13th May 2024

Tariff hike attracting investors to power sector, says Adelabu: Amid calls for the reversal of the Band A tariff hike, the Minister of Power, Adebayo Adelabu, has stated that the policy is attracting local and foreign investors to the power sector.
TN1.3trn debt weighs down GenCos availability capacity to 35%: Despite having 27 power plants connected to the National Grid with an installed capacity of 12,249 Megawatts, a huge debt of N1.3 trillion has pushed generation companies’ plant available capacity to just 34.66 percent or 4,251.81MW in the first quarter of 2024, latest data from the Nigerian Electricity Regulatory Commission, NERC, has indicated.
Ukrainian Firm Bids to Invest in Nigeria’s Energy Sector: A Ukrainian company has offered to generate between 350-500 megawatts of renewable energy in solar and wind technology in Nigeria which will transform it into a power efficient nation.
Discos Bill N243.97bn Electricity, Collect N192.27bn in Revenues in Two Months: Electricity Distribution Companies operating in Nigeria billed a total sum of N243.97 billion to their customers in January and February, but were only able to collect N192.27 billion during the period under review.
TFG faults proposed telecoms tariff hike: The Federal Government has faulted the proposal by telecommunications companies to raise their tariffs, emphasising that increasing data, voice and text message prices isn’t the “sole or optimal solution” to the sector’s challenges.
Different electricity laws in states will affect power sector – PwC: PwC Nigeria has stated that the provision of the Electricity Act that allows states to have independent electricity laws would be detrimental to the growth of the power sector.
Kainji Hydropower plant to add 320,000kw/hr by 2027 – Audu: The Chief Executive Officer, Mainstream Energy Solution, Lamu Audu, has revealed that the Kainji Hydropower plant would elevate its capacity from 760 megawatts to 980 megawatts.
GCR downgrades Nigerian Breweries Plc’s national scale Issuer rating to AA(NG), from AA+(NG) previously, Outlook Evolving: GCR Ratings (GCR) has downgraded Nigerian Breweries Plc’s national scale long-term Issuer rating to AA(NG), from AA+(NG) previously, but affirmed the short-term rating at A1+(NG).
GCR affirms Presco Plc’s Issuer ratings of A-(NG)/ A2(NG); Outlook Evolving: GCR Ratings (GCR) has affirmed the national scale long-term and short-term Issuer ratings of A-(NG) and A2(NG) respectively assigned to Presco Plc (Presco).
Q1 foreign debt servicing gulped $1bn – CBN: The Federal Government spent about $1.12bn on foreign debt service payments in the first quarter of 2024, highlighting the growing burden of external debt on the nation’s finances.
Purchasing Managers’ Index (PMI) Increased by 10bps In April 2024: In April 2024, the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) saw a slight expansion, increasing by 10bps to 51.10 after trending at 51.00 in the prior two months.
Private Sector Credit Extension (PSCE) Increased to N71.2trn in March 2024: The most recent data from the Central Bank of Nigeria (CBN) shows that private sector credit extension (PSCE) increased by +66% y/y to N71.2trn at the end of March 24.
Naira within N1500/$ mark once again: The Nigerian currency breached the N1,450 mark against the greenback on the black market amid evolving market dynamics in Nigeria’s fragile FX market.
FG’s plan to issue domestic dollar bond may pressure naira – IMF: The International Monetary Fund (IMF) has expressed concerns over the Nigerian government’s strategy to issue domestic dollar-denominated bonds, according to the recently published IMF staff country report for Nigeria.
World Bank may approve $2.25 billion loans to Nigeria on June 13, 2024: The World Bank may approve loans to Nigeria totaling $2.25 billion across two major projects on June 13, 2024.
Nigeria’s money supply hits historic N95.56 trillion in Feb 2024 despite MPC’s tightening stance: Nigeria’s broad money supply (M3) has surged to a new historic high of N95.56 trillion as of February 2024 despite the hawkish tightening stance of the Monetary Policy Committee (MPC).