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Business News

Nigeria, others secure AfDB’s $20m to improve renewable energy 

Nigeria and others have secured $20 million investment in the Metier Sustainable Capital International Fund II from AfDB. 

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Nigeria, others secure AfDB’s $20m to improve renewable energy , AfDB to curtail Nigeria’s erratic power supply with $200 million

Nigeria, alongside other Sub-Saharan African countries, has secured $20 million investment in the Metier Sustainable Capital International Fund II from the African Development Bank (AfDB).

Purpose of the funds: The funds would be channelled towards improving renewable energy and resource-efficient infrastructure projects in Nigeria and other Sub-Saharan African countries.

 

The bank made known that the fund would meet strict environment and safeguard standards to ensure potential risks were adequately mitigated.Renewable energy

According to a statement released by AfDB, the funding had become necessary to facilitate the production of an additional 178.5 megawatts of renewable power for commercial and residential use.

Why this matters: At a time where people are unaware of the vast opportunities that abound in renewable energy, this investment would be an eye-opener as it would create more opportunities for the countries to take advantage of industrial waste-water treatment and waste-to-energy generation.

[READ MORE: Nigeria secures AfDB’s $124.2 million loan to boost water supply)

Speaking on the bank’s investment in the project, AfDB’s Acting Vice President for Power, Energy, Climate Change & Green Growth, Wale Shonibare gave reasons why Metier was chosen to spearhead the project. He said the investment was part of the bank’s efforts to alleviate financing constraints in the renewable energy sector.

“Metier has extensive experience in developing and financing renewable energy projects with strong technical partners and co-developers in Southern Africa. We are pleased to join other investors in supporting their expansion into new African markets to help unlock the vast renewable potential of the continent.”

Nigeria, others secure AfDB’s $20m to improve renewable energy 

About Metier: As reported by Punch, Metier is a well-established fund manager with a track record of deploying more than $550 million in African countries, including solar, wind and hydropower projects in Southern and East Africa.

According to AfDB, the company had been a key player in South African solar power, a maturing technology that offers significant benefits in terms of storage and ability to dispatch.

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Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Coronavirus

FG fully prepared to receive 3.92 million vaccines on Tuesday – NPHCDA

The has restated Nigeria’s preparedness to receive its very first batch of Covid-19 vaccines on Tuesday, March 2, 2021.

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109 million Nigerians to be vaccinated in 2 years - NPHCDA

The Executive Director and CEO of the National Primary Health Care Development Agency, Dr. Faisal Shuiab disclosed that Nigeria is prepared to receive its very first batch of Covid-19 vaccines on Tuesday, March 2, 2021.

This was disclosed by the NPHCDA, WHO and UNICEF in a joint statement on Sunday evening.

The NPHCDA boss said Nigeria has trained front line workers and also has cold storage infrastructure in place to receive the vaccines.

“We are fully prepared to receive and deliver the vaccine to eligible Nigerians as we have commenced the training of health workers and ensure that cold chain facilities are ready at all levels.

“We have a robust chain system that can store all types of Covid-19 vaccine in accordance with the required temperature.

“We are therefore confident that we will have a very effective roll out of the vaccine , starting with out critical healthcare workers, who are in the frontline in providing the care we all need,” he said.

UNICEF chair for Nigeria, Peter Hawkins said that the COVAX facility “has worked exceptionally hard to ensure that Nigeria gets the vaccine as soon as possible so it can start its vaccination programme to the largest population in Africa”

What you should know

  • The National Primary Health Care Development Agency (NPHCDA) disclosed last week  that it has built the capacity to train over 12,000 health workers to manage and administer the Covid-19 vaccines that will arrive in Nigeria soon.
  • The Federal Government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2, 2021.

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Energy

TCN breaks transmission record again in 2021, hits 5,584.40 MW

The TCN has broken its transmission record once again, after hitting a record of 5,584.40 MW.

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FG set to create at least 5 million jobs for youths in the power sector – Minister of Power , Consortium of Western investors to inject upwards of $5 billion in Nigeria's renewable energy sector, Power: Nigeria's deal with Siemens - the birth of a new era?

The Transmission Company of Nigeria has announced it has broken its transmission record once again, after hitting a record of 5,584.40 MW.

This was disclosed by the Minister of Power, Engineer Sale Mamman in a social media statement on Sunday evening.

Sale tweeted, “A New National Transmission Peak and Maximum Daily Energy at 8:15pm on Friday, February 26, 2021.

“5,580.40 MW at 116,891.14 MW per hour.

“Impressive from everyone at the Transmission Company of Nigeria. We will do better for Nigerians.

In case you missed it

  • The Transmission Company of Nigeria (TCN) announced that it hit a peak transmission of 5,459.50MW on the 28th, October 2020.
  • The Transmission Company of Nigeria (TCN) later announced that it hit a peak transmission of 5,552.80 MegaWatts (MW) in January 6, 2021.

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