Nigeria will receive $2.6m from GEF to develop power sector — UNIDO

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Nigeria will get 2.6 million dollars to improve its electricity generation from Global Environment Facilities (GEF), Managing Director of UNIDO Programme Development and Technical Cooperation Division, Philippe Scholtes, says.

Scholtes made this known on Friday in Abuja when he visited the Minister of Science and Technology, Mr Onu Ogbonnoya in the Office.

According to him, the fund will be used to boost small scale hydro power to ensure electricity get to rural areas in the country.

“We made the case; we obtained funding for 2.6 million dollars to help us demonstrate the small scale hydro power to powerhouse and factories in places that have not been reached by the electricity.

“This project funded by Global Environment Facility funds is meant to help countries address environment issues that can benefit the global communities,“ he said.

He said that the investors in Nigeria would be encouraged to execute the project and expand it to disseminate the kind of technology needed.

He told the minister that UNIDO would like to strengthen its relationship with the ministry to grow necessary areas that would contribute to the growth of the nation.

“UNIDO will work to support inclusive and sustainable industrial development and also find a way to help Nigeria build green technology through skills development and innovation,’’ he said.

In his response, the minister thanked UNIDO for its contributions globally and in Nigeria with the partnership to grow energy and on agro-business.

He appealed to UNIDO to further increase it efforts as well toward boosting agriculture to ensure food security in the country.

The minister said that the ministry was committed to use science and technology to save the nation by growing it economy.

Meanwhile, trading on the Nigerian Stock Exchange closed Friday on a positive note as the All Share Index gained 0.59 per cent to close at 23,826.50 points from 23,686.67 on Thursday while market capitalisation also rose from N8.146 trillion to N8.194trillion.

The market recorded 30 gainers today led by Cadbury with a gain of N1.29 or 10.24 per cent to N13.89 followed by NAHCO with a gain of N0.32 or 9.88 per cent to close at N3.56 while Transcorp gained N0.11 or 9.40 per cent to close at N1.28 per share.

On the other hand, Forte Oil topped 12 stocks on the losers’ chart with N16.50 loss or 5 per cent to close at N313.50 followed by Nestle that lost 37.00 or 4.97 per cent to close at N707.15 per share, and Northern Nigeria Flour Mills that lost N0.42 or 4.91 per cent to close at N8.13 per share.

All together, a total of 1,005,167,671 shares worth N1.888 billion exchange hands in 4,229 deals.

 

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