Wednesday, January 14, 2026
23.6 C
Lagos

Nigeria Plans 2,000 MW Power Capacity in 2016

The Nigerian government has unveiled plans to install 2000 MW of additional power plants in the country this year. This was announced by the Minister of Power, Babatunde Raji Fashola in Abuja.

Fashola said: “It is possible. I believe we can do it if we can implement the right methodology”.

During budget defence of his ministry before the Senate Committee on Power and Mines, the Minister said the national power industry was undergoing changes that would gradually lead to its independence in the nearest future.

He added that a major part of the 2016 budget would be directed towards the completion of various on-going power projects in the country and also expansion of the national transmission grid.

At the recent COP 21 event, Nigeria made concerted efforts to inject additional 13,000 MW to its power capacity through off-grid power plants.

spot_img
spot_img
spot_img

Hot this week

GOCOP Condoles with Former President on Death of Her Sister

The Guild of Corporate Online Publishers (GOCOP) has expressed...

Seven Issues That Will Define Nigeria’s Telecom in 2026

By Elvis Eromosele  In 2026, Nigeria’s telecommunications sector can no...

Heritage Bank: NDIC Declares N24.3bn 2nd Liquidation Dividend for Depositors

Following the revocation of the banking license of Heritage...

GCR Upgrades NEM Insurance Rating to AA+ on Sustained Profitable Growth, Stable Outlook

GCR Ratings (GCR) has upgraded NEM Insurance Plc’s national...

Topics

Emirates Fetes Children to Film Show on May 27

Emirates added fun to the 2018 children’s Day by...

Fidelity Bank Enhances Educational Facilities in Benin, Abuja

Fidelity Bank Plc, a leading financial institution, has once...

European Watchdog Urges Re/Insurers to Suspend Dividend During COVID-19

  The European regulator has urged re/insurers to temporarily suspect...

UBA Donates N500m to Lagos State Security Trust Fund

L-R: Group Deputy Managing Director, United Bank for Africa...

Sovereign Trust Insurance Receives Appreciation Plaque from Atinuke Cancer Foundation

L-R: kayode Adigun, Executive Director, Finance and Corporate Services;...

CHI Settles Accident Claims of Journalist

Consolidated Hallmark Insurance (CHI) Plc has paid accident claims...

Headline Inflation Accelerates in April; Rises to 22-month High

The MPC concluded its third seating for the year with all policy rates left unchanged save the Cash Reserve Requirement (CRR) which was harmonized to 31.0%. This was in contrast to the previous 20.0% on private sector deposit and 75.0% public sector deposit (35.0% effective rate as at February 2015). We expect the equities market to react positively to this, given its implied impact on interest income of banking tickers going forward.

Universal Insurance Targets N10bn Capital, Digitalisation to Drive Growth

L-R: Tope Adaramola, Executive Secretary, NCRIB; Ekeoma Ezeibe, Vice-President, NCRIB; Tunde...
spot_img

Related Articles

Popular Categories

spot_imgspot_img