Catalysing
Sustaining economic empowerment through financial inclusion, energy access
Financial inclusion and provision of sustainable energy is at a turning point in Africa’s largest economy, Nigeria. With a population of over 200 million, about 50 per cent of the total population live in rural areas, and only 39 per cent of those living in rural communities have access to electricity. This is in addition to over 40 per cent of the entire population who are financially excluded or underserved. However, the proliferation of digital financial services in Nigeria – powered largely by growth in fin-tech companies – has catalysed an unparalleled increase in the current number of people with access to formal financial services, while further opening up opportunities to address power supply challenges across rural communities; a major feat instrumental towards achieving the broad...
Nigeria most expensive for upstream projects – NNPC chief
The Group Managing Director, Nigerian National Petroleum Corporation, NNPC, Mele Kyari, has disclosed that Nigeria remains one of the most expensive countries in the world for petroleum upstream projects. Upstream is refers to points in production that originate early on in the processes of crude oil production. Its activities include exploration, drilling, and extraction. Kyari made this known at the Nigerian Content Tower in Yenagoa, Bayelsa State during a review meeting with the Permanent Secretary, directors and chief executives of agencies in the Petroleum ministry. According to him, “Nigeria is one of the most expensive territories in the world for upstream projection and part of the corporation’s mandate is to reduce cost by at least five percent. “We have reduced costs substantiall...
