Private power generation now costs N750/kWh — Minister
The Minister in charge of power in Nigeria, Adebayo Adelabu, said it’s very expensive for private companies to generate electricity right now. He says it can cost up to N750 to make one kilowatt-hour of electricity using petrol.
Adelabu also said that if companies use diesel instead of petrol, it costs even more – about N950 for each kilowatt-hour.
He points out that these prices are much higher than what people in Band A are paying now, which is N209 for each kilowatt-hour.
Adelabu was talking at a meeting in Lagos. He said that even though people in Band A are not happy about their electricity bills, they know it’s still cheaper than if they had to get their own electricity using petrol or diesel.
Petroleum sector attracted $5m foreign investment in H1 — Report
The government has been trying to get foreign investors interested in Nigeria’s oil and gas business. But it looks like these efforts haven’t worked very well. From April to June this year, the oil and gas sector only got $5 million in foreign investment. In the first three months of the year, it didn’t get any investment at all.
This information comes from a report by the National Bureau of Statistics in its capital importation data for Q2 2024.
The report says that between April and June, a total of $2.6 billion came into Nigeria from foreign investors. But the oil and gas sector only got a tiny part of this – just 0.19 percent. Meanwhile, the banking sector did much better, getting $1.12 billion, which is 43.15 percent of the total.
WHO declares Egypt malaria-free
Egypt has been certified as malaria free, with the World Health Organization (WHO) calling the achievement “truly historic” and the culmination of nearly a century of work to stamp out the disease.
“Malaria is as old as Egyptian civilisation itself, but the disease that plagued pharaohs now belongs to its history and not its future,” WHO chief Tedros Adhanom Ghebreyesus said in a statement on Sunday.
Globally, 44 countries and one territory have now been certified as malaria free.
Customs post N4.2tn revenue in nine months
The Nigeria Customs Service has said it collected N4.28tn as revenue between January and September 2024.
The NCS, in a newly released document on Sunday, said the N4.28tn represents a 33 per cent increase compared to the N3.21tn the service collected as revenue in the whole of 2023.
With the third quarter 2024 performance, the service now has an outstanding N981bn for the fourth quarter to meet its target of N5.1tn for the 2024 full year.
“The NCS has been able to generate revenue from January to September 2024 to the tune of N4.28tn while in the corresponding year, 2023, the service was able to generate a revenue sum of N3.21tn as also compared to the year, 2022 when the service was able to generate the sum of N2.60tn,” the document stated.
Malaysia’s economic growth beats estimates in third quarter
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