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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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Nigeria requires N60b annually for palm oil importation

By Akinola Ajibade

Nigeria needs about N60 billion annually to import palm oil in order to meet the needs of Nigeria, the  Central Bank of Nigeria (CBN)has said. 

Palm oil is an edible vedetable oil  that comes from the fruits of the palm trees. Domestically, palm oil is consumed by many Nigerians until few years ago, when it was replaced in many homes by oil made from fatty substances.

Speaking on the issue, the Governor, Central Bank of Nigeria ( CBN), Mr Godwin Emefiele said that a total sum of over  N45.03 billion had hitherthoo been disbursed to stakeholders in the oil palm industry to aid the cultivation of about 31, 442 hectares to further grow the commodity,the bank’s Governor, 

He explained that the apex bank’s intervention would help unleash the potential of the oil palm value chain with requisite support for the economic diversification plan as well as the industrialisation aspiration of the country.

He added that the importation demand was expected to cover both the Technical Palm Oil (TPO) used in industry and Special Palm Oil (SPO) used by households.

He added that Nigeria’s palm oil production per annum is currently estimated at 1,250,000 million metric tons (MT) with demand valued at 2,500,00 MT per annum.

The apex bank also said, for the country to achieve 50 per cent import substitution through production upgrade within the next 10 years, there was need to bridge demand deficits for domestic production of fresh fruit bunches from 8.5 million MT in 2010 to about 10 million MT.

According to the fourth quarter 2021 trade statistics by the National Bureau of Statistics (NBS), crude palm oil imports from China totaled N20.28 billion and N16.49 billion from Malaysia as well as palm olein worth N31.43 billion imported from Malaysia.

Recall that Nigeria was the major producers of palm oil in the 60s, when Malaysia took over the production  and exportation of palm oil to other countries.

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