Tinubu assents to new electricity bill: President Bola Tinubu has assented to the electricity bill, which was passed in July 2022 seeking to repeal the Electricity and Power Sector Reform Act, 2005, and thus becoming the Electricity Act. The Electricity Act now consolidates all legislations dealing with the electricity supply industry to provide an omnibus and ideal Institutional framework to guide the post-privatization phase of the Nigerian Electricity Supply Industry and encourage private sector investments in the sector.
IPMAN says it is prepared to dispense CNG at filling stations across the country: The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that it is prepared to dispense compressed natural gas (CNG) at its filling stations across the country.
GEAPP, CHD Mobilize $50M to Boost Renewable Energy in Nigeria: The Global Energy Alliance for People and Planet (GEAPP) in collaboration with Nigerian investment firm, Chapel Hill Denham (CHD), has established a new local currency subordinated debt vehicle: the Energy Transition & Access Facility for Africa (ETAFA).
How we attracted N11trn private capital to infrastructure — ICRC: The Infrastructure Concession Regulatory Commission (ICRC) has entered deals to mobilise N11 trillion in private capital into infrastructure projects across the country through diligent prosecution of its mandate.
GCR withdraws Ardova Plc’s N9Bn Series 1 Senior Unsecured Bond rating, on full redemption: GCR Ratings (GCR) has withdrawn the national scale long-term Issue rating on Ardova Plc’s N9Bn Series 1 Senior Unsecured Bond following its full redemption. To view the GCR withdrawal and suspension policy please visit GCR-Rating-Scales-Symbols-and-Definitions-Final-May-2023.pdf. Rated Entity / Issue Rating class Rating scale Rating Outlook / Watch N9bn Series 1.
World Bank revises Nigeria’s 2023 GDP downwards to 2.8%: Nigeria’s economic outlook faces a downward revision as the World Bank lowers its GDP growth forecast for the year 2023.The latest report highlights significant challenges that could hinder the country’s economic progress.
Mobile subscriptions now 223.6 million, as telecoms contribute N2.5 trillion to GDP – NCC: The number of mobile phone subscribers in Nigeria has risen to 223.8 million as of April 2023, as Telecommunications and ICT services contributed N2.508 trillion to Nigeria’s GDP in the first quarter of 2023.
Netherlands, Nigeria sign treaty to promote investment between both countries: The Federal Government has restated its commitment to aligning the investment treaty with the Kingdom of Netherlands to benefit both countries. Dr Evelyn Ngige, the Permanent Secretary of the Ministry of Industry, Trade, and Investment, made this declaration during a round-table negotiation on the investment promotion and protection agreement between Nigeria and the Kingdom of Netherlands in Abuja.
Nigeria’s foreign trade falls to N12 trillion in Q1 2023: Nigeria recorded a total foreign trade of N12.05 trillion in the first quarter of 2023, representing a 17.5% decrease compared to N14.6 trillion recorded in Q1 2022. It however increased marginally by 2.8% from N11.72 trillion recorded in Q4 2022.
President Tinubu Suspends CBN Governor Godwin Emefiele Following Ongoing Investigation: On Friday, June 9th, 2023, the Secretary to the Government of the Federation of Nigeria released a press statement issued in the evening, announcing that President Bola Ahmed Tinubu, GCFR approved the suspension of the Governor of the Central Bank of Nigeria Mr. Godwin Emefiele, CFR.
June 2023 Global Economic Prospects: Global Growth to Slow from 3.1% in 2022 to 2.1% in 2023: The global economy remains in a precarious state amid the protracted effects of the overlapping negative shocks of the pandemic, the Russian Federation’s invasion of Ukraine, and the sharp tightening of monetary policy to contain high inflation.