The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported that global energy investment reached a record $3 trillion in 2024, with renewable energy playing a pivotal role in driving this growth. The surge in investment reflects a growing global shift towards sustainable energy solutions, with a significant portion of the funds directed toward solar, wind, and other renewable technologies. According to NUPRC, the increase in renewable energy investments is driven by both government policies and private sector commitments to reducing carbon emissions and transitioning to cleaner energy sources. “Renewables are now at the forefront of global energy investments, marking a…
Author: Temitope N.
Kaduna Electricity Distribution Company (Kaduna Disco) has pledged to replace outdated and faulty meters in its network to improve service delivery and customer satisfaction. The company stated that the initiative is part of its ongoing efforts to enhance billing accuracy, reduce energy losses, and promote transparency in its operations. A spokesperson for Kaduna Disco explained that the replacement program would focus on upgrading old meters with modern, smart metering systems that provide real-time data and enable more efficient energy management. These new meters are expected to enhance customer experience by eliminating issues such as estimated billing and meter tampering. The…
The Nigerian National Petroleum Corporation (NNPC) has unveiled new technology aimed at improving the tracking and monitoring of the country’s oil output. The initiative is part of the corporation’s efforts to enhance transparency, improve efficiency, and ensure accurate reporting of production levels across the nation’s oil fields. The new system integrates advanced digital tools and data analytics to provide real-time monitoring of oil production, enabling better management of reserves and resources. By utilizing satellite technology, sensors, and automated reporting systems, NNPC aims to reduce errors, curb oil theft, and enhance accountability in the country’s oil sector. NNPC officials emphasized that…
Continental Hotel has expressed confidence in its prospects for 2025, despite the rising operational costs that have affected many businesses in the hospitality sector. The hotel management highlighted that while inflation, rising utility costs, and increasing labor expenses have posed challenges, its strong brand presence and commitment to quality service position it for continued success in the coming year. In a statement, the hotel’s general manager noted that even in the face of economic pressures, Continental Hotel has seen an uptick in bookings, particularly from business travelers and international guests. “While operating costs have increased, we remain optimistic about 2025.…
A recent report has revealed that the upgrade of the power infrastructure at Nnamdi Azikiwe International Airport in Abuja has cost the Nigerian government ₦8.7 billion. The project, aimed at improving the airport’s electricity supply and ensuring a more reliable power source for operations, is part of ongoing efforts to modernize airport facilities across the country. The upgrade includes the installation of new power generation systems, the expansion of the airport’s power grid, and enhanced backup solutions to minimize disruptions. The improvements are expected to boost operational efficiency, increase passenger comfort, and support the growing demand for air travel as…
The Nigeria Employers’ Consultative Association (NECA) has raised concerns about policies and practices by the Lagos State Government (LASG), alleging that they are deterring potential investors. NECA’s claims center on what it describes as excessive regulatory requirements, burdensome taxation, and an unpredictable business environment that undermine investor confidence. At a recent briefing, NECA Director-General Adewale-Smatt Oyerinde highlighted the growing frustration among business owners, particularly those operating in Lagos. “The current environment is stifling enterprise development. Multiple taxes, unclear regulatory guidelines, and high operational costs are sending a negative message to investors,” he stated. Lagos State, often regarded as Nigeria’s economic…
Stanbic IBTC Bank has teamed up with Carloha, a leading automotive retail platform, to provide customers with special discounts on car purchases. The collaboration is part of efforts to enhance affordability and give clients access to quality vehicles through flexible financing options. Under the partnership, customers who finance their car purchases through Stanbic IBTC Bank are eligible for exclusive discounts from Carloha, along with tailored loan packages designed to make vehicle ownership more accessible. The initiative aims to boost car sales while offering financial solutions that align with customers’ needs. A representative from Stanbic IBTC Bank emphasized the bank’s commitment…
Nigeria received $285 million in foreign capital inflows from African investors in the third quarter of 2024, according to data released by the National Bureau of Statistics (NBS). The figure highlights the growing interest of intra-African investments in Nigeria’s economy, driven by opportunities in key sectors such as energy, technology, and manufacturing. The NBS report revealed that the funds were channeled primarily into the banking, telecommunications, and oil and gas sectors, which continue to attract significant attention due to their growth potential and strategic importance to the continent. Financial services accounted for the largest share of the inflows, reflecting the…
The Federal Government has earmarked ₦1 trillion in the 2024 budget for special power sector interventions and multilateral projects aimed at addressing Nigeria’s energy challenges. The allocation underscores the government’s commitment to improving electricity supply, expanding infrastructure, and accelerating the transition to renewable energy. The funding will support several critical initiatives, including the rehabilitation of power plants, expansion of the national grid, and investment in off-grid solutions to improve access in rural and underserved areas. A significant portion of the budget will also be dedicated to projects co-funded by international partners to leverage global expertise and financing. Government officials noted…
The President of the Chartered Insurance Institute of Nigeria (CIIN), Edwin Igbiti, has called on directors in the insurance sector to uphold strong governance practices to bolster the industry’s growth and credibility. Speaking at a recent forum, Igbiti emphasized that sound governance is crucial for sustaining investor confidence and ensuring compliance with regulatory standards. He highlighted the evolving nature of the insurance sector, which demands greater transparency, accountability, and ethical leadership from those at the helm. “As custodians of public trust, directors must embrace governance as a strategic tool for growth and resilience,” Igbiti said. The CIIN president also stressed…