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Petrol price increased to N648.93 in November – NBS



The National Bureau of Statistics (NBS), says the average retail price of a litre of petrol increased from N202.48 in November 2022 to N648.93 in November 2023.

NBS said this in its Petrol Price Watch for November 2023 released in Abuja on Thursday.

It stated that the November 2023 price of N648.93 represented a 220.49 per cent increase over the price of N202.48 recorded in November 2022.

“Comparing the average price value with the previous month of October 2023, the average retail price increased by 2.90 per cent from N630.63.

“On state profiles analysis, Kebbi paid the highest average retail price of N691.00 per litre, followed by Jigawa and Akwa Ibom at N677.67 and N675.00, respectively.

“Conversely, Taraba, Kaduna and Lagos paid the lowest average retail price at N618.00, N620.29 and N623.12, respectively,’’ it stated.

Analysis by zones showed that the South-South recorded the highest average retail price in November 2023 at N663.59, while the North-East recorded the lowest price of N632.75 per litre.

The NBS also stated in its Diesel Price Watch Report for November 2023 that the average retail price was N1055.57 per litre.

It said that the November 2023 price of N1055.57 per litre amounted to a 30.50 per cent increase over the N808.87 per litre paid in November 2022.

“On a month-on-month basis, the price increased by 5.03 per cent from the N1004.98
per litre recorded in October 2023,’’ it added.

On state profile analysis, the report said the highest average price of diesel in November 2023 was recorded in Benue at N1280.00 per litre, followed by Kaduna at N1183.45 and Sokoto at N1183.33.

On the other hand, the lowest price was recorded in Rivers at N875.00 per litre, followed by Abia at N900.77 and Bayelsa at N920.00 per litre.

In addition, the analysis by zones showed that the North-Central Zone has the highest price of N1123.75 per litre, while the South-East recorded the lowest price at N959.69 per litre.

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All On, RMI, GEAPP address energy access gap in Nigeria with focus on mini-grid solutions



All On, a leading Nigerian impact investment company in partnership with Rocky Mountain Institute, (RMI) and The Global Energy Alliance for People and Planet (GEAPP) co-hosted an Alliance Partners Roundtable recently to discuss the existing and emerging challenges faced by Mini-grid developers and financiers, while proffering solutions that will drive growth and unlock scale within the Mini-grid Sector.

The event hosted the President of Rockefeller Foundation, RF, Dr. Rajiv H. Shah, a global institution with a mission to promote the well-being of humanity around the world. It highlighted the root cause(s) of the limited scale in the Mini-grid sector (Isolated & Interconnected Mini-grids), shared key learnings and opportunities from the Demand Aggregation for Renewable Technologies (DART) program, Energising Agriculture Program (EAP), Utility Enabled DERs and DER Roadmap.

These seek to address challenges related to financing, underutilisation within the Mini grid sector, prohibitive financing cost, Import Dependency and Unavailability of FX, and lack of scale.

Sub-Saharan Africa (SSA) faces an energy crisis, with 43 percent (590 million) people lacking electricity, according to the International Energy Agency (IEA, 2021). Nigeria, the region’s most populous nation, is particularly affected, with 45 percent (99 million) people lacking access.

This lack of access to electricity requires a significant funding increase of an estimated $27 billion annually needed by 2030 in SSA.  With this, the event focused on exploring ways to unlock commercial, local currency financing and refinancing for mini grids, and of unlocking scale through productive uses of power for mini grids.

Speaking at the event, CEO, All On, Caroline Eboumbou, said, “This roundtable discussion with our esteemed partners emphasises the urgent need to address the energy crisis in Sub-Saharan Africa, particularly in Nigeria. With millions lacking access to electricity, innovative solutions like mini grids are crucial.

“This event focused on identifying the challenges that hinder mini-grid growth, such as financing limitations and underutilised capacity. By unlocking commercial, local currency financing and promoting productive uses of power, we can create sustainable mini-grids and empower communities across the region.”

“The World Bank, African Development Bank, and GEAPP are committed to partnering with project developers and governments to electrify 300 million Africans, with a focus on providing 100 million Nigerians with clean energy. We will learn from your challenges and work together to overcome them, fostering a more sustainable and equitable future for all,” said President, Rockefeller Foundation, Dr. Rajiv H. Shah.

Also speaking at the event, Nigeria Country Director, Rocky Mountain Institute, (RMI), Suleiman Babamanu, said, “We are thrilled to bring together renewable energy developers in the presence of the RF president for this alliance roundtable.

“This collaborative effort represents a significant step forward in our mission to create sustainable and resilient energy solutions. By combining our expertise and resources, we can address the pressing challenges of climate change and energy access, driving innovation and economic growth for communities worldwide.”

Other speakers at the event were Finance Manager & DART Program Lead, All On, Tomilola Olakiigbe; Senior Associate, RMI, Folawiyo Aminu; CEO, Prado Power, Washima Mede and Nigeria Country Director, PowerGen, Seun Edun.

The Alliance Partners Roundtable represents a significant step in tackling the energy access crisis in Nigeria. By harnessing the collective knowledge and expertise of key stakeholders, the critical solutions to unlock the potential of mini grids identified can pave the way for a future where millions in Nigeria and by extension Sub-Saharan Africa, can gain access to clean and reliable electricity, fostering economic growth and improved livelihoods.

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Create enabling environment for gas technology devt in Africa — NAEC tells FG, Stakeholders



The Chairman, Association of Energy Correspondents of Nigeria (NAEC), Ugo Amadi has called on the Federal Government and relevant stakeholders in the energy sector, to create an enabling environment for gas development and innovation of Gas technologies in Africa.

Amadi made this call at the Africa Gas Innovation Summit (AGIS) 2024, held in Abuja, with the theme, “Igniting the Future: Driving Sustainability in Africa’s Energy Landscape through Gas Technology and Innovation.”

Chairman of the energy correspondents association of Nigeria in his contribution at the conference said a lot can be achieved by creating policies that encourages investments, including collaboration which encourages adaptation to new technologies needed to help improve the economy

Delivering a welcome address at the Technical session themed; ‘Creating an Enabling Environment for Gas Technology Development and Innovation in Africa.’

Amadi noted that the country is faced with numerous challenges but said addressing these challenges is crucial to achieving significant progress in the energy sector.

Amadi said, “We are not unmindful that Africa and Nigeria’s energy sector is facing several challenges, which include but not limited to Inadequate infrastructure, Lack of policy consistency, inconsistent Energy access, Insufficient incentives and regulatory hurdles that discourage private investment.”

Other challenges according to Ugo Amadi include concerns about energy security, particularly in the face of rising demand and declining domestic production, Inadequate funding for energy projects and programmes, Weak institutional capacity, corruption, and political interference which hinder effective policy implementation.

“Therefore, addressing these challenges is crucial to developing a sustainable, efficient, and inclusive energy sector in Nigeria and Africa.

“The leadership of His Excellency President Bola Ahmed Tinubu, who doubles as Minister of Petroleum Resources, recently signed the Presidential Executive Orders on oil and gas in March this year, aimed at improving the efficiency and attractiveness of Nigeria’s oil and gas sector.

“However, stakeholders are still calling for a proper review of the Petroleum Industry Act (PIA) 2021 in order to unlock Nigeria’s vast hydrocarbon potential, attract investment, and propel the nation towards greater economic success and shared prosperity.

“As an association, we are committed to advocating a just and equitable energy security for Nigeria and Africa as a whole. We are also dedicated to telling the gas story in the most compelling way possible and support the implementation of Nigeria’s Decade of Gas Initiative.”

The NAEC Chairman advised on the need for the federal government to take more practical approaches to addressing the issues in the industry with the aim of creating a more sustainable energy future.

“We are calling on all stakeholders and the government to ensure  an enabling environment for gas technology development and innovation in Africa which requires a multi-faceted approach.

“Some of those result oriented approaches include but are not limited to Government policies that encourage investment in gas technologies and innovation, Strengthening institutional and human resource capacities in Africa, Collaboration among government, industry, academia, and the entrepreneurial community to address challenges and opportunities in the gas sector.

“Also, there is need to promote digital technologies such as blockchain, digital platforms, and smart grids to achieve new energy production and consumption models;  Encouraging technical, vocational, and tertiary education and training in science, technology, engineering, and mathematics; Enhancing cooperation to strengthen tertiary education systems and increase access to online education in areas related to sustainable development

“In addition, increasing the number of scholarships available to students in Africa to enrol in higher education is necessary while Ensuring adequate, balanced and effective protection of intellectual property rights in both developed and developing countries,” the chairman noted.

“Today, we stand on the verge of history in our energy sector, we must change the narrative, in such a manner that gives credence to the quotation ‘We have stayed long enough on this mountain, we must take our journey into our destiny.’ So let us do all we can  to harness the opportunities  that promise not only to meet the immediate needs of  our growing economies but also to secure a sustainable future for the next generations for the commonwealth,” Amadi concluded.

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Train 7 gas project at 67% completion — NLNG



Nigeria LNG Limited says the Train 7 gas project on Bonny Island, Rivers State, has reached 67 percent completion.

This was as the NLNG reaffirmed its commitment to delivering economic benefits through the completion of the project.

In a statement, the company’s General Manager, External Relations and Sustainable Development, Andy Odeh, disclosed that the project was already delivering on one of its benefits with over 9,000 Nigerians working in the project on Bonny Island, and numerous indirect jobs and businesses emerging as a result of the construction.

According to Udeh, officials of the NLNG who spoke at a reconvened session of the Senate and House of Representatives’ Joint Committee on Gas, provided necessary information and clarifications to address issues raised by the committee.

“NLNG confirmed that the project, with a total contract sum of $4.3bn, has reached an overall progress of 67 percent completion, achieving a significant construction milestone of over 45 million man-hours without any Lost Time Injury. The company noted that the project was already delivering on one of its benefits with over 9,000 Nigerians working in the project on Bonny Island, and numerous indirect jobs and businesses emerging and booming as a result of the construction,” the statement read partly.

The statement emphasised that the Train 7 project is a strategic initiative that will support the diversification of the country’s revenue sources and revenue generation during the energy transition, aiding the country in achieving a net-zero future.

It also noted that the project remained crucial for monetising Nigeria’s vast gas resources, estimated at over 200 trillion cubic feet of proven reserves, saying it was an inspiration to other gas development initiatives aimed at enhancing gas monetisation and utilisation in the country.

“The company equally stressed the significance of the project to the Federal Government’s Decade of Gas initiative. It emphasised that the project is aligned with Nigeria’s gas development aspirations, as the outlined initiative is both timely and essential to secure the nation’s future, particularly as the global movement towards a net-zero future accelerates.

“NLNG expressed its respect for the National Assembly and committed to collaborate with the legislature to transform Nigeria’s energy landscape. It called on all stakeholders including the Federal Government and all well-meaning Nigerians to support the preservation of an enabling environment for its successful completion and the attraction of more transformational projects to Nigeria,” Odeh’s statement read.

The Train 7 project is expected to increase NLNG’s production capacity by 35 per cent from the current 22 million tonnes per annum to 30mtpa.

On December 27, 2019, NLNG’s shareholders made the final investment decision for the project and on May 13, 2020, awarded the engineering, procurement, and construction contracts for the project to SCD JV Consortium, comprising affiliates of Saipem, Chiyoda, and Daewoo.

On June 15, 2021, former President Muhammadu Buhari virtually flagged off the construction of the project during the groundbreaking ceremony at the company’s plant site on Bonny Island, Rivers.

“Over $10bn is expected to be invested in Train 7 and the upstream scope of the LNG value chain which will open up new development opportunities in the industry and boost Nigeria’s Foreign Direct Investment profile as well as the confidence of foreign investors,” the NLNG said.

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