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Category: Economy

  • TCN Denies National Grid Collapse, Clarifies Saturday Power Outage

    TCN Denies National Grid Collapse, Clarifies Saturday Power Outage

    The Transmission Company of Nigeria (TCN) has denied reports of a national grid collapse on Saturday, calling the claims inaccurate.

    TCN’s General Manager of Public Affairs, Mrs Ndidi Mbah, made the clarification in a statement issued in Abuja on Saturday.

    Mbah explained that earlier on Saturday, at approximately 1:41 p.m., the Osogbo-Ihovour line tripped, followed by the tripping of the Benin-Omotosho line.

    Nigeria National Power Grid Collapse Incidents

      She noted that these incidents only affected bulk power supply to the Lagos area.

      She further clarified that just before the tripping, total generation on the grid was 4,335.63 Megawatts (MW), and after the trippings, generation dropped to 2,573.23 MW, which indicated the grid did not experience a collapse.

      “The transmission line tripping affected Egbin, Olorunsogo, Omotosho, Geregu, and Paras,”

      She added that all had been restored except for the Benin-Omotosho 330kV line, which was still being worked on.

      Mbah emphasised that TCN was working hard to build a more robust transmission grid in spite of ongoing challenges.

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      She also urged caution against the spread of misinformation, stressing the importance of disseminating accurate and verifiable facts.

      Accustomed to power outages due to national grid collapses and other faults, many Nigerians were quick to tally the counts yesterday, announcing that the national grid had collapsed for the 13th time in thirteen months, whereby, yesterday’s rumoured collapse would have been the first in 2025.

    • Naira Depreciates Further, Losing N5 on Monday

      Naira Depreciates Further, Losing N5 on Monday

      As Nigeria’s inflationary trend remains upbeat, lending rate prohibitive, and production tanks, the woes of the Naira persisted, exchanging, N1,665/$1 at the parallel market.

      The new rate represents a slight five naira fall from N1,660 that it traded at the weekend.

      This new trend marks another round of depreciation in the unofficial market, reflecting ongoing pressures on the Nigerian currency.

      In contrast, the official foreign exchange market saw a minor improvement for the Naira, appreciating slightly to N1,534.56 per dollar, up from N1,535 per dollar on Friday.

      This represents a modest gain of 44 kobo, according to data released by the Central Bank of Nigeria (CBN).

      The decision of the Federal Government to withdraw subsidy on Petrol and float the naira orchestrated a major headwind that continues to destabilise the Nigerian economic system.

      Unfortunately, while government officials admonish the suffering mass of Nigerians to be patient, to embark on very ostentatious lifestyles that spur the youth to protest.

    • Overhaul Power Sector to Unlock Nigeria’s Economic Growth in 2025 – Rewane

      Overhaul Power Sector to Unlock Nigeria’s Economic Growth in 2025 – Rewane

      Bismarck Rewane, the renowned economist and CEO of Financial Derivatives Company Limited, has emphasized the need for power sector reforms as a critical factor in achieving Nigeria’s proposed 4.6% economic growth rate in the 2025 budget.

      In an interview, Rewane shared his economic outlook for 2025, explaining his projection of 25% inflation, despite hopes for a significantly lower rate.

       According to Rewane, inflation will persist due to factors such as slow GDP growth and the mismatch between money supply and goods production. However, he also suggested that inflation would ease gradually throughout the year, though it is unlikely to dip below 25%.

      “Inflation is beginning to moderate and will continue to decelerate, but it’s unlikely to meet the optimistic 15% target set in the 2025 budget,” Rewane stated. He predicts that inflation will decrease from 34.6% to 25% within a year, with a monthly easing rate of around 0.8%.

      Addressing the monetary environment, Rewane noted that a reduction in inflation could lead to a corresponding drop in the Monetary Policy Rate (MPR), potentially making the financial landscape more conducive for economic growth.

      Rewane also projected a Naira exchange rate of N1,550/$, based on the expectation that Nigeria’s economy would move closer to dynamic equilibrium.

       This would reduce the misalignment between the official and parallel exchange rates, as well as between interest rates and inflation.

      However, the economist emphasized that without significant reforms in the power sector, Nigeria’s growth targets would remain out of reach. 

      Rewane underlined that resolving power sector challenges is vital for spurring productivity and ultimately ensuring the country’s economic expansion in the year ahead.

    • Scientists Unlock key Advances in Sugarcane Genomics

      Scientists Unlock key Advances in Sugarcane Genomics

      Research team from Guangxi University, China has successfully decoded the genome of the modern cultivated sugarcane variety Xintaitang No. 22 (XTT22).

      It sheds light on the highly complex allopolyploid genome of sugarcane and its evolutionary mechanisms.

      Sugarcane plays a vital role in the production of sugar, alcohol, and bioenergy, offering substantial economic and agricultural value.

      XTT22 was once the leading sugarcane variety in terms of planting area in China for 15 consecutive years.

      More than 90 per cent of the country’s fourth and fifth-generation sugarcane varieties were developed using it as a parent.

      According to Liu Yaoguang, an academician of the Chinese Academy of Sciences (CAS), the genome of XTT22 decoded in this study is the most complete and highest-quality genome assembly of modern cultivated sugarcane to date.

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      Another CAS academician, Han Bin noted that since the launch of the Sugarcane Expressed Sequence Tag (SUCEST) project in the 1990s.

      It happened in countries such as Brazil, France, China, Australia, and the United States have been jointly working to advance sugarcane genomics.

      However, earlier genome drafts of sugarcane faced significant issues, including incomplete chromosomes and highly fragmented sequences.

      Sugarcane Genome Database

      As a result, obtaining a complete and accurate genome of modern cultivated sugarcane has remained elusive.

      “This study is like drawing a detailed ‘map’ of the sugarcane genome.

      “In the past, the ‘map’ was so vague that we could only roughly navigate it,’’ said Zhang Jisen, research team leader from Guangxi University.

      “Now, however, every ‘street’ and even every ‘room’ on the ‘map’ is marked,’’ Zhang added.

      Sugarcane breeding primarily relied on traditional hybridisation methods, where parent plants were selected based on experience to observe the performance of their offspring.

      However, this approach proved to be both time-consuming and inefficient.

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      Leveraging advancements in genomics, scientists can now use the genomic map to precisely pinpoint genes closely associated with sugarcane yield and sugar content, enabling more targeted improvements and optimization.

      “With the widespread application of genomics in sugarcane breeding, the yield, sugar content, and disease resistance of sugarcane are expected to see further improvements,’’ said Zhang.

      The research was recently published in the journal Nature Genetics. 

    • Why There’s Hike In Onion Prices – OPMAN

      Why There’s Hike In Onion Prices – OPMAN

      The Onion Producers, Processors, and Marketers Association of Nigeria (OPMAN) has attributed the surge in onion prices and scarcity of the produce to flooding and climate change.

       According to the Association’s national president, Aliyu Isah, these factors have  affected onion farming and harvests, leading to a sharp decline in supply.

      The price of onions skyrocketed from N70,000 – N90,000 per bag to N250,000 – N270,000 per bag in late 2024. 

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      This drastic increase has caused concern among consumers and traders across the country.

      Isah emphasized that unpredictable weather patterns, heavy rains, and floods have destroyed farmlands, reducing the volume of harvested onions. 

      Additionally, climate change has affected planting seasons, making it difficult for farmers to sustain production levels.

      The association called for government intervention and support to mitigate the impact of climate change on agriculture, particularly through irrigation systems and climate-resilient farming techniques to ensure food security in the country.

    • TCN Announces 14 Days’ Power Outage in Parts of FCT, Nasarawa State

      TCN Announces 14 Days’ Power Outage in Parts of FCT, Nasarawa State

      The Transmission Company of Nigeria (TCN) has notified the public about massive load sheding in parts of the Federal Capital Territory (FCT) and Nasarawa State, starting Monday, January 6th.

      A notice by Mrs. Ndidi Mbah, TCN General Manager Public Affairs said the load sheding will last between January 6th and 20th.

      She said the exercise has been necessitated by the need to relocate eight number 132kV and 33kV towers to make way for the road dualization project by the Federal Capital Development Authority (FCDA) along the Apo axis .

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      Accotding yo her, “the relocation work will necessitate a planned power outage from Monday, 6th January to Monday, 20th January 2025 from 9am to 4pm daily, which is the estimated duration for the dismantling and construction of the towers as well as restringing of the power cables that would enable resumption of bulk power supply to the Apo Transmission Substation from Gwagwalada Substation.”

      Mrs. Mbah explained further that as a result of the exercise, “there will be a rationing of electricity supply for AEDC’s customers in Kubwa, Karu,Maraba, and Nyanya.”

      Other areas to be affected by the load shedding are Masaka, Keffi, Kukwaba, and Apo Mechanic.

      Parts of Lugbe, Trademore Estate, Pyakasa, Sabon Lugbe Chika Alaita axis will also be affected.

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      The TCN apologises to the public for the inconveniece the disruption of power will cause, but explained that ot was necessary to allow for the completion of the road.

      It was affirmed in the statement that full stable power supply would be restored upon the completion of the relocation exercise.

      “TCN apologizes for the inconvenience this planned power outage will cause and assures that power supply will be restored as soon as the towers relocation and cable stringing are completed,”

    • Tour Invitation: You’re Disrespectful – Obasanjo

      Tour Invitation: You’re Disrespectful – Obasanjo

      Former President Olusegun Obasanjo has expressed dissatisfaction with the Nigerian National Petroleum Company Limited (NNPCL) over what he described as an informal approach to inviting him for a tour of the Port Harcourt and Warri refineries.

       Obasanjo, who previously criticized the NNPCL’s management of the refineries, stated through his media aide that no official letter was sent to him, deeming the invitation disrespectful to his status as a former head of state.

      The issue arose after Obasanjo questioned the functionality of the refineries despite significant funds reportedly spent on rehabilitation.

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       NNPCL responded by inviting him to witness the progress at the facilities.

       However, Obasanjo’s camp dismissed the gesture, emphasizing the lack of formal communication.

       The matter adds to ongoing debates about the efficiency of Nigeria’s refinery management and past decisions, including a declined offer from the Dangote Group to oversee the facilities.

    • Tinubu Hails NNPCL As Warri Refinery Begins Operations 

      Tinubu Hails NNPCL As Warri Refinery Begins Operations 

      The year is ending on a high for Nigeria as President Tinubu revels the pleasant news of the successful reopening of the Warri Refinery.

      The 125,000 refinery long comatose was opened yesterday, December 30, by the Nigerian National Petroleum Company Limited (NNPCL) as a noteworthy milestone in 2024.

       This follows the November restart of the Port Harcourt Refinery, which processes 60,000 barrels per day.  

      After years of dormancy, the Warri Refinery now operates at 60% of its 125,000-barrel-per-day capacity.

      This progress aligns with the administration’s plans to boost local refining and position Nigeria as a leader in downstream oil and gas activities across Africa.  

      The overhaul of Nigeria’s four state-owned refineries began under the previous administration, with contracts awarded for their rehabilitation.

      Tinubu emphasized that this achievement demonstrates his government’s commitment to enhancing energy production and ensuring national energy security.  

      NNPCL is also tasked with completing repairs on the Kaduna Refinery and the second Port Harcourt Refinery to further solidify Nigeria’s standing in global energy markets.

      These ongoing efforts aim to make Nigeria a hub for refining and industrial activities, while ensuring a steady supply of critical petroleum products such as kerosene and automotive gas oil.  

      This development closes the year on a high note for Nigeria’s oil sector, reinforcing the nation’s position as a major crude oil producer and strengthening public optimism for future industrial growth.  

    • Avoid Panic Buying: There is sufficient Fuel – IPMAN  

      Avoid Panic Buying: There is sufficient Fuel – IPMAN  

      The Independent Petroleum Marketers Association of Nigeria (IPMAN) has reassured citizens that the country has an adequate supply of petrol and urged them to avoid panic buying.  

      In a move aimed at reducing transportation costs during the festive season, Dangote Petroleum Refinery recently lowered the price of Premium Motor Spirit (PMS) to N899.50 per litre.

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       This development is expected to bring relief to Nigerians and foster healthy market competition.  

      IPMAN also encouraged its members to adjust their pump prices to align with the new rates, noting that this will attract more customers and eliminate queues at filling stations. 

      .

      Many marketers have already begun implementing the price change, reflecting a shift towards smoother fuel availability nationwide.  

      This follows an earlier reduction in November, when Dangote Refinery lowered the price of petrol to N970 per litre.

    • NNPCL Reduces Petrol Price to N965 per Litre in Abuja

      NNPCL Reduces Petrol Price to N965 per Litre in Abuja

      The Nigerian National Petroleum Company Limited (NNPCL) has implemented another reduction in the pump price of petrol at its retail outlets in Abuja, lowering the cost to N965 per litre.

       This adjustment comes shortly after a previous decrease from N1,060 to N1,030 per litre earlier this month.  

      This marks the second time in two weeks that the state-owned oil company has revised petrol prices downward, signaling efforts to make fuel more affordable for consumers amid ongoing economic challenges.  

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      The new price was observed across NNPC’s outlets in the Federal Capital Territory, and customers have already begun to enjoy the reduced rate.

      Dangote Refinery Ltd led the price cut when it partnered MRS filling stations nationwide, December 21, 2024 to offer fuel at N935/litre as part of Christmas give away.

       Many residents have expressed relief at the development, as fuel costs have been a significant concern for households and businesses alike.  

      While no official explanation has been provided for the price adjustment, it is speculated that recent changes in market dynamics and competitive pricing strategies could have influenced the decision.