REA Meets States, Discos to Revamp Nigeria’s Power Sector: The Rural Electrification Agency (REA) has convened a two-day roundtable event to chart a new course for collaboration and partnership with designated representatives from the state governments and Distribution Companies (Discos).
Geometric Ready for Steady Power Supply in Aba: To enhance the broadband infrastructure and connectivity in Nigeria, the federal government recently disclosed an ongoing discussion with the World Bank to raise $3 billion to fund additional 120,000km of fibre optic cables.
Greenville LNG Expands Liquified Natural Gas, Compressed Natural Gas Provision to South-east, Signs Agreement with Enugu for LNG Mother Station: Nigeria’s pioneer and leading domestic liquefied natural gas (LNG) and compressed natural gas (CNG) company, Greenville LNG, has taken another major investment step to expand its operational presence and more affordable, cleaner and more reliable LNG/LCNG provision initiative to the Southeast of the country.
FG Engages Hitech, Others For Lagos-Calabar Coastal Road: The Federal Government has announced the engagement of Hitech Construction Company, as a contractor to commence the construction work on the 700km Lagos-Calabar Coastal Highway, spanning 9 States with two spurs leading to the Northern States.
Abuja Rail Mass Transit project For Inauguration In May– Wike: The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, says the Abuja Rail Mass Transit (ARMT) project is 95 per cent complete and will be ready for inauguration in May.
Discos reject 1,769MW of electricity amid widespread blackout: Despite the widespread blackout and the worsening state of electricity supply in Nigeria, the latest figures on the daily load summary of power distribution companies indicate that the firms failed to distribute about 1,769.91 megawatts of electricity between February 1 and 14, 2024.
GCR affirms Ondo State Government of Nigeria’s Issuer ratings of BBB(NG)/A3(NG), Stable Outlook: GCR Ratings (GCR) has affirmed the national scale long-term and short-term Issuer ratings of BBB(NG) and A3(NG) respectively accorded to Ondo State Government of Nigeria, with the Outlook accorded as Stable. Rated Entity / Issue Rating class Rating scale Rating Outlook Ondo State Government of Nigeria Long-term Issuer National BBB(NG)…
GCR assigns a final rating of BBB-(NG) to FCMB Group Plc’s NGN26 billion Series 2 Additional Tier 1 Bonds, Outlook: Rating Watch Negative: GCR Ratings (GCR) has assigned a national scale long-term Issue rating of BBB-(NG) to FCMB Group Plc’s NGN26 billion Series 2 Additional Tier 1 Subordinated Bonds, with the Outlook accorded as Rating Watch Negative. Rated Issue Rating class Rating scale rating Outlook NGN26 billion Series 2 Additional Tier 1 Subordinated…
GCR affirms Stanbic IBTC Pension Managers Limited’s Management Quality Rating of MQ2(NG) and assigns a Nigerian Management Quality Rating of AA(NG)(mq): GCR Ratings (GCR) has affirmed Stanbic IBTC Pension Managers Limited’s Management Quality Rating of MQ2(NG) and assigns a Nigerian Management Quality Rating (akin to the Investment Manager Rating) of AA(NG)(mq). Rated entity Rating class Rating scale Rating Stanbic IBTC Pension Managers Limited Management Quality Rating National MQ2(NG) Nigerian Management Quality…
FAAC Disbursements Amounted to N1.2trn in February 2024: The gross monthly distribution by the Federation Allocation Committee (FAAC) to the three tiers of the government amounted to NGN1.2trn (USD816.8m) in February (from January revenue).
A Net Surplus of USD3.7bn on the Financial Account in Q3 2023: In our concluding discussion on the Central Bank of Nigeria’s balance of payments (BOP) data, we examine the trend on the financial accounts.
Net Domestic Credit to Private Sector Increased by 85% YoY to N76.9trn in January 2024: According to the CBN’s most recent data on money and credit, the net domestic credit to the private sector increased sharply by 85% y/y to NGN76.9trn in January 2024.
Currency in Circulation up 163% YoY Reaching N3.65trn as of January 2024: Money Supply statistics from the Central Bank of Nigeria (CBN) as of January 2024 revealed that currency in circulation (CIC) surged by 163% in January 2024 to N3.651trn from N1.39trn (January 2023).
Nigeria’s GDP Grows by 3.46% YoY in Real Terms in Q4 2023: Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the fourth quarter of 2023. This growth rate is lower than the 3.52% recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54%.
Nigeria’s top ten foreign trade partners in 2023: In 2023, Nigeria’s total foreign trade reached N71.88 trillion- an increase of 37.2% when compared to the N52.38 trillion recorded by the National Bureau of Statistics in 2022.
Exchange rate disparity between official and parallel market fall to all time low: The exchange rate between the Naira and the Dollar seems to have reached parity following the central bank’s crackdown on Binance, a platform for trading cryptocurrencies.
Nigeria’s top ten foreign trade partners in 2023: In 2023, Nigeria’s total foreign trade reached N71.88 trillion- an increase of 37.2% when compared to the N52.38 trillion recorded by the National Bureau of Statistics in 2022.
