The Minister of Power, Adebayo Adelabu, has announced that ongoing improvements in power generation and distribution could potentially result in a reduction in electricity tariffs across Nigeria.

The minister shared this information during a meeting with Mr. Tosin Adeyanju, the Executive Secretary of the National Lottery Trust Fund.

In a statement on Thursday, by the Minister’s Special Adviser on Strategic Communication and Media, Mr. Bolaji Tunji, Adelabu noted that approximately 40% of consumers were receiving a high amount of power, with the country generating an average of 5500MW.

Currently, customers in Band-A are charged N206.5 per kWh following the Federal Government’s subsidy removal, which was part of an agreement to provide a minimum of 20 hours of power supply daily.

He emphasized that “the price of electricity is still the cheapest in Nigeria, compared to other African nations such as Togo, Mali, and Niger Republic.”

He acknowledged that Nigeria’s low-income levels made the cost seem high to consumers.

Furthermore, he asserted, “It is still far cheaper to use electricity than to run generators, using petrol or diesel, given the current prices of those commodities.”

The Minister expressed optimism about the future, stating, “there is a possibility of a reduction in the current tariff as generation and distribution are ramped up.”

In his remarks, Adeyanju praised the minister for his performance over the past year, highlighting his competence and efforts to restore Nigerians’ confidence in the power sector.

“I would like to commend you as a minister who is actively improving the power sector. Since 1999, we have not seen the level of improvement in electricity supply that we are witnessing today.”

Previously, many people were turning to solar energy due to the poor supply. However, your leadership has restored public confidence in the sector,” Adeyanju stated.

He informed the Minister that, as part of President Bola Tinubu’s Renewed Hope Agenda, the agency is focused on empowering youths, especially in rural areas, by training them to assemble one kilowatt of solar energy.

The Nigerian Ports Authority (NPA) has begun implementing the federal government’s directive to coordinate service provision for the sale of crude oil in naira to the Dangote refinery.

Abubakar Dantsoho, the NPA’s managing director, announced this during an inter-agency stakeholders meeting on the one-stop-shop (OSS) at the NPA headquarters in Lagos.

The initiative is aimed at ensuring the smooth sale of crude oil and involves collaboration with various stakeholders.

“We are poised to collaborate and provide the efficiencies necessary to deliver on this national imperative of ensuring the availability of premium motor spirit (PMS) and other petroleum products,” Dantsoho said.

The OSS team consists of representatives from several agencies, including the NPA, Nigerian Navy, Nigerian National Petroleum Company (NNPC) Limited, Dangote Group, Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), Nigerian Maritime Administration and Safety Agency (NIMASA), and the Nigeria Drug Law Enforcement Agency (NDLEA).

Maureen Ogbonna from the NPA marine and operations directorate serves as the committee’s focal person.

On July 29, the federal executive council (FEC) approved a proposal by President Bola Tinubu, directing the NNPC to sell crude oil to the Dangote Petroleum Refinery and other refineries in naira, with sales set to commence on October 1.

On September 30, Eche Idoko, publicity secretary of Crude Oil Refinery-owners Association of Nigeria (CORAN), said the sale will start with refineries producing petrol.

The Central Bank of Nigeria (CBN) has introduced an electronic foreign exchange matching system (EFEMS) to curb speculation in the FX market.

In a circular on Thursday, Omolara Duke, CBN’s director of financial markets department, stated that the system will be implemented by December 1, with a 2-week test run in November.

The CBN explained that authorised dealers will carry out all foreign exchange transactions in the interbank FX market using the EFEMS, where transactions will be immediately reflected.

The new system aims to improve governance, transparency, and foster a market-driven exchange rate accessible to the public.

According to the CBN, this development is expected to curb speculative activities, eliminate market distortions, and give the apex bank enhanced oversight to regulate the market effectively.

Additionally, the CBN will publish real-time prices and buy/sell order data from the system.

In collaboration with the Financial Markets Dealers Association (FMDA), the CBN will release rules for the EFEMS.

The Nigerian FX Code and revised Market Operating Guidelines for the Nigerian Foreign Exchange Market will guide market participants.

The CBN also directed authorised dealers to comply with all existing guidelines and regulations governing the FX market and ensure that necessary documentation, training, and systems integrations are completed before the system’s launch.