11th December 2023

AfDB, AFC Sign $350 Million Long-term Credit Line for Infrastructure Development: The Africa Finance Corporation (AFC), one of the leading infrastructure solutions providers in the continent has announced that it has signed a $350 million long-term line of credit with the African Development Bank (AfDB).
LPG: Nigeria expands investment in infrastructure – Report: Nigeria’s Liquefied Petroleum Gas, LPG sector has witnessed massive investment, targeted at putting in place new infrastructure to enhance the delivery and utilization of the product.
Housing Finance: HSF Completes Series 1 Issuance under N100bn Programme: Housing Solution Fund, a local currency real estate investment trust (REIT) has announced the successful completion its Series 1 issuance under its N100 billion Programme.
Fenchurch, NDPHC Sign 150mw Offtake Deal to Boost Power Supply in Edo, Delta, Ondo: Fenchurch Power, an energy-focused firm headquartered in Nigeria, has announced the signing of a landmark 150mw offtake framework agreement with the Niger Delta Power Holding Company (NDPHC), the Benin Electricity Distribution Company (BEDC), and Faiza Utilities Ltd.
COP28: Oando to Match FG’s 100 Electric Vehicles to Support Nation’s Net Zero Agenda: Oando Clean Energy (OCEL), the renewable energy subsidiary of Oando Energy Resources, yesterday announced that the company will be matching the efforts of the federal government through the purchase and deployment of an additional 50 new electric buses.
REA, NASENI Sign Deal with Chinese Firm for $150m Lithium Battery Plant: The Rural Electrification Agency (REA) and the National Agency for Science and Engineering Infrastructure (NASENI) have signed a Memorandum of Understanding (MoU) for the establishment of a $150 million lithium-ion battery manufacturing and processing factory in Nigeria.
TCN, Discos to complete 53 CBN-funded projects in May: The Central Bank of Nigeria, Transmission Company of Nigeria, and power distribution companies will in May next year complete a total of 53 power projects worth N122bn currently under construction across the country.
Over 400,000 commuters use Blue Rail Line – LAMATA: The Lagos Metropolitan Area Transport Authority revealed that over 400,000 passengers have used the Blue Rail Line as of November 29.
GCR affirms Global Accelerex Limited’s National Scale Long and Short-term Issuer ratings of BBB+(NG) /A2(NG); Outlook revised to Evolving from Stable: GCR Ratings (GCR) has affirmed Global Accelerex Limited’s national scale long and short-term issuer ratings of BBB+(NG) and A2(NG) respectively. Concurrently, GCR has affirmed Accelerex SPV Plc’s NGN2.275 billion Series 1 Senior Unsecured Bonds’ national scale long-term issue rating of BBB+(NG), with the Outlooks revised to Evolving from Stable. Rated…
Moody’s Changes Nigeria’s Outlook to Positive, Affirms Caa1 Ratings: Moody’s Investors Service has changed the Government of Nigeria’s outlook to positive from stable and affirmed its Caa1 long-term foreign currency and local currency issuer ratings, and foreign currency senior unsecured debt ratings. Moody’s has also affirmed Nigeria’s foreign currency senior unsecured MTN program rating at (P)Caa1.
Nigeria’s Merchandise Trade Increases Modestly by 1% MoM to USD7.8bn in August 2023: In its latest monthly economic publication, the CBN disclosed that the total value of Nigeria’s merchandise trade experienced a modest increase of 1% m/m to USD7.8bn in Aug ’23.
Purchasing Managers’ Index (PMI) Drops for the Second Consecutive Time in November 2023: The Purchasing Managers’ Index (PMI) is an economic indicator that gives insights into the economic health of Nigeria’s manufacturing and services sectors.
Nigeria Records a Trade Surplus of N1.89trn in Q3 2023: Based on a recent report from the National Bureau of Statistics (NBS), Nigeria recorded a trade surplus of N1.89trn in the third quarter of 2023, which is higher than the N1.25trn recorded in the preceding quarter.
Nigeria’s VAT collection rises by 21.34% to N948.07 billion in Q3: Nigeria’s Value Added Tax (VAT) collection increased by 21.34% from N781.35 billion in the second quarter to N948.07 billion in Q3, 2023.
IMF: Nigeria should further hike interest rate to curb inflation: The Director of the Communications Department of the International Monetary Fund (IMF), Julie Kozack, has said that the Central Bank of Nigeria (CBN) under its new leadership is withdrawing excess liquidity from the system, which has contributed to high inflation in the country.