Business
Why FG Sited N71.19bn Solar Cell Factory In Nasarawa —Osinbajo
Published
2 years agoon
By
Editor
Vice President Yemi Osinbajo, on Friday, in Nasarawa State, said the abundance of Silicon and Silica—major raw materials for the production of solar cells—informed the siting of the NASENI solar cells production plant in Gora, Karu Local Government Area of the state.
“The major raw material requirements for the production of solar cells—Silicon and Silica—are naturally occurring in abundance in this area. We are grateful to the good people of Nasarawa for hosting this important project,” Osinbajo said at the foundation-laying ceremony of the N71.19bn ($171.97m) facility he described as the first solar cell factory in West Africa.
Osinbajo noted that the ceremony was a culmination of a decade’s work by the National Agency for Science and Engineering Infrastructure which the Buhari regime has funded through a one per cent annual allocation from the federation account.
He said the project is necessary because it would be “clearly unsustainable” to add more carbon emissions to the $50bn worth of diesel fuel used in sub-Saharan Africa every year.
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The thinking, the VP said, is in line with Nigeria’s Energy Transition Plan, which projects an increase in solar power use in the Nigerian energy mix, surpassing gas by 2035.
According to Osinbajo, “The prudent decision to site the factory in Gora, Nasarawa State, leverages translational research into the biogeography, geological surveys and mining cadastral reconnaissance that has positioned Nasarawa as the home of solid minerals in Nigeria.
“The major raw material requirements for producing Solar cells—Silicon and Silica—are naturally abundant in this area.
“We are grateful to the good people of Nasarawa for hosting this important project and congratulate you in advance for the positive boost it is certain to bring to the local economy.”
He stated that “this landmark achievement places Nigeria within the ranks of countries pushing the boundaries in using climate-smart alternative energy sources, particularly solar power.
“And as we have heard, this particular project is building on 10 years of work. 10 years ago, NASENI established its 7.5MW solar panel production plant. Its capacity is now 21MW.”
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The Vice President observed, “NASENI’s solar cell production factory will be a game-changer, given the urgency of climate action today and the importance of developing African green energy manufacturing and solutions.”
He hoped the facility would “meet and surpass all our expectations when it becomes fully operational.”
The VP congratulated the government and the people of Nasarawa State, as well as the NASENI leadership led by its executive Vice Chair, Prof. Mohammed Haruna, on behalf of the President Muhammadu Buhari who is the Chairman of the governing board.
In his remarks, the Governor of Nasarawa State, Abdullahi Sule, thanked the Vice President for his concern towards the development of the State, country and the welfare of its people.
“We also in Nasarawa State knowing that you touched lives, will never forget you, we remain grateful to you, sir, in office and out of office,” Sule said.
Earlier in his remarks, the Executive Vice Chairman of NASENI, Prof. Mohammed Haruna, noted that the plant, which covers 15.8 hectares of land, comprises a polysilicon section with a capacity of 1,000 tons per annum, an Ingot section of 50MW per annum, Wafers of 50MW per annum and Solar cells of 50MW per annum.
He said, “It will cost a total of $171,970,000 (N71.19bn) with 85 per cent funding equivalent of $146,174,500 (N67.31bn) support from China Africa Development fund through the Bank of China and 15 per cent local counterpart funding, an equivalent of $25,795,500 (N11.88bn) from Nigeria.
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“The other two projects are the Electric Power Transformer Production Plant at $123,990,000 and the High Voltage Testing Laboratory at $29,900,690. The total cost approved for the three projects is $325,860,690 and a total of $276,981,586.5 representing 85 per cent is from China.”
Haruna explained that the 15 per cent counterpart for the three projects is $48.88m and NASENI has in instalments remitted up to 46.89 per cent or $22.92m of the 15 percent ($48.88m).
He projected that an excess capacity of polysilicon and future expansion of wafers and solar cell production would lead to exportation for foreign exchange earnings.
Dignitaries at the event included the APC National Chairman, Sen. Abdullahi Adamu; Minister of Industry, Trade and Investment, Otunba Niyi Adebayo; Emir of Lafia HRM Justice Sidi Dauda Bage; and the Emir of Keffi, Dr Shehu Chindo Yamusa III, among others.
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The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.
Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.
This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.
The local currency maintained consistent strength throughout the week, recording gains daily.
READ ALSO: Naira Appreciates Against Dollar At Foreign Exchange Market
On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.
These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.
Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.
Business
BREAKING: Again, Dangote Refinery Cuts Petrol Price
Published
3 weeks agoon
May 22, 2025By
Editor
The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.
The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.
Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.
READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price
Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.
A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.
In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.
“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.
Business
Naira Appreciates Against Dollar At Foreign Exchange Market
Published
4 weeks agoon
May 17, 2025By
Editor
The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.
It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.
According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.
This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.
READ ALSO:Naira Depreciates In Parallel Market
The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.
On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.
These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.
However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.
This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.
READ ALSO:Naira Records Highest Depreciation Against Dollar At Black Market
Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.
Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.
Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.
The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.
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