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.
Aliko Dangote is stepping down as Chairman of Dangote Sugar Refinery Plc after two decades of steering the company’s growth and transformation. His retirement will officially take effect on June 16, 2025.
The announcement was made in a statement signed by the company’s secretary, Temitope Hassan, who praised Dangote’s contributions since he took over leadership in 2005. Over the years, he has played a major role in shaping Dangote Sugar into a top player in Nigeria’s sugar industry, overseeing its expansion and pushing key reforms in governance and operations.
During his time at the helm, the company rolled out several major projects focused on backward integration, setting up large-scale sugar production facilities in Adamawa, Taraba, and Nasarawa. These projects were designed to boost local output and cut down on the country’s reliance on imported sugar.
As part of a planned succession process, the board has named Arnold Ekpe as the incoming Chairman. Ekpe, who is currently an Independent Non-Executive Director on the board, will take over on the same day Dangote retires.
Ekpe brings decades of leadership experience, having served as Group CEO of Ecobank and held top positions across different industries. The board expressed confidence in his ability to lead the company into its next phase while also thanking Dangote for his outstanding service and dedication throughout the years.
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.”
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.
-
Sport12 hours agoGalatasaray Plan to Sign Alexander Isak if They Can’t Sign Osimhen Permanently
-
Sport12 hours agoFerdinand Tells Gyokeres to Join Arsenal Instead of Man United
-
Sport12 hours ago“We Have to Listen and Decide” – Neymar Jr in Talks With Champions League Clubs
-
Sport12 hours ago“It’s a strong result” – Maresca Praises Chelsea’s 2-0 Win Over LAFC
-
News12 hours agoKebbi to Regain Full Power Supply by June 19 as Repairs are Almost Complete
-
Sport3 hours ago“I Can’t Handle That” – Osimhen Rejects Idea of Joining Fenerbahçe
-
Entertainment7 hours agoTik Tok Influencer Peller Laments Jarvis’ Accusations of Competition in Their Relationship
-
Entertainment6 hours agoM.I Abaga Reacts to Benue Violence, Pays Tribute to Lost Lives