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FG Asks Nigerians to Brace for Fresh Electricity Tariff Hike

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Federal government has said that it plans are ongoing to increase electricity tariffs “over the next few months”.

FG Asks Nigerians to Brace for Fresh Electricity Tariff Hike

The government however, said that the planned increase needed to be balanced by subsidies for less-affluent electricity users.

Olu Verheijen, special adviser to President Bola Tinubu on Energy, , as giving this hint at the Africa Heads of State Energy Summit in Dar es Salaam, Tanzania, where Nigeria presented a $32 billion plan to expand electricity connections by 2030.

According to the presidential aide, Nigeria is trying to resolve the transition to a cost-efficient but cost-reflective tariff to attract private investors.

She said: “One of the key challenges we’re looking to resolve over the next few months is transitioning to a cost-efficient but cost-reflective tariff.

“So the sector generates revenue required to attract private capital, while also protecting the poor and vulnerable.”

Last year, the federal government approved a threefold increase in electricity tariff for customers under the Band A classification.

The fresh move to raise tariffs comes amid mounting pressure from Nigeria’s debt-burdened electricity distribution companies for tariffs to be cost-reflective so they can improve their finances.

 

 

 

 

 


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IFC Partners Mohinani Group to Drive Plastic Recycling and Manufacturing in Nigeria, Ghana

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IFC has announced a partnership with Ghana-based manufacturer Mohinani Group Limited to under-take the recycling of Polyethylene Terephthalate (PET) from plastic waste in Ghana and Nigeria, helping protect the environment and creating thousands of jobs in both countries.

Under the partnership, IFC will provide a loan of $37 million to help Mohinani Group subsidiaries Polytank Ghana Limited and Sonnex Packaging Nigeria Limited to establish PET recycling plants in Ghana and Nigeria. Each plant will have the capacity to produce 15,000 tons of recycled PET (rPET) resins annually that will substitute virgin PET resins used to make food grade and beverage packaging containers.

90 percent of the raw materials will be sourced from local small businesses involved in plastic collection. Combined, the new plants are expected to create more than 4,000 direct and indirect jobs across the value chain and approximately US$21 million in annual savings from imports for each country.

PET is a polymer resin of the polyester family, widely used for making containers for liquids and foods. Using recycled plastic waste for production will prevent harmful pollutants from being released into the environment and reduce the need for virgin plastics. This will lower greenhouse gas emissions because recycled plastics have a smaller energy footprint than new plastics.

“The rPET project by the Mohinani Group was born out of a vision to close the bottle-to-bottle recycling loop in Africa and the Group’s dedication to advancing environmental sustainability,” said Roshan Mohinani, Strategy and Transformation Manager for Mohinani.

“It is also inspired by our Group’s purpose of improving the quality of lives in Africa, as this initiative is expected to create over 4,000 jobs along the value chain in Nigeria and Ghana, thereby providing economic empowerment to a significant number of young people, particularly women.”

“IFC’s partnership with Mohinani underscores our dedication to promote environmental sustainability and economic development in Ghana and Nigeria,” said Dahlia Khalifa, IFC Regional Director for Central Africa and Anglophone West Africa. “By recycling up to 30,000 tons of PET waste annually, these new plants will protect the environment and substitute imports with locally recycled materials.”

IFC will also provide advisory services to strengthen Mohinani’s environmental and social practices and its capacity for efficient and sustainable PET recycling operations.

The project aligns with IFC’s strategies for Ghana and Nigeria which are focused on mitigating climate change, job creation, and economic transformation. It is also consistent with the World Bank Group’s Climate Change Action Plan 2021-2025, which aims to reduce the use of virgin plastic resins and greenhouse gas emissions in the packaging materials value chain.


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SEC Urges State Governments to Explore Investment Opportunities in Capital Market

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As part of strategies to harness the potentials inherent within the various states for wealth creation, the Securities and Exchange Commission (SEC) is to embark on investor education for state governments across the country.

Dr. Emomotimi Agama, the Director General of SEC, disclosed this during a meeting with a team from the World Bank Group and the International Finance Corporation (IFC)  in Abuja.

He stated that the Commission would approach the state governments to help them understand the many opportunities in the capital market, and strive to enhance their understanding of financial markets, investment strategies, and regulatory frameworks.

According to him, “Imagine setting up factories that will produce goods that can be exported and earning foreign exchange. A lot of Nigerians would be employed and that would lead to wealth creation and economic development.

“That is why the Commission will continue to emphasize education, because if they do not know, there is little they can do until they know. Sometimes it is not because they don’t want to do it, it is just because they don’t know and it is our responsibility to give this vital knowledge for wealth creation.There are some states in the country that are so rich but nothing is happening there. All of their wealth is in the ground.”

He added that the strategic approach will commence soon with the Executive Council of a state in northern Nigeria, to speak to them about the opportunities in the capital market.

“We will create guides, reports, and policy briefs that explain capital market opportunities for state governments, we will translate complex financial concepts into simple, actionable insights and we will use case studies from Nigerian states that have successfully raised capital through bonds or attracted investments in the capital market.

“We believe strongly that if we go out and speak to these people, get them into understanding exactly the benefits and how it is important, get them to manage their own assets meaningfully well, and harness them for greater economic growth for the states, things will begin to change, it is our responsibility to change the narratives and we will keep at it,” he said.

Speaking earlier, Mr. Tom Ceusters, Director, Treasury Market Operation IFC, said the delegation of the World Bank Group and IFC were on a  two weeks mission to Nigeria to have deep conversations with regulators and organisations in the financial sector with a view to coming up with plans to help their endeavours.


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Meta to Begin Layoffs Across All Operations from Today

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Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, is set to implement company-wide layoffs starting Monday, February 10, 2025.

Meta to Begin Layoffs Across All Operations from Today

Notifications will begin at 5 a.m. local time in most countries, including the United States.

However, due to local regulations, employees in Germany, France, Italy, and the Netherlands will be exempt from these cuts.

Staff in over a dozen countries across Europe, Asia, and Africa will receive their notifications between February 11 and February 18.

The layoffs are expected to affect approximately 5% of Meta’s workforce.

They will target the company’s lowest performers in what is termed “performance terminations.”

This move is part of Meta’s broader strategy to streamline operations and focus on key areas of growth.

Concurrently, Meta is expediting the hiring of machine learning engineers and other essential engineering roles.

The hiring process is scheduled to take place between February 11 and March 13, aligning with Meta’s strategic priorities for 2025.

Unlike previous company-wide layoffs, Meta plans to keep its offices open on Monday and will not issue any additional updates regarding the decisions.

The company has declined to comment further on the internal memos detailing these plans


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