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75 Million Nigerians Lack Access To Electricity – World Bank

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Nigeria is second to India on the list of countries with the highest electricity access deficit with 75 million people compared to India’s 263 million persons.

According to a new World Bank report, other countries on the list of nations with highest electricity access deficit are Ethiopia with 67 million; Bangladesh 62 million; Congo Democratic Republic with 55 million; Tanzania with 40 million; Kenya with 33 million; Uganda with 30 million; Sudan with 25 million; and Myanmar with 25 million people.

According to the report, an energy scorecard released on Monday, Ethiopia, Nigeria and Sudan alone have 116 million people without adequate electricity.

The authors noted that energy access, efficiency and renewables are on the rise in many developing nations, but in places like sub-Saharan Africa, the energy situation is still grim and hundreds of millions remain unconnected.
The report found that 80 per cent of the 111 countries studied have policies for more sustainable energy — meaning energy efficiency, access to energy and use of renewables — with 45 countries at advanced stages of policy-making.According to the report, access is, in part, a financial issue in these countries. In many sub-Saharan Africa countries, people pay more than $500 to connect to the grid, while in another developing country, Bangladesh, the cost is as little as $22.

Senior Director and Head of Energy and Extractives at the World Bank, Riccardo Puliti, said: “Africa has long been the least electrified, and power there cannot keep up with population growth. Those disparities won’t disappear without policies encouraging both private and public investment.”

According to the report, for much of the world, however, renewables are growing fast: 93 per cent of countries have renewable energy targets, and more than three-quarters have supporting legislation.

This growth, however, needs more focus. Just 39 per cent of countries have studied how to integrate renewables such as solar and wind power into their current electrical grids, the authors found.

Chief Executive Officer (CEO) of Sustainable Energy for All, a sustainable energy initiative launched by the United Nations in 2011, Rachel Kyte, said: “The world is in a race to secure a clean energy transition. The underlying message is that we must go further and faster.”

Besides, Energy economics global lead for the World Bank Group, Vivien Foster, said: “African countries on the whole scored very poorly, with as many as 40 per cent barely beginning policy measures to accelerate access to energy. African countries on the whole scored very poorly.”

 

 

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EVENTS

Nigeria Selects “Mai Martaba” As International Feature Film (IFF) Contender For 2025 Oscars

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Mai Martaba as international feature film contender | fab.ng

The Nigerian Official Selection Committee has selected the epic Hausa film, Mai Martaba as its contender for the International Feature Film (IFF) category at the 97th Academy Awards. The Committee announced in an official statement that they selected the film to contend for the Oscars because of its theme and visual appeal.

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MUSIC

Don Jazzy Announces Tega Oghenejobo As The New President Of Mavin Records

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Tega Oghenejobo As The New President Of Mavin Records | fab.ng

On Tuesday, October 29, 2024, Michael Collins Ajereh, the visionary founder of Mavin (Records) Global, better known by his stage name Don Jazzy, announced a significant expansion within the company. He announced Tega Oghenejobo as the new president of Mavin Records.

Tega has been an integral part of Mavin’s journey. Now, his position as President has elevated his status in the company. In addition, he has been in the existing role of Chief Operating Officer (COO).

Don Jazzy expressed his admiration for Tega’s passion and resilience. He acknowledged his ability to spot these qualities in Tega from the early stages of their professional relationship.

He said,

I’m proud to announce @TEGAMAVIN expanded role as President and COO of Mavin. I am often praised for being able to spot and raise superstars, but I can proudly say the most genius thing I have done in my life was being able to spot the passion and resilience in Tega.”

“From the early days, I’ve watched him be curious about the business, build teams, develop executives, and ensure our talents have sustainable careers from the start. His commitment to growing Mavin and shaping the future of African music has been relentless, and I’m confident that with him in this role, we’ll continue to break new ground and achieve even bigger milestones for our artists and company,” he added.

Accepting the appointment gracefully, Tega Oghenejobo said,

“I’m honored to step into this new role as President & COO of Mavin Records. It means embracing new challenges, setting new goals, and reaching new heights. Thank you, Supreme Leader @donjazzy, for your unwavering belief and trust in me to lead the Mavin team.”

Check here for more updates.

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BUSINESS

Moniepoint Reaches African Unicorn Status With $110 Million Funding Boost

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Moniepoint reaches African unicorn status | fab.ng

Moniepoint Inc., a leading fintech company in Africa, has successfully raised $110 million in equity financing. This is to power the dreams of millions of businesses and their customers across the continent and the diaspora.

The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund. It is a premier fund focused on Africa.

Additionally, new investors joined the funding round. This includes a leading African private equity firm, Google’s Africa Investment Fund and Verod Capital. Existing investor, Lightrock, a global impact firm, also participated.

Tosin Eniolorunda and Felix Ike founded Moniepoint (formerly known as TeamApt) in 2015. Initially, it focused on providing infrastructure and payment solutions for banks and financial institutions. It has since grown into Nigeria’s leading business banking provider, trusted by millions of businesses.

The capital raised will be used to accelerate growth for Moniepoint across Africa.

Further, that entails building an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions.

Moniepoint’s exceptional contributions to Nigeria’s financial services sector have been widely acknowledged, along with its enviable track record of serving customers across Africa.

Each month, Moniepoint processes over 800 million transactions, with a monthly total value exceeding $17 billion, all while operating profitably.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., expressed his excitement about the successful funding round and the company’s plans to expand its offerings and reach across the African continent.

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