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Minister Adebayo Adelabu Claims Nigeria Offers Most Affordable Electricity in Africa

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The Minister of Power, Adebayo Adelabu, has asserted that Nigeria boasts some of the lowest electricity prices in Africa, despite the rising energy costs that many citizens are currently facing.

This statement was made during a recent meeting with Tosin Adeyanju, the Secretary of the Lottery Trust Fund, in Abuja, where the minister emphasized the government’s commitment to addressing the challenges of food and energy security.

Adelabu highlighted that both food and energy security are pressing issues globally, affecting many nations, including Nigeria.

He stressed the importance of patience among Nigerians, reassuring them that the government is dedicated to improving their welfare and addressing the difficulties they encounter in daily life.

As of July 1, 2024, electricity distribution companies in Nigeria have set their rates at N209.5 per kilowatt-hour for customers in Band A, who typically enjoy 20-22 hours of service each day.

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This pricing follows a significant tariff increase approved by the Nigerian Electricity Regulatory Commission earlier this year, which raised rates from N66 to N225 per kilowatt-hour.

Adelabu’s comments come at a time when many Nigerians are struggling with increased energy costs across the board, including petrol and diesel prices.

The minister’s assertion that Nigeria’s electricity is the cheapest in Africa stands in contrast to the higher rates in countries like Senegal and Togo, where electricity costs are considerably more expensive, priced at N296.10 and N353.68 per kilowatt-hour, respectively.

However, the minister’s claim also comes with a caveat, as electricity prices in neighboring countries such as Ivory Coast and Ghana are lower, standing at N195.76 and N205.62 per kilowatt-hour, respectively.

This context raises questions about the overall affordability of electricity in Nigeria compared to other nations.

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In summary, while Minister Adebayo Adelabu insists that Nigeria’s electricity prices remain competitive within the African context, the ongoing challenges of rising costs for energy and essential services underscore the need for continued government efforts to ensure that the welfare of Nigerians remains a priority.

The government is expected to explore ways to balance affordable energy rates with the need for sustainable growth in the energy sector, all while addressing the broader issues of food and energy security that impact the nation.


 

Business

Ecobank Announces $250M Capital Boost at Annual General Meeting in Togo

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Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.

This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.

The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”


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CBN Assures Nigerian Stakeholders of the Banking Sector Stability and Deposit Security

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The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.

The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.

The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.


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“Aliko Dangote is Nigeria’s Biggest Debtor” – Dr. Cosmos Maduka Claims

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Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.

The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.

“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”

“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”


 

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