Development Impact

AfDB secures $15.6bn investment for construction of Lagos-Abidjan highway: Dr Akinwumi Adesina, the president, African Development Bank (AfDB), says the bank has secured 15.6 billion dollars investment for the construction of the Lagos-Abidjan highway.

Nigeria to invest $2.7 billion loan in power infrastructure: The Federal Government is spending nothing less than $2.7 billion on power infrastructure, Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, has said.

Cooking gas: Nigeria needs $750m for 5MMT annual consumption: Nigeria requires about $750m investment in the transportation and retailing infrastructure for Liquefied Petroleum Gas, popularly called cooking gas, to achieve the target of five million metric tonnes of annual consumption, operators in the LPG space have said.

Benue Governor flags-off 39 kilometres road construction: Governor Samuel Ortom of Benue state has flagged-off construction work on the 39 kilometres Tse Gbinde-Fada-Wergba road in Saghev Council ward of Guma Local Government Area of the state.

Nigeria, Morocco plan world’s longest offshore gas pipeline: The Nigerian government and Morocco are planning to build the world’s longest offshore pipeline and second-longest pipeline in the world to carry gas from Nigeria to Morocco, running across 11 West African countries.

GCR Affirms Development Bank of Nigeria Plc’s long and short-term national scale Issuer ratings of AAA(NG)/A1+(NG) respectively, Outlooks Stable: TGCR Ratings (“GCR”) has affirmed Development Bank of Nigeria Plc’s (“DBN”) national scale long- and short-term issuer ratings of AAA(NG) and A1+(NG) respectively, with a Stable Outlook.

GCR affirms Chapel Hill Denham Money Market Fund’s national scale fund rating of AA-(NG)(f). Outlook Stable: GCR Ratings (“GCR”) has affirmed the national scale fund rating assigned to Chapel Hill Denham Money Market Fund AA-(NG)(f), with the outlook accorded as Stable.

GCR revises UPDC Real Estate Investment Trust’s national scale long term Issuer rating to A-(NG) on Criteria Review, Outlook Stable: GCR Ratings (“GCR”) has affirmed the national scale fund rating assigned to Chapel Hill DenhamGCR Ratings (“GCR”) has revised UPDC Real Estate Investment Trust’s (“UPDC REIT” or “the REIT”) national scale long term Issuer rating to A-(NG), from BBB(NG) previously, with the Outlook accorded as Stable. Concurrently, GCR has assigned UPDC REIT a national scale short-term Issuer rating of A2(NG).

After spending over $8bn on Ajaokuta, Nigeria imports N837bn steel: Steelmakers are sceptical about the planned concession of Ajaokuta Steel Company Limited after Nigeria imported iron, steel, and metals valued at N837.761bn in the third and the fourth quarters of 2021.

Nigeria, others losing $2.4trillion to lack of clean cooking energy – Experts: Nigeria and other countries around the world are now faced with the urgent need to adopt clean cooking solutions or face yearly loss of over $2.4 trillion and death of at least 4 million people annually, experts in the oil and gas sector have said.

Nigeria’s crude production crashed by 1.2 million barrels in April – OPEC: The Organisation of Petroleum Exporting Countries on Monday said insufficient investments in the oil sector had limited the capacity of Nigeria and other OPEC member nations to pump the volumes of crude oil approved by the organization.

External reserves fall by $196m in eight days: TNigeria’s external reserves fell slightly by $196m in eight days to $39.62bn as of April 28, according to figures obtained from the Central Bank of Nigeria.