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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's economy growth looks positive' says Ahmed By Akinola Ajibade


Nigeria's economy has had six consecutive quarters of positive growth and as a result, has the capacity to vigorously pursue its energy transition plans, its Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed has said that Nigeria is vigorously pursuing plans to enhance the use of gas as transition energy has said.

She said at the sidelines of the IsDB Annual Meetings in Sharm El Sheik,  Cairo, Egypt recently. In attendance at the meeting was the Islamic Development Bank Chairman, Dr. Muhammad Sulaiman Al Jasser.

 At the meeting, Ahmed stated that the nation's economy is growing, despite its recent challenges arising from insecurity and crude production.

"The Nigerian economy is stable and has had six consecutive quarters of positive growth. The economy has diversified with non-oil revenue exceeding projections" she said.

On gas, the Minister appreciated the IsDB for their approval of the Nigeria Segment of the Front End Engineering Design (FEED) Phase II Study Project for Nigeria – Morocco Gas Pipeline (NMGP) with the intention to enhance the usage of gas.

Similarly, the IsDB'Chairman, Sulaiman Al Jasser expressed happiness about the progress, which has made during conversations with President Muhammadu Buhari in Paris recently.

Speaking in the same vein, the Turkish Minister of Treasure & and Finance, Nureddin Nebati affirmed that the relationship between Nigeria and Turkey has been cordial, due to the fact that the country's economy has been stable.

She said that Turkey attaches great importance to the  bilateral relationship with Nigeria, reputed to be the largest trading partner in sub Saharan Africa.

Nigeria, she said, has a growing financial market, as evident by the feat recorded by Federal Government Bonds, Nigeria Treasury Bills, Sukuk, Green & Savings Bonds, Promissory Notes amongst others.

While giving fillips to this assertion, Ahmed explained that the Sukuk Bonds in particular  has had four (4) cycles of issuance with a minimum of 300% over subscription. “Sukuk has been targeted at building major roads with $1.5bn dedicated and signboards can be seen across the country stating that the roads were funded by Sukuk” she added.




 

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