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Rwanda to establish relationship with Ogun on industry, education, others

The Rwandan Ambassador to Nigeria, Mr. Christophe Bazivamo has said that his country is ready to establish economic and educational relationships with Ogun State for mutual benefits of both parties.

Ambassador Bazivamo, who stated this while fielding questions from newsmen after a meeting with Governor Dapo Abiodun in his office at Oke-Mosan, Abeokuta, noted that Ogun State has achieved much in the area of education and industrialization, hence the need for his home country to tap from the experience.

He said: “I have participated in the ongoing trade organized by the state government. At the fair, I had the opportunity to interact with the governor, and I am here in his office to share what we are doing back home and learn from the governor’s development strides.

“I am also here to find out how we can move forward together because my country believes in the South-South cooperation, and we know that Ogun State is doing well in the industry, education, and other areas.

“When you are developing industry as the right choice and in the right direction, especially in a state where more than 65 to 70 percent of the population are young people, you are creating jobs and once people are consuming locally made products, it helps grow local industries and makes jobs available for the people.”

The Envoy said Rwanda is looking at how to further develop its industries to produce goods and skills for the youths to help them prosper.

He said his country was thinking in the direction of establishing and strengthening relationship with Nigerian businessmen, saying that Rwandan Private Sector Federation is ready to go into partnership with the Ogun State Chambers of Commerce, Industry, Mines and Agriculture, trade together, exchange ideas and work on building sustainable partnership.

Ambassador Bazivamo revealed that Rwanda and Nigeria have already signed an agreement on the Joint Permanent Commission for Cooperation, but we are waiting for the signing of a Memorandum of Understanding (MoU) for even planning and perfection before implementation.

“I also discussed with the governor how our businessmen can collaborate and be of help to each other because this is something that can be helpful to both sides, especially our young generation.

“We believe in partnership. We also believe in the African Continental Trade Area. You can not move alone in that direction. You need to be together with others. When you see traders wherever they are, they have innovation, and when you see what they have compared to what you have, you will wish to link together.

“What I have seen in Ogun State when it comes to industries, is that they are producing locally and I believe some people can come from Rwanda, learn from here and take the lesson back and replicate it in our country,” the Ambassador added.

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NERC unbundles TCN, establishes Nigerian Independent System Operator

The Nigerian Electricity Regulatory Commission (NERC) has announced the unbundling of the Transmission Company of Nigeria (TCN) with the establishment of the Nigerian Independent System Operator of Nigeria Limited (NISO

In an order dated April 30, 2023, jointly signed by NERC chairman, Sanusi Garba, and vice chairman, Musiliu Oseni, TCN is directed to transfer all market and system operation functions to the newly established company.

This decision follows the enactment of the Electricity Act 2023, which provided more precise guidelines for the incorporation and licensing of the Independent System Operator (ISO) and the transfer of assets and liabilities of TCN’s portion of the ISO.

NERC also instructed the Bureau of Public Enterprises (BPE) to incorporate a private company limited by shares under the Companies and Allied Matters Act (CAMA), 2020, by May 31.

The newly formed company, to be named the Nigerian Independent System Operator of Nigeria Limited (NISO), will assume the market and system operation functions outlined in the Electricity Act and TCN’s system operation licence.

“The name of the company shall, subject to availability at Corporate Affairs Commission, be the Nigerian Independent System Operator of Nigeria Limited (“NISO”),” NERC said.

According to NERC, NISO will manage all assets and liabilities related to market and system operation on behalf of market participants, consumer groups, or other stakeholders specified by the Commission.

It will also negotiate contracts for ancillary services with independent power producers and successor generation licensees and fulfil other market and system operation-related obligations previously held by TCN.

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Federal Govt raises Maximum Deposit Insurance Coverage for banks

The Nigerian Government has reviewed upward the Maximum Deposit Insurance Coverage for banks operating within the country.

In a recent briefing with journalists, Nigeria Deposit Insurance Corporation Managing Director, Bello Hassan disclosed the new coverage benchmarks.

The NDIC for Deposit Money Banks has been raised from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ from N500,000 to N5 million per subscriber.

Hassan emphasised that the update aims to bolster depositor safety, public trust, the inclusivity of financial services, and the overall stability of the financial sector.

He stated, “The increase in the maximum deposit insurance coverage levels for all licenced deposit-taking financial institutions with immediate effect.”

The coverage benchmark had been raised from N50,000 to N200,000 in 2006; the coverage limit of N100,000 was also set, for the first time, for MFB and PMB depositors in the same year.

In 2011, the coverage limits for DMBs increased from N200,000 to N500,000 and from N100,000 to N200,000 for depositors of MFBs and PMBs.

Additionally, the coverage level was further adjusted to N500,000 in 2016 for PMB depositors and subscribers of licensed Mobile Money Operators.

Coverage of N500,000 was equally extended to depositors of PSBs in 2020.

Meanwhile, the coverage for DMBs remained at N500,000.

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NERC Deregulates Prepaid Meter Prices

Govt directs electricity companies to charge Nigerians per hour

The Nigerian Electricity Regulatory Commission (NERC), in a move to deregulate the metre supply and pricing market, released an order on Monday on the deregulation prices for metres deployed under the Meter Asset Provider (MAP) Scheme.

According to the order, the commission said the move was necessitated after MAPs and other operators requested a further review of metre prices in consideration of the significant changes in foreign exchange and inflation rates since NERC’s last price review in September 2023.

It said the significant changes in these macroeconomic variables had constrained the abilities of metre providers to supply metres at the approved regulated price.

“The commission has noted the need for the efficient pricing of meters to respond more quickly to changes in macroeconomic parameters, particularly exchange rates.

“The commission has further taken cognisance of the constraints/challenges faced by MAPs and LMMAs and therefore approved the deregulation of prices of meters deployed under the MAP scheme with effect from May 1, 2024,” NERC stated.

It added, “With effect from May 1, 2024, all prices of meters under the MAP scheme shall be determined through a competitive bidding process with customers provided with a choice of authorised vendors.”

As a result, NERC said it has henceforth deregulated the pricing of meters deployed under the MAP scheme.

“The cost of prices of meters deployed under the MAP scheme is hereby deregulated to enable end-use customers acquire meters from MAPs of their choice based on competitive open market prices determined from transparent bidding frameworks,” the commission stated.

It said, “All MAP permit holders are henceforth eligible to provide services and transact for the provision of meters and metering services with any Disco in the Federal Republic of Nigeria with their existing permit.

“The lifting of the restriction on permitting to operate in all Discos is subject to the mandatory requirement for MAPs to comply with the associated Disco specific requirements/specifications.

“All Discos shall ensure the effective and seamless integration of smart meters deployed by MAPs with the Disco’s head-end systems and meter data management systems.”

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