Experts seek PPP model for CBN’s N15trn infrastructure fund: Economy experts have appraised the Central Bank of Nigeria’s (CBN) effort to set up a N15 trillion infrastructure fund through the InfraCorp Plc, and they are calling for the adoption of public-private-partnership, PPP, model to ensure its sustainability.
European Union Announces Extension of €48m Electricity Sector Intervention in Nigeria: The European Union (EU) in collaboration with Germany’s Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) has announced the extension of its €48 million investment in the Nigerian Energy Support Programme (NESP) till next year.
700MW Zungeru plant ready for investors’ takeover– FG: The Federal Government on Thursday announced that some power generation and transmission projects had been completed and were ready for takeover by investors.
AfDB to Equip 40m Farmers with Modern, Climate Resilient Technologies by 2026: The African Development Bank (AfDB) has announced plans to reach over 40 million farmers with modern and climate resilient technologies in the next five years.
FG Reiterates Streamlining Agricultural Loans to Smallholders Through BOA, CBN: The Minister of Agriculture and Rural Development (FMARD), Dr. Mohammad Mahmood Abubakar, has called for streamlining of agricultural loans through the Bank of Agriculture (BOA) in order to improve small holder farmers’ access to grants, boost food production and generate revenue for the country.
GCR Assigns Long and Short-term National Scale Issuer Ratings of BBB-(NG)/A3(NG) to Greenwich Trustees Limited (formerly, GTL Trustees Limited), Outlook Stable: GCR Ratings (“GCR”) has assigned Greenwich Trustees Limited’s national scale long term and short-term issuer ratings of BBB-(NG) and A3(NG), respectively, with a Stable Outlook.
GCR Upgrades ProvidusBank Plc’s National Scale Long Term Issuer Rating to BB+(NG); Outlook Positive: GCR Ratings (“GCR”) has upgraded Providus Bank Plc’s national scale long term issuer rating to BB+(NG) and affirmed the short term rating of B(NG); with a Positive Outlook.
At $42 billion, External Reserves Hit 25-month High on Eurobond Inflow: Nigeria’s external reserves have risen to its highest level in 25 months to $42 billion presently due to the inflow of the recent Eurobond issued by the Federal Government.
2022 Budget: Defence, infrastructure, education lead with N5.15 trillion allocation: The Federal Government has prioritized spending on defence & security, infrastructure and education with the sectors getting a combined N5.15 trillion allocation in the 2022 Budget proposal.
Debt servicing cost rises to N2.9 trillion, gulps 74% of revenue —FG: The Federal Government has said that it spent N2.89 trillion on debt servicing between January and August. The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this during the public presentation.
Oil surpasses $81, Nigerian production drops by 130,000 barrels: Oil prices climbed above $81 on Monday as the Organisation of Petroleum Exporting Countries and its allies announced that it would maintain its steady output increase by 400,000 barrels per day in November, its highest since 2014.
FG to raise $219 million from sales of power firms: The Federal Government has revealed that it has concluded plans to generate the sum of N90 billion ($219 million) from the sale of mostly government-owned power assets under its National Integrated Power Projects (NIPPs) to help part-finance the 2022 budget.