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NSIA, NSP sign agreement for Shiroro Solar Generating Company
BY AKUDORO GLORIA
The Nigeria Sovereign Investment Authority (NSIA) and the North South Power (NSP) Company have signed a Memorandum of Understanding (MoU) for the establishment of the Shiroro Solar Generating Company.
Witnessing the signing ceremony of the Joint Venture Agreement for the establishment of the Shiroro Solar Generating Conpany which was held at the Presidential Villa on Tuesday, were the Vice President, Kashim Shettima, Minister of Power, Chief Adebayo Adelabu, officials from the NSIA, NSP and other stakeholders in the power sector witnessed the signing ceremony.
The Shiroro Generating Company is a joint venture project between the Nigeria Sovereign Investment Authority (NSIA) and North-South Power, investing in a pioneer 20MW solar-hydro hybrid project in Shiroro, Niger State.
The 20MW Pilot Project (Phase 1a) is embedded within a larger 300MW solar programme, to be co-located within NSP’s existing 600MW Shiroro Hydroelectric Power Plant concession area in Shiroro, Niger State.
In his remarks, Vice President, Kashim Shettima said the signing of the agreement for the 20MW solar plant is a journey which is pivotal to our sustained growth and development as a nation.
He emphasized, “Nigeria’s energy transition journey as well as its resolve to embrace clean and renewable energy solutions remains on track under the administration of President Bola Ahmed Tinubu.
“The event marks a significant milestone and will boost the country’s energy transition journey” and an affirmation of President Bola Ahmed Tinubu administration’s resolve to embrace clean and renewable energy solutions.
“The Federal Government of Nigeria under the able leadership of President Bola Ahmed Tinubu remains steadfast in supporting initiatives that drive economic growth, enhance energy security and protect our environment,” the Vice President noted.
“As a nation, our resolve is to take proactive steps to diversify our energy sources, reduce our carbon footprints and ensure a more sustainable future for generations to come. And this is a pioneering project in terms of hybridizing power in solar and hydro.
“I believe that this is a harbinger of greater things to come. This project will serve to attract further investments in the space by growing both the business and financial models for such projects”.
The Vice President, whilst commending the vision, innovation and commitment of the NSIA for the project, said it is commendable as strategic partnerships like this will create opportunities for economic growth and technological advancement while simultaneously addressing the urgent need for clean and accessible energy.
He noted that the project will catalyze the realization of other hydro-solar projects and serve as a test case for deployment of solar energy on to the national grid.
The VP then implored the Nigeria Electricity Regulatory Commission, Nigeria Bulk Electricity Trading, Transmission Company of Nigeria, Bank of Industry and all other relevant stakeholders in the project to ensure that they collaboration effectively with its sponsors to guarantee the timely delivery and operation of this project.
“I also urge all stakeholders involved in this ven- ture to uphold the principles of accountability, transparency and inclusivity throughout the pro- ject’s life cycle,” he added
Earlier in his remark, Minister of Power, Mr Ade- bayo Adelabu, said the initiative aligns with the critical priorities of his Ministry in terms of striv- ing to increase energy output and also diversify- ing into renewable energy.
He said the project is expected to attract addi- tional capital as well as utilize the country’s abundant renewable energy resources, noting that it is a testament to the potential partnership to ensure sustainable development.
On his part, MD/CEO of NSIA, Mr Aminu Jmar-Sadiq, said the partnership “will deepen Nigeria’s clean energy portfolio, create jobs, and re-affirm our dedication to energy efficient solutions as a lever for socio-economic development. It further exemplifies NSIA’s role as a catalyst for positive change, steering Nigeria towards a more sustainable future.”
In the same vein, the Executive Vice Chairman/CEO of North South Power Company Limited, Engr. Olubuni Peters affirmed the company’s dedication to renewable energy solutions by stating its strategic intent to embark on this Solar-Hydro Hybridization Project,
He noted that the project “is a testament to our sustained focus on renewable energy as an integral component of economic growth. Through this project, we have further revalidated our over-arching mandate to uphold the highest standards of environmental and social responsibility, demonstrating innovation and market leadership.”
Nnamdi Frank who plays for NPFL side Lobi Star football club said he is happy that the management put the right peg in the right hole in the appointment of Daniel Amokachi as the team coach.
The defender claims that the atmosphere in the team currently is in top gear to work with former Super Eagles ex players to reveal the team and return to winning ways.
Frank further said he is ready to give all his best to support the coach and team to get the Continental tickets this 2024/2025 NPFL season.
The team is currently preparing for their next away game against Niger tornadoes in Minna Township stadium on Sunday.
New National Star recently reported that according to (NIBSS) the value of Point of Sale transactions in Nigeria between January and July 2024 decreased to N6.23 trillion.
This was a 7.4 percent decline compared to the N6.79 trillion recorded in the same period in 2023, reflecting changes in consumer behaviour and spending patterns. A breakdown of the NIBSS data showed that PoS transactions increased by 5.3 percent in January to N850.09 billion, up from N807.16 billion in the corresponding month of 2023.
However, February declined to N805.05 billion, down 8.9 percent from N883.4 billion in February 2023. March saw a sharp 16.5 percent drop, with transactions falling to N961.86 billion from N1.15 trillion in March of the previous year.
The data showed that the downward trend continued in April, with PoS transactions dropping by 22.3 percent to N811.78 billion, compared to N1.04 trillion in April 2023. However, May reversed the trend, with transactions increasing by 16.1 percent year-on-year to N868.6 billion.
It declined in June, with PoS transactions dipping 1.3 percent to N930.76bn, down from N943.38bn in June 2023. However, PoS transactions in the country picked up again in July, rising by 8.9 percent to N1 trillion, compared to N923.32 billion in July 2023.
Recall that e-payment transactions in the country jumped by 86.44 percent to N566.3 trillion in the first half of 2024 from N303.6 trillion in the same period last year.
The data showed that July saw the highest transaction value, totaling N89.5 trillion, compared to N47.39 trillion in July 2023.
- PoS transactions value in the country hit an all-time high of N1.15 trillion in March last year, when the PoS value hit an all-time high is attributable to the unusual cash scarcity during the period, which forced many Nigerians to embrace electronic transactions.
- Aside from the 2023 cash scarcity, the growth of PoS transactions in Nigeria is being driven by many factors, part of which include rapid adoption by merchants for receiving payments.
- PoS is also bridging the gap created by the shortage of Automated Teller Machines (ATMs) deployed by banks, as many Nigerians now withdraw through PoS agents.
- Meanwhile, the Central Bank of Nigeria (CBN), in a move aimed at strengthening the monitoring of electronic transactions across Nigeria recently issued a new directive to Payment Service Providers (PSPs), requiring them to comply with enhanced routing guidelines for PoS transactions.
- The directive, issued on September 11, 2024, follows CBN’s initiative to diversify the Payment Terminal Service Aggregator (PTSA) structure, which previously operated through a single aggregator.
- This came amid an ongoing debate on the propriety of the registration of PoS operators mandated by the Corporate Affairs Commission (CAC).
- While the September deadline issued by the Commission has lapsed, the CAC said it has commenced the process of taking drastic actions including shutting down Point of Sales (PoS) businesses that have failed to register their businesses.
- According to the Commission, PoS operators who had not registered might be engaging in “unwholesome activities.”
Nigeria’s capital importation soared to an impressive $2.6 billion in Q2 2024, marking a significant 152.81% increase from $1.03 billion in the same quarter last year.
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