-
NERC: Seven Million Customers Unmetered, Three Million Meters Obsolete
The Nigerian Electricity Regulatory Commission has said over seven million power users have not been metered while three million meters installed in the residents of power users are obsolete. The Commission said this in its latest Order No. NERC/246/2021 on structured replacement of faulty and obsolete end-use customer meters stating that the large number of…
-
SEC: AfDB Grants $400,000 for Capital Markets Development
The African Development Bank Group has authorized a $400,000 grant agreement with the Securities and Exchange Commission of Nigeria as part of an effort to strengthen securities market regulation as well as broaden market instruments. The grant, according to the bank. Would be targeted towards strengthening the risk-based supervision framework; regulation of derivatives and green…
-
China Sets Economic Growth Target Above 6%
The Chinese government is aiming for an economic growth rate above 6% in 2021, after only managing a 2.3% growth in 2020. The second largest economy in the world is setting this target to mark its return to strong growth after the impact of the Covid-19 pandemic. The economy led a sharp 6.8% contraction in…
-
Experts Say Green Energy Could Cost Oil States $13 Trillion By 2040
As efforts to contain the rise in global temperatures drive the decarbonization of energy supplies, new report has shown that the shift to green energy could cost oil and gas producing countries $13 Trillion by 2040. It says some countries could lose at least 40% of total government revenue. Carbon Tracker’s report is likened to…
-
UK Finances Hit First January Deficit in 10 years
For the first time in 10 years, the UK government has announced that more has been borrowed in January than collected through tax and other income. January is usually a key revenue-raising month as it is when taxpayers submit their self-assessment returns. Tax income fell by less than £1bn, but the government spent £19.7bn more…
-
Ivory Coast Moves To Boost Tourism Sector Despite The Pandemic
Despite the global pandemic, Ivory Coast has been able to raise 5.8 billion euros ($6.4 billion) for the proposed development of its tourism sector. With the money raised, the Ivorian government plans to renovate certain emblematic buildings, build many hotels on the coast and inland, several wildlife, water and amusement parks, a marina in Abidjan,…
-
Angola Moves To Secure 60% Electricity Access Rate By 2025
Currently, in Angola, only one-third of the population has access to electricity under good conditions, this is why the government of Angola is seeking to increase access to electricity for its population. The government in Angola is looking to create a 60% electricity access rate by 2025. “The objective is, firstly, the modernization and extension…
-
Benin Republic Willing To Join Nigeria: The Facts and Fiction
On Saturday, February 20, 2021, Nigeria’s Minister of Foreign Affairs, Geoffrey Onyeama was quoted saying the president of Benin was open to joining Nigeria as its 37th state. “The President of Benin said as far as they are concerned, they want (not just saying it like that) but in reality, Benin should be the 37th state…
-
Federal Govt Disburses N123,348 Billion World Bank Performance Grant to States
32 states out of the 36 states in Nigeria received N123.348 billion from the Federal Government based on their achievements under the performance-based grant component of the World Bank-assisted States Fiscal Transparency, Accountability and Sustainability (SFTAS) programme. This was disclosed by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed in a statement…
-
The UK Economy Shrank By A Record 9.9% in 2020
The Office for National Statistics (ONS) said the UK economy shrunk by a record 9.9% last year as coronavirus restrictions hit economic output. The report showed that the contraction in 2020 “was more than twice as much as the previous largest annual fall on record”. However, towards the end of the year, the economy experienced…