Business – Page 9 – Rise Africa

Gas Supply Crisis Cuts Nigeria’s Power Generation to 3,940MW

06.03.2026

Nigeria’s electricity generation has dropped further below the 4,000-megawatt threshold following persistent gas supply shortages affecting thermal power plants across the country, the Nigerian Independent System Operator said on Thursday. In a statement titled “Gas Constraints Lead to Temporary Reduction in Power Generation,” the grid operator disclosed that the national grid generated only 3,940.53 megawatts...

ECOWAS parliament pushes for stronger regional trade

06.03.2026

The ECOWAS Parliament has called for stronger participation in regional trade across West Africa, urging businesses and citizens to take greater advantage of existing integration frameworks aimed at boosting cross-border commerce and economic cooperation. The call was made in Abuja on Thursday during a press briefing to announce private sector activities marking the Parliament’s 25th...

Nigerian port drug seizures valued at N3tn over five years

06.03.2026

About 2,553,132.90 kilograms of illicit drugs were confiscated at Nigerian seaports between 2021 and 2025, data from the National Drug Law Enforcement Agency has shown. Findings indicate that these illicit drugs were valued at over N3tn. According to the latest NDLEA statistics, the seizures, which were recorded across major seaports and marine commands nationwide, highlight...

Canal+ to Shut Down Showmax After MultiChoice Takeover

06.03.2026

Canal+ is set to shut down the video streaming platform Showmax as part of cost-cutting measures following its acquisition of MultiChoice, according to an exclusive report by Variety on Thursday. The report said Canal+ and MultiChoice confirmed that the service would be discontinued after a review of their streaming operations, although a specific shutdown date...

Gas Shortage Plunges Nigeria Power Generation Below 4,000MW

06.03.2026

Nigeria’s electricity generation has dropped further below the 4,000 megawatt threshold following persistent gas supply shortages affecting thermal power plants across the country, the Nigerian Independent System Operator said on Thursday. In a statement titled “Gas Constraints Lead to Temporary Reduction in Power Generation,” the grid operator disclosed that the national grid generated only 3,940.53...

SEDC Targets $200bn South-East Economy in Ten Years

06.03.2026

The South East Development Commission has unveiled an ambitious economic blueprint aimed at expanding the South-East economy from an estimated $40bn to about $200bn within the next decade. The Managing Director and Chief Executive Officer of the commission, Mark Okoye, disclosed this on Thursday while presenting the commission’s 2026 budget proposal before the House of...

Nigeria’s $750M Renewable Energy Programme is World’s Larges

06.03.2026

The Federal Government is implementing what has been described as the largest publicly funded renewable electricity programme in the world. It is aimed at expanding power access through mini-grids, solar infrastructure, and off-grid electrification projects across Nigeria, the Managing Director of the Rural Electrification Agency, Abba Aliyu, has said. Aliyu disclosed this on Thursday in...

Vitafoam Shareholders Approve N3.75bn Dividend Payout

06.03.2026

Shareholders of Vitafoam Nigeria Plc have approved a N125m capital injection through a bonus share issue and endorsed a N3.75bn dividend payout. This signalled a strong investor confidence in the company’s improving financial performance. The approvals were granted at the company’s Annual General Meeting on Thursday, where shareholders authorised the capitalisation of N125,084,406 from retained...

Nigeria Affirms Commitment to Peaceful Nuclear Energy Use

06.03.2026

Nigeria has reaffirmed its commitment to the peaceful use of nuclear energy and the application of nuclear technology to support national development. The Minister of Foreign Affairs, Yusuf Maitama Tuggar, stated this on Thursday in Abuja when he received the Chairman and Chief Executive Officer of the Nigeria Atomic Energy Commission, Anthony Ekedegwa, at the...

Nigeria Rolls Out $750m Mini-Grid Solar Power Initiative

06.03.2026

The Federal Government is implementing what has been described as the largest publicly funded renewable electricity programme in the world, aimed at expanding power access through mini-grids, solar infrastructure, and off-grid electrification projects across Nigeria, the Managing Director of the Rural Electrification Agency, Abba Aliyu, has said. Aliyu disclosed this on Thursday in Abuja while...