First Independent Mena Newspaper
Nigeria’s Federal Executive Council (FEC) has approved $1 billion Chinese loan from Chinese EXIM Bank for the development of the Gurara II hydroelectric project in Kaduna State in the north of the country. The Gurara II hydroelectric dam will produce 360 MW. The Gurara River is already serving to generate 30 MW of electricity and […]
Nigeria’s minister of industry, trade and investment on Monday said the West African nation will sign the Africa Continental Free Trade Agreement as soon as President Muhammadu Buhari approves an impact-assessment report he commissioned. Nigeria is one of 29 countries yet to sign the agreement seeking to boost intra-African trade, stimulate investment and innovation. In […]
The European Union (EU) announced two major investments in Nigeria in the renewable energy sector. The investments include a €30 million from the Electrification Financing Initiative (ElectriFI) and a €165 million direct loan from the European Union. The announcement was made during the inauguration of a solar tree at the headquarters of the European Union […]
US-based tech giant Microsoft Corp will launch this year two hubs in Nairobi and Lagos with an investment of over $100 million over five years as it seeks to partner with local talents and governments on the continent, Bloomberg reports. Microsoft will launch two hubs this year and plans to hire 100 workers at the […]
Sirieco, a Slovak company plans to set up a plant in Nigeria, to assemble electric cars and manufacture the new-generation incandescent bulbs, the company’s CEO Groidis Peter announced during a recent visit to the West African nation. The plant will be located at Calabar in Cross River State, southeast Nigeria, Groidis Peter said. The Governor […]
The Transmission Company of Nigeria (TCN) has officially launched a $170 million power transmission project. The project called the Abuja Feeding Scheme is financed by the French Development Agency (AFD) and provides for building five transmission substations over a 24-month period. The move will help Africa’s most populous nation to stabilize the quality of power […]
In Nigeria, a $10 million line of credit from Renewable Energy Performance Platform (REPP) and Electrification Financing Initiative (ElectriFI) will help to boost the distribution of home solar kits. The credit line was secure by PAS Solar Limited, a British company operating in Africa’s most populous nation. With exclusive funding from the United Kingdom’s International […]
Nigeria’s state-oil firm NNPC plans to revamp its refineries to help Africa’s biggest crude oil producer to save billions of dollars on fuel imports. Despite controlling the world’s 10th-largest oil reserves, Nigeria has only four aging, inefficient state-owned refineries, leaving it almost wholly reliant on imports for its fuel needs. Italy’s Maire Tecnimont won a […]
Private Equity-backed Themis, an Africa-focussed power company based in Morocco, has announced a new partnership with Kingline Development Nigeria Limited (Kingline) to develop a 550MW natural gas-fired power plant in Ondo State, Nigeria. At a project cost of approximately $600 million, the plant is set to become one of the world’s lowest cost natural gas-fired […]
The government of Burkina Faso has secured a $51 million deal from the European Union (EU) and the French Development Agency to support the construction of power transmission lines from Nigeria to Burkina Faso. The Dorsale Nord project features 880 km of high-voltage transmission lines from Birnin Kebi in Nigeria to Ouagadougou in Burkina Faso. […]