NIGERIA: POWER GENERATION REACHES RECORD 4350 MEGAWATTS

The Chairman, Presidential Task Force on Power, Mr Beks Dagogo-Jack on Tuesday disclosed that the nation’s power generation hit a new peak at 4350MW. This is despite the recent closure of the Escavros gas plant belonging to Chevron Nigeria Limited, which reduced the power output of the nation by 300MW for three weeks.

Although the task force chairman was delighted with the new record, he said authorities were not satisfied with it and were working hard to surpass the record. He also said this feat was possible due to the diligence of key operational players, especially the systems operator and the team from the management contractor for the Transmission Company of Nigeria, Manitoba Hydro International, who played strategic roles to produce higher levels of electricity generation.

Power generation in the country has been between 3000 and 3700MW for most of this year. This is despite the fact there is capacity for much higher generation, as the country is yet to enjoy the full benefit of the construction of more power stations due to insufficient gas supply. Power authorities are optimistic that the power generation could reach 6,873MW by the end of 2013.


 

Credit: The Herald Nigeria

THREE KEY TRENDS THAT WILL SHAPE NIGERIA IN 2013

Anna Rosenberg

Nigeria in 2013 will provide a mixed picture for investors. While the government’s 2013 budget promises to open new investment opportunities, challenges lie ahead. Renewed fuel subsidy reductions will impact consumer purchasing power while the security situation in Nigeria’s hot spot regions is likely to deteriorate.


Trend #1: The proposed 2013 budget creates investment opportunities
The Federal Government submitted the budget proposal to the National Assembly for approval. The 2013 budget aims to create long-term macroeconomic stability through continued investment in capital expenditure, deficit reduction, and the development of non-oil revenue sources.

A total budget expenditure of N4.92tr was proposed for 2013, a 5% increase over 2012. Within the budget, capital expenditure increased by 1.3% to N1.54tr while recurrent expenditure was reduced to N2.48tr. The fiscal deficit is projected to improve to 2.17% of GDP in 2013, from 2.85% in 2012, emphasising the government’s commitment to fiscal stability.

NIGERIA RAILWAY CORPORATION COMMENCES 1126KM LAGOS-KANO SERVICE

The Federal Government on Friday in Lagos inaugurated the Nigeria Railway Corporation’s Lagos-Kano intercity passenger train services and haulage of petroleum products.The NRC revitalized the Lagos-Kano service to complement the existing Lagos- Ilorin and Minna-Kano intercity train services.

The Minister of Transport, Sen. Idris Umar, said at the event that the government was still committed to revamping the transport sector, particularly railway services, because of its importance to Nigeria's economic development.

Umar said that the Federal Government had also awarded contracts for feasibility studies to open up other railway routes. He explained that the government was also rehabilitating the Eastern Railway Line from Port Harcourt -Maiduguri with spur lines from Kuru-Kafanchan -Kaduna and Kuru-Jos. The Minister also said that government was repairing the Zaria-Gusau-Kauran Namoda Rail Line.

NIGERIAN STUDENTS EMERGE WINNERS AT WRO CONTEST IN MALAYSIA

Nigerian students Mfoniso Moses, Mercy Ingibina Benjamin and Dapreye Zidafamor from Winners Academy, Bayelsa State; have emerged winners in the just concluded 2012 World Robotics Olympiad (WRO), hosted by the Ministry of Education in Kuala Lumpur, Malaysia. They came top ahead of three other African countries including Ghana, South Africa and Egypt.

Expressing delight at the performance of the students, the Managing Director of Arc Lights and the organizer of Robotic competition in Nigeria Mr. Tayo Obasanya said the Robotic competition challenged the junior category to build a robot that is capable of exploring rough terrain in search of useful resources, adding that the Nigerian students selected from Winners Academy Team were ranked second highest African team in the Elementary-Regular Category. The Elementary game also challenged pupils to build a robot that is capable of organizing objects back into their respective storage cells.

TONY ELUMELU: STOP EXAGGERATING, WE ARE NOT THAT CORRUPT

Chairman of Heirs Holding Limited, Tony Elumelu, on Monday warned foreign investors to stop making reports that tarnish the image of Nigeria, thereby discouraging intending investors from bringing their businesses into the country.

Elumelu was speaking at the Presidential Policy Dialogue at the 18^th National Economic Summit in Abuja. He noted that though corruption should be tackled with iron fists in the system, it should not be a major focus of reporting issues concerning the country.

“Without sounding a bit defensive, I think we tend to over blow the issue of corruption in Nigeria and in fact, almost all the speakers who have spoken today are talking about corruption.

NIGERIAN UNDERGRADUATE DESIGNS ROCKET PROPELLANT

Are you one of those worried that our universities do not produce researchers and innovators anymore? Well, there is still hope, in the form of 20 year old Moses Chijioke Idoko, a student of the department of Physics and Astronomy of the University of Nigeria, Nsukka.

He designed an amateur solid rocket propellant as his project defense to the amazement of the panel of assessors. The amateur rocket has a PVC-pipe as the motor casing, aluminum as the nose cone, ½ inch PVC-cover, aluminum and ½ inch diameter pipe as the nozzle. The propellant is made up of 325 grams of potassium nitrate (oxidizer) and 175 grams of sorbitol (sugar), making a total of 500 grams. The PVC-pipe is of ¾ inch diameter, and 65cm in length. The rocket motor igniter is a mixture of potassium nitrate and charcoal at 80/20 ratio, to form it into black powder (gun powder).

MEET FOLORUNSHO ALAKIJA, THE WORLD'S RICHEST BLACK WOMAN

Folorunsho Alakija is a Nigerian fashion designer and oil tycoon who is now the richest black woman in the world. She is reportedly worth at least $3.3 billion-contrary to the recently published Forbes Magazine ranking which put her net worth at only $600 million.

This new discovery makes Alakija $500 million richer than Oprah Winfrey whose net worth according to Forbes Magazine is estimated at $2.7 billion as at September 2012.

Alakija is the Owner of FAMFA OIL, a Nigerian company who owns 60% working interest in OML 127, an offshore oil company which produces 200,000 barrels of oil per day.

Alakija, 61, was born into a wealthy, polygamous Nigerian family. She started out her professional career in the mid 70s as a secretary at the now defunct International Merchant Bank of Nigeria, one of the country’s earliest investment banks. In the early 80s, Alakija quit her job and went on to study Fashion design in England, returning to Nigeria shortly afterwards to start Supreme Stitches, a premium Nigerian fashion label which catered exclusively to upscale clientele.

The business thrived, and Alakija quickly made a tidy fortune selling high-end Nigerian clothing to fashionable wives of military bigwigs and society women.

CHINYERE KALU: I FLEW A PLANE WITH WATER IN THE ENGINE

Chinyere Onyenucheya Kalu, was the first female commercial pilot in Nigeria. This achievement was not a mere feat in a male dominated arena. Although she says her decision to become a pilot has been very challenging, she does not have any regrets about opting for the profession.

In this interview with Vanguard, Chinyere who is now the Rector and Chief Instructor at the Nigerian College of Aviation Technology takes us down memory lane and speaks on some of the challenges she has faced in the course of her profession thirty years after she left the aviation school and the day she flew a plane with water in the engine.

NIGERIA SME REVOLUTION: FEDERAL GOVERNMENT SET TO REDUCE INTEREST RATES

The Federal Government is set to reduce the cost of accessing funds by SMEs within the lifetime of the current administration, as part of strategic efforts to create jobs, generate wealth and enhance economic growth.

NIGCOMSAT ASSURES NIGERIANS OF INCREASED BANDWIDTH AVALIABILITY

The Nigeria Communications Satellite Limited (NIGCOMSAT) has promised Nigerians of increased bandwidth availability, if its proposed bill to the National Assembly is signed into law.