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AfDB Set to Launch First Electricity Regulatory Index (ERI)

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AfDB Set to Launch First Electricity Regulatory Index (ERI)

The African Development Bank will on 20 June 2018 launch its flagship First Electricity Regulatory Index (ERI) – a special report that measures the level of development of the regulatory frameworks in African countries and examines their impact on the performance of their respective electricity sectors.

The First Electricity Regulatory Index (ERI) will be launched on the sidelines of the 2018 Africa Energy Forum (AEF), taking place from June 19-22, 2018 in Port Louis, Mauritius. 

The ERI was developed from information collected from electricity sector regulators and power utilities in 15 African countries.

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Through its New Deal on Energy for Africa, the African Development Bank,  aims to achieve universal access to energy in Africa by 2025. Achieving this goal will require a significant amount of private investment into the energy and power assets of African countries. Key to mobilizing this crucial flow of financing is the development of a robust power sector regulatory environment, grounded in the rule of law and governed transparently and effectively.

Periodic evaluation of regulators as practised  in many developed countries is important as it enables early identification of problems or gaps so that corrective actions can be implemented as soon as possible.

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Business Africa

Nigeria to Become Petroleum Product Refining Hub, Minister Says

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The Federal Government has said it will leverage the opportunities provided by the African Continental Free Trade Area Agreement to reposition the oil and gas sector in other transform the country into a petroleum products refining hub for the African region

 

The Minister of State for Petroleum Resources, Timipre Sylva, disclosed this at the AfCFTA Oil and Gas Virtual Workshop, with the theme: “Nigeria – Africa’s Refining and Services Hub under the AfCFTA.

 

Represented by Bitrus Nabasu, the permanent secretary Ministry of Industry, Trade and Investment, Sylva said Nigeria had approved the AfCFTA, which would begin implementation in January 2021.

 

According to him, the African Continental Free Trade Area Agreement aims to redefine trade relations between African states while enabling free movement of people and investments

 

Sylva also added that the government was also committed to deepening gas utilization as seen in its National Gas Expansion Programme and the Auto Gas Scheme.

 

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Business Africa

Nigeria to Strengthen Economic Cooperation With Algeria Says President Buhari

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President Muhammadu Buhari has reassured of Nigeria’s commitment to stronger economic cooperation with the republic of Algeria in various critical areas.

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The President restated the commitment on Thursday when he received the Algerian foreign affairs minister, and special envoy of the Algerian president, Sabri Boukadoum, in the Aso rock presidential villa in Abuja.

According to a statement issued by special adviser to the President on Media and Publicity, Femi Adesina, the president said projects like the Trans-Sahara road, international gas pipelines, and other areas of economic cooperation would be given adequate attention for the good of the people of the two countries.

Buhari also emphasized the need for peace, tranquility and security in African countries, saying development and growth would depend a lot on how peaceful and secure the continent is.

In his remark, the special envoy said Nigeria was the pillar of Africa, and he had brought messages from his president, for the two countries to explore areas of collaboration.

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Agriculture & Nigerian Economy

We Have to Reduce Oil Production Cost, Says Osinbajo

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Osinbajo

Vice-president, prof. Yemi Osinbajo, has said the deal to cut oil production by the organization of petroleum exporting countries and its allies has resulted in lower revenue generation for the federal government.

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The vice-president, who was represented by the minister of state for petroleum resources, Timipre Sylva, said the collapse in crude oil demand due to the covid-19 pandemic caused the recent sudden slump in oil prices.

Osinbajo said on Tuesday that the ministry of petroleum resources had a mandate to drastically reduce the unit cost of crude oil production in the country in order to increase government revenue.

He expressed confidence that the country would achieve the desired goal of finding more hydrocarbon deposits in the Nigerian basins, notwithstanding the curtailment in production.

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