Multi-Billion Naira Initiative to Boost Nigeria’s Power Supply, Create Jobs and Stimulate Economic Growth.

Nigeria is on the verge of witnessing a significant boost in its power supply, courtesy of Ademola Adeleke, businessman and father of international music sensation Davido. The billionaire entrepreneur is set to launch the largest power plant in Nigeria, a multi-billion naira project aimed at bridging the country’s electricity gap.

Located in Osun State, the power plant is designed to generate 1,000 megawatts of electricity, significantly increasing Nigeria’s power output. The project will utilize cutting-edge technology to ensure efficient and reliable energy production.

The power plant is expected to:

• Create thousands of jobs during construction and operation phases.
• Stimulate economic growth through increased power supply to industries and households.
• Reduce Nigeria’s reliance on fossil fuels and promote renewable energy.

“Diversifying Nigeria’s energy mix and promoting sustainable development are crucial for our nation’s growth,” Ademola Adeleke stated. “This power plant will not only provide electricity but also create opportunities for Nigerians and contribute to the country’s economic prosperity.”

The project is poised to:

• Increase Nigeria’s power generation capacity by 20%
• Reduce power outages and improve electricity reliability
• Attract foreign investment to the power sector.

Ademola Adeleke’s power plant project is a game-changer for Nigeria’s energy landscape. With its potential to create jobs, stimulate economic growth, and increase power supply, this initiative underscores the private sector’s critical role in driving national development.

Former US president Donald Trump’s cryptocurrency platform had a faltering sales launch Tuesday, with only a fraction of its digital tokens that went on the market finding a buyer.

The Republican candidate announced in mid-September that he, along with his sons and entrepreneurs, would launch the platform named World Liberty Financial.

Some 20 billion digital tokens, priced at 1.5 cents each, were offered by the company — a total value of $300 million — but just three percent had been purchased by Tuesday evening.

The tokens can be used as cryptocurrencies and give buyers a vote on the platform’s governance.

Many observers blamed the low sales on technical problems, as the company’s website suffered outages earlier in the day.

World Liberty Financial will enable users to lend or borrow cryptocurrencies to or from one another, a service already offered by many platforms, one of the best-known of which is Aave.

During his presidency Trump referred to cryptocurrencies as a scam, but has since radically changed his position, presenting himself as a “pro-bitcoin president” if elected in November.

The Managing Director (MD) and Country Chair of Shell Petroleum Development Company (SPDC), Osagie Okunbor, has said that the firm will remain in Nigeria for the long term.

Okunbor confirmed Shell’s continued presence in Nigeria, despite the company’s planned divestment of its onshore assets at the 30th Nigerian Economic Summit (#NES30) in Abuja on Tuesday.

“Shell is in Nigeria for the long term. We are not going away, we are re-balancing our portfolio from the on-shore, while we focus on and invest much more in our deepwater operations,” Okunbor declared.

“I repeat it that Shell is not leaving Nigeria. We are not going anywhere, and we will be together for a long time.”

According to Okunbor, while Shell would be divesting its onshore assets to a consortium of four companies, it is still fully focused on deepwater operations, where it has a technological and financial edge.

The company, which has deep investments in the country, is currently spending $5 billion on a single deep offshore project.

The Shell MD speaking on the sidelines of #NES30 added that such investments only go to show the company’s commitment to the Nigerian oil and gas industry.

The Naira on Tuesday depreciated at the official market, trading at N1,658.97 to the dollar.

Data from the official trading platform of the FMDQ Exchange revealed that the Naira lost N106.05.

This represents a 6.82 per cent loss when compared to the previous trading date on Monday when it exchanged at N1,552.92 to a dollar.

Also, the total daily turnover reduced to 217.86 million dollars on Tuesday down from 343.71 million dollars recorded on Monday.

At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,670.50 and N1,556.29 against the dollar.

The Nigerian Naira has emerged as one of the weakest-performing currencies in sub-Saharan Africa by the end of August 2024, according to the latest Africa’s Pulse report published by the World Bank.

The report highlights that the Naira’s poor performance is comparable to that of the Ethiopian Birr and the South Sudanese Pound, which have also recorded significant declines in the region.

The World Bank attributed the depreciation of the Naira to a sharp increase in the demand for US dollars, coupled with limited inflows of foreign currency.

This demand surge has been driven by various financial institutions, asset managers, and other market participants, including non-financial users, seeking to secure dollars through the parallel market.

Meanwhile, slow foreign exchange disbursements by Nigeria’s central bank to currency exchange operators have further exacerbated the situation, limiting access to foreign exchange and contributing to the Naira’s downward spiral.

The report noted that, as of August 2024, the Naira had lost approximately 43 percent of its value since the beginning of the year.

This sharp decline places it among the worst-performing currencies across the region.

Both the Ethiopian Birr and the South Sudanese Pound have also experienced similar trajectories, reflecting widespread challenges with currency stability in several African economies.

The Naira’s struggle deepened toward the end of August, as it continued to lose ground against the US dollar.

On Tuesday, the currency weakened significantly, trading at ₦1,658.97 per dollar, compared to ₦1,552.92 per dollar on Monday. The report underscores that the continuous depreciation has resulted from pressures in the parallel market, where dollar demand remains strong despite limited supply.

In addition to market dynamics, the depreciation reflects broader structural issues in the Nigerian economy, including foreign exchange management challenges, inflationary pressures, and a lack of sufficient foreign investments to support the currency.

With limited dollar inflows and ongoing delays in the central bank’s foreign exchange interventions, the Naira remains under severe pressure.

This trend raises concerns over Nigeria’s economic stability and highlights the need for comprehensive policy measures to restore confidence in the local currency.

Minister of Aviation and Aerospace Development, Festus Keyamo, has requested airline operators to serve passengers Nigerian dishes. Keyamo said this while receiving the delegation of the Lufthansa Group in his office yesterday in Abuja.

The minister, who commended Lufthansa for their services in the aviation industry over the years, equally mandated all aircraft leaving or coming to Nigeria to ensure they treat Nigerians well on board their flights.

He said the essence of requesting local dishes during outbound flights is to promote Nigeria’s cultural heritage, and economic development, and encourage local caterers.

Keyamo appealed to foreign airlines to ensure all aircraft coming to Nigeria are in good shape and decried the level at which some foreign airlines lift Nigerian passengers with outdated aircraft while using the most modern ones in other countries.

Keyamo informed the Lufthansa Group that the Nigerian government has upgraded Muhammadu Buhari Airport Maiduguri to an international airport and urged them to utilise this opportunity to harness the huge market awaiting all airlines when the airport commences operations on January 1, 2025.

Rene Koinzack, Senior Director Sales, Southern and East Africa, Nigeria and Equatorial Guinea, commended President Bola Ahmed Tinubu and the aviation minister for the uncommon transformation at the airports.

He said the Nigeria Immigration Service has been doing excellently well at the airport and promised to ensure all passengers have value for their money.

Rene said the essence of the meeting was to thank the minister for the ease of doing business in Nigeria and further strengthen the partnership between Nigeria and the Lufthansa Group.

He stated that going forward, Lufthansa would serve Nigerian dishes to Nigerian passengers on board Lufthansa, maintaining that the airline will continue to support the growth of Nigeria’s aviation and her economy.