BUHARI 2019 WILL BOOST NIGERIA ECONOMY PLUS WEST AFRICA.

Let remove political uncertainty ahead of Nigeria’s 2019 presidential elections,

President Mohammed Buhari of Nigeria one more chance

With strong improvement in investor sentiment emerging IF Buhari is back in 2019.

Continuity will largely prevail with policy decisions having the biggest impact on the business environment for Nigeria Economy to boost more and more.

Buhari 2019 come back  will not bring this top five business risks for West Africa

Signs of economic recovery for West Africa as Nigeria exits recession – Militancy and political uncertainty remain key risks for businesses in 2018

As Nigeria exits the recession of 2017, investor sentiment across West Africa is likely to experience uplift in 2018. Still, political uncertainty ahead of Nigeria’s 2019 presidential elections and on-going security concerns are among the key risks for businesses operating in the region, says specialist global risk consultancy Control Risks in their annual political and security risk forecast ‘RiskMap’ “2017 has been a tough and turbulent year for businesses in the region, however with Nigeria exiting recession, and foreign exchange shortages easing, we see a strong improvement in investor sentiment emerging. Another major engine of growth will be Cote d’Ivoire, where economic expansion is projected at around 7% next year. There will be only a handful of elections in the region in 2018, meaning continuity will largely prevail with policy decisions having the biggest impact on the business environment.” “In Nigeria however, although presidential elections are next slated for 2019, campaigning has already started. The uncertainty that generates, as well as the need for cash that an election brings, mean that political instability and regulators whose actions will be difficult to predict remain among our top risks for businesses in the year ahead.” Control Risks has identified the following as the key risks facing businesses in West Africa in 2018: Terrorism and militancy: Business assets and personnel in West Africa will remain vulnerable to attacks by transnational or domestic militant groups. In particular, al-Qaeda and its affiliates will continue to pose a threat to operators in the Sahel, while the oil and gas industry in Nigeria’s Niger Delta will remain exposed to attacks by domestic militant groups. Failure to resolve the underlying political and socio-economic grievances at the root of these movements will see the threat persist in 2018. Irregular regulators: As countries in the region, notably commodity-dependent economies, face growing fiscal pressures, operators are likely to see regulatory bodies increasingly act as revenue-generating bodies, strengthening local content provisions, introducing stricter fiscal terms, reviewing contracts or erratically imposing fines in companies in the hope of boosting state finances. This will periodically give rise to commercial disputes, legal challenges, and the need for businesses to engage with government stakeholders. Political instability: Protracted political and socio-economic grievances will continue to fuel popular discontent and a desire for regime change in parts of the region. Cameroonian President Paul Biya’s re-election bid amid a continued crisis in the Anglophone regions will exacerbate tensions, while Togolese citizens will continue to protest for the end of the 50-year Gnassingbé dynasty. Protests will pose security threats to businesses, while regime changes would prompt major institutional changes and complicate engagements for operators. New sectors, new risks: From Senegal’s offshore potential to Nigeria’s embryonic mining sector, some countries in West Africa will be making forays into previously-undeveloped sectors in 2018. Prospective investors need to monitor closely how government’s ability to oversee these sectors evolves and what the associated risks around these projects become. On-going operational risks: Many of the major risks and challenges businesses face in West Africa are the on-going practical impediments to day-to-day operations. Shortages of or difficulties in sourcing fuel, foreign currency, equipment and skilled labour; the infrastructure deficits that persist in the vast majority of the region, such as in electricity and transport, will continue to mean higher costs, higher demands on management resources a tougher capital-raising environment, and greater uncertainty for businesses than in other regions. Many countries in Africa, Nigeria and Cameroon among them, face the prospect of what could become a sovereign debt crisis, a decade after they followed Ghana’s lead in entering the international bond market. The problem is driven by high levels of external debt, persistent uncertainty over the recovery of commodity prices to fund repayments, and borrowing to fund recurrent expenditure. Countries dependent on oil revenues are particularly vulnerable to ballooning debt in 2018. Buhari 2019 will Boost Nigeria Economy plus West Africa if Buhari is back.

Stakeholders bemoan 2017 challenges, hope for better 2018

At the outset of 2017, the Federal Government had raised a lot of expectations regarding the future of Nigeria’s petroleum sector, upon which the entire economy revolves.        


  
But as the year ended, things did not turn out quite the way they were envisioned. Indeed Nigerians celebrated the year end with acute fuel shortages, even as many of the targets set for the industry were not realised.Analysts attribute the development to disconnect in set objectives between the Ministry and its supervisory units especially the Nigerian National Petroleum Corporation (NNPC), and other parastals and agencies under it.
  
Although the country recorded some progress in helping to foster peace and reduce militancy in the oil producing areas as well as the implementation of a new funding model for Joint Venture operations, however, stakeholders still await the execution of the many promises made during the last financial year.
Nation’s refineries remain idle One of such promises that elicited high hopes among Nigerians was the Federal Government’s plan to make the four refineries in Port Harcourt, Warri, and Kaduna fully functional within three months to guarantee uninterrupted fuel supply in the country.Besides, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, spoke about building strategic reserves for petroleum products to guarantee the self-sufficiency and boost export drives, which have not seen the light of day.
  
Unfortunately, the refineries are still operating below capacity. Besides, rather than ramping up, capacity utilisation in the refineries continues to slip. For the month of May 2017, the three refineries recorded a combined capacity utilisation of 23.09 per cent compared to 24.59 per cent achieved in April.

Acute fuel scarcity
Although, there was free flow of Premium Motor Spirit (PMS) also called petrol, from January to October, the pains witnessed by consumers of petrol within the last two months of 2017 is something, stakeholders want the Federal Government to find permanent solution to in 2018.Also, most other white products including household kerosene (HHK), and aviation turbine kerosene (ATK) or Jet A1, remained scarce for the greater part of the year. Neither the Ministry nor the NNPC could effectively explain the cause(s) of the scarcity, with attendant blame games.However, industry sources attributed the scarcity to the failure of crude swap programme, as companies contracted for the deal in exchange for refined petroleum products could not deliver as scheduled.
Besides, many of the firms engaged for the programme were merely contracted for political patronage rather than expertise or capacity to deliver, a development critics insist must be eschewed to avert continued scarcity in the current year.  
 
The Director General, Lagos Chambers of Commerce and Industry (LCCI), Muda Yusuf, frowned at the monopolistic right given to the NNPC to import fuel, saying the model is fraught with inefficiency, transparency issues,  perpetuation of culture of patronage, and imposes a huge burden on the treasury of government.He said a fundamental policy review is imperative and urgently needed to correct the anomaly.

Crude oil production still below 2 million barrels per day
During the year, Kachikwu had promised to ensure that Nigeria’s crude oil production capacity would hit three million barrels per day (mbpd) by the end of 2017, but output fluctuated between 1.5mbpd and 1.7mbpd, according to latest data from the Organisation of the Petroleum Exporting Countries (OPEC).
 
Furthermore, the expected investments needed to boost crude oil production were not coming due to the prolonged approval cycle, often criticised as a disincentive.A contracting cycle is the duration from the initiation of a bidding process through registration of contractors, and actual award of contracts for projects to be executed in the petroleum industry.
 
But Kachikwu had also promised to slash the contracting cycle from the current average of between two and four years, to just six months, he blamed the long contracting cycle on the high cost per barrel of oil produced by Nigeria, compared to other OPEC member countries.
  
Decrying the long tendering process in Nigeria, the Chairman/Chief Executive Officer, Oilserv Limited, Emeka Okwuosa, called for an end to such practice, saying: “When you start a tender and the tendering process goes beyond six months, you are in a different territory.“You have a situation where inflation may have changed, prices may have changed. Some tendering processes take up to 18 months. That should end. It requires concerted efforts. There should be a way to streamline the process of tendering to make sure that it is within a shorter time.”

Tackling inherent challenges
The Managing Director, Oil and Gas Soft Skills Limited, Emmanuel Emielu, said the Federal Government has done well in creating a framework to offset the cashcall arrears with the International Oil Companies (IOCs).But he noted that the government is yet to resolve the Niger Delta crisis, adding that the newly launched oil and gas policy document need to be fully implemented. “Government should be able to translate the policy into actual actions. The policy is only offering an element of hope in the industry, but when the hope is differed, there will be problems.”
 
Emielu stressed the need to fight corruption in the country’s oil sector. “Corruption is the reason why Nigeria’s contractual circle is long. The efficiency on the contracting process can also lead to high cost of executing a project and high cost of production in the oil and gas sector.“When there are inefficiencies in the system, investors will begin to move their investments to other countries, like Ghana, Angola, and South Africa,” he added.
 
The Chairman, Society of Petroleum Engineers (SPE), Saka Matemilola, said the history of poor commercial performance in the domestic gas sector makes gas production unattractive and discourages investments.
 According to him, the regulation of gas prices particularly gas supplied to the domestic power sector under the Gas Pricing Policy is perceived as a disincentive to investment in the upstream sub-sector.
 
On the feasibility of Nigeria becoming self-sufficient in petroleum refining, the Chairman, LCCI Petroleum Downstream Group, Ken Abazie, said there is nothing on ground to show that Nigeria will become self-sufficient by 2019.According to Abazie, the possibility of Dangote Refinery meeting the 2019 target is not certain. “The Minister is relying on the completion of the Dangote Refinery, which he believes will contribute to Nigeria attaining self-sufficiency in petroleum refining. But the company is not close to producing petroleum products; it is still building storage facilities. Unless there are other refining capacities, which we don’t know about, it is not just possible to become self-sufficient by 2019,” he added.
 
For the Pioneer Director, Centre for Gas, Refining & Petrochemicals, Institute of Petroleum Studies, University of Port Harcourt, Godwin J. Igwe, achieving success with Kachikwu’s proclamations is more about walking the talk.He said: “I will suggest we encourage self-reliance and diversification to maximise our production of petroleum products through modular refineries. We need more doers, not talkers; more hands-on professionals; more manufacturers to support consumers. I believe we have been able to ignite interest by creating innovative ways to bring awareness through modular refineries to end fuel scarcity in Nigeria.” 

Nigeria. Rice Importation To Stop In 2018- Buhari

President Muhammadu Buhari says Nigerians have got to get used to discipline and direction in economic management as the days of business as usual are numbered.

The president stated this in his address to the nation in Abuja on Monday to mark the beginning of 2018.

According to him, it is in view of this reality that in 2015 he appealed to people to go back to the land.

He announced that Nigeria would stop importation of rice from 2018, to encourage the production of local rice.


“I am highly gratified that agriculture has picked up, contributing to the government’s effort to re-structure the economy.

“Rice imports will stop this year. Local rice, fresher and more nutritious rice will be on our dishes from now on.

“By the same token, I am today appealing to enterprising Nigerians with ideas and unemployed graduates and other able-bodied and literate men and women with ideas, not to just sit and wait for employment from the government or the Organized Private Sector.

“Great nations are built by enterprising people who turn their hands to anything that circumstances dictate,’’ he said.

He noted that the All Progressives Congress-led Federal Government was slowly stabilising the economy.

The president further said that the diversification efforts embarked upon by the government had resulted in improved output, particularly in agriculture and solid minerals sectors.

He also maintained that the relative exchange rate stability had improved manufacturing sector performance.

On power, President Buhari noted that more Nigerians across the country were experiencing improved power supply to their homes and businesses.

He, however, observed that power had remained a concern to his administration because not many people enjoyed regular and reliable supply.

He stated that the Payment Assurance Guarantee Scheme, which started in January 2016, had enabled the Nigerian Bulk Electricity Trader to raise N701 billion to assure Generation Companies of at least 80 per cent payment for any power delivered to the national grid.

Consequently, he said generation had now reached 7,000 megawatts while on December 8, 2017, the country achieved 5,155 megawatts of power delivered to consumers, the highest level ever recorded.



According to the president, several moribund projects have been revived while repairs of Afam Power Station added 110MW in 2017 and another 240MW will be added this year through a private investment partnership.

“Katsina Power Project is now being tested and producing 10MW of power from wind for the first time in Nigeria. It should be fully operational this year.

“The Zungeru 700MW Hydroelectric Power Project, stalled by court cases is due for completion in 2019.

“The transmission and other requirements to operate the 30MW Gurara Phase 1 Hydroelectric Plant, the 40MW Kashimbilla Hydroelectric Plant and the 215 MW Kaduna Gas/LPG/Diesel Power Plant will also be completed this year.

“A landmark project, Mambilla Hydroelectric Power Project, is at last taking off. This project has been on the drawing Board for 40 years,’’ he said.

The president, however, revealed that the engineering, procurement and construction contract for the Mambilla 3,050 megawatts project had been agreed with a Chinese joint venture company with a financing commitment from the government of China.

He said 2023 was targeted as completion period for the project.

President Buhari also noted with delight that the Transmission Companies of Nigeria (TCN) and the Niger Delta Holding Company had added 1,950 MVA of 330 down to 132 KV transformer capacity of 10 transmission stations and 2,930 MVA of 132 down to 33 KV transformer capacity of 42 sub-stations.

He said the sub-stations included those at Ikot Ekpene, Aba, Alagbon, Ajah, Ejigbo, Funtua and Zaria.

Nigerian New National Minimum Wage: Expectations and challenges

The inauguration of a 30-member tripartite National Minimum Wage Committee for the negotiation of a new National Minimum Wage for Nigerian workers has elicited a lot of expectations and hope among Nigerians.




On November 27, 2017, President Muhammadu Buhari inaugurated the committee Abuja which governors and senior government officials, among other stakeholders witnessed. Although the committee has yet to begin sitting after inauguration, workers are keeping the hope alive in 2018 that the committee will come out with useful decisions when it completes its assignment.


Mr Solomon Michael, a civil servant, said: “I wish the Federal Government will conclude negotiation on the implementation of a new minimum wage so that I will know that my salary will rise to be able to cater for my kids. “But if a time frame had been given to the 30-member committee, it will help to hasten their efforts in reaching conclusion on the wage’’. Similarly, Mr Biobelemoye Joshua, President, Medical and Health Workers Union, said the organised labour would not allow government to use the minimum wage issue to score political point. “We are certain that if the government employs delay tactics for any reason labour will react,’’ he said. However, the optimism of some of the workers is rooted in Buhari’s statement during inauguration that the re-negotiation of a new national minimum wage had become imperative as the current wage instrument had expired. 

They also made reference to one of the president’s comment that “minimum wage must be consensual and generally acceptable and should be anchored on social justice and equity.’’ They recall that Nigeria joined the league of International Labour Organisation member countries that set minimum wage for their workers in 1981, observing that the country has not been reviewing the wage as it ought to do. 

During the inauguration, the president explained that the committee was formed following the recommendation of a technical committee put in place after the increase in the price of petrol in 2016. Analysts, nonetheless, observe that as workers call on the Federal Government to discuss a way forward on the present N18, 000 minimum wage, efforts should also be made to ensure the possibility of paying any increase on minimum wage to private sector workers. Expressing concern about this observation, Mr Goke Olatunji, President, National Union of Chemical Footwear, Rubber, Leather and Non-Metallic Products Employees, called on Federal Government to direct the state and private sector to implement the agreement on minimum wage. 

The Nigeria Labour Congress and Trade Union Congress have, as well, called on the committee to conclude everything concerning the new wage on or before the end of the third quarter of 2018. It says the committee should expeditiously conclude its assignment since review of the wage has been due for over two years to enable the National Assembly give it an accelerated passage. The labour had earlier submitted a proposal of N56,000 and N90,000 to the Federal Government as new minimum wage. Supporting the proposal, Mr Bobboi Kaigama, President, Trade Union Congress of Nigeria, noted that Nigeria’s N18,000 might be the lowest in Africa. 

According to him, Nigerian workers cannot afford to wait endlessly for the implementation of the new minimum wage in view of the economic realities as their monthly take-home pay can no longer support their demands. In the same vein, Ayuba Wabba, the NLC president said “it is our expectation that all issues pertaining the new minimum wage will be concluded before the end of third quarter of 2018 to give Nigerian workers a new hope that government and other employers of labour have not totally abandoned them. 

However, President Muhammadu Buhari did not give a time frame to the members during inauguration but expressed the hope that the outcome of the deliberation would be consensual and generally acceptable. “I urge you to amicably consider the issue of a National Minimum Wage and all matters that are ancillary to it with thoroughness and concern not only for the welfare of workforce but effect on the country’s economy. “We should aim to go above the basic Social Protection Floor for all Nigerian workers based on the ability of each tier of government to pay. “I say this because minimum wage is the minimum amount of compensation an employee must receive for putting in his or her labour and as such should be anchored on social justice and equity. “Government’s decision after considering your final recommendation will be sent as an executive bill to the National Assembly for it to undergo appropriate legislative scrutiny before passage into law. “I am hopeful that the principles of full consultation with social partners and their direct participation would be utilised by the committee, bearing in mind the core provisions of the International Labour Organisation Minimum Wage Fixing Convention No. 131 and Minimum Wage Fixing Machinery Convention No. 26 (ratified by Nigeria).

 “The committee is expected to complete its deliberations and submit its report and recommendations as soon as possible to enable other requisite machinery to be set in motion for implementation of a new National Minimum Wage. With the assurance of its implementation by the president after the committee’s recommendations, observers appeal to state governments to choose to use the federal wage or make their own laws. Corroborating this observation, Mr Salihu Lukman, an analyst, says issues of minimum wage are popular largely because, in some ways, the benefits are far beyond the target beneficiaries. “This is because of the consequential effect of wage adjustments for other categories of workers and citizens as a result of increasing the minimum wage,’’ he explained. A News Analysis by Chinyere Elele-Bassey, News Agency of Nigeria (NAN)

2019ELECTION: “SEVEN NORTHERNERS TO WATCH AHEAD OF 2019 ELECTION”

POLITICS – Here is current information reaching us as Doyin Okupe, a former aide to the immediate past President Goofluck Jonathan, has listed those he described as persons to watch from the North ahead of the 2019 election.

Meanwhile the former Presidential aide, in a Facebook post, listed the Senate President alongside 

former Vice President, Atiku Abubakar, 

Gombe State Governor, Ibrahim Hassan Dakwambo, 

Sokoto State governor, Aminu Waziri Tambuwal,

 former governor of Kano State, Rabiu Kwankwaso, 

former Jigawa state governor, Sule Lamido, and a former Governor of Kaduna state, Ahmed Makarfi.

Okupe wrote, “Seven (7) Northern Princes to watch in 2019. Saraki, Atiku, Dakwambo, Tambuwal, Kwankwaso, Lamido, Makarfi.”

Atiku recently announced his exit from the APC.

While there are rumours of Kwankwaso dumping the ruling party soon, the lawmaker has said there are no such plans.

Similarly, Saraki said he was not planning to dump the ruling party for PDP.

Apply For Tony Elumelu Foundation Entrepreneurship Programme 2018

The Tony Elumelu Foundation (TEF) is now accepting applications for business ideas that can transform Africa. The Programme, in its 4th cycle, is Tony Elumelu Foundation’s 10-year, $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs by 2024.

1,000 entrepreneurs will be selected based on the viability of their idea, including: market opportunity; financial understanding; scalability; and leadership and entrepreneurial skills demonstrated in the application.

Benefits
The Programme provides critical tools for business success, including:

Training:12 weeks of intensive online training which guides creating and managing a business
Mentoring: A world-class mentor to guide during the early transformation stages of the business
Funding:$5,000* in seed capital to prove the concept, plus access to further funding
Network: Access to the largest network of African start-ups and TEF’s own global contacts
Eligibility Requirements for Tony Elumelu Foundation Application 2018:
The business must be based in Africa
The business must be for profit
The business must be 0-3 years old
Applicants must be at least 18 and a legal resident or citizen of an African country

How to apply 
To apply, complete the online application at www.application.tonyelumelufoundation.org 
The deadline is midnight (WAT) on 1 March 2018.

APPLICATION DEADLINE: March 1, 2018

For more information or to apply, visit: http://www.tonyelumelufoundation.org/about-tef/application-process/

Media inquiries: media@tonyelumelufoundation.org

NO AUTOMATIC TICKET FOR ATIKU – PDP BOARD OF TRUSTEES

The chairman, Board of Trustees, of the Peoples Democratic Party, PDP, Senator Walid Jibrin, has said that there would be no automatic ticket for former Vice President and now presidential aspirant, Atiku Abubakar, in the coming 2019 general election.

Senator Jibrin said that although the ex-VP has not informed anybody of any intention to defect back to PDP after dumping the party for APC ahead of the 2015 election but maintained that PDP, however, is ready to accept Atiku if he makes a come-back journey.

Senator Jibrin also urged that Atiku plans to come back to the party, then “he should come as an equal partner” to contend with other aspirants already in the party for the ticket and not expect to be given an automatic ticket. According to him,  “Has he told you he is returning to the PDP?

We are ready to accept him to our party but he should be ready to work for a waiver. “The North met in Abuja to say that any candidate from the North can contest. Let us get them. I think they are getting set now.

“For now, we have a former governor of Kano State, Ibrahim Shekarau; former Jigawa State governor, Sule Lamido; a former governor of Sokoto State, Attahiru Bafarawa, and so on, preparing to vie for the PDP presidential ticket. “If the PDP grants Atiku a waiver, he should then join the cream of presidential aspirants in the party to fight for the ticket in 2019.

“If the PDP considers Atiku for the automatic presidential ticket, what about those in the party who are showing interest? Should we throw them away? If he is coming, he should come as an equal partner.

“We are ready to accept him; but he must follow the rules of the game. First, he must undergo primaries like any other person, and he must fight for the presidential ticket.”

Hungary gives HUF 420 million for hospital and school reconstruction in Nigeria

The Hungarian government has decided to provide 420 million forints (EUR 1.3 million) to help the reconstruction of four schools and a hospital in Maiduguri in north-eastern Nigeria, the human resources minister said. The assistance will be given in response to the call made by Nigerian Bishop Oliver Dashe Doeme to the Hungarian prime minister during his visit to Budapest in July, Zoltán Balog told MTI. The Boko Haram terrorist organisation had not only murdered Nigerians, many of them Christians, but had destroyed local infrastructure as well, Balog cited the bishop as saying.

How Nigeria’s largest Independent Power Plant is set up to funnel billions to tax haven

Nigeria’s largest independent power plant (IPP), Azura Edo Power Plant, is a huge suction pipe set up to siphon millions of tax-free dollars through a network of Mauritius-incorporated offshore shell companies to a number of trusts and private equity firms, an investigation by PREMIUM TIMES and the International Consortium of Investigative journalist (ICIJ) has revealed.

A study of the data obtained by German newspaper, Suddeutsche Zeitung, and ICIJ from two offshore secrecy providers (Appleby and Asiaciti Trust) and 19 secrecy jurisdictions showed that promoters of the power plant will earn as much as $28 million before the first light bulb comes alive from power generated by the facility.

The 1.4 terabyte leaked data, now named Paradise Papers, contains 13.4 million records and ranks among the biggest leaks in history.

For 12 months, more than 380 journalists from 96 media organisations in 67 countries pored over the gigantic data, which cover a period of nearly 70 years, from 1950 to 2016. PREMIUM TIMES is the only Nigerian media organisation involved in the investigation.

More than 120 politicians and country leaders, in nearly 50 countries as well as hundreds of business people across the world were identified in the record as users of offshore entities.

The beginning

In October 2014, former President Goodluck Jonathan, a spade in hand, flanked by Adams Oshiomhole, then governor of Edo State, and other dignitaries broke the earth of the sprawling 100 hectares site for the Azura Edo Power Plant for the first time.

The power plant, located at the Ihovbor/Orior Odemwende communities outside Benin City was hailed as the first fully financed private power plant in Nigeria.

The first phase of the IPP, which is planned to take off in 2018, will produce 450 megawatts of electricity but ultimately, the plant is expected to produce 1,500 megawatts.

Mr. Jonathan said the project demonstrated the “strong foundation” on which his administration was “building a sound and sustainable electricity industry, with great expectations for robust growth in the sector.”

Azura Edo was an instant hit with foreign investors and multilateral financial institutions. The gas-fired plant had little problem generating the $1 billion ($700 million for the construction of the plant and $300 million to build associated infrastructure) required to set it up.

The World Bank provided a partial risk guarantee of up to $245 million. The board of the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) approved loans and hedging instruments of up to US$135 million and guarantees of up to US$659 million.

The project received loan financial backing from First City Monument Bank, Rand Bank of South Africa, Standard Chartered Bank, United Kingdom and the Netherlands Development Finance Company (FMO).

Other financial institutions that provided debt financing were Standard Bank of South Africa, SWEDFUNDS International, AB, Sweden, and Overseas Private Investment Corporation, USA.

But after the funfair of the groundbreaking ceremony, work on the project stalled. The Mr. Jonathan’s administration, for undisclosed reasons, withheld its backing of the World Bank facility needed for the plant to take off.

In August 2015, however, the President Muhammadu Buhari administration breathed new life into the plant, signing a $237 million risk guarantees with the World Bank in support of the power plant. The guarantees included a debt mobilization guarantee of $117 million and a liquidity guarantee of $120 million.

Things to know about Bitcoin

Mark Karpeles, the former CEO of collapsed Bitcoin exchange MtGox,

 went on trial in Tokyo on charges stemming from the disappearance of hundreds of millions of dollars worth of the virtual currency from its digital vaults.

Here are some key facts about the world’s most widely used crypto currency:

What is Bitcoin?
Bitcoin is a virtual currency created from computer code. Unlike a real-world unit such as the US dollar or euro, it has no central bank and is not backed by any government.Instead, Bitcoin’s community of users control and regulate it. Advocates say this makes it an efficient alternative to traditional currencies because it is not subject to the whims of a state that may devalue its money to boost exports, for example.

Just like other currencies, Bitcoins can be exchanged for goods and services — or for other currencies — provided the other party is willing to accept them.

Where does it come from?
Bitcoin was launched in 2009 as a bit of encrypted software written by someone using the Japanese-sounding name Satoshi Nakamoto.

Last year secretive Australian entrepreneur Craig Wright said he was the creator of Bitcoin, but some have raised doubts over his claim.

Hundreds of other digital currencies followed but Bitcoin is by far the most popular, with an increasing number of merchants accepting digital currencies for payments.

Transactions happen when heavily encrypted codes are passed across a computer network. The network as a whole monitors and verifies the transaction in a process that is intended to ensure no single Bitcoin can be spent in more than one place simultaneously.

Users can “mine” Bitcoins — bring new ones into being — by having their computers run complicated and increasingly difficult processes.

However, the model is limited and only 21 million units will ever be created.

What’s it worth?
Like any other currency, it fluctuates. But unlike most real-world units, Bitcoin’s value has swung wildly in a short period.

When it first came into existence it was worth a few US cents. Several years later Bitcoin topped $1,000. It’s now worth more than $2,300, with commentators suggesting some are buying it as an alternative bet in times of global economic uncertainty.

The chaotic withdrawal of high-value notes in India, and Chinese controls on the purchase of foreign currency have also been cited for its meteoric rise.

There are presently more than 16 million units in circulation. Some economists say the limited number of Bitcoins mean its price will increase over the long run, making it less useful as a currency and more a vehicle to store value, like gold.

But detractors point to Bitcoin’s volatility, security issues and other weaknesses as flaws that will eventually undermine it.

What’s the future?
Some commentators say that like many technological developments, the first iteration of a product will encounter difficulties, possibly terminal ones. But the trail it blazes might smooth the way for the next crypto currency.

Problems include an apparent vulnerability to theft when Bitcoins are stored in digital wallets.

A major Hong Kong-based Bitcoin exchange suspended trading last year after $65 million in the virtual unit was reportedly stolen by hackers.

The virtual currency movement also faces legitimacy issues because of the way it allows for anonymous transactions — the very thing that libertarian adopters like about it.

Detractors say bitcoin’s use on the underground Silk Road website, where users could buy drugs and guns with it, is proof that it is a bad thing.

If Bitcoin does become more widely accepted, experts say, it could lead to more government regulations, which would negate the very attraction of the concept.