Data from the advisory power team in the office of Vice-President Yemi Osinbajo shows a loss of about ₦108.652 billion in Nigeria’s power sector between January and March this year. According to the data, about 2,978 megawatts of electricity did not get to the national grid within the period due to water reserves constraints, insufficient gas supply, poor transmission and distribution network. For example, the average energy sent out on 9 March, 2019 when the sector lost an estimated ₦1.7 billion was 4,181MW, down by 28.25MW from the previous day. 2,295.5MW and 33.8MW were not generated due to unavailability of gas, and transmission infrastructure respectively, while 1,226MW was not generated as a result of high frequency from unavailability of distribution infrastructure. The report noted that power generation companies have been supplied with 53,043 mmscf of gas for the year.
The Lagos Chamber of Commerce and Industry has warned that the CBN’s recent decision to deny the textile sector access to forex market, would put over ₦5 trillion worth of investments in jeopardy while an estimated 500,000 jobs may be wiped out. Muda Yusuf, DG of the LCCI, noted that the exclusion of all forms of textile materials from the forex in both official and unofficial windows would have grave implications for businesses in the fashion, tailoring, fashion accessories and garment industry in the country. The fashion industry, one of the fastest growing sectors of the economy, provides significant value addition to imported or locally produced fabrics. The CBN’s order, if implemented, will put all the aspects of the sector at risk, the chamber warned. Early this month, the CBN ordered commercial banks and Bureau de Change operators to, immediately, stop the sale of forex to the importers of textiles and clothing materials in the country, in an effort to save the over $40 billion the country spends annually on imported textiles and ready-made clothing.
The Bureau of Public Enterprises has announced that it has received five bids for the privatization of the Yola Electricity Distribution Company and Afam Electricity Generation Company by prospective core-investors. The bids were received last Friday, the deadline for the submission of the technical and financial proposal for the acquisition. Quest Electricity and Sandstream Nigeria, submitted proposals to acquire the Yola Disco while DiamondStripes Consortium, Unicorn Power Generation Consortium and Transcorp Power, sought to acquire the Afam Genco. However, Sandstream’s submission was found to be non-responsive as it failed to include a bank guarantee in line with the requirements in the Requests for Proposal. Alex Okoh, the BPE’s DG, assured the bidders that the evaluation of their bids would be subjected to the highest level of integrity culminating into the financial bids opening of the successful bidders. According to the statement signed by the BPE’s Head of Public Communications, Amina Tukur Othman, the Evaluation Committee would begin to discuss and finalise the scoring criteria before ending the evaluation process on Thursday, 21 March. 19 firms had indicated interest to acquire the Afam Power Company and the Yola Distribution Company put up for sale by the FG at the close of the submission of bids for the Expression of Interest on 26 September, 2018.
The main opposition candidate in last month’s presidential election, former vice president, Atiku Abubakar, has filed a challenge to the result of the vote. Atiku Abubakar’s petition said that he, the candidate for the PDP, had beaten the APC’s Muhammadu Buhari. “We asked that our candidate who won the election massively across the country be declared the winner,” said Emmanuel Enoidem, a legal advisor to Atiku. The petition asks that the electoral commission overturns the result “on the grounds of irregularities,” Enoidem said. Buhari’s campaign has rejected Atiku’s allegations, saying the vote was free and fair.