Development Impact

Buhari signs amended constitution giving states power to generate, transmit and distribute power: The President, Major General Muhammadu Buhari (retd.), has signed into law a constitutional amendment allowing states in the country to license generate, transmit and distribute electricity. This policy change could potentially improve the availability and reliability of electricity supply in the country.

FG gives subsidies to mini-grid developers: The federal government has announced plans to award subsidies to mini-grid developers for the deployment of solar power mini-grids to 150 underserved and unserved electricity sites across seven states. The Rural Electrification Agency explained that the MST is targeted at awarding subsidies to mini-grid developers to catalyse the rollout of solar and/or hybrid mini-grid solutions across up to 150 sites split into seven lots across seven states in Nigeria.

FG to install N3bn power substation in Kwara: The Federal Government has commenced steps to install $8m 1x60MVA, 132/33KV transmission sub-station in Oro in the Irepodun Local Government Area of Kwara State. According to the Minister for Information and Culture, Alhaji Lai Mohammed the project will lead to improved power supply to Oro and its environs, boost economic activities in these areas, especially for artisans and small and large medium scale businesses, and enhance the social development of the people.

Assa North-Ohaji South (ANOH) project expects first gas by the fourth quarter of 2023: According to Seplat the highly anticipated Assa North Ohaji South (ANOH) gas project will produce the first gas by Q4 2023. The ANOH gas project which has achieved 95% mechanical completion is a critical gas project and is an important part of Nigeria’s gas revolution

Energy transition is a gateway to energy security- NNPC:The Nigerian National Petroleum Company (NNPC) Limited has noted that energy transition is a gateway to energy security and has called for global partnerships for energy investments in Africa. According to NNPC Limited’s Executive Vice President, Engr Adeyemi Adetunji, Nigeria and Africa will need global partners to harness existing resources. Nigeria.

$61.5M Sealink Project Gets Boost as NEXIM, Navy, NIWA Unveil River Navigation Charts: The $61.5 million regional Sealink project being promoted by the Nigerian Export-Import (NEXIM) Bank in collaboration with the Economic Community of West African States (ECOWAS) Commission has received a boost with the unveiling of navigational charts for the lower River Niger. The project seeks to establish and operate a maritime shipping company, which will connect the West African coastal ports as well as link parts of Central Africa to the West African region in order to facilitate trade.

GCR assigns InfraFunding SPV Limited’s Senior Infrastructure Bonds final national scale Issue ratings:GCR Ratings (“GCR”) has assigned a final public national scale long-term Issue rating of AAA(NG) to InfraFunding SPV Limited’s N1.5bn Series 1 Guaranteed Fixed Rate Senior Infrastructure Bonds due in 2029. The outlook is accorded as Stable.

GCR assigns InfraFunding SPV Limited’s Senior Infrastructure Green Bonds final national scale Issue ratings:GCR Ratings (“GCR”) has assigned a final public national scale long term Issue rating of AAA(NG) to InfraFunding SPV Limited’s N800m Series 2 (Tranche A) Guaranteed Fixed Rate Senior Green Infrastructure Bonds. The outlook is accorded as Stable.

GCR assigns LFZC Funding SPV Plc’s Infrastructure Bonds national scale Issue ratings: GCR Ratings (“GCR”) has assigned a final public national scale long term Issue rating of AAA(NG) to LFZC Funding SPV Plc’s N25bn Series 2 Senior Guaranteed Fixed Rate Infrastructure Bond. The outlook is accorded as Stable.

GCR assigns InfraFunding SPV Limited’s Senior Infrastructure Bonds final national scale Issue ratings: GCR Ratings (“GCR”) has assigned a final public national scale long-term Issue rating of AAA(NG) to InfraFunding SPV Limited’s N650m Series 3 Guaranteed Fixed Rate Senior Infrastructure Bonds. The outlook is accorded as Stable.

Nigeria’s inflation rate rises further to 21.91%: According to the National Bureau of Statistics’ Consumer Price index Nigeria’s inflation rate has climbed to a new 17-year high of 21.91% in February 2023, representing a 0.09% point increase when compared to 21.82% recorded in the previous month. The rise in the inflation is following a significant cash crunch experienced across the country on the backdrop of the new naira note design and uncertainties relating to the presidential election.

FG rakes in N10tn VAT under Buhari – NBS: The Federal Government has raked in N10.1tn from the collection of Value Added Tax under the regime of the President, Major General Muhammadu Buhari (retd.). The significant increase in VAT collection in the past two years is connected with the decision by the Federal Government in 2020 to increase the VAT rate from five per cent to 7.5 per cent. This was part of the tax reforms included in the 2019 Finance Act meant to help the government achieve its revenue projection.

CBN may retain lending rate as MPC meets today: The Monetary Policy Committee is due to begin its two-day meeting on the economy today amid the economic crisis fuelled by the naira redesign policy and fuel scarcity. The CBN Governor and Chairman of the MPC, Godwin Emefiele, has said it is unhealthy for the economy to have an inflation rate that is significantly higher than the Monetary Policy Rate. However, analysts in the country have predicted that the Central Bank of Nigeria and the MPC may not raise the lending rates at the end of the Monetary Policy Committee.

Naira, fuel scarcity will push 24.8m Nigerians into crisis – Report: According to a report from Cadre Harmonise, no fewer than 28.4 million Nigerians in 26 states and the Federal Capital Territory, including 18,000 Internally Displaced Persons, are projected to face severe crises between June and August this year due to the scarcity of fuel and naira. The CH report stated that the naira redesign was one of the key drivers of the crisis in Nigeria, adding that the withdrawal of the old naira notes from circulation created a serious bottleneck to households’ ability to access cash and food commodities.