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FG- Imo: :Regulatory Oversight of The State Electricity Market Is Now Underr ISERC

By Favour Ifeoluwa & Akinola Ajibade  The Federal Government yesterday( Monday) announced the transfer of Regulatory Oversight of the Electricity Market in Imo State to the state electricity regulatory commission, otherwise known as (ISERC). In a statement issued by the Nigerian Electricity Regulatory Common( NERC), the development is in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), reiterating that all transfers envisaged by this order shall be completed by 31 December 2024. According to the Commission,the transfer Order’s provisions include: “Direct Enugu Electricity Distribution Company (EEDC) to incorporate a subsidiary (EEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Imo State from EEDC, and that EEDC shall complete the incorporation of EEDC SubCo within 60 days from 27th June 2024. The subcompany shall apply for and obtain licence for the in
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Lagos Port will generate $ 201b for Federal / Lagos govt.

By Akinola Ajibade

Lekki Seep. Sea Port will provide a total revenue of over $ 201 billion in 45 years for Federal and Lagos state governments when it is operational,  the Minister of IInformation, and Culture, Lai  Mohammed has said 

The Port will generate revenues in firm of taxes and royalties to the Federal and stare government respectively 

He stated this in Lagos when he undertook a tour of the $1.53 billion mega recently.

He was accompanied by heads of parastatals under the Ministry of Transportation on the tour.

According to him, the quality of work done at the Port is great,assuring that the port would become operational in the last quarter of 2022.

He said when the Port is fully operational, it would  create 169,972 jobs in addition to the $201 billion that will be generated to Lagos State and the Federal Government through taxes, royalties and duties. The direct and induced business revenue impact is estimated at $158 billion in addition to a qualitative impact on the manufacturing, trade and commercial services sector.

Describing the project as a game-changer, the Minister added that the port boasts of $800 million on construction alone, stressing that the aggregate impact has been put at $361 billion in 45 years, which will be over 200 times the cost of building it.

“When it begins operation in the last quarter of this year, it will make it possible for Nigeria to regain the maritime business that was lost to ports in Togo, Cote d’Ivoire and Ghana. It is also a big boost to Nigeria in its quest to take advantage of the implementation of the African Continental Free Trade Agreement (AfCFTA).

“A major advantage we have to leverage is transhipment. With this port, Nigeria will become a transhipment hub and the revenue we are currently losing to our neighbouring countries will come here,” he said.

Phase one of the project, according to Lai Mohammed, has reached 89 percent completion, assuring that it will hit the 100 percent mark in September this year.

“The project is self-sufficient in required electricity. It is now ready to generate up to 10 megawatts and the total capacity is 16 megawatts,” he said.

The Minister appealed to newsmen to report positive developments in Nigeria rather than negativities that portray the country in a bad light.

“I want to appeal to our colleagues in the media to play up these developmental efforts instead of concentrating energy on negativity. Let the world know that Nigeria is not all about kidnapping, terrorism and banditry. It is also about massive developments that are unprecedented,” he added.

 



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