<?xml version="1.0" encoding="UTF-8"?>
<rss version="2.0"
     xmlns:dc="http://purl.org/dc/elements/1.1/"
     xmlns:sy="http://purl.org/rss/1.0/modules/syndication/"
     xmlns:admin="http://webns.net/mvcb/"
     xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#"
     xmlns:content="http://purl.org/rss/1.0/modules/content/"
     xmlns:media="http://search.yahoo.com/mrss/">
<channel>
    <title>NairaandKobo &amp; : Raw Materials and Mapping</title>
    <link>https://nairaandkobo.ng/rss/category/Raw-Materials-and-Mapping</link>
    <description>NairaandKobo &amp; : Raw Materials and Mapping</description>
    <dc:language>en</dc:language>
    <dc:creator></dc:creator>
    <dc:rights>Copyright 2025 Niara and Kobo &amp; All Rights Reserved.</dc:rights>
    <item>
        <title>Inside Plateau’s mining sites of vicious clashes and death</title>
        <link>https://nairaandkobo.ng/inside-plateaus-mining-sites-of-vicious-clashes-and-death</link>
        <guid>https://nairaandkobo.ng/inside-plateaus-mining-sites-of-vicious-clashes-and-death</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202603/image_870x580_69b3d14f80be9.jpg" length="806640" type="image/jpeg"/>
        <pubDate>Fri, 13 Mar 2026 10:13:08 +0100</pubDate>
        <dc:creator>admin</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>FG in talks with Chinese firm over $5.7bn power, mining investment</title>
        <link>https://nairaandkobo.ng/fg-in-talks-with-chinese-firm-over-57bn-power-mining-investment</link>
        <guid>https://nairaandkobo.ng/fg-in-talks-with-chinese-firm-over-57bn-power-mining-investment</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202602/image_870x580_699d7cabeed9e.jpg" length="78011" type="image/jpeg"/>
        <pubDate>Tue, 24 Feb 2026 11:36:17 +0100</pubDate>
        <dc:creator>admin</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>FG seals Plateau mining site after death of 37 from toxic gas exposure</title>
        <link>https://nairaandkobo.ng/fg-seals-plateau-mining-site-after-death-of-37-from-toxic-gas-exposure</link>
        <guid>https://nairaandkobo.ng/fg-seals-plateau-mining-site-after-death-of-37-from-toxic-gas-exposure</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202602/image_870x580_6996f21841712.jpg" length="89438" type="image/jpeg"/>
        <pubDate>Thu, 19 Feb 2026 12:34:14 +0100</pubDate>
        <dc:creator>admin</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>Dele Alake: Mining marshals have transformed Nigeria’s extractive sector, boosted solid minerals revenue</title>
        <link>https://nairaandkobo.ng/dele-alake-mining-marshals-have-transformed-nigerias-extractive-sector-boosted-solid-minerals-revenue</link>
        <guid>https://nairaandkobo.ng/dele-alake-mining-marshals-have-transformed-nigerias-extractive-sector-boosted-solid-minerals-revenue</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202510/image_870x580_68ff79238e4ef.jpg" length="68844" type="image/jpeg"/>
        <pubDate>Sat, 01 Nov 2025 06:47:37 +0100</pubDate>
        <dc:creator>admin</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>Gold sheds over 5% after strong rally, worst daily decline since 2020</title>
        <link>https://nairaandkobo.ng/gold-sheds-over-5-after-strong-rally-worst-daily-decline-since-2020</link>
        <guid>https://nairaandkobo.ng/gold-sheds-over-5-after-strong-rally-worst-daily-decline-since-2020</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202510/image_870x580_68f9b557354dc.jpg" length="86607" type="image/jpeg"/>
        <pubDate>Thu, 23 Oct 2025 14:45:23 +0100</pubDate>
        <dc:creator>admin</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>Dele Alake plans gold&amp;for&amp;naira programme to boost foreign reserves</title>
        <link>https://nairaandkobo.ng/dele-alake-plans-gold-for-naira-programme-to-boost-foreign-reserves</link>
        <guid>https://nairaandkobo.ng/dele-alake-plans-gold-for-naira-programme-to-boost-foreign-reserves</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202401/image_870x580_65b33ef9cac8e.jpg" length="52280" type="image/jpeg"/>
        <pubDate>Thu, 16 Oct 2025 06:32:41 +0100</pubDate>
        <dc:creator>admin</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>RMAFC unveils new data reporting templates to track solid mineral revenue</title>
        <link>https://nairaandkobo.ng/rmafc-unveils-new-data-reporting-templates-to-track-solid-mineral-revenue</link>
        <guid>https://nairaandkobo.ng/rmafc-unveils-new-data-reporting-templates-to-track-solid-mineral-revenue</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202510/image_870x580_68e5f4718a1a1.jpg" length="96886" type="image/jpeg"/>
        <pubDate>Wed, 08 Oct 2025 06:34:23 +0100</pubDate>
        <dc:creator>admin</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>Nigeria’s Mineral Wealth Still An ‘Unexploited Benefit’, Says Analyst</title>
        <link>https://nairaandkobo.ng/nigerias-mineral-wealth-still-an-unexploited-benefit-says-analyst</link>
        <guid>https://nairaandkobo.ng/nigerias-mineral-wealth-still-an-unexploited-benefit-says-analyst</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202510/image_870x580_68e3b70b8b52c.jpg" length="85723" type="image/jpeg"/>
        <pubDate>Mon, 06 Oct 2025 13:59:31 +0100</pubDate>
        <dc:creator>admin</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>FG revokes 1,263 mineral licences over default</title>
        <link>https://nairaandkobo.ng/fg-revokes-1263-mineral-licences-over-default</link>
        <guid>https://nairaandkobo.ng/fg-revokes-1263-mineral-licences-over-default</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202509/image_870x580_68d110b566e5f.jpg" length="78310" type="image/jpeg"/>
        <pubDate>Mon, 22 Sep 2025 10:24:51 +0100</pubDate>
        <dc:creator>admin</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>FG to launch mining corporation</title>
        <link>https://nairaandkobo.ng/fg-to-launch-mining-corporation</link>
        <guid>https://nairaandkobo.ng/fg-to-launch-mining-corporation</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202502/image_870x580_67a07adf09822.jpg" length="545756" type="image/jpeg"/>
        <pubDate>Tue, 11 Feb 2025 11:01:13 +0100</pubDate>
        <dc:creator>admin</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>FG to launch mining corporation</title>
        <link>https://nairaandkobo.ng/fg-to-launch-mining-corporation-2013</link>
        <guid>https://nairaandkobo.ng/fg-to-launch-mining-corporation-2013</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202502/image_870x580_67a07adf09822.jpg" length="545756" type="image/jpeg"/>
        <pubDate>Tue, 11 Feb 2025 11:01:13 +0100</pubDate>
        <dc:creator>admin</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>Dele Alake: Nasarawa is key to Nigeria’s mining growth, lithium reserves are massive</title>
        <link>https://nairaandkobo.ng/dele-alake-nasarawa-is-key-to-nigerias-mining-growth-lithium-reserves-are-massive</link>
        <guid>https://nairaandkobo.ng/dele-alake-nasarawa-is-key-to-nigerias-mining-growth-lithium-reserves-are-massive</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202502/image_870x580_67a07adf09822.jpg" length="545756" type="image/jpeg"/>
        <pubDate>Mon, 03 Feb 2025 09:57:57 +0100</pubDate>
        <dc:creator>admin</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>FDI: FG warns Osun Government against jeopardizing investments by closing gold mining site</title>
        <link>https://nairaandkobo.ng/fdi-fg-warns-osun-government-against-jeopardizing-investments-by-closing-gold-mining-site</link>
        <guid>https://nairaandkobo.ng/fdi-fg-warns-osun-government-against-jeopardizing-investments-by-closing-gold-mining-site</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202410/image_870x580_67020d2963ae3.jpg" length="65016" type="image/jpeg"/>
        <pubDate>Sun, 06 Oct 2024 06:25:27 +0100</pubDate>
        <dc:creator>admin</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>Nigeria, Ghana sign MoU on local content</title>
        <link>https://nairaandkobo.ng/nigeria-ghana-sign-mou-on-local-content</link>
        <guid>https://nairaandkobo.ng/nigeria-ghana-sign-mou-on-local-content</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202410/image_870x580_66ffd98ba856a.jpg" length="61841" type="image/jpeg"/>
        <pubDate>Fri, 04 Oct 2024 13:07:16 +0100</pubDate>
        <dc:creator>admin</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>‘How to unlock Africa’s $20b gemstone’</title>
        <link>https://nairaandkobo.ng/how-to-unlock-africas-20b-gemstone</link>
        <guid>https://nairaandkobo.ng/how-to-unlock-africas-20b-gemstone</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202409/image_870x580_66f68f06e2232.jpg" length="62763" type="image/jpeg"/>
        <pubDate>Fri, 27 Sep 2024 12:22:27 +0100</pubDate>
        <dc:creator>admin</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>$1bn Kogi steel project will revamp sector — FG</title>
        <link>https://nairaandkobo.ng/1bn-kogi-steel-project-will-revamp-sector-fg</link>
        <guid>https://nairaandkobo.ng/1bn-kogi-steel-project-will-revamp-sector-fg</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202409/image_870x580_66de71d37099c.jpg" length="67072" type="image/jpeg"/>
        <pubDate>Mon, 09 Sep 2024 05:32:05 +0100</pubDate>
        <dc:creator>admin</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>Stakeholders lament states’ interference in mining</title>
        <link>https://nairaandkobo.ng/stakeholders-lament-states-interference-in-mining</link>
        <guid>https://nairaandkobo.ng/stakeholders-lament-states-interference-in-mining</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202408/image_870x580_66c8746f8e925.jpg" length="128591" type="image/jpeg"/>
        <pubDate>Fri, 23 Aug 2024 12:39:29 +0100</pubDate>
        <dc:creator>moderator</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>Mining Development Fund gets N2.5bn boost</title>
        <link>https://nairaandkobo.ng/mining-development-fund-gets-n25bn-boost</link>
        <guid>https://nairaandkobo.ng/mining-development-fund-gets-n25bn-boost</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202408/image_870x580_66c086a3120d5.jpg" length="67072" type="image/jpeg"/>
        <pubDate>Sat, 17 Aug 2024 12:19:10 +0100</pubDate>
        <dc:creator>moderator</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>BUA Cement, Tier&amp;1 banks drag market capitalisation down by N278 billion</title>
        <link>https://nairaandkobo.ng/bua-cement-tier-1-banks-drag-market-capitalisation-down-by-n278-billion</link>
        <guid>https://nairaandkobo.ng/bua-cement-tier-1-banks-drag-market-capitalisation-down-by-n278-billion</guid>
        <description><![CDATA[ The All-Share Index also decreased by 0.50 per cent or 491 points to settle at 97,390.01 against 97,880.94 recorded on Monday. ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202408/image_870x580_66bcd0dce27e2.jpg" length="61390" type="image/jpeg"/>
        <pubDate>Wed, 14 Aug 2024 16:43:11 +0100</pubDate>
        <dc:creator>moderator</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>Okomu declares over N20bn profit</title>
        <link>https://nairaandkobo.ng/okomu-declares-over-n20bn-profit</link>
        <guid>https://nairaandkobo.ng/okomu-declares-over-n20bn-profit</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202408/image_870x580_66b1da6b5b134.jpg" length="114979" type="image/jpeg"/>
        <pubDate>Tue, 06 Aug 2024 09:11:15 +0100</pubDate>
        <dc:creator>moderator</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>FG shuts down gold mine in Kogi</title>
        <link>https://nairaandkobo.ng/fg-shuts-down-gold-mine-in-kogi</link>
        <guid>https://nairaandkobo.ng/fg-shuts-down-gold-mine-in-kogi</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202407/image_870x580_669bf1f9185aa.jpg" length="67072" type="image/jpeg"/>
        <pubDate>Sat, 20 Jul 2024 18:23:02 +0100</pubDate>
        <dc:creator>moderator</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>UC RUSAL commits $500 million to revitalize Aluminium Smelter Company in Ikot Abasi</title>
        <link>https://nairaandkobo.ng/uc-rusal-commits-500-million-to-revitalize-aluminium-smelter-company-in-ikot-abasi</link>
        <guid>https://nairaandkobo.ng/uc-rusal-commits-500-million-to-revitalize-aluminium-smelter-company-in-ikot-abasi</guid>
        <description><![CDATA[  ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202407/image_870x580_669b878b56ce7.jpg" length="68578" type="image/jpeg"/>
        <pubDate>Sat, 20 Jul 2024 10:47:40 +0100</pubDate>
        <dc:creator>moderator</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>Ogun plans stiff sanctions for illegal miners</title>
        <link>https://nairaandkobo.ng/ogun-plans-stiff-sanctions-for-illegal-miners</link>
        <guid>https://nairaandkobo.ng/ogun-plans-stiff-sanctions-for-illegal-miners</guid>
        <description><![CDATA[ The Ogun State government has warned illegal miners and dredgers will face stiff sanctions, as it is prepared to take legal action against anyone who engages in the activity within the state.

The Commissioner for Industry, Trade, and Investment, Adebola Sofela, represented by the Ministry’s Permanent Secretary, Dr. Olu. Ola. Aikulola, issued the warning during a miners and dredgers stakeholders meeting held in Oke-Mosan, Abeokuta, according to a statement.

Sofela’s warning extended to miners and dredgers operating with expired documents, as he stated how irresponsible mining and dredging are destructive to the community and state’s infrastructure.

The commissioners appealed against the illegal acts by encouraging the stakeholders to see mining and dredging as important sectors that attract revenue. “Mining is a win-win thing if done responsibly, but destructive and disruptive when it is irresponsibly carried out, given the monumental financial effects it has on government and the community at large,” the commissioner said. He said the state government had tolerated the activities of illegal miners and dredgers but warned they would be made to face the full wrath of the law.

“The note of warning I am giving today indicates that it will not be business as usual going forward. If you get arrested for illegal mining and dredging, you will face the full wrath of the law,” Sofela said. The commissioner called for an immediate screening of operators’ papers to deter miners and dredgers with expired documents.

One of the stakeholders, Ebenezer Aina, said the miners and dredgers would align with the state government’s directive.

Aina commended the minister’s efforts at ensuring standard practices were adhered to in mining and dredging operations. ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202407/image_870x580_6687c513920bd.jpg" length="46894" type="image/jpeg"/>
        <pubDate>Fri, 05 Jul 2024 11:05:23 +0100</pubDate>
        <dc:creator>moderator</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>Dangote refinery: Declare crude supply emergency, oil producers tell Tinubu</title>
        <link>https://nairaandkobo.ng/dangote-refinery-declare-crude-supply-emergency-oil-producers-tell-tinubu</link>
        <guid>https://nairaandkobo.ng/dangote-refinery-declare-crude-supply-emergency-oil-producers-tell-tinubu</guid>
        <description><![CDATA[ As concerns mount over the lack of domestic crude oil to the Dangote Petroleum Refinery and other indigenous refiners, the Independent Petroleum Producers Group has called on President Bola Tinubu to consider declaring a state of emergency on crude oil production in Nigeria following the lingering crisis associated with this.

IPPG is an association of Nigerian indigenous upstream exploration production companies that engages the government and other industry stakeholders on issues affecting the sector. It has 28 members including Oando Plc, Aiteo, Seplat, Energia, Eroton, First E&amp;P, Frontier Oil, Green Energy, among others.

The oil producers also expressed fears that the 2024 budget might be implemented partially due to the low production of crude in Nigeria lately.

This came as the Nigerian National Petroleum Company Limited announced that it had declared war on the challenges confronting oil production across the country, adding that it was currently engaging its partners including International Oil Companies.However, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, charged the oil producers to increase their investments in the upstream arm of the business, as this would also help to grow oil output.

They all spoke at the ongoing Nigeria Oil and Gas conference in Abuja on Tuesday.

Nigeria’s oil production has been dropping since this year, falling from over 1.4 million barrels per day (excluding condensates) in January to about 1.2mbpd in April.Oil producers believe that Nigeria should be producing about 2mbpd in order to meet the demand of local refineries as well as export.

Dangote refinery as well as operators of modular refineries have continued to raise concern over the poor crude oil supply from IOCs and NNPC. However, industry experts say most of the crude volumes by the IOCs and NNPC have been contracted out to dealers already, amid the low production in-country.

Presenting the industry keynote address at the conference, the Chairman, IPPG, Abdulrazaq Isa, pointed out that the industry was in dire need of extraordinary focus to mitigate the genuine concerns on its long-term sustainability.

He stressed that “as a matter of national importance, Nigeria must act fast and hasten the pace of recovery across the entire industry, even if it means Mr President declaring a state of emergency in the oil and gas sector! We must be seen to do everything possible to unleash the industry.

“Unlocking this incremental production is achievable only through collaboration and commitment between the industry regulators (NUPRC and NMDPRA) and industry operators (NNPC, OPTS and IPPG) and this must be done for the sake of our country.”

Isa said despite Nigeria’s world class hydrocarbon resource base, with over 37 billion barrels of proven crude oil reserves and 207 tcf (trillion cubic feet) and 600 tcf of proven and contingent gas reserves respectively, the country finds itself in a situation where its daily production has significantly dropped and lies at about 1.3 million barrels of oil and 8.5 bcf (billion cubic feet) of gas today.

“This is way below our capacity as a nation and by all globally acceptable standards, this reserves to production ratio is extremely low and a clear indicator that the industry is in a dire situation. In addition, we now run the risk of partial implementation of our national budget considering an estimated deficit of 400,000bpd from the forecasted 1.78 million bpd.“This trend in production portends another frightening dimension when we consider that in the not-too-distant future our overall installed domestic refining capacity, currently closing in on about 1.2 million barrels per day, may soon outstrip our current crude oil production level with the risk of Nigeria finding itself in a position where it is unable to meet its domestic refinery crude demand or even become a net importer of crude oil, God forbid!,” he stated.

The oil producers chairman noted that it was against this scary backdrop that the IPPG was calling for urgent measures to be undertaken by all relevant stakeholders to immediately arrest this dwindling production level and under-investment by focusing on some priority areas.

Outlining the priority areas, he said, “The immediate conclusion of all pending IOC divestment transactions: IPPG strongly advocates that our member companies – Seplat, the Renaissance Consortium and Oando – have the proven track record to successfully take over and manage these onshore and shallow water assets to realise incremental production in the region of 100,000 – 200,000 barrels of oil and over 1.5bcf of gas per day within 24 months and well over 500,000 barrels of oil per day in the long term.

“IPPG believes the timely approval of these IOC divestment transactions will also be a clear signal capable of restoring global investor confidence in Nigeria in an era of competing global investment destinations in Africa and very limit ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202407/image_870x580_668399f4956e3.jpg" length="79188" type="image/jpeg"/>
        <pubDate>Wed, 03 Jul 2024 06:01:43 +0100</pubDate>
        <dc:creator>moderator</dc:creator>
        <media:keywords></media:keywords>
    </item>
    <item>
        <title>Nigerians bought N16tn fuel, generators in 2023 – FG</title>
        <link>https://nairaandkobo.ng/nigerians-bought-n16tn-fuel-generators-in-2023-fg</link>
        <guid>https://nairaandkobo.ng/nigerians-bought-n16tn-fuel-generators-in-2023-fg</guid>
        <description><![CDATA[ In 2023 alone Nigerians spent a total of N16.5 trillion to buy diesel, petrol and generators to get electricity, the Federal Government announced on Tuesday.

It also announced that the formal power sector, including electricity generation, transmission, and distribution companies, made a total revenue of N1tn last year amid the over N16tn spent by power consumers in the informal sector.

The Minister of Power, Adebayo Adelabu, who announced this at the ongoing 2024 Nigeria Oil and Gas conference in Abuja, however, noted that electricity consumers on Band A category now get up to 24 hours supply of power.
He said, “If you know how much our people spend buying diesel, petrol, generators, and servicing them in a year; the last study we had in 2023, a total of N16.5tn was spent on this in self (power) generation. Even a number of the industries are off the grid. They now have their captive power between their environments with gas-powered generators.“So spendings in this sector out of the grid is close to N20tn. And let me blow your mind, the revenue for the entire industry, the grid, I mean the formal power sector was just N1tn for 2023 that goes to the generation companies, transmission company and the distribution companies. Just N1tn formal revenue. But the informal spendings on generators, diesel, petrol, was close to N20tn.“Even if it is just a quarter of that is put in the official power sector, we are talking about incremental revenue of N5tn that will bring the sector’s revenue to N6tn, sincerely we are going to have something close to uninterrupted 24/7 power supply in Nigeria,” Adelabu stated.

The minister said the government was currently working hard to earn the trust of power consumers, stressing that it would be better to spend on electricity provided by the national grid because it is cheaper than spending on diesel or petrol-powered generators.“That is what we are working on to ensure that that trust is back, that that confidence is back. And all the manufacturing companies that are doing self-generation can cut it off and reconnect to the national grid because it is the cheapest source.

“As at the last study, Band A customers are enjoying uninterrupted supply and pay N206. For the companies that have their captive power using gas, they pay about N290/kwh.“For those that are using petrol generators, it is about N450 per kilowatt-hour. And for those using diesel to power their generators, it is upward of N900. So it is still the cheapest, most efficient and the least cost for our productive activities,” the minister stated.

Meanwhile, Adelabu told delegates at the conference that the power sector in Nigeria consumes the largest share of the country’s domestic gas supply.

“I am here to advocate for increased investment in Nigeria’s gas development to unlock the full potential of our power sector and achieve the Nigeria Energy Transition Plan. The domestic gas-power market accounts for 60 per cent (approx. 700mmscf daily) of the total domestic gas supply. This gas quantity currently sustains Nigeria’s four gigawatts average grid generation capacity.

“In line with the Nigeria Energy Transition Plan vision 30:30, which seeks to achieve 30GW by the year 2030, our energy mix is projected to be 70 per cent (or 21GW) thermal source (most likely gas considering the country’s gas potential) and 30 per cent (or 9GW) renewable source.

“The power sector would require over five times what the industry currently utilises from the domestic gas market to achieve our 70 per cent thermal energy target with gas-powered generation. Additional investments would be needed to increase the country’s gas production to achieve this level of gas supply to the power sector without compromising the export obligations,” Adelabu stated.To this end, the minister called on the investors at the conference to strongly consider investments in the further development of gas production in the country, especially Nigeria’s abundant unexploited non-associated gas reserves.

“To briefly spotlight the Federal Government’s recognition of the need for adequate liquidity in the Nigerian power sector to catalyse the much-needed investments across the value chain, the government recently introduced a cost-reflective tariff for the sector’s most served grid-tied customer segment.

“In addition, presidential approval was granted to resolve the power sector obligations to defray legacy debts to generation and gas companies. These actions speak to the government’s commitment to allowing efficient gas supply for the Nigerian power sector and ensuring there’s a clear line of sight for investors to recoup their investments in the country,” he stated.

The minister said he was confident that the Federal Government was committed to ensuring a viable and bankable power sector, and “we are convinced that the industry is investment-ready.” ]]></description>
        <enclosure url="http://nairaandkobo.ng/uploads/images/202407/image_870x580_6684d761291b1.jpg" length="134272" type="image/jpeg"/>
        <pubDate>Wed, 03 Jul 2024 05:47:00 +0100</pubDate>
        <dc:creator>moderator</dc:creator>
        <media:keywords></media:keywords>
    </item>
    </channel>
</rss>