Finance & Markets articles

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Nigeria: Power Receives Funding From Banks

Nigeria: Power Receives Funding From Banks

Apart from the effort from the Federal Government to ensure that electricity generation is boosted in the country, some financial institutions have also pledged their support to finance some of the projects that will increase electricity generation in the country. For instance, the African Development Bank (AfDB) recently approved 184.2 million dollars loan (N29.4billion) to

ELECT

Turkish Investment Deal to Finance New Power Plant Projects in Nigeria

Nigeria’s minister of power Chinedu Nebo said a memorandum of understanding signed with Turkish-based Koztek Electric and Energy Technologies would see the construction of new power plants and transmission facilities in Nigeria that will be “wholly financed by Turkish business interests” Nebo said Koztek would bring “expertise in hydropower, switchgears and transmission super structures” to Nigeria.

ELECT

AFDB Commits $200m to Coal-to-Power Projects, Says FG

In its determination to deepen the development of the renewable energy, the African Development Bank, AFDB, has offered to provide a support to the tune of about $200 million towards the growth of coal-to-power projects in Nigeria. The Managing Director and Chief Executive of Nigerian Bulk Electricity Trading PLC, NBET, Mr. Rumundaka Wonodi, who disclosed

ELECT

Kainji, Jebba Rehabilitation to Gulp N72bn

Nigeria’s power supply capacity is expected to increase by 1,300 megawatts (MW) as Mainstream Energy Solution Limited and RusHydro International AG, has reached an agreement to commence the rehabilitation of Kainji and Jebba hydropower plants, worth $452 million, about N72.32 billion. This is in furtherance of a five-year cooperation agreement, reached between Mainstream and RusHydro

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FG Earmarks N752billion for Power Transmission Projects

The sum of N752bn ($4.7bn) has been earmarked by the Federal Government for the expansion of power transmission projects across the country over the next five years. Vice President Namadi Sambo, who officially inaugurated the National Council on Power in Abuja on Thursday, disclosed that the sum was to ensure that the Transmission Company of

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World Bank Commits $5billion to Power Projects in Nigeria, Others

THE World Bank Group, yesterday, committed $5 billion in new technical and financial support for energy projects in six African countries, including Nigeria. Others are, Ethiopia, Ghana, Kenya, Liberia, and Tanzania—which have partnered with President Obama’s Power Africa initiative. Making the announcement on the second day of the first  US-Africa Summit, World Bank Group President,

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Standard Chartered Raises Power Africa Pledge to $5 Billion

Standard Chartered Plc (STAN) said it will pledge a further $3 billion to a White House initiative aimed at improving access to electricity in Africa after it spent $2 billion on the same project during the past 12 months. “We expect to add around 7,500 megawatts to Africa’s power grid — equivalent to the electricity

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Govt Approves N300m for TCN Equipment Rehabilitation

THE Director-General, Bureau of Public Enterprises (BPE), Benjamin Dikki, on Wednesday said that about N300 million has been approved for the infrastructure development needs of the Transmission Company of Nigeria (TCN). Dikki made the disclosure in an address at the post-monitoring of IKeja Electricity Distribution Company (IKEDC) activities in Lagos. He reassured Nigerians that the

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