Wednesday, February 12, 2025

Nigeria seeks to collaborate with India to speed up energy transition

Nigeria is seeking to collaborate with India to accelerate its energy transition plans, a senior Nigerian government official said on Tuesday.

Other than funding, Nigeria plans to seek technical assistance from India to implement its green energy plans, Agbu Kefas, governor of Nigeria's Taraba state, told Reuters on the sidelines of the India Energy Week.

"(The) world is moving towards green energy and we also have to move along. But the challenges we have is the funding to be able to meet up with this," Kefas said.

India is ramping up its non-fossil fuel capacity, planning to connect a record 35 gigawatts of solar and wind energy capacity to its grid during the fiscal year ending March 2025.

Nigeria has already urged the United States to provide it with funding to help Africa's leading oil producer accelerate its energy transition plans.

Kefas said alternative energy is also the solution for communities that have been unable to connect to the national grid.

Nigeria's power grid often suffers from frequent failures due to ageing infrastructure, under-investment and vandalism, resulting in frequent blackouts.

Tuesday, February 11, 2025

Video - Nigeria’s real estate sector overtakes oil to become third-largest contributor to GDP



Contributing nearly 7.2 percent of GDP in 2023, Nigeria’s real estate sector now ranks as the country’s third-largest industry after crop production and trade. The surge in property investments is driven by high returns and a growing housing deficit.

Video - Health experts concerned as Lassa fever cases surge in Nigeria



Nigeria's Centre for Disease Control, NCDC reported nearly 300 cases of Lassa fever in the country since the beginning of the year. Health experts are calling for urgent measures to control rats, as part of efforts to curb the spread of the disease.

MTN hikes data prices, Nigerians outraged amid rising living costs

Nigeria’s leading telecommunications provider, MTN, has implemented a price hike on internet plans following the Nigerian Communications Commission's (NCC) approval of a 50% tariff increase in January.

Addressing user concerns, MTN wrote: “Y'ello! Thanks for stopping by, We apologise for any inconvenience and delayed Response. A price increase has been implemented to enhance our services and serve you better, which is why you are seeing the updated amount."

Under the revised pricing, the 1.8GB monthly plan now costs ₦1,500, replacing the previous 1.5GB plan that was priced at ₦1,000. The 20GB plan has increased to ₦7,500 from ₦5,500, while the 15GB plan now costs ₦6,500, up from ₦4,500.

Larger data bundles have seen even steeper increases. The 90-day 1.5TB plan has jumped from ₦150,000 to ₦240,000, while the 600GB 90-day plan has risen from ₦75,000 to ₦120,000.


Telecom operators push for tariff hike

Major telecom providers in Nigeria, including MTN, Airtel, and 9Mobile, have long advocated for price adjustments to align with economic realities. Despite mounting operational costs driven by inflation, telecom operators have been unable to increase prices for over a decade.

Following last month’s announcement of a looming telecom tariff hike, MTN Nigeria’s share price surged, reflecting renewed investor confidence in the company’s profitability after two years of sustained losses.

MTN Nigeria has been working to accelerate its earnings and recover from these losses. The approved tariff increase is expected to help mitigate the effects of macroeconomic challenges and support the company’s financial stability.


Data tariff hike sparks outrage

The price hike has sparked concerns and outrage among customers, who argue that prior notice about the implementation date should have been communicated.

By Adekunle Agbetiloye, Business Insider Africa

Dangote unveils new Nigerian-made Peugeot vehicle, boosts domestic auto industry















Dangote Peugeot Automobiles Nigeria Limited (DPAN), the official manufacturer and marketer of Peugeot vehicles in Nigeria, has begun assembling the GT model of the Peugeot 3008—a globally successful and award-winning SUV.

Equipped with a high-performance 1.6-liter turbo engine, the Peugeot 3008 GT expands DPAN’s existing lineup from its state-of-the-art assembly plant in Kaduna.

This marks a significant step in Dangote’s commitment to boosting local vehicle production and enhancing Nigeria’s auto industry.

Peugeot's first assembly of the 3008 model in Africa took place in Ghana in 2022.

This marked a significant milestone in the brand’s expansion into the continent, specifically the production of its globally acclaimed Peugeot 3008 SUV.

The assembly was carried out at the Silver Star Auto-owned Tema Assembly Plant, a result of a partnership between Citroën, Peugeot, and Silver Star Auto that began in 2019.


DPAN products

Dangote Peugeot Automobiles Nigeria Limited (DPAN) began production with the re-launch of the Peugeot brand in Nigeria, starting with the local assembly of the Peugeot 301 at its Kaduna plant.

The company has since expanded its lineup to include the Landtrek pickup, 3008, 5008, and the latest 508 models.

Dangote entered Nigeria’s automobile industry in 2016 when his group, alongside the Kaduna State Government and the Bank of Industry, acquired a majority stake in Peugeot Automobile.

By 2017, he secured a license for a Peugeot assembly plant, and in 2022, Dangote Peugeot Automobiles Nigeria Limited (DPAN) began operations.

DPAN, a joint venture with Stellantis Group, the Kano and Kaduna state governments, and Dangote Industries, operates from the Greenfield Ultima Assembly Plant in Kaduna, with a daily capacity of 120 vehicles.

Expanding into commercial vehicles, Dangote launched the Dangote Sinotruk West Africa Ltd (DSWAL) CKD plant in Lagos.

The plant assembles heavy-duty, medium, and light trucks, producing up to 10,000 units annually and creating 3,000 jobs.


Nigeria’s auto manufacturing market

Nigeria is making strides in boosting local vehicle production to reduce reliance on imports and drive industrial growth.

Key players like Innoson Vehicle Manufacturing (IVM), Stallion Group, Nord, and Dangote Group have boosted the local vehicle assembly market, increasing domestic production capacity.

The Nigerian Automotive Industry Development Programme (NAIDP) 2024-2034 aims to promote local manufacturing of vehicle spare parts and reduce imports, which cost around $1 billion annually.

Developing local components like batteries, tyres, and exhaust systems is crucial for strengthening the industry.

By boosting local manufacturing, Nigeria can reduce its dependence on imports and achieve broader national goals for economic development.

By Solomon Ekanem, Business Insider Africa