News

President Tinubu Wraps Up Tanzania Visit, Pledges Nigeria’s Commitment to Universal Electricity Access by 2030

 

President Bola Ahmed Tinubu has concluded his visit to Dar es Salaam, Tanzania, where he joined other African leaders at the **Mission 300 Africa Energy Summit**. The two-day summit, hosted by the Tanzanian government in partnership with the African Union, the African Development Bank (AfDB), and the World Bank Group, ended with the adoption of the **Dar es Salaam Declaration**—a bold commitment to provide electricity access to 300 million Africans by 2030.

President Tinubu, who arrived in Tanzania on Sunday, has since returned to Abuja. During the summit, he reaffirmed Nigeria’s determination to ensure that every citizen has access to reliable and affordable electricity within the next five years.

The event, held at the Julius Nyerere International Convention Centre, brought together leaders from 12 African nations, including Nigeria, Chad, Côte d’Ivoire, the Democratic Republic of the Congo, Liberia, Madagascar, Malawi, Mauritania, Niger, Senegal, Tanzania, and Zambia. Together, they signed the Dar es Salaam Declaration, which outlines a roadmap for achieving energy access through National Energy Compacts. These compacts will address specific policy measures and set tailored targets for each country.

In a speech delivered by Nigeria’s Minister of Power, **Adebayo Adelabu**, President Tinubu commended the AfDB, the World Bank Group, and other development partners for their collective efforts to bridge Africa’s energy gap. He urged African leaders to prioritise energy access as a foundation for economic growth and development.

“Let us work together to create a brighter future for our citizens—where every African can access reliable and affordable energy. A future where our industries thrive, our economies grow, and our people prosper,” President Tinubu said.

The President highlighted Nigeria’s progress in the energy sector, including the AfDB’s $1.1 billion investment, which is expected to provide electricity for 5 million Nigerians by 2026. He also mentioned the $200 million Nigeria Electrification Project, aimed at powering 500,000 households by 2025. Additionally, he noted the AfDB’s planned $700 million investment in the Nigeria Desert to Power Programme and a $500 million facility for the **Nigeria-Grid Battery Energy Storage System**, which will benefit an additional 2 million Nigerians.

President Tinubu also revealed that Nigeria is set to leverage the World Bank’s $750 million support to expand distributed energy access through mini-grids and standalone solar systems, targeting 16.2 million people.

“As Nigeria’s President, I am committed to making energy access a top priority. This is an ambitious goal, but we can achieve it together,” he said.

The President outlined Nigeria’s ongoing investments in renewable energy, particularly solar power, and announced plans to develop an **Electric Vehicle (EV) Charging Infrastructure Programme**. He shared that the first 100 electric buses have already arrived in the country, marking a significant step towards sustainable transportation.

“Nigeria’s energy sector is growing as a direct result of our reforms. We are incentivising investments in renewable energy, oil, and gas, as well as energy efficiency,” President Tinubu added.

The summit also saw the **International Finance Corporation (IFC)** commit $70 million in private sector funding to five Nigerian Renewable Electricity Service Companies (RESCOs) under the **Nigeria Distributed Access Through Renewable Energy Scale-Up (DARES)** programme. This initiative will be implemented by the **Rural Electrification Agency (REA)**.

Nigeria’s **National Energy Compact**, presented at the summit, sets ambitious targets, including expanding power generation, investing in transmission and distribution infrastructure, and incentivising private sector participation. The compact estimates that Nigeria will require $23.2 billion in investments to achieve last-mile electrification, with contributions from both public and private sectors.

President Tinubu concluded by thanking Ajay Banga’ President of the World Bank Group, and Dr. Akinwunmi Adesina, President of the AfDB, for their transformative vision, which he described as “a beacon of hope that will light up and power Africa.”

The Nigerian delegation expressed optimism that the commitments made at the summit will pave the way for a new era of energy access and economic prosperity across the continent.

Leave a Comment

Your email address will not be published.

You may also like

Business Economy Finance Fintech

Zero Processing Fee; GTBank Removes Point of Sale (POS) Processing Fees to Support Businesses

post-image

Guaranty Trust Bank Ltd (www.GTBank.com) has announced the removal of processing fees on all GTBank POS terminals, reinforcing its commitment to supporting businesses with cost-effective payment solutions.

 

This initiative, which took effect Tuesday, 11 February 2025, communicates that merchants using GTBank POS terminals will no longer incur Merchant Service Charges (MSC) when receiving payments from customers.

At Guaranty Trust Bank, we are always looking for ways to add value to our financial ecosystem

With this initiative, all qualifying SME Merchants can now receive payments at zero cost, allowing them to reduce operational expenses, whilst promoting the merchant’s enterprise, and enhancing customer experience.

Speaking on the initiative, Miriam Olusanya, Managing Director, Guaranty Trust Bank Nigeria, said: “At Guaranty Trust Bank, we are always looking for ways to add value to our financial ecosystem. By implementing the zero processing fees on POS transactions, we are empowering businesses to…

Read More
Business

Anambra South Concerned Citizens Petition INEC Over Senate Vacancy

post-image

 

The Anambra South Concerned Citizens, led by Engr. Ikechukwu Nwosu, Convener of the Anambra South Concerned Citizens movement, have formally petitioned the Independent National Electoral Commission (INEC) and the National Assembly, demanding urgent action to fill the vacant senatorial seat in their constituency.

In a strongly worded letter addressed to the INEC Chairman, with copies sent to the Senate President, the Clerk of the National Assembly, and traditional institutions within the constituency, the group expressed deep dissatisfaction over the prolonged vacancy following the passing of their late Senator, Dr. Patrick Ifeanyi Ubah, who died on July 27, 2024.

Highlighting the implications of the delay, the petitioners noted that Anambra South, which comprises seven local government areas—Nnewi North, Nnewi South, Aguata, Orumba North, Orumba South, Ihiala, and Ekwusigo—has been without representation in the Senate for over 180 days. They described the situation as a gross disenfranchisement of their people, an act of…

Read More
Business Culture Economy International Interviews

FX Volatility Risk: Why Nigerian Businesses Must Be Cautious When Borrowing in Foreign Currency

post-image

By Anayo Nwosu

In a rapidly evolving economic landscape where currency fluctuations have become the norm, Nigerian businesses are constantly weighing their financing options. One of the biggest dilemmas faced by companies is whether to borrow in foreign currency or stick to naira-denominated loans. While foreign currency loans often come with significantly lower interest rates, they carry a hidden danger—FX Volatility Risk—which has led to the downfall of many companies.

The Temptation of Foreign Currency Loans

Imagine a manufacturing company in Nigeria that wants to expand by acquiring new machinery from an overseas supplier. The cost of this machinery is $1,000,000, and the foreign supplier agrees to ship the equipment with a one-year payment plan, provided a Nigerian bank issues a confirmed letter of credit as a guarantee. The loan comes with an attractive 7% annual interest rate, much lower than naira-denominated loans, which range from 19% to 32% per annum.

At first…

Read More
Business Culture Economy Government International

Peter Obi Engages Indonesian Leaders on Governance and Economic Transformation

post-image

Nigerian public figure and presidential hopeful Peter Obi has continued his engagements in Indonesia, holding high-level discussions with key political and economic leaders to gain insights into the country’s development strategies. His visit on February 3rd and 4th included meetings with top government officials who played significant roles in Indonesia’s economic transformation under Presidents Susilo Bambang Yudhoyono and Joko Widodo.

Obi’s discussions began with Agung Laksono, a former Minister, former Coordinating Minister of the Economy, and a former member of Indonesia’s Presidential Advisory Board. Laksono provided Obi with valuable insights into the governance strategies that shaped Indonesia’s rapid development, emphasizing the importance of strategic planning, disciplined execution, and a focus on measurable progress across key sectors.No alt text provided for this image

Read More
Business Economy Government

NDPC Marks 3rd Anniversary with Team Bonding Event to Strengthen Workplace Unity

post-image

The Nigeria Data Protection Commission (NDPC) recently celebrated its third anniversary with a specially organized team bonding event aimed at fostering stronger connections among its workforce. The event, which brought together staff members in a relaxed and engaging environment, provided an opportunity for them to reflect on their collective achievements, strengthen team spirit, and reinforce the Commission’s commitment to its mandate.

Held in a lively atmosphere, the event featured a mix of recreational activities, including friendly competitions, interactive games, and team-building exercises designed to enhance collaboration. Staff members also enjoyed a variety of food, drinks, music, and dance, creating a festive mood that encouraged camaraderie and networking beyond the usual work setting.

Speaking at the event, senior officials of the NDPC highlighted the significance of teamwork in achieving the Commission’s objectives. They emphasized that fostering a strong internal culture of cooperation and mutual support is essential to maintaining efficiency in regulatory…

Read More
Business Culture Economy Society Travels Trends

Lagos Governor Speaks on Expansion of Red Line Rail Service, Receives Mixed Public Reactions

post-image

 

By ANTHONY EMEKA NWOSU

The Governor of Lagos State, Babajide Sanwo-Olu, has unveiled a significant enhancement to the Lagos Rail Mass Transit (LRMT) Red Line as part of the state’s ongoing efforts to revolutionize urban mobility. Effective from tomorrow, the Red Line will expand its service schedule, now offering five morning trips and four evening trips daily, an increase from the previous two morning trips. This step is aimed at improving the daily commute for residents traveling along the high-demand route from Agbado to Oyingbo.

This upgrade promises to ease the stress of navigating the city’s notorious traffic jams by reducing overall travel times. With a journey time of just 50 minutes between Agbado and Oyingbo, commuters will benefit from the convenience of waiting times as brief as two minutes at each station. The increased frequency of train services is expected to significantly enhance the efficiency and reliability of the Red…

Read More
Business Culture Economy Tourism Travels Trends

Radisson Hotel Group concludes record-breaking year with over 300 new signings and openings in 2024

post-image

Radisson Hotel Group (www.RadissonHotels.com) reported a record-breaking year in 2024 after adding almost 40,000 keys to its global brand portfolio, thereby achieving significant milestones and further strengthening its footprint around the world. Radisson Blu remained the leading upper upscale brand in Europe for the 13th consecutive year and the Group is now leading the upscale resort segment in EMEA.

VIDEO
Elie Younes, EVP & Global Chief Development Officer, walks you through Radisson Hotel Group’s 2024 Business Development highlights

 

Elie Younes, Executive Vice President and Global Chief Development Officer at Radisson Hotel Group, comments: “Despite global geopolitical…

Read More
Business Economy Gadgets News Security Society Software Technology Technology Trends

Zoracom Announces Strategic Collaboration with Exeon Analytics AG to Enhance Cybersecurity Resilience and Next-Gen NDR Solutions

post-image

 

Zoracom, Nigeria’s foremost Network Security Operations Center (NSOC) and leading cybersecurity firm, has unveiled a groundbreaking initiative aimed at advancing Next-Generation Network Detection & Response (NDR) capabilities and bolstering cybersecurity operational resilience. The company revealed plans for a strategic visit to its partner, Exeon Analytics AG, in Zürich, Switzerland, scheduled for 2025, as part of its commitment to innovation and excellence in the cybersecurity landscape.

In an official statement, Zoracom emphasized that this collaboration underscores its dedication to addressing the evolving challenges of cybersecurity in an increasingly digital world. The initiative is designed to not only enhance Zoracom’s service offerings but also to provide cutting-edge solutions to its growing customer base, which includes enterprises, government agencies, and organizations across various sectors.

Key Objectives of the Initiative

The strategic partnership with Exeon Analytics AG, a renowned Swiss-based leader in cybersecurity analytics, is expected to deliver significant benefits, including:

  1. Support for a Growing…
Read More