15 August, 2022

FG procures technology to monitor, prevent grid collapse: The Transmission Company of Nigeria has deployed technology to monitor real time grid operations and curb the persistent challenge of national grid collapse .
Nigeria Secures $1.5bn Loan from US to Boost Solar Power Infrastructure: Nigeria has secured a $1.5 billion loan from the US-EXIM Bank to boost solar power infrastructure in 10 different locations in the country. Chief Executive Officer (CEO) of SUN Africa LLC, USA, Adam Cortese, disclosed this while speaking with newsmen after a meeting of a delegation of the company with President Muhammadu Buhari at the State House, Abuja.
Russia-Ukraine crisis: EU dumps Nigeria’s gas supply deal: Talks between Nigeria and the European Union over gas supply deals in the wake of the Russia-Ukraine crisis may have hit brickwall as the EU countries are making headway buying more pipeline gas from Algeria, Azerbaijan and Norway.
FG unveils housing scheme for diasporans: The Federal Mortgage Bank of Nigeria has unveiled a housing scheme which allows Nigerians in diaspora to construct or purchase homes in Nigeria. This will be carried out in collaboration with Palton Morgan Holdings, a real estate firm that specializes in upscale development.
Electricity generation rises to 4,000mw, FG to add 204MW: Nigeria’s electricity generation capacity has expanded to 4000mw. The federal government also announced that it had commenced the construction of transmission lines and substations to add 204MW to the grid.
GCR affirms Geregu Power Plc’s national long and short term Issuer ratings: GCR Ratings (“GCR”) has affirmed Geregu Power Plc’s of A(NG) and A1(NG) respectively, with the outlook accorded as Evolving.
GCR affirms Sterling Investment Management SPV Plc’s Issue ratings: GCR Ratings (“GCR”) has affirmed Investment Management SPV Plc’s Series 1 and Series 2 Bonds’ ratings of BBB-(NG), with the outlook accorded as Stable.
Nigeria’s inflation rate surges to a 17-year high at 19.64% in July 2022: Nigeria’s inflation rate in the month of July 2022 rose to a 17-year high of 19.64%. This compares to 18.6% recorded in the previous month of June 2022. The latest inflation data is according to the recently released Consumer Price Index (CPI) report for the month of July 2022, by the National Bureau of Statistics (NBS).
FG record 1.62 trillion fiscal deficit in 3 months: The Central Bank of Nigeria has revealed in its first quarter report that the nation’s recorded a NGN 1.62 trillion deficit. This was attributable to decline in all components of oil revenue.
Nigeria’s foreign reserves drops by $337 million in August: The Central Bank of Nigeria reported that in the first two weeks of August 2022, Nigeria’s external reserves decreased by $337 million. The external reserve fell to $38.88 million due to increased dollar sales by the apex bank to stabilize the exchange rate.
Cooking gas prices rises by 105% in 12 months: According to survey data gathered by the Punch, the retail price of Liquefied Petroleum Gas (cooking gas) has increased by 105% in the last 12 months. Experts blame poor policies by the downstream regulator.
Nigeria hits 44.30% broadband penetration, 84m internet subscriptions: The Nigerian Communication’s Commission, NCC says the country’s current broadband penetration as at June 2022 stands at 44.30% with more than eighty-four million internet subscriptions in the Country.