Grid power drops 20% as debts hamper gas supply.
Electricity generating companies (GenCos) are not turning on their full thermal plant capacity due to a drop in gas supply, and this is showing up in the decline in power generated for the grid. For over a week, power supplied to the national grid has fallen below 4,000 megawatts (MW) with an average of 3500MW […]
IMF Retains Nigeria’s 2023 Growth Projection at 3.2%
The International Monetary Fund (IMF) has maintained its 2023 growth forecast for Nigeria at 3.2 per cent and three per cent for 2024, same figures it had projected for the country in April 2023. The Washington-based institution made the projections in its latest World Economic Outlook (WEO) released yesterday. In the report titled, ‘Near-Term Resilience […]
Discos to return $1.2bn for 374 projects, says NDPHC
The Niger Delta Power Holding Company Limited, on Tuesday, said it had executed over 374 projects in the distribution subsector of the Nigerian electricity supply industry to boost power supply nationwide. It also stated that the projects, worth over $1.2bn, had been handed over to various power distribution companies, adding that the sum would be […]
Gradual phasing out of old naira notes continues – CBN.
The Central Bank of Nigeria has reaffirmed its commitment to gradually phase out the old N200, N500, and N1,000 naira notes while issuing new currencies. This announcement was made by the acting governor of the apex bank, Folashodun Shonubi, during the Monetary Policy Committee meeting held at the CBN headquarters in Abuja on Tuesday. In […]
CBN vows to tackle forex pressure, raises lending rate.
The acting Governor, Central Bank of Nigeria, Folashodun Shonubi, has said the bank will address the demand pressure on the country’s exchange rate, as the naira continued to slide against the dollar. He gave the assurance while answering questions from journalists after the two-day Monetary Policy Committee that ended in Abuja on Tuesday. Within one […]