation limited by guarantee to provide capacity building and serve as a knowledge hub for the Nigerian Financial Services Sector.

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