Nigeria’s power sector has recorded a major milestone as the Transmission Company of Nigeria (TCN) confirms that electricity generation has surged to 5,713 megawatts (MW), marking a significant step towards energy stability. The increase in power generation comes at a crucial time when Nigerians are demanding improved electricity supply amid ongoing challenges in the sector. … Read more
In a strategic move that highlights the importance of supporting Nigeria’s industrial backbone, the Aba Ringfence—comprising nine of Abia State’s 17 local government areas—has received uninterrupted electricity today, contrary to earlier plans to reduce supply due to ongoing repairs of vandalized oil pipelines. The planned reduction in electricity, which would have seen a 40-megawatt cut … Read more
Lekoil Nigeria Limited has reaffirmed its dedication to driving economic growth and sustainable development in Akwa Ibom State through strategic investments in oil and gas operations, community development, and job creation. The announcement was made during a high-profile visit by Lekoil’s leadership team to the Akwa Ibom State Government, led by Governor Umo Eno. The … Read more
The Nigeria Extractive Industries Transparency Initiative (NEITI) has expressed support for the 2024 Tax Reform Bill currently under debate in the National Assembly, urging lawmakers to consider introducing tax exemptions for small businesses, startups, renewable energy initiatives, and other sustainability-focused projects. This recommendation aims to promote reinvestment and economic growth in Nigeria. In a memo … Read more
China Development Bank Approves $254.76 Million Loan for Nigeria’s Kano-Kaduna Railway Project China Development Bank has granted Nigeria a $254.76 million loan to support the construction of the Kano-Kaduna railway project. This loan comes ahead of a visit by China’s top diplomat, Foreign Minister Wang Yi, who will meet President Bola Tinubu and senior government … Read more
Seplat Acquires ExxonMobil’s Assets for $1.28 Billion, Boosting Nigeria’s Oil Production Seplat Petroleum has acquired ExxonMobil’s local assets for $1.28 billion. This deal will double Seplat’s production within six months. It fills the gap left by foreign companies leaving Nigeria’s onshore oil sector. Now, Seplat controls 16% of Nigeria’s oil production. It has 11 onshore … Read more
The Nigerian Electricity Regulatory Commission (NERC) has transferred the regulatory oversight of Niger State’s electricity market to the Niger State Electricity Regulatory Commission (NSERC). This announcement, shared through NERC’s official X (formerly Twitter) handle on Friday, aligns with the 2023 Electricity Act and the amended Constitution, granting states the authority to regulate their electricity markets. … Read more
Nigerian mobile operators are ready to use the revenue from a proposed 100% tariff hike to revamp their network infrastructure. The move comes as the country’s telecom giants await government approval for the tariff increase. Under the agreement, the Nigerian Communications Commission (NCC) will oversee the investment in infrastructure upgrades and better service quality. MTN … Read more
Seplat Energy plans to double its oil production from 50,000 to 120,000 barrels per day (bpd) in just six months. This follows their $1.28 billion acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil in December 2024. The company now controls 16% of Nigeria’s oil production. It aims to revitalize underused wells and improve production. … Read more
Running a small business can be an expensive venture, especially when energy costs continue to rise year after year. As business owners strive to stay afloat, managing expenses becomes a top priority. While many factors influence the operational costs of a business, one of the most significant ongoing expenses is energy consumption. Fortunately, a viable … Read more