The Rural Electrification Agency (REA) has announced that the Federal Government, with support from the World Bank, will commence a major rural electricity project in November aimed at providing power to 17.5 million Nigerians.

The initiative, known as the Distributed Renewable Energy Scaleup, is a $750 million project focused on using renewable energy sources to improve access to electricity in rural areas.

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Abba Aliyu, Managing Director of the REA, made the announcement during an interview on Channels Television’s Sunrise Daily on Thursday.

According to Aliyu, the scale and ambition of the project place Nigeria among global leaders in rural electrification efforts.

He said, “For example, there’s a new project that we are starting next month called the Distributed Renewable Energy Scaleup project, which is a $750 million financed (project) by the World Bank.

“The target of that project is to electrify 17.5 million Nigerians, and I must say that this is one of the most ambitious projects in the world.”

In addition to providing electricity to underserved communities, Aliyu revealed plans to supply cheap energy alternatives to tertiary institutions using renewable energy solutions.

Aliyu added, “Apart from India which has moved many unelectrified people to have electricity access, there’s no other country that has an ambitious project like this so this is a project that we are starting.”

By Yemie Adeoye

NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.

The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.

“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”

The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.

“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.

Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has projected a significant reduction in petrol prices once the Dangote Petroleum Refinery begins direct sales to oil marketers.

Speaking in an interview with Channels Television, IPMAN spokesperson Chinedu Ukadike said the association is in talks with the Dangote Refinery to secure direct lifting rights for Premium Motor Spirit (PMS), commonly known as petrol.

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This move comes after the federal government directed the refinery to sell exclusively to the Nigerian National Petroleum Company Limited (NNPC), with other marketers required to buy from the national oil firm.

He explained that bypassing middlemen by allowing marketers to source petrol directly from the refinery would cut unnecessary distribution costs, leading to lower prices at the pump for consumers.

Ukadike said, “We have written to Dangote, and he has responded positively, indicating readiness to discuss with us. We believe that these discussions will soon yield results, and whatever agreement we reach will be shared with Nigerians. We want to take our products directly to cut off all these unnecessary price hikes.”

Addressing public concerns about independent marketers being driven by profit, Ukadike reaffirmed IPMAN’s commitment to ensuring fair and affordable fuel prices for Nigerians.

He also expressed optimism that the collaboration with the Dangote Refinery, alongside the anticipated reopening of the Port Harcourt Refinery, would help resolve bureaucratic bottlenecks and stabilize petrol prices across the country.