Nigeria has cancelled the proposed $717.7 million loan under the World Bank-backed Power Sector Recovery Performance-Based Operation (PSRO). The decision comes at a time when the nation is facing challenges in the electricity sector amid rising tariff deficits, foreign exchange pressures, and persistent operational inefficiencies. In a World Bank restructuring paper, the Federal Government made […]

The Managing Director and Chief Executive Officer of the Niger Delta Power Holding Company (NDPHC), Jennifer Adighije, has announced that the Alaoji Open Cycle Plant in Abia State has been restored to the national grid. The 450-megawatt power plant was shut down for three years due to gas supply disruptions and metering disputes. Adighije disclosed this […]

The Nigerian Electricity Regulatory Commission (NERC) on Thursday said electricity distribution companies (DisCos) metered a total of 241,590 customers between January and February. The commission revealed this in a factsheet report shared on its X handle. According to the report, a total of “119,792 customers were metered in January, while 121,798 were metered in February,” […]

Electricity distribution companies have stated their disagreement and displeasure with the Lagos State Government’s proposed plan to phase out electricity customer band classification. According to The PUNCH, some officials of the firms who spoke anonymously with them warned that the decision could trigger consumer unrest, worsen market distortions, and lead to blackouts if implemented prematurely. […]

The Lagos State Government has unveiled an ambitious roadmap aimed at ending persistent blackouts and delivering reliable 24-hour electricity through private sector investment, smart metering and independent power generation. Commissioner for Energy and Mineral Resources, Mr Biodun Ogunleye, outlined the plan on Monday during the 2026 Ministerial Press Briefing held in Alausa, Ikeja. Ogunleye said […]

Two automobile firms, Hybrid Motors Nigeria and Shanghai-based, have signed a strategic partnership agreement to establish electric vehicle (EV) manufacturing plants in Lagos and Abuja. These plants are projected to produce 70,000 vehicles annually. The agreement, signed in Shanghai, China, on May 8, 2026, will support the production of “Acely,” Hybrid Motors Nigeria’s indigenous automobile […]

LOTUS Bank has partnered with the Federal Government’s Presidential Initiative on Compressed Natural Gas (CNG) & Electric Vehicles (EV) to support the need for a cleaner and more affordable transportation through compressed natural gas and electric vehicles. The collaboration was announced during the launch of the Northern Corridor of the CNG and EV Programme held […]

The Rural Electrification Agency (REA) has launched a $188 million green finance investment facility (GFiF) aimed at mobilising private and institutional capital for distributed renewable energy. The innovation is in partnership with Barton Heyman Limited, UK PACT, First City Monument Bank (FCMB) and ARM Harith Infrastructure Investment Limited (ARMHIIL). The finance initiative, unveiled in Lagos, is designed […]