07 Sep

Daily Watch – Coal gets back in the power game, Emefiele to deliberate on financial plan

  • The Nigerian Bulk Electricity Trading Plc (NBET), has signed its first Power Purchase Agreement (PPA) on coal-to-power with Zuma Power for the construction of a 300 megawatts (MW) coal power plant in Itobe, Kogi State. The 300MW plant is the first phase of an entire 1200MW generation license, which Zuma holds but which NERC broke into four parts of 300MW each, two months ago for ease of execution. Construction is expected to start on the plant in the first quarter of 2016. The project will generate up to $12 billion over the next 20 years.
  • The CBN Governor, Godwin Emefiele will meet with other bankers to deliberate on a blueprint for the financial sector in an agenda-setting event organized by the Chartered Institute of Bankers of Nigeria (CIBN). Participants include the President of the African Development Bank and former Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, Chief Executive Officer Geometric Power and former Minister of Power, Prof. Barth Nnaji, and Monetary Policy Committee member, Dr. Doyin Salami.
  • East Africa is emerging as a trade hub to rival sub-Saharan Africa‚Äôs two heavyweight states of South Africa and Nigeria, according to Barclays. According to the bank, Ethiopia, the Democratic Republic of Congo, Mozambique, Tanzania and Ghana are becoming increasingly attractive to foreign firms and international investors Most of them are not reliant on commodity exports by African standards, and as such, they are shielded from some of the headwinds currently battering emerging markets.