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AfDB Approves $500m Loan To Boost Nigeria’s Electricity Access
The African Development Bank (AfDB) Group has approved a $500 million loan to Nigeria to finance the first phase of the Economic Governance and Energy Transition Support Programme (EGET-SP). This program aims to accelerate the transformation of Nigeria’s electricity infrastructure and improve access to cleaner sources of energy.
The Nigerian government launched its energy transition plan in August 2022 and passed a new Electricity Act in June 2023, decentralizing the electricity supply industry and setting the stage for increased investments by subnational governments and the private sector.
The loan will help close the financing gap of the government’s budget in the 2024/2025 fiscal year, supporting the implementation of the new Electricity Act and the Nigeria Energy Transition Plan. The plan envisions the development of 250 GW of installed electricity capacity by 2050, with 90% from renewable sources.
The Economic Governance and Energy Transition Support Programme will also support the implementation of these policies, helping deliver much-needed upgrades of Nigeria’s electricity infrastructure and fast-tracking the country’s efforts to transition millions of households and businesses to cleaner and renewable sources of energy.
This loan is in line with the AfDB’s new 10-year strategy and priorities, and the New Deal on Energy for Africa, which seeks to achieve universal access to modern energy by 2030.
Nigerian banks’ rush to upgrade their core banking systems has caused confusion and frustration for many customers. With banks upgrading to more secure software, the lack of communication and customer support has left millions unable to access their funds, sparking questions about the bank’s commitment to customer welfare.
Dr. Uju Ogubunka, President of Bank Customers Association of Nigeria (BCAN), emphasized the severe impact of these disruptions, stressing the need for better communication and customer preparedness during such transitions. Banks must strike a balance between technological upgrades and customer service to retain trust, especially in an economy facing devaluation pressures.
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As Nigeria commemorates its 64th Independence anniversary, the stark contrast between celebration and the persistent challenges of corruption, mismanagement, and unfulfilled promises becomes evident.
The editorial revisits historical attempts at reform, such as the Independent Corrupt Practices Commission’s (ICPC) prosecutions and the House of Representatives’ inquiry into the unfulfilled $14.5 million aircraft repair contract. Many of these initiatives have faded from public memory, leaving questions about accountability unresolved.
High-profile corruption cases, including the Halliburton scandal involving alleged bribes of $180 million, highlight systemic failures within the political landscape.
The editorial emphasizes the need for collective action from citizens, civil society, and the media to demand transparency and accountability. It warns that without addressing these entrenched failures, Nigeria’s path toward democracy and good governance may continue to be fraught with unfulfilled promises.
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In a significant blow to Scotland’s energy sector, the 100-year-old Grangemouth refinery is set to close in 2025, citing its inability to compete with modern plants in Africa, Asia, and the Middle East. The refinery’s operator, Petroineos, announced the closure, which will result in the loss of 400 jobs.
Located in Scotland, Grangemouth refinery has been in operation since 1924, making it the country’s oldest and only refinery. However, despite its rich history, the refinery has struggled to remain competitive in the face of mounting global competition. Petroineos, a joint venture between PetroChina Internation al London (PCIL) and INEOS Group, a British chemicals firm founded by billionaire Sir Jim Ratcliffe, has invested $1.2 billion in the refinery since 2011.
However, the company has incurred significant losses, totalling over $775 million during the same period. According to Petroineos, the refinery is currently losing around $500,000 per day and expects a $200 million loss in 2024.
The company’s Chief Executive, Frank Demay, stated that the market for petrol and diesel fuels is expected to shrink further due to the upcoming ban on new petrol and diesel cars within the next decade. “Grangemouth is increasingly unable to compete with bigger, more modern and efficient sites in the Middle East, Asia and Africa.
Due to its size and configuration, Grangemouth incurs high levels of capital expenditure each year just to maintain its licence to operate,” Demay explained. The closure of Grangemouth refinery marks a significant shift in the global oil refining landscape, with modern and efficient plants in Africa, Asia, and the Middle East gaining a competitive edge. The Dangote Refinery in Nigeria, one of the largest refineries in Africa, may have contributed to the decline of Grangemouth refinery.
The refinery will be converted into a fuel import terminal, ensuring Scotland’s energy needs are still met. However, the closure raises concerns about the country’s energy security and the impact on local communities.
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