Africa’s energy transition will cost an estimated $100 billion annually between 2020 and 2040-AfDB: The President of the African Development Bank, Dr Akinwumi Adesina has stated that Africa’s energy transition will cost an estimated $100 billion annually between 2020 and 2040. The declining costs of solar and wind energy technologies, coupled with more affordable energy storage systems presents a unique opportunity for Africa to underpin its future energy needs based on renewables.
Govt, investors to deploy 1,000 mini-grids nationwide: The Federal Government in partnership with private sector investors has commenced plans to deploy 1,000 mini-grids to electrify rural communities across the country. Speaking at the Rural Electrification Fund Call-3 Bidders Workshop in Abuja, the Managing Director, REA, Ahmad Salihijo, announced that over 1,000 mini-grids would be built nationwide under the REF programme and other off-grid initiatives.
LFZC Completes N17.5bn 20-year Series 3 Infrastructure Fixed Rate Issuance: Lagos Free Zone Company (“LFZC or LFZ”), has announce the successful issuance of a N17.5 billion 20-Year Series 3 Senior Guaranteed Fixed Rate Corporate Infrastructure Bonds due 2043 (the “LFZ Bonds”), which is the third issuance under an upsized N61 billion Bond Issuance Programme.
State electricity regulation will mean more consumer and operator costs: According to a Former Chairman of the Nigerian Electricity Regulatory Commission (NERC), Dr Sam Amadi, state electricity regulation will mean more consumer and operator costs for Nigerians. He noted that creating multiple regulatory institutions within the state is inefficient as it could lead to increase costs for consumers in the short to medium term.
GCR downgrads Ardova Plc’s national scale long-term: GCR Ratings (“GCR”) has downgraded Ardova Plc’s national scale long-term and short-term Issuer ratings to B-(NG) and B(NG) respectively, from A-(NG) and A2(NG) previously. Concurrently, GCR has downgraded the long-term Issue rating of Ardova Plc’s NGN25.3bn Series 1 Senior Unsecured Bonds to B-(NG), from A-(NG).
GCR affirms Presco Plc’s Issuer ratings: AGCR Ratings (“GCR”) has affirmed the national scale long-term and short-term Issuer ratings of A-(NG) and A2(NG) respectively assigned to Presco Plc. Concurrently, GCR has affirmed the national scale long-term Issue rating of A-(NG) assigned to Presco Plc’s NGN34.5Bn Series 1 Senior Unsecured Bonds. The outlook is accorded as Stable.
GCR affirms ENL Consortium Limited’s national scale long and short-term Issuer ratings: GCR Ratings (“GCR”) has affirmed the national scale long-term and short-term Issuer ratings of A-(NG) and A2(NG) respectively assigned to ENL Consortium Limited. The outlook is accorded as Stable.
GCR affirms Staco Insurance Company SL Limited’s national scale financial strength rating: GCR Ratings (“GCR”) has affirmed Staco Insurance Company SL Limited’s (Staco or the insurer) national scale financial strength rating of A+(SL). The outlook is accorded as Stable.
Nigeria’s indebtedness to World Bank rises to$13.9 billion:The Nigeria’s total indebtedness to the World Bank rose to 413.9 billion as of December 2022, an increase of $1.5 billion from December 2021. The CBN Governor Nigeria’s reliance on the World Bank has risen over the last three years.
Nigeria’s external reserves falls to 18 months low:According to data from the Central Bank of Nigeria, Nigeria’s gross external reserves has fallen to $35.73 billion as of March 2023. This represents the lowest balance since September 2021, and is due to failure to meet the 1.8 million barrels per day OPEC quota.
OPEC, allies begin fresh oil production cuts May:The Organisation of Petroleum Exporting Countries and its allies, referred to as OPEC+, have announced voluntary cuts to their production of crude oil, amounting to about 1.15 million barrels per day, calling it a “precautionary measure” aimed at market stability. Oil prices fell to 15-month low last month in response to the banking crisis that followed the collapse of two US lenders and resulted in Credit Suisse being rescued by Switzerland’s biggest bank UBS.
NSIA grows net assets by 10% to N1tn: The manager of Nigeria’s sovereign wealth fund, the Nigeria Sovereign Investment Authority, has disclosed in its audited results for 2022 financial year that grew its net assets by 10 per cent from N919.73bn in 2021 to N1.02tn in the 2022 financial year.The highlights of NSIA’s activities and performance during the period under review also showed that it recorded its 10th year of continuous positive earnings in spite of volatility across markets.