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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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MAN experiences decline in investment by N145.59bn

Ajayi-Kadir 


By Favour & Akinola Ajibade


The Manufacturers Association of Nigeria (MAN) recorded a major decline in investment towards the end of 2022, due to lull in the economy, its Director General, Mr Segun Ajayi-Kadir, has said.

Spefically, the body experienced  drop in operations in the second quarter of last year (April to June) as investment fell to N145.59 billion from N160.88 billion within the period. 

Presenting the operational findings of the body in Lagos, Ajayi-Kadir, noted Investment in the sector witnessed a decline of N15.29billion in the second quarter of 2022.

This, he said, translates to 10 per cent fall in investment, adding that the sector further experienced a decline by N32.8 billion or 18 per cent when compared with N178.39 billion recorded in the first half of the year.

Prior to this period, the association had experienced decrease in investment between 2021 to 2022 from  N305.02 billion to N323.98 billion  within one year,  development, which showed a reduction of N8billion loss in business outlay.

Investment in the period was affected by the high debt profile of the Government which particularly deters foreign investment, high cost of borrowing, high cost of energy, low consumption during the period and many more.

News Mirror reports that the findings were carried out in order to monitor changes in manufacturing sector performance indicators viz-a-viz the behaviours of macroeconomic and policy environments in 2022. 

The indicators used include  capacity utilization, production value, inventory, level of utilization of local raw materials, investment, expenditure on alternative energy source, etc.

Recall that MAN recorded cumulative employment of 1,686,725 at the end of 2022, as against drop in employment by 6741, 8508 and 9559 in the corresponding half of 2021 and the first half of 2022 respectively.

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