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BREAKING: Abia State Governor Alex Otti has signed into law, the Abia State Electricity Bill which empowers the State to regulate its electricity market.

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Abia State Governor Signs Electricity Bill into Law

  • Abia State Governor Alex Otti signed the Abia State Electricity Bill into law, marking the beginning of enhanced energy regulation, investment protection, and power expansion in the state.
  • The bill prioritises renewable energy, establishes ASERA, and supports expanding the power grid to more LGAs.

Governor Alex Otti of Abia State has signed the Abia State Electricity Bill into law, marking a new era in energy regulation, investment protection, and power expansion within the state.

Speaking after the signing yesterday in Nvosi, Isiala Ngwa South Local Government Area, Governor Otti explained that the bill, which originated from the Executive, was quickly but thoroughly passed by the Abia House of Assembly.

“This law will protect the investments made by Aba Power and give the government the authority to regulate,” Otti said. “It is a law that will stand the test of time, safeguarding both current and future investors in the energy sector.”

The Governor highlighted that the bill benefited from the expertise of 15 international power experts from the United States, Canada, Southeast Asia, and Europe, who contributed their knowledge pro bono. He also noted that the state engaged the Nigerian law firm Banwo & Ighodalo to refine the legal framework before the bill became law.

Abia State’s electricity framework is unique, with a ring-fenced power system covering the Local Government Areas of Aba South, Aba North, Osisioma, Obingwa, Ugwunagbo, Ukwa East, Ukwa West, Isiala Ngwa South, and Isiala Ngwa North. The state’s integrated power initiative, led by Aba Power Ltd., covers generation, transmission, and distribution. It has been under development for two decades.

The Governor stated that the initiative is now a model for power infrastructure in Nigeria. With the new law, Otti said the government had begun efforts to extend the Umuahia Ring-Fence to include the remaining eight LGAs, ensuring stable electricity across the state.

The legislation also prioritises renewable energy, positioning Abia as a leader in sustainable power initiatives. Otti revealed that discussions with Geometric Power, the parent company of Aba Power Ltd., are ongoing to expand electricity distribution beyond Aba.

Plans are also in place to establish the Abia State Electricity Regulatory Authority (ASERA), which will help maintain efficiency and create a welcoming environment for investors.

Governor Otti commended the 8th Abia State House of Assembly for its thorough review and timely passage of the bill.

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IMF: Nigeria will navigate global shocks due to Tinubu’s reforms

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The International Monetary Fund (IMF) says Nigeria will navigate global shocks due to the reforms implemented by President Bola Tinubu.

Axel Schimmelpfennig, IMF mission chief for Nigeria, spoke during a visit to Lagos and Abuja from April 2 to 15, where he led a delegation to hold discussions for the 2025 Article IV Consultations with Nigeria.

The team met with Wale Edun, minister of finance and coordinating minister of the economy; Abubakar Kyari, minister of agriculture and food security; Yemi Cardoso, governor of the Central Bank of Nigeria (CBN); ministry of environment and other stakeholders in the private sector, academia, labour unions, and civil society.

In a statement by the IMF, Schimmelpfennig said authorities had taken “important steps” to stabilise the economy, enhance resilience, and support growth.

The steps, he noted, include ending the CBN’s financing of the fiscal deficit, removing costly petrol subsidy, and improving the functioning of the foreign exchange market.

“The Nigerian authorities have taken important steps to stabilise the economy, enhance resilience, and support growth,” Schimmelpfennig said.

“The financing of the fiscal deficit by the central bank has ceased, costly fuel subsidies were removed, and the functioning of the foreign exchange market has improved. Gains have yet to benefit all Nigerians as poverty and food insecurity remain high.

”The outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy.

“The reforms since 2023 have put the Nigerian economy in a better position to navigate this external environment. Looking ahead, macroeconomic policies need to further strengthen buffers and resilience, while creating enabling conditions for private sector-led growth.

“The authorities communicated to the mission that they will implement the 2025 budget in a manner that is responsive to the decline in international oil prices.”

‘TIGHT MONETARY POLICY REQUIRED TO CURB INFLATION’

The IMF official also recommended a neutral fiscal stance to support monetary policy in bringing down inflation.

He added that fiscal savings from petrol subsidy reforms should be channelled into the national budget to protect critical investments.

Schimmelpfennig further advised that the CBN maintain a tight monetary policy stance to curb inflation.

“In particular, adjustments should protect critical, growth-enhancing investment, while accelerating and broadening the delivery of cash transfers under the World Bank-supported program to provide relief to those experiencing food insecurity,” he said.

“A tight monetary policy stance is required to firmly guide inflation down.”

Schimmelpfennig said the monetary policy committee’s data-dependent approach has served Nigeria well and will help navigate elevated macroeconomic uncertainty.

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PwC exits nine African countries to focus on markets with growth prospects

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PricewaterhouseCoopers (PwC) has announced the closure of its operations in nine Sub-Saharan African countries.

The affected countries include the Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo, the Republic of Congo, the Republic of Guinea, and Equatorial Guinea.

In a statement on its website, PwC said the decision was part of a broader strategy to concentrate on markets with long-term growth prospects                                                                                                                                                   “We remain confident in the long-term growth potential of the continent,” the firm noted, emphasizing continued operations in key markets such as Nigeria, Kenya, and South Africa.

A report by the Financial Times, citing sources familiar with the matter, revealed that revenues in several local markets had dropped by over a third in recent years. The slump reportedly followed directives to sever ties with clients deemed high-risk.

Although PwC did not provide specific reasons for the exits, the firm is also grappling with reputational challenges elsewhere. In Saudi Arabia, for instance, the country’s $925 billion sovereign wealth fund recently halted engagements with PwC. Additionally, the firm has reportedly ended affiliations with member offices in Zimbabwe, Malawi, and Fiji.

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Dollar to Naira exchange rate stands at ₦1,600.80 today

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The exchange rate for the US dollar to the naira today is ₦1,600.7991, marking a slight decline of -0.432% compared to yesterday’s rate.

Over the past week, the dollar has shown relative stability against the naira, although it has slipped by -2.094% compared to its value seven days ago.

Within this one-week window, the exchange rate has fluctuated between a high of ₦1,636.71 recorded on April 10, 2025, and a low of ₦1,589.45 on April 14, 2025. The most significant single-day shift happened on April 10, when the naira strengthened, leading to a -2.252% drop in the dollar’s value.

Current Rates:
1 USD = ₦1,600.7991
1 NGN = $0.00062469

US Dollar to Nigerian Naira Conversion Table:
1 USD = ₦1,600.7991
3 USD = ₦4,802.3973
5 USD = ₦8,003.9955
7 USD = ₦11,205.5937
10 USD = ₦16,007.991
12 USD = ₦19,209.5892
15 USD = ₦24,011.9865
25 USD = ₦40,019.9775
30 USD = ₦48,023.973
45 USD = ₦72,035.9595
50 USD = ₦80,039.955
75 USD = ₦120,059.9325
100 USD = ₦160,079.91
300 USD = ₦480,239.73
400 USD = ₦640,319.64
500 USD = ₦800,399.55
750 USD = ₦1,200,599.325
1,000 USD = ₦1,600,799.1
3,000 USD = ₦4,802,397.3
5,000 USD = ₦8,003,995.5
7,500 USD = ₦12,005,993.25
10,000 USD = ₦16,007,991
15,000 USD = ₦24,011,986.5
25,000 USD = ₦40,019,977.5
50,000 USD = ₦80,039,955
75,000 USD = ₦120,059,932.5
100,000 USD = ₦160,079,910

Nigerian Naira to US Dollar Conversion Table:
1 NGN = $0.00062469
3 NGN = $0.00187406
5 NGN = $0.00312344
7 NGN = $0.00437282
10 NGN = $0.00624688
12 NGN = $0.00749626
15 NGN = $0.00937032
25 NGN = $0.0156172
30 NGN = $0.01874064
45 NGN = $0.02811096
50 NGN = $0.0312344
75 NGN = $0.0468516
100 NGN = $0.0624688
300 NGN = $0.1874064
400 NGN = $0.2498752
500 NGN = $0.312344
750 NGN = $0.46851601
1,000 NGN = $0.62468801
3,000 NGN = $1.87406402
5,000 NGN = $3.12344004
7,500 NGN = $4.68516006
10,000 NGN = $6.24688007
15,000 NGN = $9.37032011
25,000 NGN = $15.61720018
50,000 NGN = $31.23440037
75,000 NGN = $46.85160055
100,000 NGN = $62.46880074

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