General News
Nuclear Programme to Give Impetus to Nigerian Economy
Today, unfortunately, Nigeria’s economic potential is constrained by many structural issues including; inadequate infrastructure, foreign investment obstacles and economic flexibility. In 2015-2016 the nation’s economy was hit by low oil prices due to weaker demand. The situation was aggravated due to the fact that the country highly depends on petrodollars, which account for nearly 70% of its national revenue.
The country is currently recovering from its first major recession which took place in 2016. According to the World Bank estimations, Nigeria is moving from a recession to a modest 1.2% growth rate in 2017, gaining momentum to 2.4% in 2018.
Nigeria’s economic growth is also severely constrained by insufficient electricity generation capacity, which results in a lack of a reliable and affordable energy. At the same time, Nigeria flares considerable amounts of associated gas, a by-product of offshore crude oil extraction. This flaring generates significant greenhouse gas emissions and wastes a considerable amount of energy.
The current growth in Nigeria’s economy relies largely on its oil sector, which drastically minimizes its long term sustainability. The implementation of a more diversified economic policy framework could create a more favorable environment for short-term growth and generate more sustainable growth rates in the medium- to long- terms.
One of the most positive steps toward the implementation of the country’s recovery plan was the approval of the Power Sector Recovery Program in March 2017, which promises to restore financial viability to the power sector as well as improve its record for transparency and service delivery. In 2016 the Federal Government reaffirmed its plans to introduce nuclear power to diversify the country’s energy mix and help meet the energy needs of the country.
Globally, nuclear power is considered a viable base load alternative, producing power 24/7 with very few maintenance shutdowns, which makes it the ideal source for powering industry and growing an economy. Nuclear power is also environmentally friendly, emitting far less greenhouse gases during electricity generation than coal or other fossil fuel power plants.
The construction of nuclear power plants (NPPs) in Nigeria will not only assist with the current energy crisis, but will also stimulate a great deal of investment in the country and local business. The direct and indirect economic and socio-economic benefits of NPP construction are immense.
There is a great deal of opportunity for direct localisation during the construction phase of an NPP. This includes: engineering services and the manufacture of components including pumps, valves, piping, tubing, insulation, reactor pressure vessels, pressurizers, heat exchangers and moisture separators. Construction will also provide a substantial boost to suppliers of commodities such as concrete and steel.
This entails a major boost for local manufacturers and job creation. Not to mention the business opportunities in unrelated industries as a result of the economic spinoffs, such as the needed external infrastructure in the region of the plant, accommodation for workers, hospitals, schools, agriculture as well as the retail sector (due to an influx of workers and higher salaries in the region).
The construction of Kudankulam NPP in India with the help of the Russian state owned nuclear corporation Rosatom has led to the creation of more than 10,000 jobs in the region, not to mention new jobs in equipment-manufacturing companies and other related industries. Moreover, tax proceeds from the plant go to neighboring towns and villages, making it possible to implement social projects such as the construction of schools and sports facilities. In the Czech Republic, two nuclear power plants annually allocate about USD 6 million for the development of the regional economy and infrastructure, including the food sector.
NPP construction spurs a huge chain reaction in the countries they are built, providing massive benefits (added value) to the economy. If we assume a NPP project based on 2 power units 1,2 GW each (and local industry involvement of 20-30%) on every invested dollar the nation would receive USD 1.9 as local industry income, USD 1.4 as extra taxes inflow, USD 4.3 of GDP growth.
Investing in nuclear projects stimulate cash flows to the regional and national budget that often surpass direct investments by a significant margin. The actual amount of investment depends directly on technologies involved.
A recent analysis conducted by the Nuclear Energy Institute (NEI) found that nuclear plants create some of the largest economic benefits when compared to all other generating sources, this due to their sheer size and the number of workers needed to construct and operate the plants.
According the NEI the operation of a nuclear plant requires the highest number of skilled workers when compared to any other technology and on average these jobs pay 36% more than the average salaries in the area where the plant is constructed.
New plant construction creates a direct demand for thousands of locally sourced skilled labourers, such as; welders, pipefitters, masons, carpenters, millwrights, sheet metal workers, electricians, ironworkers, heavy equipment operators and insulators, as well as engineers, project managers and construction supervisors.
There will also be thousands of indirect jobs created through localisation, including engineering services and the manufacture of components including pumps, valves, piping, tubing, insulation, reactor pressure vessels, pressurizers, heat exchangers and moisture separators.
Construction will also provide a substantial boost to suppliers of commodities such as concrete and steel. From the analysis done by the NEI it was determined that a single new nuclear power plant requires approximately 300,000 cubic metres of concrete, 66,000 tons of steel, 70 Km of piping, 500 km of electric wiring, and 130,000 electrical components.
IHS Nigeria, part of the IHS Holding Limited (NYSE: IHS) (“IHS Towers”) group, one of the largest independent owners, operators, and developers of shared communications infrastructure in the world by tower count, has partnered with the Ilorin Innovation Hub to host the maiden edition of its Demo Day at the state-of-the-art facility in Ilorin, Kwara State.
The event, themed “The Convergence,” is designed to spotlight 19 emerging startups that have participated in the Hub’s accelerator and incubation programs, and invite them to pitch their solutions to investors, venture capital funds, corporate partners, and the media.
The Ilorin Innovation Hub, a partnership between the Kwara State Government and IHS Nigeria, began operations in February 2025 with programs managed by Co-creation Hub and Future Africa.
The Demo Day presents an opportunity to take stock and assess how the Ilorin Innovation Hub is helping to nurture and bring to life groundbreaking ideas and solutions supporting economic resilience and addressing real-world societal challenges. The event is expected to help unlock funding opportunities, foster strategic collaborations, and amplify visibility for these startups that are developing solutions across critical sectors including agriculture, health-tech, green energy, lifestyle, and digital services.
Beyond the startup showcase, the Demo Day highlights Kwara State’s continued commitment to driving digital innovation and entrepreneurship, and IHS Nigeria’s commitment to bridging the digital divide and deepening the digital economy in Nigeria.
Mohamad Darwish, CEO, IHS Nigeria, commented, “We believe innovation and digital technology are powerful drivers of economic growth and sustainable development. This is why we partnered with the Kwara State Government on the Ilorin Innovation Hub. It is impressive and very fulfilling to see the diverse portfolio of ideas and solutions showcased today from the hub within a year of the commencement of operations.
This speaks to the depth of creativity among Nigerians and what is possible when they are equipped and supported. Today’s event makes me proud of our investment in the space and underscores IHS Nigeria’s continued commitment to supporting technology, entrepreneurship, and digital innovation in Nigeria.”
Temi Kolawole, Managing Director, Ilorin Innovation Hub, commented, “Today, we showcase 19 startups that have shown that when you combine talent with the right support, the results speak for themselves. The Ilorin Innovation Hub exists to ensure that geography is never a barrier to building something extraordinary, and this Demo Day is proof that we are on the right track.”
AfriStakes has launched a new capital platform in Nigeria aimed at linking African small- and medium-scale enterprises with a broad range of investors in a move to address persistent funding gaps across the continent.
In a statement, the firm said the platform would improve capital allocation by bridging the disconnect between available funds, investment-ready businesses, and viable opportunities.
The launch comes as many African businesses continue to face funding constraints despite the availability of capital within the financial system.
AfriStakes said structural barriers have limited access to funding, even as capital remains concentrated in traditional instruments such as fixed deposits, equities, and managed funds.
The platform enables businesses and investors to connect directly by creating profiles, listing funding needs, and identifying suitable investment partners.
According to the company, businesses can upload key documents and showcase their funding requirements, while investors can outline their interests and financial capacity.
Founder of AfriStakes, Henry Adebisi, said the initiative was designed to tackle inefficiencies on both sides of the investment market.
“In Africa, businesses suffer from low access to capital while investors suffer from low access to investable opportunities. With AfriStakes, we ensure businesses are properly prepared and positioned for investment, while investors gain the clarity and confidence needed to deploy capital effectively,” Adebisi said.
The company noted that a major challenge for many SMEs is not a lack of value but poor investment readiness, which affects their ability to attract funding.
AfriStakes said it addresses this gap by providing a structured framework that helps businesses present financial information, develop investment narratives, and prepare realistic projections.
The platform also offers support services such as due diligence, deal structuring, and preparation of investor-facing materials.
It added that the platform would facilitate capital inflow from local and international investors, including individuals, angel investors, diaspora investors, entrepreneurs, and institutional players.
Adebisi said the platform would promote efficient capital flow into businesses driving economic growth across Africa.
“Our vision is to build a system where capital flows more efficiently into real businesses that drive economic change. By positioning both businesses and investors for success, we enable stronger investment decisions and more impactful economic outcomes,” he said.
AfriStakes said it supports multiple funding pathways, including debt financing, equity investment, partnerships, and acquisitions.
The company added that the platform would promote transparency, inclusivity, and structured investment processes across the African business landscape, adding that the initiative positions AfriStakes as a key player in addressing the continent’s financing challenges by creating a bridge between capital and opportunity.
The modern kitchen is no longer just a place to cook, rather where families gather, conversations happen, and lifestyles are expressed. Today’s homeowners want appliances that don’t just work efficiently but also reflect their personality and enhance their living experience.
This is exactly where the LG MoodUP™ Refrigerator stands out. Designed to combine innovative technology, customizable design, and smart entertainment, the LG MoodUP Refrigerator transforms the kitchen into a vibrant, expressive, and connected space.
A Refrigerator That Matches Your Mood and Lifestyle
Traditional refrigerators focus solely on storage and cooling. The LG MoodUP Refrigerator takes a bold step further by redefining what a kitchen appliance can be.
At the heart of this innovation are colour‑changing LED door panels that allow users to personalise their refrigerator’s appearance. With just a few taps via a smartphone app, you can effortlessly change the colors of the refrigerator doors to match your mood, décor, or occasion.
Whether you prefer calm neutral tones, vibrant colours for entertaining guests, or subtle lighting for a relaxed evening at home, the LG MoodUP adapts seamlessly.
Customizable LED Panels: Design Meets Technology
One of the most striking features of the LG MoodUP Refrigerator is its customizable LED door panels. These panels offer multiple colour options and lighting combinations, helping you create a kitchen that truly reflects your personality.
Why This Matters for Modern Homes
- Enhance kitchen aesthetics without renovations
- Allows you to refresh your space instantly
- Creates a dynamic, stylish focal point in the kitchen
- Ideal for design‑conscious homeowners and young professionals
In Nigerian homes where kitchens are increasingly becoming open, social spaces, this feature adds a unique blend of style and innovation.
Built-In Bluetooth Speaker: Entertainment at the Heart of Your Home
The LG MoodUP Refrigerator goes beyond design by introducing entertainment into the kitchen. With a built‑in Bluetooth speaker, users can connect their smartphones directly to the refrigerator.
This allows you to:
- Play music while cooking
- Listen to podcasts or radio shows
- Enjoy audio while hosting family or friends
- Make daily kitchen routines more enjoyable
From meal prep to weekend gatherings, the kitchen becomes a more social and engaging environment.
Smart Technology for Smarter Living
LG is known globally for pioneering smart home solutions, and the MoodUP Refrigerator reflects this commitment. Using LG’s intuitive app interface – LG ThinQ, users can control lighting, sounds, and certain settings directly from their smartphones.
This smart connectivity ensures:
- Easy customization
- Seamless user control
- A modern, connected kitchen experience
For tech‑savvy Nigerian consumers looking to integrate smart appliances into their homes, the LG MoodUP Refrigerator fits perfectly into today’s digital lifestyle.
Designed for Style, Comfort and Everyday Use
Beyond its innovative features, the LG MoodUP Refrigerator remains a high‑performance refrigerator built for daily use. It delivers reliable cooling performance, efficient food preservation, and durable construction expected from LG appliances.
Key lifestyle benefits include:
- Elegant, premium design
- Reliable cooling efficiency
- Smart functionality without complexity
- A blend of practicality and visual appeal
This makes it ideal for homes that value both performance and style.
Why LG Continues to Lead in Home Innovation
LG’s approach to product development focuses on understanding how people live today and how technology can improve everyday moments. The MoodUP Refrigerator is a strong example of this philosophy, demonstrating that appliances can be both functional and expressive.
Rather than blending into the background, the LG MoodUP stands out as a lifestyle statement; one that reflects individuality, creativity, and modern living.
For anyone looking to upgrade their kitchen experience and embrace the future of smart living, the LG MoodUP Refrigerator delivers a bold and refreshing approach where your kitchen truly matches your mood.
For more information, kindly visit https://www.lg.com/africa/refrigerators/lg-gr-a24fdmmb
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