Adedeji Adeleke, Davido’s father, is indeed a powerhouse in Nigeria’s business scene. As the CEO of Pacific Holdings Limited, he’s been making waves in various industries.

Now David’s father is taking on the energy sector with an impressive project – building the largest thermal power plant in Nigeria, valued at $2 billion and set to launch in January 2025.

Ekwutosblog gathered that his  new venture will reportedly generate about 15% of the electricity used in Nigeria, significantly contributing to the country’s power needs.

Given Adedeji Adeleke’s track record as a successful entrepreneur, it’s no surprise he’s taking on this ambitious project.

Some of Nigeria’s current top thermal power plants include:

•⁠ ⁠_Egbin Power Station_: a 1,320MW thermal power project located in Lagos
•⁠ ⁠_Alaoji Power Station_: a 1,074MW thermal power project located in Abia
•⁠ ⁠_Afam Power Station I-V_: a 987.20MW thermal project located in Rivers
•⁠ ⁠_Ughelli Delta Power Plant_: a 964.68MW thermal project located in Delta
•⁠ ⁠_Olorunsogo II Power Plant_: a 750MW thermal project located in Ogun

Adedeji Adeleke’s new power plant will likely join this list, further solidifying his impact on Nigeria’s energy landscape.

Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), announced a notable increase in the country’s foreign reserves, which rose by 12.74% to $39.12 billion as of October 11, 2024.

Ekwutosblog reports that Cardoso shared this development during his appearance before the House of Representatives Committee on Banking Regulation on Tuesday, October 15.

Cardoso revealed that Nigeria’s foreign reserves stood at $34.70 billion at the end of June 2024, reflecting significant growth in a few months. This comes after reserves fell to $32.29 billion on April 15, 2024, the lowest level in over six years.

“The reserves have grown significantly, with remittance flows now contributing 9.4% to total external reserves,” Cardoso explained. He attributed the rise in reserves to foreign capital inflows, crude oil-related taxes, and other third-party receipts.

“In the second quarter of 2024, we maintained a current account surplus and observed substantial improvements in our trade balance,” he added.

Cardoso emphasized the resilience of Nigeria’s external reserves, noting they can finance over 12 months of imports for goods and services or 15 months for goods alone—far exceeding the international benchmark of 30 months, ensuring a robust buffer against external economic shocks.

In discussing reforms in the foreign exchange market, the CBN governor pointed to the unification of exchange rate windows under the “willing buyer, willing seller” model. This strategy was designed to enhance foreign exchange liquidity and improve market transparency and stability.

“This reform has improved transparency, reduced market distortions, and streamlined foreign exchange allocation. The bank resumed FX sales at the NAFEX and Bureau De Change (BDC) segments, driven by increased supply from foreign portfolio investors,” Cardoso said.

The narrowing of exchange rate disparities between the NAFEX and BDC segments has also led to a convergence of rates, boosting market confidence and enabling the CBN to clear existing FX backlogs.

Cardoso further stated, “The settlement of all legitimate backlogs of outstanding FX obligations by the bank has significantly improved Nigeria’s credibility and ratings across the global financial market, helping to boost investor confidence and enhance liquidity in the foreign exchange market.”

“With improved investor confidence, foreign investments have increased, as evidenced by a significant rise in capital importation by 65.56% to $6.49 billion between January and July 2024, compared to $3.92 billion in the corresponding period of 2023.”

Cardoso concluded by noting the broader impacts of these actions: “Collectively, these actions have contributed significantly to the stability of the financial system.”

Commercial chicken farming demands expertise, understanding, and unwavering commitment for success. Getting your poultry housing right is crucial for laying a solid foundation for your venture. Here’s a handy checklist to guide you through poultry house construction:

Provide Comfort: Ensure your poultry house offers a comfortable environment shielding birds from weather extremities like rain, wind, and direct sunlight.

Spaciousness: Allocate adequate space based on stocking density:

Layers: 1m² for 6 birds
Broilers: 1m² for 11 birds

Ventilation: Opt for an open-sided house with east-west orientation to allow natural airflow. Avoid direct sunlight exposure.

Structure: Construct a rectangular-shaped house with a wall not exceeding three feet in height on the longer side. Opt for materials like stones, iron sheets, or bricks for durability.

Mesh Matters: Use a small gauge chicken wire mesh to prevent entry of wild birds, dogs, and rodents. Consider a plastic-coated mesh for longevity.

Roofing: Choose a reflective surface for the roof and ensure proper pitch for ventilation. Maintain adequate gap between birds and roof to prevent heat stress.

Flooring: floors should be ideal for easy cleaning and disinfection.

Hygiene Measures: Install a foot-bath at the entrance and clear vegetation around the pen to deter rodents. Keep the feed store separate to minimize rodent attraction.

Isolation: Construct the house in isolated areas to minimize contamination risks.

Ventilation Management: Optimal ventilation is crucial for heat and moisture regulation, oxygen supply, and air quality improvement. Open curtains for airflow during warm weather and close them for warmth during cold spells.

Safety: Fence the area and keep doors locked to prevent entry of stray animals and visitors.