Duport Midstream Adds 50MW to Edo’s Growing Energy Pool: The Edo State is set to add an additional 50MW through an Independent Power Project (IPP) by Duport Midstream. The 50MW IPP brings the total energy pool in Edo State to 744MW , and is expected to provide steady electricity to the 10,000 barrels per day modular refinery at Duport Midstream Company Limited.
Oil and gas still highly relevant energy sources, especially in developing countries – IEA: According to experts from the National Association of Petroleum Explorationists, Nigeria has the potential to earn N7tn from mini-grids and solar home systems. Nigeria currently has the lowest access to electricity globally, with about 92 million persons out of the current over 200 million lacking access to power, according to the International Energy Agency.
Average Sub-Saharan Africans barely have 404 kilowatt hours of electricity – SEForAll: During the Atlantic Council Global Energy Forum, the CEO of Sustainable Energy for All (SEForAll), Damilola Ogunbiyi, noted that the average residents of Sub-Saharan Africa barely have 404 kilowatt hours of power. She concluded that energy transition affects Sub-Saharan Africans the most because they do not have sufficient energy to start with.
FG unveils 1,071 NHP homes: The Group Head of Corporate Communications of Federal Mortgage Bank of Nigeria , Timan Elayo, has announced plans to commission 1,071 completed houses in eight project sites nationwide. The houses constructed under the National Housing Programme intends to deliver affordable housing, and reduce the housing deficit estimated to be over 22 million.
GCR withdraws Transcorp Hotels Plc’s Bond Rating: GCR Ratings (“GCR”) has withdrawn the national scale long-term Issue rating of BBB+(NG) accorded to Transcorp Hotels Plc’s N10bn Series 1 Senior Unsecured Bond following its full redemption.
World Bank lowers Nigeria’s economic growth projection: According to the World Bank, Nigeria’s economic growth is projected to decelerate to 2.9 per cent in 2023 and remain at that pace in 2024.The growth projection is as a result of the challenges in the oil and non-oil sectors of the Nigerian economy.
Non-oil exports rises 29% to N6.56bn: Nigeria’s non-oil exports rose by 29 per cent, year-on-year, to $6.56 billion in ten months, reflecting the impact of Federal Government efforts to boost foreign exchange inflow from non-oil sources as well as favourable commodity prices in the international market.
NNPC targets 2.2m bpd oil output in 2023: The chief executive officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari has disclosed that Nigeria’s oil production could hit 2.2 million barrels per day in 2023 as the country makes efforts to restore optimal oil production and meet the OPEC quota . According to the Organisation of Petroleum Exporting Country, Nigerian production fell in the first seven months of the year to about 1.1 million barrels per day.
Removal of petroleum subsidy will unlock N6 trillion revenue into federation account- CPPE: The Director of the Centre for the Promotion of Private Enterprise (CPPE) has predicted that plans to discontinue petroleum subsidy would unlock a minimum of N6 trillion in revenue into the Federation Account annually. He noted that the Nigerian economy is heavily burdened by the fuel and foreign exchange subsidy regimes.