Development Impact

Nigeria-Niger Republic rail project to boost trade – FG: The Director, Press and Public Relations of the Ministry of Transportation, Henshaw Ogubike, has announced signing of a Memorandum of Understanding on a rail project between Nigeria and the Republic of Niger. The rail line, which will start from Kano State in Nigeria and end at Maradi in Niger Republic, will facilitate the realisation of the objectives of the African Continental Free Trade Agreement.

Lagos projects jobs as Buhari opens rice mill, seaport: The President, Major General Muhammadu Buhari (retd.), has unveiled the $1.5bn Lekki deep seaport, and the Imota Rice Mill in Ikorodu, Lagos. The Lekki deep seaport has been described as one of the largest seaports in the country and one of the biggest in West Africa is expected to improve efficiency and serve as a major driver for economic growth in the region.

TCN Takes More Delivery of Transformer Accessories in Lagos, Ogun: The Transmission Company of Nigeria (TCN) has announced that it has received more trucks of transformer accessories in Lagos and Ogun in its efforts to boost power supply in the country. This is part of TCN’s ongoing World Bank funded projects and in line with TCN’s policy on the efficient execution of its grid expansion.

Telco rolls out 5G in Lagos, Kano, others: Mafab Communications has announced that its fifth-generation network is now live in Lagos, Abuja, Kano, Enugu, Port Harcourt, and Kaduna. As the second operator to launch 5G in Nigeria, Mafab expects more coverage for Nigerians and acceleration of broadband services.”

Airtel, Mafab, MTN spend $820m on 5G spectrums: The Minister of Communications and Digital Economy, Isa Pantami, has disclosed that Airtel, Mafab and MTN Nigeria have spent about $820.8m to acquire the fifth-generation spectrums. These telcos all have participated in the auction process which generated $820.8m for the Federal Government. 5G services are now available in at least 225 sites across 8 states in Nigeria.

Nigeria: REA Creates 1,151 Jobs, Saves 249,193 Tonnes of Carbon Dioxide: The Chairman of Rural Electrification Agency (REA), Federal Ministry of Power, Danlami Mohammed Kurfi, has revealed that the agency’s Nigeria Electrification Project (NEP) has created 1,151 jobs and saved 249,193 tonnes of carbon dioxide.

GCR assigns FCMB Group Plc National Scale Issuer Ratings: GCR Ratings (“GCR”) assigned FCMB Group Plc national scale long and short-term issuer ratings of BBB+(NG) and A2(NG) respectively, outlook accorded as Stable.

GCR places C&I Leasing Plc’s national scale issuer ratings on “Review Extension”: GCR Ratings (“GCR”) has placed C & I Leasing Plc’s national scale long and short-term issuer ratings of BBB(NG) and A3(NG) respectively on ‘Review Extension.

GCR assigns MTN Nigeria Communications Plc’s N115bn Series 1 Bonds Issue ratings: GCR Ratings (“GCR”) assigned a national scale long-term Issue rating of AAA(NG) to MTN Nigeria Communications Plc’s N115bn Series 1 (Tranche A & B) Senior Unsecured Bonds. The outlook is accorded as Stable.

MPC increases MPR to 17.5% in January 2023: The monetary policy committee of the Central Bank of Nigeria has voted in its January 2023 meeting to raise the monetary policy rate, to 17.5% from 16.5%. This is the first interest rate hike in 2023 and it suggests that the apex bank is continuing with the hawkish rate policy started in 2022.

Moody’s downgrades Nigeria’s credit rating: Moody’s Investors Service has further downgraded Nigeria’s rating as the global credit ratings agency expects the government’s fiscal and debt position to worsen as the government grapples with far-reaching fiscal strain. The agency now rates the country a level lower at Caa1.

Contributory pension assets rise to N14.9tn: According to the latest pension industry portfolio from the National Pension Commission the total assets under the Contributory Pension Scheme rose by N1.56tn in 2022. The funds stood at N14.99tn by the end of December 2022, and contributors in the scheme rose slightly by 333,002 from 9,529,127 as of the end of 2021 to 9,862,129 in the corresponding period of 2022.

CBN expands e-payment with new domestic card: The Central Bank of Nigeria has launched the Nigerian National Domestic Card Scheme to boost the electronic payment system in the country. The Central Bank Governor, Godwin Emefiele, stated that the card would help to reduce operating cost, charges and preserve foreign exchange in the country as all online transactions will now begin to go on the Nigerian National Domestic Card system.

2022 flood caused N4.2tn economic loss- FG: The Federal Government has announced that the 2022 floods in various parts of Nigeria led to an estimated economic loss of $9.12bn (the Federal Government announced on Friday. According to the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development, this includes damages to residential and non-residential buildings (including building contents), as well as damages to infrastructure, productive sectors and to cropland.