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No Plans to Revoke Power Privatisation- Fashola

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Federal government has no plans to revoke the privatisation of the power sector, said Mr. Babatunde Fashola, minister for Power, Works and Housing.

Fashola who spoke at the Fifth European Union (EU)-Nigeria Business Forum (EUNBF2016), in Lagos, said that the Federal Government would remain committed to the terms of power generation and distribution contracts it inherited, noting that government would only listen to people calling for revisit if the aim was to open up opportunities for more investment in Generation Companies (GENCOs) and Distribution Companies (DISCOs).

He said: “I have discussions about revisiting the privatisation of power. Honestly, I don’t know what it means. I like those who are pushing the argument to come out and have discussion with us.

“If revisiting the agreement means cancelling it, I won’t support. The investors who took the risk must have the assurance that government will not flip-flop.

“A contract that fails has consequences not only for the investors, but on both sides. I don’t believe in revoking contracts. Like politicians meet at nights, investors also meet themselves and talk every day. Once they see the government cancels contract signed with one of them, they will call on others to pack their bags and leave.

“This government will respect and uphold the contracts it has committed to and inherited. If there are issues with the contracts, the umpire is the judiciary.”

Fashola emphasised the need for increasing investment in infrastructure, noting that improved infrastructure is a globally-tested parameter to drive growth.

The Minister added that the seven per cent growth rates Nigeria recorded in the last seven years were driven by high oil prices.

He noted that the President Muhammadu Buhari administration’s development plan is focused on increased investment in power, roads, schools, agriculture and housing.

The minister acknowledged the role EU played in the drive to improve Nigeria’s power infrastructure, assuring the investors of government’s commitment to maintain stable investment weather and policy guideline that would benefit parties to power privatisation.

Fashola called on investors to partner the Federal Government in rural electrification project, saying rural communities must be connected to the national grid, if the initiative to drive an all-inclusive growth must be meaningful.

Speaking earlier, Ambassador Michael Arrion, head of the EU Delegation to Nigeria and Economic Community of West African States (ECOWAS) said the forum was established five years ago to help Nigeria overcome its challenges.

He said EU bilateral investments in Nigeria had targeted agriculture, power and other key infrastructure.

He added that the EU remained committed to helping to tackle the recession affecting the country by increasing its investments and partnership.

The two-day event with the theme: “Harnessing Nigeria’s Potential for Economic Growth”, was attended by local and international power investors and industry players.

 


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Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

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Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.

Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

Participants at the event

Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,

This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.

While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.

Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.

It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.

Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.

Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.

 

 

 

 

 

 

 

 

 


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As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

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While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.

As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.

It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.

“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.

The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.

Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.


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President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman

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President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.

Jim Ovia

Jim Ovia

Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.

The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.

“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”

The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.

Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”


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