10th June 2024

NPA reviews export trucks policy, reduces entry time by 40%: AFTER a comprehensive review and wide consultation with various stakeholders in the maritime sector, the Nigerian Ports Authority, NPA, has come up with a new export policy for trucks carrying export cargoes by reducing their entry time into the port by 40 percent, from 72 hours to 48 hours.
Manufacturing Sector Receives $17m Investment Boost with UK Support: The UK-funded Manufacturing Africa programme has scored a significant win for Nigeria’s clean energy sector. Three companies in the programme’s portfolio: Arnergy, Koolboks, and BURN Manufacturing, have collectively secured $17 million in Foreign Direct Investment (FDI), boosting Nigeria’s efforts to expand access to renewable energy solutions.
Amid Power Sector Illiquidity, Discos’ Billing Rise N13.5bn, Revenue Increases by N3bn: The total amount billed to electricity customers by Distribution Companies (Discos) rose from N113.05 billion to N126.56 billion between February and March this year, even as power supply nationwide remained epileptic for the period.
FG issues 95 licences to boost electricity generation by 989MW: The Federal Government issued 95 licences, permits and registration certificates for the generation of 989.42 megawatts of electricity in 2023 as part of measures to shore up Nigeria’s power production.
Solar, others to attract $2tn investment more than fossil fuels: Renewable energy sources are expected to attract $2tn globally in 2024 out of the total $3tn energy investment projected for the year, a report by the International Energy Agency has revealed.
IFC supports Johnvents Industries with $23m facility: The International Finance Corporation has offered a $23.3m financing package to agribusiness group, Johnvents Industries Limited, to expand the company’s cocoa processing operations and increase its export capacity to global markets.
FG reopens rehabilitated Lagos to Kano rail line: The Federal Government has inaugurated the rail line connecting Lagos to Kano following the completion of its rehabilitation.
Stakeholders lament high water pollution rate: Maritime experts have lamented the high rate of water pollution in Nigeria, adding that it has far-reaching consequences.
Discos generate N293bn despite blackout: Power distribution companies made a total of N292.71bn revenue in the first quarter of this year despite complaints of inadequate electricity supply by consumers and concerns about the huge indebtedness for power generation by producers of the product.
GCR affirms Mainstream Reinsurance Company Limited’s respective international and national scale financial strength ratings of CCC+ and AA(GH), Outlook Stable: GCR Ratings (GCR) has affirmed Mainstream Reinsurance Company Limited’s (Mainstream Re or the reinsurer) international scale and national scale financial strength ratings of CCC+ and AA(GH) respectively.
Fitch Revises the Outlook on Fidelity Bank to Positive; Affirms Long-Term IDR at ‘B-‘: Fitch Ratings has affirmed Fidelity Bank PLC’s Long-Term Issuer Default Rating (IDR) at ‘B-‘ and revised the Outlook to Positive from Stable.
Fitch Upgrades Coronation Merchant Bank to ‘B-‘; Outlook Stable: Fitch Ratings has upgraded Coronation Merchant Bank Limited’s (CMB) Long-Term Issuer Default Rating (IDR) to ‘B-‘ from ‘CC’ and its Viability Rating (VR) to ‘b-‘ from ‘cc’.
Fitch Affirms Bank of Industry at ‘B-‘, Outlook Positive: Fitch Ratings has affirmed Nigeria-based Bank of Industry Limited’s (BOI) Long-Term Issuer Default Rating (IDR) at ‘B-‘ with a Positive Outlook and National Long-Term Rating at ‘AAA(nga)’ with a Stable Outlook. A full list of rating actions is below.
Nigeria’s trade surplus hits new high of N6.52 trillion in Q1 2024: Nigeria’s foreign trade statistics report for the first quarter of 2024 reveals a significant trade surplus of N6.52 trillion.
Purchasing Managers’ Index (PMI) Increased to 52.1 in May 2024: In May 2024, the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) increased moderately, rising to 52.1 points from 51.1 points in April.
Nigeria’s Merchandise Trade Fell by 9% Y-o-Y to US$25.1bn in Q4 2023: The total provisional value of merchandise trade fell slightly by -1.0% Q-o-Q and -9% Y-o-Y to US$25.1bn in Q4 2023 according to the Central Bank of Nigeria’s (CBN) latest quarterly statistical bulletin.
Executive order: Tinubu to stop payment of taxes, levies in dollar: President Bola Ahmed Tinubu plans to discontinue the payment of taxes and levies in foreign currency through an executive order.
Executive Order: Tinubu to suspend import duties on staple food items, pharmaceutical, others for six months to ease inflation: The Federal Government is planning a six-month suspension of import duties on staple food items, drugs, and other essential items as a measure to curb inflation.
Despite trillions in intervention funds, agriculture sector GDP is shrinking: Nigeria’s Agricultural sector GDP shrunk in the latest GDP data shared by the National Bureau of Statistics despite trillions spent on intervention funds over the years.