The Nigerian Electricity Regulatory Commission (NERC) has ceded the regulatory oversight of the Enugu electricity market to the Enugu Electricity Regulatory Commission (EERC), which is owned by the state government with effect from May 1, 2024.

This is the first-ever transfer of regulatory powers from the NERC to a state government electricity regulator.

“On completion of the Transfers under subsections (2) and (3), whichever occurs later in time, the Commission shall have no further regulatory responsibility whatsoever for electricity market activities carried on entirely within the State to which regulatory responsibility has been transferred and for which the Additional Successor Company has been incorporated and conferred with assets, liabilities, employees, rights and obligations,” NERC said in a statement signed by Sanusi Garba and Dafe Akpeneye.

Federal government of Nigeria has announced its qualification for a loan from the World Bank, totaling $2.25 billion.

Wale Edun, finance minister, unveiled this milestone during a joint press conference held by the Ministry of Finance and the Central Bank of Nigeria (CBN) at the spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington D.C.

He said the package, approved by the Board of Directors of the World Bank, offers a 40-year term with a 10-year moratorium and a nominal 1 percent interest rate.

Edun said, “If you look at the fact that we have qualified for the processing, just this week to the Board of Directors of the World Bank, of the total package of $2.25 billion of what you can call, I mean, if there is no such thing as a free lunch, but it is the closest you can get to free money. It is virtually a grant. It is for about 40 years, 10 years moratorium and about 1% interest. So that also is part of the flow you can count.”

He added that Nigeria is set to benefit from budgetary support and low-interest funding from the African Development Bank, noting that negotiations with foreign direct investors are also underway.

Edun addressed concerns about debt sustainability by emphasizing the pivotal role of revenue generation in Nigeria’s economic strategy.

He highlighted oil revenue as a primary source and President Bola Tinubu’s ambitious goal to increase oil production from 1.6 million barrels per day to 2 million barrels per day.

“These measures are crucial for enhancing our fiscal resilience and ensuring long-term economic stability,” the finance minister said.

In a bid to strengthen its foreign exchange reserves and attract investment, Nigeria is exploring innovative avenues with particular emphasis on leveraging remittances from its diaspora community.

The finance minister underscored the immense potential of Nigerians living abroad, acknowledging their substantial financial resources that could significantly benefit the Nigerian economy.

“There are Nigerians abroad who are thriving financially,” remarked Edun, emphasizing their capacity to make substantial contributions to Nigeria’s economic growth and development.

“The government is looking at attracting those funds and capturing those funds through a diaspora type of instrument, a diaspora bond. We think that would be a very attractive instrument for Nigerians abroad and for foreign holdings of foreign currency and we look to having a substantive, substantial and successful issue later in the year,” Edun revealed.

Wema Bank, innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has officially announced the launch of the 5th edition of its flagship youth and startup-focused tech competition, Hackaholics.

The announcement was made at a press conference held at the bank’s Head Office in Lagos. Hackaholics is an annual tech and innovation competition birthed by Wema Bank in 2019.

This groundbreaking annual Hackathon provides a platform for young Nigerians with tech-driven ideas to bring their game-changing ideas to life, scale their ventures and access a wider market for these tech-enabled solutions.

Hackaholics has, over 4 editions, transforming thousands of lives and businesses across the country, helping Nigerian Youth to build their own Startups, creating sustainable sources of income with competitive edge on the global tech and innovation scene.

Themed “Meta-Idea: DigiTech Solutions for Africa’s Prosperity”, the 5th edition of Hackaholics pledges a total cash prize of over N70,000,000 for top innovators across Africa.

This grand scale edition will be executed over a six-month period, touring 10 Universities across Africa and challenging the Youth to pitch unique, innovative and practical Digi-Tech solutions to positively impact the acceleration of progress, development and prosperity not just in Nigeria but across the African continent.

Reaffirming the bank’s commitment to championing innovation and empowering innovators, Wema Bank’s Executive Director of Retail and Digital Business, Tunde Mabawonku, emphasised the role of Hackaholics in bridging the gaps in Africa’s macroeconomic landscape through innovation.

“Our mission as a bank is very clear, ‘Empowering Lives Through Innovation’ and this is the exact purpose behind Hackaholics. Within the bank, we have transformed the status quo and redefined the standards with cutting-edge solutions and technology, hence our position as Nigeria’s most innovative bank, but we didn’t end there.

“With Hackaholics, we have taken our innovation drive outside the bank, empowering youth for success and facilitating the development of transformative solutions tailored to the needs of diverse Nigerians and even the African populace.

“By embracing innovation, fostering a culture of collaboration, and prioritising customer-centricity, we have and will continue to transform and position Wema Bank as a digital leader, in action, products and services.

“Our aspirations are not merely about implementing new technologies; they are about fundamentally transforming how we operate, to be Simple, Seamless, Convenient and Reliable in service to our customers”, he said.

Also speaking, Wema Bank’s Head of Innovation, Solomon Ayodele said: “The theme for this year is ‘Meta-Idea: DigiTech Solutions for Africa’s Prosperity is anchored on two principal factors—The Meta Idea and African Prosperity. We are challenging the youth to develop extraordinary ideas that will proffer practical solutions to our local problems as Africans.”