12th February 2024

BAT Nigeria to unveil 1.4MWP grid-tied solar panel system: The British American Tobacco, BAT (Nigeria) Limited, will today unveil a 1.4MWP grid-tied solar panel system in its Ibadan factory.
REA-NEP Accelerates Off-grid Power Generation in Jigawa, Nasarawa: The Nigeria Electrification Project (NEP) has said it has achieved a significant milestone with the signing of a grant agreement involving two mini-grid developers, ACOB Lighting Tech. Ltd and Offgrid Electric Limited.
GICL Completes Rollout of 10,000km of Fiber Optic Cables: IHS Nigeria, part of the IHS Holding Limited group, one of the largest independent owners, operators, and developers of shared communications infrastructure in the world by tower count, has said it has completed the rollout of more than 10,000 kilometers of fiber optic cables across Nigeria’s 36 states and the federal capital territory through its subsidiary, Global Independent Connect Limited (GICL).
Slow Expansion of Telecoms Infrastructure, InfraCos’ Underperformance Worry NCC: The Nigerian Communications Commission (NCC), the telecoms industry regulator, is worried about the slow pace of the expansion of telecoms’ infrastructure across the country, blaming the situation on underperformance of Infrastructure Companies (InfraCos) that were licensed to provide telecoms infrastructure for the country.
Power Generation to Receive Boost as NNPC-SPDC JV Gets Set for FID on Iseni Gas Project: Efforts by President Bola Tinubu’s administration to stimulate investment in the oil and gas industry to support the growth of the Nigerian economy have received a major boost with the commitment by the NNPC-SPDC Joint Venture to take the Final Investment Decision (FID) on the Iseni Gas Project.
NERC Fines 11 Discos N10.5bn for Violating Capping Order for Unmetered Consumers: The Nigerian Electricity Regulatory Commission (NERC) yesterday announced that it had sanctioned the 11 electricity Distribution Companies (Discos) operating in the country over non-compliance with capping of estimated bills for unmetered customers nationwide.
Otti Flags off 67.6km Umuahia-Ohafia Road Project in Aba: The prospects to enhance the economic activities have been brightened for communities in Abia State North, as the state Governor, Alex Otti, yesterday flagged off the reconstruction of the 67.6km Umuahia-Uzuakoli- Akara-Ohafia road.
GCR places Activa Assurances Limited’s national scale financial strength rating of A+(CM) on ‘Review Extension’: GCR Ratings (GCR) has placed Activa Assurance Limited’s (Activa Cameroon) national scale financial strength rating of A+(CM) on ‘Review Extension’. The rating process is ongoing and GCR expects to update the rating by 29 February 2024. The rating assigned in the last review is still in effect and…
Fitch Rates Benue State ‘B-‘; Outlook Stable: Fitch Ratings has assigned Benue State a ‘B-‘ Long-Term Issuer Default Rating (IDR) and a ‘A-(nga)’ National Long-Term Rating. The Outlooks are Stable. B. Benue’s Standalone Credit Profile (SCP) is assessed at ‘b-‘. A full list of ratings is detailed below.
S&P Global Ratings Affirmed Nigeria’s Ratings at ‘B-/B’; Outlook Remains Stable: S&P Global Ratings affirmed its ‘B-/B’ long- and short-term foreign and local currency sovereign credit ratings on Nigeria. We also affirmed our ‘ngBBB+/ngA-2’ long- and short-term Nigeria national scale ratings. The outlook is stable.
Private Sector Credit Extension Grows by 50% YoY to N62.5trn in December 2023: The most recent data from the Central Bank of Nigeria (CBN) shows that private sector credit extension (PSCE) increased by +50% y/y to NGN62.5trn in Dec ’23.
Gombe, Jigawa, Ekiti, Lagos, and FCT Are Top Performing States in the pcl. State Performance Index (PSPI) Report 2023 Edition: The pcl. State Performance Index (PSPI) Report for 2023 is the second edition of a comprehensive assessment of the socioeconomic performance of Nigerian states.
Nigeria lost $1.4 billion over restriction of forex to 43 items- CBN: The Central Bank of Nigeria has stated that Nigeria lost around $1.4 billion over the restriction of forex to 43 items by the Central Bank under the leadership of Godwin Emefiele.
Food Security: CBN lacks capacity to continue N10 trillion intervention programmes — Cardoso: The governor of the Central Bank of Nigeria, Yemi Cardoso, has revealed that the apex bank cannot currently fund more intervention programmes amid soaring food inflation.
FG eyes 214% increase in PPT from oil sector in 2024: The Nigerian Federal Government has set its sights on a significant revenue boost from the oil sector in 2024, aiming for a staggering 214% increase in Petroleum Profit Tax (PPT) collections.