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Browsing: President Buhari
In March 2022, while trying to clarify the power situation in Nigeria, TCN reiterated that out of 23 gas-powered stations with a combined capacity of more than 10,000 MW, at least 14 were either shut down or operated at reduced capacity. Two in three power stations have either halted operations or operating below par. It is projected that Nigerians privately generate up to 40,000 MW to address the grid deficit.
According to TCN spokeswoman Ndidi Mbah, the power companies attribute this trend to various factors, including scheduled and unscheduled maintenance, faults in generating units of generating companies, and poor gas supply. However, all these factors cause power generating companies to limit their generating capacities or halt generation altogether. However, the challenges appear to run deeper.
All Progressives Congress Party, after assuming office in 2015, alleged that many of the power companies had been sold by the former People’s Democratic Party …
The global fertilizer market has been shaken, and the Governor of the Central Bank of Nigeria, Godwin Emefiele, said that the plant is timely and will help Nigeria solve a perennial fertilizer problem.
The new fertilizer plant will produce 3 million metric tonnes annually, with Buhari expecting a boom as fertilizer is now readily available in more significant quantities and better quality. The head of state encouraged Nigerians to take up agriculture as a business, saying that he expects the rise of a new breed of agropreneurs who will add value to farming and make the nation self-sufficient in food production.”
Dangote said that fertilizer from the plant would be exported to many countries, including the United States, Brazil, Mexico, and India.…
The Nigerian Minister also praised Equatorial Guinea, saying that the Western African country has a massive record of world-class gas processing and liquefaction infrastructure already in Punta Europa and allocating investment funds for development.
Minister Obiang Lima said that Equatorial Guinea was in line to be an essential player in the African energy market.
“New, fast, and competitive sources will be a major determinant of success,” he said. “This strategic collaboration breaks down geographical boundaries and allows gas delivery from Nigeria to Equatorial Guinea’s Punta Europa facilities, extending their life and providing access to the regional and global energy markets.”
Through the agreement, the Nigerian National Petroleum Corporation (NNPC) and its joint venture partners will put into monetary use gas that would have otherwise been stranded offshore due to the absence of infrastructure.…
The World Bank, in 2020, announced that the Nigerian economic may see a dip into recession, the worst the African country has seen in 40 years. This was largely due to the effects of the fall in the global price of oil, a commodity the nation's economy is heavily reliant on, and the outbreak of the COVID-19 pandemic, that nearly crippled not just Nigeria’s, but the global economy.
But these challenges were not the only catalysts for Nigeria’s imminent recession, issues around insecurity, infrastructural deficit, trade barriers, and power supply challenges all form a crude mix that has managed to drive the country down this very path.
Since the election of the Buhari’s administration in 2015, a lot more focus has been placed on driving local content and boosting local production, particularly in the agriculture sector. This was also in line to make the Nigerian economy