Business
Minister Adebayo Adelabu Claims Nigeria Offers Most Affordable Electricity in Africa
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.
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.
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.
Olayemi Cardoso, the Governor of the Central Bank of Nigeria, has made a passionate appeal to Nigerians, particularly the youth, urging them not to leave the country.
In a keynote address at the 59th annual Bankers Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, Cardoso highlighted the importance of staying and contributing to the growth of Nigeria’s economy.
Cardoso acknowledged the challenges facing the country but reassured citizens that the Central Bank was actively working to create an environment where both individuals and businesses could flourish.
He pointed out that leaving the country at this time could have detrimental effects, particularly for those who might choose to sell off their assets in the process.
“If you leave now, you’ll be selling your assets for a fraction of their value,” he explained.
“There are external forces looking for bargains who would take advantage of this situation, pocketing the profits and waiting for a time to sell it for a higher price.”
He further emphasized that now more than ever, Nigerians needed to stay and be part of the solution to the country’s problems.
“This is a critical time, and we need everyone’s efforts to help us turn things around,” he said.
“Leaving may seem like an easy solution, but it’s important to be part of the change and help shape the future of our nation.”
Despite the economic struggles Nigeria has faced, Cardoso remains optimistic about the country’s prospects.
He pointed to the growing interest in the Nigerian market, citing positive developments over the last year and particularly in the past six months.
“Opportunities are everywhere if we stay committed and invested in our nation’s future,” he remarked, adding that the reforms introduced by the Central Bank, although tough, were necessary to address the issues of today while securing better opportunities for tomorrow.
The United Kingdom plans to regulate cryptocurrency full time, a stamen was released on Tuesday stating new plans for crypto in 2026. This announcement was made amid the high demand of Bitcoin, crypto highly increased since the appointment of Donald Trump as president.
Donald Trump has made plans to be supportive and to better the cryptocurrency world, this alone gave the finance a huge boost and has been in high demand.
Dangote Price of cement increases from 50kg bag for 8800 thousand naira to Ten thousand naira in some states. The price inflation has sparked concerns as it affects construction workers and homebuilders.
Earlier in the year, the House of Representative summoned popular cement manufactures and addressed the issue of price. However the prices still remains and unchanged and increases, leaving building materials expensive.
Rapper, Eminem’s Mother Passes Away At 67 Due To Lung Cancer
South African President Cyril Ramaphosa Eases Travel Restrictions for Nigerians
Chelsea’s Manager, Enzo Maresca, Admits Team Not Ready for Premier League Title
-
News6 hours agoMan Plans Surgery to Restore Manhood After Wife’s Extreme Act
-
News7 hours agoActor Danny Pintauro Undergoes Emergency Surgery Following Scooter Accident
-
Sport9 hours ago“I Would Have Loved to Have Everyone Available” – Pimienta Explains Iheanacho’s Bench Role
-
Entertainment9 hours ago“Nothing Burna Boy Is Doing Now Surprises Me” – Timaya Speaks On Burna Boy Predicted Success
-
News8 hours agoPeter Obi Calls for Public Debate and Transparency in Nigeria’s Tax Reform Process
-
News2 hours agoReps Call on Tinubu to Unfreeze NSIPA Accounts and Settle Outstanding N-Power Payments
-
Entertainment3 hours agoWizkid Becomes First African to Perform Hit Song “Troubled Mind” at British Fashion Awards
-
Sport2 hours ago“Ederson is No.1 and Stefan is No.2” – Guardiola Calls Ederson No.1 Goalkeeper in ManCity