Development Impact

FG unveils mini-grid, plans additional 5MW expansion:The Federal Government has unveiled a 505-kilowatt interconnected solar mini-grid in Epe, Lagos State, and flagged off the development of an additional five-megawatt mini-grid project as part of efforts to expand electricity access and stimulate economic activities in the area.

Cocoa, coffee farmers seek African bloc, $6,000 floor price to end foreign control:The Cocoa and Coffee Farmers Alliance Association of Africa (COCEFAAA) has called for a unified African cocoa producers’ bloc and a minimum floor price of not less than $6,000 per metric tonne, to coordinate production and strengthen bargaining power for farmers across the continent.

Nigeria, 4 others launch new corridor Authority for $16bn Abidjan — Lagos highway: Nigeria and four other West African countries, Côte d’Ivoire, Ghana, Togo, and Benin Republic, have formally launched the Abidjan–Lagos Corridor Management Authority, a regional body established to oversee the development and future operation of the $16 billion coastal highway project linking major economic hubs across the region.

Enugu Partners SEDC to Drive Regional Agro-Industrial Growth, Earmarks 52,000 Hectares for Agric Devt: The Enugu State Government and the South East Development Commission (SEDC) have entered into a partnership aimed at driving regional agro-industrial growth in the region.

NMDPRA: Cooking gas exports persist despite local deficit: domestic producers of Liquefied Petroleum Gas, popularly known as cooking gas, exported thousands of metric tonnes of the product and its derivatives between January and May 2026 despite rising prices and supply shortages in Nigeria, a presentation by the Nigerian Midstream and Downstream Petroleum Regulatory Authority has revealed.

BOA partners UNDP to modernise agricultural financing​: The Bank of Agriculture has unveiled a strategic roadmap aimed at modernising its operations, expanding grassroots financial inclusion, and accelerating agricultural transformation in line with the Federal Government’s food security agenda.

FHA expands housing projects across 28 states: The Federal Housing Authority says it has secured prime land in 28 states across the country as part of efforts to expand its housing projects and deepen access to affordable housing.

Nigeria joins solar exporters to US — Report: Nigeria has emerged as one of the countries supplying solar modules to the United States as global manufacturers adjust their supply chains in response to tighter American trade rules targeting China-linked imports, a new report has shown.

GCR assigns first-time issuer ratings of BBB(NG)/A3(NG) to Pivot Integrated Energy Services Limited; Outlook Stable: GCR Ratings (GCR) has assigned national scale long-term and short-term Issuer ratings of BBB(NG) and A3(NG), respectively, to Pivot Integrated Energy Services Limited.

GCR upgrades First City Monument Bank Limited’s national scale long and short-term issuer ratings to A(NG)/A1(NG) from A-(NG)/A2(NG); Outlook Stable: GCR Ratings (GCR) has upgraded First City Monument Bank Limited’s (FCMB or the bank) national scale long and short-term issuer ratings to A(NG) and A1(NG) from A-(NG) and A2(NG) respectively, with the Outlook maintained as Stable.

GCR places Old Mutual Insurance Company (Private) Limited’s national scale financial strength rating of AA(ZW) on Review Extension:GCR Ratings has placed Old Mutual Insurance Company (Private) Limited’s national scale financial strength rating of AA(ZW) on Review Extension. The rating process is ongoing and GCR expects to publicly release the updated rating results by 31 July 2026.

GGCR places Ardova Plc on ratings review extension:GCR Ratings (GCR) has placed Ardova Plc’s long-term and short-term national scale issuer ratings of BB(NG) and B(NG), respectively, on ‘Review Extension’. Concurrently, we have placed the long-term issue rating of BB(NG) on Ardova Plc’s NGN25.3Bn Series 1 Senior Unsecured Bonds on ‘Review Extension’.

GCR updates the Nigerian Corporate Sector Risk Scores:GCR Ratings (GCR) has updated its Nigerian Corporate Sector Risk Scores. The updated Nigerian Corporate Sector Risk Scores publication reflects our opinion of the operating conditions in Nigeria and the impacts on the creditworthiness of the rated corporate entities.

Nigeria’s External Reserves Rebound to US$49.6bn in May 2026 on Strong Oil Receipts:According to data from the Central Bank of Nigeria (CBN), Nigeria’s gross external reserves rose by US$1.2bn month-on-month (MoM) to US$49.6bn, reversing two consecutive months of declines that had collectively reduced reserve levels by approximately US$1.3bn.

Fitch warns Nigeria’s $5 billion TRS could complicate debt restructuring:Fitch Ratings has warned that Nigeria’s proposed $5 billion Total Return Swap (TRS) with First Abu Dhabi Bank could obscure sovereign debt risks and complicate any future debt restructuring.

CBN: Credit to government jumps N17.39 trillion in one year:Credit to the Nigerian government increased by N17.39 trillion in the year to May 2026, reflecting continued growth in public-sector borrowing despite the Central Bank of Nigeria’s relatively tight monetary policy stance.

S&P Global raises Nigeria’s 2026 inflation forecast to 16.9%:S&P Global has raised its forecast for Nigeria’s average inflation rate in 2026 to 16.9%, from its earlier projection of 15.0%, citing stronger-than-expected pass-through from oil prices to domestic energy costs.

Lagos leads as 10 states corner 40.1% of FAAC allocations in Q1 2026:Nigeria’s fiscal landscape remains heavily concentrated around a handful of states, although their dominance eased slightly in the first quarter of 2026 as allocations grew across much of the federation.

DMO Raises N1.2trn as Elevated Yields and Inflation Expectations Boost Demand:At its June auction, the Debt Management Office (DMO) offered N1.2trn in FGN bonds to investors, split equally between the January 2035 and April 2037 maturities. This represents a notable increase from May’s offer size of N600bn, indicating the federal government’s (FG) increased domestic borrowing needs and continued dependence on the domestic market to meet fiscal obligations.