The Nation Newspaper

Tag: 2018

  • TCN eyes 6,000mw in 2018

    TCN eyes 6,000mw in 2018

    • Tariff review for NERC

    The Transmission Company of Nigeria (TCN), yesterday said it was working towards a national peak of 6,000 Megawatts (Mw) of electricity in early 2018.

    Its Interim Managing Director, Usman Gur Mohammed, who made this known  in Abuja, said early this year, the average peak load was about 4,000Mw.

    He said the company has submitted a proposal for extra ordinary tariff review to the Nigeria Electricity Regulatory Commission (NERC).

    He said: “TCN has obtained consent and successfully submitted for the first time a proposal for extra ordinary tariff review to the Nigeria Electricity Regulatory Commission (NERC),”saying its approval will significantly increase TCN’s revenue and provide sufficient incentives to generators who provide ancillary services.

    Mohammed said TCN has completed the 2012-2014 and 2015 audited financial statements and that it is looking forward to submitting the 2016 annual audit this month.

    He said the company has reduced wastage through the strengthening of its procurement system and contract administration.

    He said: “We took a bold step on the fiber optic on all transmission infrastructure, which is for control and management of the grid. There cannot be effective and efficient SCADA/EMS system in TCN if the two contracts exist in their current forms.”

    He said TCN has resolved several line issues that lingered for years; the Abuja-Ajaokuta 330kv DC transmission line, which was commissioned in 2015 with only one line in circuit; the second Jebba-Kainji line, which had been out since 2014, was restored in  October 2017.

    He noted that the Asaba-Benin SC line, which was completed since 2014, was energized in November this year, making three lines from Onitsha to Benin.

    Muhammad also said that the second line between Egbin and Ajah 330KV GIS sub-station, which has been out, would soon be awarded.

    The TCN boss said that within the year, the company entered into collaboration with other partners aimed at repositioning it for better service delivery. Some them collaborations include the Agip/NNPC joint venture in respect of towers 94 & 98 on Okpai-Onitsha DC line, provision of GIS for TCN; collaboration with Japan Government on capacitor banks in Apo and Keffi substations and the rehabilitation of Apapa, Akangba and Isolo substations.

    He said that discussions are on-going with government of Japan to rehabilitate Ikeja West and Ota substations.

    According to him, the European Union has pledged to provide €25million grant to support TCN on solar Independent Power Project (IPPs’)  evaluation.

  • Lawmakers hail planned 3,000MW power project for Lagos

    Lawmakers hail planned 3,000MW power project for Lagos

    Some lawmakers in the Lagos State House of Assembly on Tuesday said that the N1.046 trillion Lagos State Budget proposal Government would facilitate growth and development.

    The lawmakers hailed the state Gov. Akinwunmi Ambode for prioritising capital expenditure.

    According to them, since the 2017 budget performance was above 70 per cent, the 2018 budget will transform the state, especially through a planned power project.

    Ambode presented the 2018 budget proposal tagged: “Budget of Progress and Development” before the state House of Assembly on Monday.

    The budget size, which represented a 28.67 per cent increase over the 2017 budget of N812 billion, had a capital expenditure of N699 billion and a recurrent expenditure of N347 billion.

    The Acting Chairman, House Committee on Information and Strategy, Mr Tunde Braimoh said: “The budget is apt, ambitious, lofty and well-targeted at transforming the Lagos State economy and infrastructure.’’

    Read also: Ambode to present 2018 Budget on Monday

    Braimoh noted that the budget provided for a power project aimed at boosting economic activities of the state.

    According to him, epileptic power supply has caused severe damage to the nation’s economy, and if Lagos State Government can provide regular power supply, it will boost investments.

    “The problem of power supply has made our country to lose its industrial base. The budget will change the topography of Lagos,’’ he said.

    The lawmaker, however, said that there was the need to sustain the robust relationship between the legislative and  executive arms of the government for expedited implementation of the budget.

    On whether the budget will be passed before January, the spokesman said that it might not be possible as the Assembly would do proper scrutiny of the budget before its passage.

    Braimoh, however, said that the lawmakers would sacrifice their comfort to ensure quick passage of the budget without compromising standards.

    Also speaking, Mr Setonji David, the Acting Chairman of the House Committee on Physical Planning and Urban Development, said : “It is a great thing that the budget of Lagos State is over N1 trillion.

    “It means Lagos is moving and more infrastructure development on the way. The ratio of capital expenditure to recurrent expenditure is fantastic, and this means the governor is visionary.

    “It is quite impressive that the governor budgeted massively for the embedded power project to light up the state for industrialisation,” David said.

    Mr Olusegun Olulade, the Acting Chairman, House Committee on Health Services, said that the budget would galvanise result in accelerated development of the state.

    The Acting Chairman of the Assembly’s Public Accounts Committee (Local), Prince Adebisi Yusuf , who expressed satisfaction at the 2017 budget performance, said that the 2018 Budget would be better implemented.

    Ambode stated during the budget proposal that his administration would have direct intervention in the power value chain toward generating 3,000MW Embedded Power Programme-  a three-year plan to achieve regular  power supply for the state in 2018.

    “The challenge of inadequate power supply must be resolved for our economy to perform optimally, and we believe the provision of this essential utility can no longer be left in the hands of the Federal Government alone.

    “We must complement each other for the overall development of our nation,’’ the governor said.

    NAN

  • Commonwealth Games: Nigeria’s Arinye to officiate Table Tennis event

    Commonwealth Games: Nigeria’s Arinye to officiate Table Tennis event

    Nigeria’s first female University Director of Sports Dr. Cecilia Arinye has gotten an official invitation  to officiate at the forthcoming 21st Commonwealth Games, Gold Coast, Australia, 2018.

    Speaking with NationSport in Lagos, Dr. Arinye confirmed the authenticity of the information. 

    “It is true, I got an invitation letter as one of the officials in the Gold Coast 2018 Commonwealth Games, and by God’s Grace, I will be there”,Arinye simply said. 

    Arinye who qualified as an International Blue Badge Umpire in 2009 is the only Nigerian to get the invitation to officiate in the Gold Coast, Australia 2018.

    The former ex-international first participated in a Commonwealth Games  as a player in 1975 during the Commonwealth Table Tennis Championship which took place in Sydney Australia, alongside Babatunde Obisanya, Olawunmi Majekodunmi, Kasali Lasisi, Fatai Ayinde and Ethel Jacks.

    During the 20th Commonwealth Games held in Glasgow, Scotland in 2014, Arinye became the 1st Black Woman to Officiate in the Table Tennis Event and also the 1st Black Woman to officiate in the Summer Paralympics during the Rio 2016 Paralympics Games.

    Arinye made her debut as an Umpire in an ITTF World Table Tennis Championship during the All African Senior Table Tennis Championship in 2007 at Brazzaville, the Democratic Republic of Congo. And later in Guangzhou, China (2008), Madrid Spain (2008) and numerous ITTF sanctioned events.

    Since assumption as Director of Sports of the University of Lagos in 2009, Dr. Cecilia Arinye has officiated over 15 International Table Tennis Sporting Engagement, which includes Paralympics, All Africa Games to mention but a few.

    It will also be recalled that Arinye led the University of Lagos to achieve her best ever performance at the NUGA Games in 2014, where UNILAG finished second on the medal table behind UNIPORT with 13 Gold, 10 Silver and 7 Bronze medals.

  • FEC to consider 2018 budget today

    The Federal Executive Council (FEC) meeting, which normally holds on Wednesday has been shifted to hold today.

    The meeting will mainly deliberate on the 2018 budget proposal.

    Towards reverting to the January – December accounting system, the government had decided to do everything possible to submit the proposal to the National Assembly every October.

    A tweet on the Presidency Nigeria handle reads: “Federal Executive Council (FEC) Meeting will hold tomorrow, Thursday Oct 26. Agenda is #Budget2018, which is currently  being finalised.”

  • Africa’s $6.8b reinsurance market to recover in 2018

    Africa’s $6.8b reinsurance market to recover in 2018

    Reinsurers inAfrica are optimistic about the prospects of $ 6.8 billion Africa’s  reinsurance markets in 2018.

    This is the outcome of the second edition of the Africa Reinsurance Pulse, launched today at the 22nd African Reinsurance Forum in Port Louis, Mauritius..

    In 2016, Africa’s GDP growth dropped to 1.8 per cent, below the global average of 2.5 per cent and Insurance premiums declined by 15.3 per cent to US$ 61 billion.

    The report stated that the contraction is mainly due to the depreciation of some key African currencies against the US dollar.

    For 2018, the operators expect results to improve  as the underlying market fundamentals remain largely unscathed from the current decline.

    The Africa Reinsurance Pulse is annual research series, conducted by Dr. Schanz, Alms & Company.

    The report also stated that Africa’s young and growing population, is expanding middle class and technological innovations, which alter consumer habits, drive demand and create product opportunities as well as new avenues for distribution.

    The executives said Africa remains dependent upon factors external to its own sphere of influence. While insurance markets contracted, excess capacity continues to flow inwards, driving competition and, as a consequence, protectionism.

    The report read: “To some interviewees, this threatens markets as they exclude themselves from access to foreign expertise, limit the potential for risk diversification and thus increase the exposure within the ‘protected’ domestic economy. Current premium rates are low compared to the average of the past three years, but due to large losses, rising claims and the introduction of Risk-Based Capital regulation, pricing seems to stabilise. Still, current profitability is depressed as well.

    But according to the interviewees,” we might be closing in on the bottom of the cycle. Driven by an increase in rates in life insurance, cost reductions, tighter underwriting discipline and a steady recovery of the economy, returns are expected to improve.

    “”The inflow of excess capacity into Africa is expected to continue, albeit at a slower pace. Since Africa will remain a growth market, reinsurers rather trim their costs than reduce capacity.

    Due to low exposure to natural catastrophes and largely uncorrelated risks, Africa remains a ‘diversification play’ and will continue to attract capacity. A vast majority of executives assume that reinsurance exposure will grow as fast or even faster than GDP as the concentration of values continues to rise, while rates decline.

    “As a result, premiums are expected to grow at a slower pace than GDP. Only once the economy rebounds, premiums should outgrow GDP again, provided heightened demand will translate into stable or rising reinsurance rates as well. On average the reinsurers and brokers surveyed were active in 20 African markets. Over the course of the past three years, a majority of them increased the number of markets they are active in.

    Going forward that trend will continue as to most of the reinsurers and brokers interviewed an expansion into new markets and/or new lines of business is a top priority for the next 12 months. Regulation has improved in the past 12 months in Africa.

    “Markets like Morocco and Kenya adopted a Risk-Based Capital solvency approach, while minimum capital requirements were increased and compulsory insurance schemes more systematically enacted.

    They also noted the rising protectionism in Africa and are equally concerned about a lack of enforcement and consistency in regulation. Although there is no uniform trend across the reinsurance sector in Africa, rising protectionism and excess capacity are major concerns.

    Underwriting quality, risk management and expertise are seen to be improving.. An expanding middle class, a deeper understanding for insurance products and the emergence of new technologies will benefit insurance markets and help increase insurance penetratio”, it added.

  • Government to ‘possibly’ stop funding polytechnics by 2018

    Director of Physical Planning and Development, National Board for Technical Education (NBTE), Mr Ekpeyong Ekpeyong has urged polytechnics to step up their internally generated revenue (IGR) so they can survive if government stops budgetary allocation to polytechnics in the next two years.

    He made this assertion while representing the Executive Secretary of the board at the 133rd regular meeting of the Council of Heads of Polytechnics in Nigeria and Colleges of Technology (COHEADS) at Yaba College of Technology (YABATECH).

    He said: “Funding is part of the problems limiting us from being independent. Look beyond the shores of this country and see how other polytechnics are fairing. Some of those who went to Israel recently discovered that their polytechnics sustain their host communities. The institutions become the factory for the community to produce things. With that, we won’t need to look to government for funding anymore. This is a challenge to us all because Nigerian government in the next two years may not be funding any of us.”

    Ekpeyong encouraged the rectors to embrace technology in their training and teaching to help the country compete globally.

    “The level of budgetary allocations to the polytechnics have dwindled drastically over the years and unless the institutions are proactive to look for alternative funding and use their resources, they may not be able to survive.”

    Meanwhile, in her welcome address, Yabatech Rector, Dr Margaret Ladipo, enjoined her colleagues to contribute to the nation’s technological growth.

    She said: “My fellow rectors, let us brace up to the challenge of making a meaningful impact on the nation’s drive towards technological growth and rapid industrialisation.”

  • Dear Nollywood,Indian entertainment revenue may double by 2018

    WHILE Nollywood is still being spoon-fed by President Goodluck Jonathan’s largesse, the Indian entertainment industry, according to a new study, is soaring in commercial maturation, and is expected to double its revenue to $37.2 billion by 2018, growing at a compound annual rate of 15 percent.

    An annual report by consulting firm PricewaterhouseCoopers India and the Confederation of Indian Industry said that in 2013, the Indian entertainment industry recorded revenue of about $18.3 billion, a 19 percent gain over the previous year.

    The entertainment industry has contributed strongly to India’s economy, according to other recent reports. And interestingly too, while TV is predicted to be a big growth driver, the film business reportedly will also grow steadily.

    Against the backdrop of digital migration in 2015, one begins to wonder what will happen in the Nigerian entertainment space when the spectrum is further enlarged for more contents.

    As laudable as the interest of the Federal Government is in the entertainment industry, everything seems to me like a political romance. And as directors, producers and distributors jostle for their shares of the N3billion film intervention fund, actors, who may not have logical reason to access the fund, are playing smart by going into politics where they can tap directly into what they have come to see as a national cake regime.

    Nowadays, films like Being Mrs Elliot, which has no direct national significance, are finding their ways to Aso Villa in the name of presidential premiere. This film, I have on good authority, is not doing well in the cinema, despite hype by its promoters.  I honestly believe that we have lost it, and there is no effort from any quarters to call us back from this path of mediocrity.

    Back to the forecast for India, it is said that the subscription trends are robust, as television continues to dominate the overall industry pie. Total TV revenue (including advertising) reached $7 billion in 2013, up about 15 percent from $ 6.1 billion in 2012. By 2018, TV revenue is expected to double from existing levels to about $14 billion. International production companies have taken note of the growth and looked at opportunities in India.

    The film industry was estimated at about $2.06 billion in 2013 and is projected to grow steadily at a compound annual growth of 12 percent by 2018 to touch $ 3.6 billion. The report states that higher domestic and overseas box-office collections and cable and satellite TV rights for movies will continue to propel film revenue.

    The fastest growth is seen in the digital space, with Internet access revenue touching about $4.2 billion in 2013, up 47 percent over the previous year, thus becoming the second highest revenue generator for the overall industry after TV. Internet access revenues were slightly higher than total print revenues (advertising and subscription), which hit about $3.8 billion in 2013, signifying the growing dominance of digital over traditional media in India.

    Similarly, Internet advertising revenue is also a strong contributor, growing at 26 percent. It is slated to become the third largest segment, with a 16 percent share of the overall advertising revenue pie by 2018.

    Total advertising revenue reached $5.73 billion in 2013 and is expected to rise to $9.8 billion by 2018, registering a compound annual growth rate of 13 percent.

    Given the growth of new media, the report predicts that the share of print revenues in the overall industry pie is likely to fall from 20 percent in 2013 to 14 percent by 2018. Similarly, the share of the film industry is also expected to drop slightly from 11 percent to 10 percent over the same time period.

    Here at home, practitioners seem to have succeeded in blackmailing the government with their chorus of “We got Nollywood to this stage without government support”. I no longer hear that phrase, and it is just an error to imagine that the kind of support we are talking about here is by giving filmmakers money to go and make commercial films, when the most realistic aspect of support could have been policies that support co-production treaties, subsidising the importation of film equipment and instituting auditable structures through proper distribution framework.

    Although we keep hearing that plans are on to direct the larger chunk of the N3billion grant on distribution, there are no visible marks of seriousness on this aspect from the fund managers like the training of filmmakers on short courses abroad and giving producers money to make films. What becomes of these films without the distribution frameworks, which is the only hope for returns on investments? Isn’t this another case of putting the cart before the horse?

    Trust me; the money spent on training directors may not yield good results. I believe too that only few producers would use their share to make good films, if they ever make the films. The reason is simple: most Nigerian filmmakers are tired and only desire shortcuts to make a living.