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How to reduce your electricity bill in Lagos

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electricity bill

The ceiling fan is one of the home’s highest passive power consumers. You might not know it, but your fan practically runs all day and night, which significantly impacts your power bills. One thing you can do is replace all your fans with energy-efficient models if you have the means. However, if you don’t have the energy-efficient model, simply regulate how long the fan runs. The energy-consuming capacity of an air conditioner is well known. Keep it running for a day, and it would make a telling impact on your bills. A 1.5hp (1119watts) Ac running for 10 hours at a rate of N60 per kilowatt would cost you well over N30,000 alone. You can shuffle run time between your fan and air conditioner, depending on how many units you purchase per month. Limiting your fan to running only about 8 hours a day can save you hundreds of naira.

READ: FG to revive 3 power projects in Abia by first quarter 2021

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4. Revisit your refrigerator:

This is another appliance that consumes the most power at home. The average watt consumption of a refrigerator is 1200 watts per day (depending on the model), which means they consume one of, if not the highest power at home. You can reduce consumption by purchasing a smaller freezer, which is the more expensive approach or doing the following:

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READ: Strategies to Reduce Expenses and Save Money

Asides from the tips mentioned in this article, you should also sit down to study your home. If possible, create a list of all your appliances and their watt rating. Start trimming down consumption by replacing the device with a more energy-efficient model, or reducing its use.

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Source: NairaMetrics

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NGX, CIPE to Boost Ethical Business Practices

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By Aduragbemi Omiyale

A collaboration aimed at deepening knowledge in the African business environment to promote ethical business practices has been entered into between the Nigerian Exchange (NGX) Limited and the Centre for International Private Enterprise (CIPE).

The exchange will through its specialized learning hub, X-Academy, engage companies in order to fill the capacity gap in corporate compliance expertise and to provide effective resources to help them translate their corporate ethics commitments to a robust system of compliance that ensures that they can conduct business with integrity.

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It was learned that X-Academy will work with CIPE to provide companies of all sizes across Nigeria with practical solutions that will make the Nigerian corporate landscape safer for conducting business.

Through workshops and advisory services, participating companies in the program will be empowered to proactively reduce opportunities for fraud and other malpractice across their business processes.

In addition, the partnership will help galvanise business-led efforts to reduce the risk of corruption, boost shared prosperity in an economically sustainable manner and promote market-oriented values by advancing business ethics and integrity principles in companies and across the business environment. It will also enable the academy to deploy compliance and board evaluation consultancy for organisations.

“As a training hub contributing immensely to deepening knowledge across the capital and money markets in Nigeria, we consider it imperative to avail businesses and organisations with the appropriate training and tools that will help them attain globally acceptable transparency and accountability standards, which will, in turn, help them to attract global investment opportunities.

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“To this end, NGX has partnered with CIPE, an organisation that has the pedigree and demonstrable track record of helping its stakeholders to navigate the often complex terrain of regulatory compliance and entrench good governance practices in their key activities – two key elements to actualise our goal,” the Head of NGX X-Academy, Ms Ugochi Obi, said of the partnership.

On her part, the Senior Program Lead for Africa at CIPE, Mrs Lola Adekanye, stated that, “We are thrilled to have a critical stakeholder in Nigeria’s business ecosystem join us to lay the foundation to create a more transparent and attractive business environment.

“Enabling compliance with sound business integrity practices is at the core of attracting investment and boosting growth in the country.

“CIPE is pleased to welcome NGX to the Africa Business Integrity Network (ABIN) and we look forward to leveraging our individual strengths to embed ethics and integrity in the business culture, and ultimately bring value to the Nigerian economy.”

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US interest rate hikes will worsen Nigeria, others’ debt crisis – Report 

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1643028603 Debt

Interest rate hikes from the U.S. Federal Reserve and other central banks are likely to worsen a global debt crisis, particularly for developing countries like Nigeria

This is according to a new report from U.K. non-profit organisation, Jubilee Debt Campaign, titled, ”Growing global debt crisis to worsen with interest rate rises.”

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The Federal Open Market Committee will meet this week to decide on the next steps in tightening monetary policy in an effort to keep inflation under control. Some analysts predict that in 2022, the US central bank will raise rates from their pandemic-era lows.

What the report is saying 

In a report published on Sunday, the Jubilee Debt Campaign highlighted that developing countries’ debt payments rose 120% between 2010 and 2021, and are currently at their highest since 2001.

The average portion of government revenues channelled toward external debt payments increased from 6.8% in 2010 to 14.3% in 2021, with payments shooting up in 2020.

The report stated that sharp increase in debt payments is hindering countries’ economic recovery from the pandemic and rising U.S. and global interest rates in 2022 could exacerbate the problem for many lower-income countries.

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“High debt payments are preventing many countries from tackling and recovering from the Covid pandemic. Rising US and global interest rates in 2022 could further intensify the debt crisis many lower income countries are facing,” the report said.

Heidi Chow, Executive Director of Jubilee Debt Campaign, said significant actions need to be taken to rectify the debt crises in developing countries. He said, “The debt crisis continues to engulf lower income countries, with no end in sight unless there is urgent action on debt relief. The debt crisis has already stripped countries of the resources needed to tackle the climate emergency and the continued disruption from Covid, while rising interest rates threaten to sink countries in even more debt. G20 leaders cannot keep burying their heads in the sand and wish the debt crisis away.

He further stated that a debt calculation strategy was needed to address the issue. ”We urgently need a comprehensive debt cancellation scheme which compels private lenders to take part in debt relief,” Chow said.

Jason Braganza, Executive Director of the African Forum and Network on Debt and Development (AFRODAD) stated that the debt problems were aggravated by the pandemic,adding that the current debt relief program wasn’t enough.

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He said, “Since before the pandemic, AFRODAD had cautioned on the debt precipice facing many African countries. Covid-19 accelerated an already deteriorating situation and will reverse the socio-economic gains of the past decade. We have consistently said the current debt relief measures aren’t good enough and have called for a truly inclusive debt relief programme with all creditors; and a comprehensive debt cancellation programme. This is what will save African citizens from difficult times ahead.”

In conclusion, the report stated that the G20 created a new debt relief scheme at the end of 2020, called the Common Framework, but none of the countries which have applied for it have yet had any debt cancelled.

... US interest rate hikes will worsen Nigeria, others’ debt crisis – Report  Read More on ... Nairametrics.

Source: NairaMetrics

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