BUSINESS

Obasanjo praises Nigeria’s economy at Ecobank Expo 2024

Former President Olusegun Obasanjo on Wednesday reiterated Nigeria’s vast potential and resources, emphasising the country’s ability to become a global leader.

Obasanjo said this at the ongoing Ecobank Design and Build Expo at the Ecobank Pan African Centre (EPAC) in Lagos.

He praised Ecobank for organising the event, which highlights the architecture, building, construction and design sectors.

During his visit, Obasanjo went round various pavilions showcasing cutting-edge trends, innovations, and sustainable practices in architecture, construction, building materials, household appliances, engineering, and interior design.

The former president expressed admiration for the high quality of work displayed by the exhibitors.

He called on leaders at all levels to leverage Nigeria’s resources and drive the nation’s economy to new heights.

The five-day event, with the theme “Building Nigeria Together,” kicked off on Nov. 27 and will run until Dec. 1.

Sessions begin daily at 10:00 am, with over 60 exhibitors set to showcase their latest products and innovations.

Among the prominent global brands exhibiting are SABA Steel; Coleman Wire & Cables; Donna Spectre; Dulux Paints; HTL Africa; ITB Nigeria Ltd.; and Mota Engil Nigeria. (NAN)

FG spends N8.8bn to repair vandalised transmission towers -TCN

Managing Director of Transmission Company of Nigeria (TCN), Mr Sule Abdulaziz, the Federal Government has spent about N8.8 billion to repair vandalised transmission towers across the country.

This is contained in a statement in Abuja on Wednesday by Mr Bolaji Tunji, Special Adviser on Strategic Communication and Media Relations to the Minister of Power.

Tunji said that Abdulaziz said this  on Tuesday at the Quarterly Power Sector Working Group meeting in Abuja.

Abdulaziz, who was represented by the Executive Director, Transmission Service Provider (TSO),  Mr Olugbenga Ajiboye, said that between Jan.13 and now, 128 transmission towers had been destroyed either by vandals or bandits, across the country.

He said that when the vandals were apprehended and handed over to the police for prosecution, they were bailed and continued with the vandalism.

“As I talk to you today, 128 of our towers have been destroyed by either vandals or bandits. Till date, we have spent about N8.8 billion, by our estimation, to put them back to full and functional use.

”It is so sad that each time the vandals were caught and taken to police for prosecution, police would charge them for theft, instead of vandalism and they will be bailed.

”If they are charged for vandalism, they cannot be bailed, but this is where we are. So, many of them have been arrested, but each time they will be bailed because police often charge their cases as that of theft, ”he said.

Abdulaziz said that when the Shiroro-Mando-Kaduna towers were destroyed, TCN  had to get  full military escorts for our contractors to get the transmission lines and towers restored.

He said that in some cases, they would  say that TCN could only work for two hours in some days.

“In some instances, they would even tell us that it was not safe to move there. How do we get out of this? How can we deliver electricity to Nigerians under these terrible circumstances?

”These are part of the challenges we are facing in the power sector,” he  said.

In a related development, Minister of Power, Mr Adebayo Adelabu, said that the Federal Government was collaborating with the World Bank and the African Development Bank (AfDB)  to make electricity available to 50 million Nigerians by the year 2030.

The minister, who was represented by his Chief Technical Adviser, Mr Adedayo Olowoniyi, said that the Federal Government was working with the World Bank and the African Development Bank to get 300 million Africans to have access to electricity by the year 2030.

He said that the ministry was also collaborating with its finance counterpart to get this process achieved.

“The mission is being driven by the World Bank and the African Development Bank and it is a project that will provide electricity to 300 millions  Africans and Nigeria will benefit 50 millions from this.

Adelabu said that the compact document would be signed by President,  Bola  Tinubu in Tanzania in January 2025.

The minister said that his ministry worked extensively with World Bank, the AfDB and the Ministry of Finance to develop the document with all the countries that would be participating in it.

”The most important thing is that we have to drive the process by ourselves through the private and public sector participation.

”We will do it through the solar form system,  mini and micro grid, grid extension and connection,” he said.

”The  reality is that it is not actually feasible, based on the resources, we have to extend the grid to all Nigerians, first, from the funding point of view and secondly, it may not be commercially viable to  begin to talk of grid extension to those parts that are not viable.

”But that does not mean that we shall not deliver electricity to them, it is their right and part of the dividends of democracy.

The minister said that the Federal Government would start with the home solar system in those areas where the grid may not work.(NAN)

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