Business News
FG may increase electricity tariffs to improve power supply
Nigerians will start paying more on electricity supply as the Federal Government is planning on increasing electricity tariffs.

Published
1 year agoon

Nigerians will start paying more on electricity supply as the Federal Government plans to boost power supply.
The Minister of Power, Saleh Mamman, said the hike was inevitable due to the rising cost of electricity generation in Nigeria.
According to Mamma, improvement in electricity supply necessitated the need to increase the electricity tariffs. Already, there is ongoing tariff reform in the power sector for the eleven power Distribution Companies (DisCos), The Nation reported. The sector has also initiated the ‘willing buyers and willing sellers’ policy to cater for stranded power not supplied due to failed distribution chain.
The power sector in Nigeria was privatised in 2013 and the supply of the electricity was divided into several categories: six generation companies; 12 distribution companies covering all 36 Nigerian states, and a national power transmission company. This was done to improve electricity in the country; however, the situation has remained the same.



Electricity plant
Nigeria’s electricity problem: Mamma said electricity supply in the country was being affected by cost-ineffective tariff. He stated that it was a drawback on the operation of the energy distributors. So, if electricity supply was to improve, there’s need for procurement of needed equipment that would reflect on the electricity tariff.
[READ MORE: FG threatens to disconnect Togo, others from electricity over $16 million debt]
Mamma, who disclosed that efforts were ongoing to improve power supply to the Northern part of the country, also said there’s need to ensure customers pay tariffs relative to their consumption of electricity, as specified by the Nigerian Electricity Regulatory Commission (NERC). The power generating (Gencos) firms are owed N1.3 trillion by the power distribution companies (DisCos) and other agencies.
“As part of efforts to improve supply of power to the Northern part of the country, a new 330 KVA line is about to be installed by the government. This, among other projects, would improve supply of electricity in Nigeria. With the improvement in power supply, the increase in tariffs in the country was inevitable, because the cost of generating electricity must be met by the operators.”
Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]


Business
Hyundai and Kia to set up an assembly plants in Ghana by 2022
The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants in Ghana.
Published
3 hours agoon
April 23, 2021
Few weeks after Twitter announced its plans to open its first African office in Ghana, Hyundai and Kia have also concluded plans to set up an assembly plants in Ghana by 2022. The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants.
Ghana’s Minister for Trade and Industry, Alan Kyerematen announced this on Twitter.
Pleased to announce that Hyundai & KIA are set to establish assembly plants in Ghana by the end of 2022 to join Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck. The Ghana Auto Development programme = 3,600 assembly & 6,600 manufacturing parts jobs in Ghana. #InvestforJobs pic.twitter.com/JMHAmlM5VI
— Alan John Kyerematen (@AlanKyerematen) April 22, 2021
READ: This is the New Tarrif Structure For Importing Tokunbo & Brand New Cars
“Pleased to announce that Hyundai & KIA are set to establish assembly plants in Ghana by the end of 2022 to join Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck. The Ghana Auto Development program = 3,600 assemblies & 6,600 manufacturing parts jobs in Ghana.
“The local assembly of vehicles, 3,600 direct and indirect jobs would be created in Ghana, and the addition of components and parts manufacturing will also add about 6,600 direct and indirect jobs.”
READ: Toyota snubs Nigeria as it moves to establish assembly plants in Ghana, Ivory Coast
Why this matters
More foreign companies are shunning Nigeria in favour of Ghana. Recently, Nairametrics reported that Amazon is set to situate its African Headquarters in South Africa, a multi-billion dollar investment that is projected to create over 20,000 jobs both directly and indirectly.
Following its move to Ghana, Twitter CEO, Jack Dorsey cited a number of human rights-related reasons for the choice of Ghana over Nigeria. Added to this are rising insecurity, stifling government regulations and the gapping infrastructural deficit bedevilling Nigeria. Consequently, our nation is steadily losing opportunities to attract foreign companies that could be very instrumental in bridging its unemployment gap which is currently over 30%.
Business
Passports: Backlog of undelievered passports to be fixed before May 31st – Minister
The government also announced the launch of a new passport application system, which would be aided by fast track services nationwide.

Published
4 hours agoon
April 23, 2021
The Federal Government disclosed that all backlogs of undelivered passport requests would be fixed before May 31st, and announced the launch of a new passport application system, which would be aided by fast track services nationwide.
This was disclosed by Minister of Interior, Rauf Aregbesola, in a press briefing with newsmen on Thursday.
What the Minister said
“On or before May 31st, all backlogs of undelivered requests for passports will be totally met, unless such applications have a problem,” he said.
“But before the deadline, the problematic application would be contacted, so that we know what’s wrong with the applications. Assuming there would be no problem, every successful application for a passport would be given a passport on or before May 31st,” he added.
READ: Canada invites 3,900 new PR candidates, introduces new programme to attract Nigerians
The new passport process
The Minister disclosed that the FG will launch a new passport application process which would come into effect soon.
“When you finish your application process, there would be a waiting period of six weeks to collect your passport, however, if you want an express service, there would be fast track centres nationwide, to meet requests for express passport users,” he said.
What you should know
- Recall Nairametrics reported last month that the Federal Government inaugurated the Nigeria Immigration Service Passport Express Centre, which is a partnership with the private sector to enable the government offer passport services to Nigerians and make passports available in a maximum of 72 hours of a successful application.
- The FG also launched the Electronic Temporary Passport to cater for Nigerians desirous of returning home but whose national passport is not available.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Trans Nationwide Express Plc profit after tax slumps by over 95% in Q1 2021
- FCMB approves FY 2020 dividend pay-out of N2.97 billion to shareholders.
- Africa Prudential Plc posts profit after tax of N381.35 million in Q1 2021.
- Sovereign Trust Insurance Plc notifies stakeholders of 26th Annual General Meeting.
- Dangote Cement Plc to hold AGM on May 26th
-
Get the scoops and market intelligence that can help
you make better investment decisions right in your
mailbox.
1 Comment