Television Nigerian

The Lagos State Government has promised to provide methods to make the city’s economy run around the clock using sustainable and dependable energy.

The Ministry of Energy and Mineral Resources has revealed a bold future plan to improve electricity reliability, promote local manufacturing of power infrastructure components, and provide universal energy access in order to realize this objective.

At the present Ministerial Press Briefing to mark Governor Babajide Sanwo-Olu’s six years in office, Commissioner for Energy and Mineral Resources Engr. Biodun Ogunleye spoke about these strategic aims.

The full implementation of the Lagos Electricity Market structure under the Lagos State Electricity Law, 2024, Ogunleye said, is a key initiative of the Ministry. This will entail licensing independent electricity distribution companies, assisting embedded generation, and operationalizing the Lagos Independent System Operator (LISO) in order to stabilize the power ecosystem.

“With dependable and sustainable energy solutions, we are proactively moving Lagos towards a 24-hour economy,” Ogunleye said.

Along with plans to expand these initiatives throughout rural and riverine areas, he said the Ministry is also working to finish and power eight interconnected mini-grids in underprivileged communities.

“Long-term energy planning and infrastructure investment will be guided by the Lagos Integrated Resource Plan, which is presently being developed.”

Read Also: Labour Party in Crisis as Obidient Movement Joins ADC Across 5 States!

In addition, Engr. Ogunleye revealed that agreements are being reached to collaborate with domestic and foreign investors on the local production of power assets such transformers, meters, cables, and switchgear.

In addition to strengthening the energy value chain, Ogunleye claims that this will increase industrial capacity, generate jobs, and lessen the State Government’s reliance on imports.

In order to guarantee that no community is left behind in the energy transformation, Lagos is also planning to activate the Lagos State Electrification Agency (LSEA) and strengthen its partnership with the Rural Electrification Agency under the DARES initiative.

The Commissioner stated, “When all of these plans come to fruition, Lagos will have effectively established itself as a model for sub-national energy transformation in Africa, utilizing partnerships, technology, and policy to power prosperity.”

Aliko Dangote, president of Dangote Industries Limited (DIL), Africa’s richest man, has announced plans to increase Nigeria’s export capacity with an ambitious project that focuses on fertilizer exports that may generate up to $7 million per day.

Dangote referred to his export strategy as an unprecedented business endeavor for Nigeria while speaking at the Nigerian Ports Authority (NPA) headquarters in Lagos.

“We will be exporting roughly 16,000 tons of fertilizer over the next two years,” he stated. That amounts to roughly $6.5 million to $7 million in revenue that will be entering the nation every day. We want to export about eight cargoes of fertilizer.

With an annual production capacity of three million metric tonnes, the Dangote Fertilizer factory is Africa’s largest granulated urea producing complex. This facility has been essential in supporting Nigeria’s agricultural sector and reducing reliance on imported inputs.

The vision of the business tycoon goes much beyond the shipping of fertilizer. In an interview with NPA director Abubakar Dantsoho on Sunday, he presented detailed plans to increase exports of a variety of products, such as cement, coal, polypropylene, and various petroleum derivatives.

“Our export business will soon be greatly expanded. As some of you may know from visiting our cement factory in Itori, we already export cement from Nigeria. He said that his company would start exporting coal in a few weeks and stated, “We have a whole factory of six million tons for cement export.”

More than 25 million tons of various products will be exported from the enormous $20 billion petroleum refinery, which is presently in operation. Among other things, these cargoes will include up to 700,000 metric tons of polypropylene.

Dangote explained the unusual scope of the planned maritime operations in the Lekki area. A million barrels of crude oil will be transported annually by 240 crude oil tankers, according to the expected operations. Furthermore, more than 600 product carriers and a large number of fertilizer delivery ships will be needed for the activities.

He declared, “This is an operation that has never, ever been seen in the country.” “However, if NPA fails to provide us with the services we require, our operations will collapse.”

The industrialist emphasized that more government support for the ports authority’s growth plans is crucial to its implementation. He emphasized the need for more maritime resources and equipment.

Read Also: Nigerian Exchange Reaches New Peak as Investors Add N583bn

“With their own hands, the [NPA] will not be able to perform these tasks. They must have the necessary tools. “They need more tugboats,” he said.

In order to guarantee the authority obtains sufficient government support, Dangote is dedicated to promoting institutional aid.

He went on to say, “We will also be putting in a few words in the necessary quarters to make sure that NPA gets all the necessary assistance from the Federal Government.”

NPA Director Dantsoho underlined the authority’s dedication to meeting the growing maritime needs of the Dangote Group, acknowledging their significance for the growth of Nigeria’s blue economy and marine industries.

Dangote’s initial projections of 600 vessels per year have already been exceeded by current port activities. Since October 1, 2024, the authority has handled and processed more than 57 vessels every month, surpassing initial projections.

That exceeds the projection. In the upcoming year or two, Nigerian ports’ operations will undoubtedly quadruple, Dantsoho said.

Authorization has been secured for new deep-water port developments in Ibom, Bakassi, Olokola, Ondo, and Badagry locations, while infrastructure upgrades at Tin-Can and Apapa port facilities are expected to start in the third quarter.

The administration is worried about these additional ports. We’ll start to notice that these ports will materialize very soon,” he stated.

This extensive export growth is a game-changer for Nigeria’s trade profile, with the potential to establish the nation as a significant exporter in a number of industrial areas. Combining fertilizer, cement, petroleum products, and other commodities might greatly increase foreign exchange profits and improve Nigeria’s standing in international markets.

Coordination between government and private sector infrastructure development, especially in port facilities and maritime support services, will be crucial to the success of these initiatives.

This week, the Nigerian Exchange (NGX) had a solid performance, with market participants adding ₦583 billion in value, sending the All-Share Index to previously unheard-of heights.

Investor confidence has been steadily increasing since Monday’s trading session, when it started to gain speed.

With a strong 0.85% increase of 924.50 points, the benchmark index closed at a record high of 109,953.12. The durability of Nigeria’s capital market is demonstrated by this milestone, which also indicates the growing optimism among market participants.

Even though prices were rising, trade activity was trending in the opposite direction. There was a 34.98% fall in transaction volumes and a 38.78% decline in the overall trade value. 637.54 million shares valued at ₦11.09 billion were exchanged in 19,775 trades, according to market statistics.

The market’s growth was fueled by a number of mid-tier and blue-chip businesses. The session’s best performer was ARADEL, which recorded remarkable gains of 9.98%. Other noteworthy performers were CILEASING (+7.32%), LINKASSURE (+8.16%), ABCTRANS (+8.43%), and UPL (+9.86%).

ARADEL, BUAFOODS, and other high-quality equities attracted investors’ attention, and the increase was bolstered by judicious purchases in good businesses. The overall growth in market capitalization was greatly aided by this selective approach.

The largest trading volume, representing 11.36% of all stock transactions, was FIDELITYBK. The next-highest volume activity was 9.02% for CUSTODIAN and 8.73% for ACCESSCORP. Rounding out the top five most active stocks by volume were GTCO and ZENITHBANK.

Despite varying sectoral performance, GTCO led in value terms with 15.76% of overall trade value, indicating sustained interest in big banking stocks.

Read Also: Army Verifies Explosion at Mogadishu Cantonment Bus Stop in Abuja

At the end of the day, there was a positive market breadth, with 33 rising equities and 29 falling items. At -10.00%, TRIPPLEG led the decliners, indicating that not all stocks took part in the gain. Other noteworthy losers were VFDGROUP (-9.32%), MRS (-9.97%), and CUSTODIAN (-9.63%).

In all five of the major indicators, sectoral performance showed a varied picture. Despite consumer goods rising 2.20%, the oil and gas industry saw robust gains of 3.02%. Banking, on the other hand, fell by 0.02% while the insurance industry fell by 1.06%. The manufacturing sector did not change.

A growth of 0.85% was achieved by the whole market capitalization, which increased by ₦582.90 billion, bringing the total above ₦69 trillion. This performance indicates a consistent level of investor confidence in Nigeria’s economic prospects and reflects their hunger for high-quality stocks.

Selective buying patterns and record-high index levels point to a mature market where investors are becoming more interested in intrinsic value than speculative trading. For the long-term growth and stability of the market, this tendency is encouraging.