16th January 2024

NSIA, All On in deal to boost off-grid energy supply: The Nigeria Sovereign Investment Authority (NSIA) and All On, a Nigerian investor with focus on renewable energy, are joining forces to light up energy-deprived communities across the country.
Abuja-Kano Dual Carriageway Ready In 2026-FG: The Federal Government has revealed that it would now deliver the Abuja-Kaduna-Zaria-Kano Dual Carriageway in 24 months, instead of in 2024.
ANIPCO invests N100bn in CNG pipelines, stations: NIPCO PLC said it has invested over N100bn to lay pipelines for easy access to compressed natural gas from existing major trunks across its operating states and to build CNG stations across the country.
Optimera Energy constructs gas facilities in Lagos Free Zone: Optimera Energy LFZ Enterprise has flagged off the construction of infrastructure at the Lagos Free Zone to distribute natural gas to companies operating within the zone.
Fitch Affirms Ecobank Transnational Incorporated at ‘B-‘; Off Rating Watch Negative: Fitch Ratings has affirmed Ecobank Transnational Incorporated’s (ETI) Long-Term Issuer Default Rating (IDR) at ‘B-‘ and Viability Rating (VR) at ‘b-‘ and removed these ratings from Rating Watch Negative (RWN). The Outlook is Stable. ETI’s Government Support Rating of ‘no support’ is unaffected. A full list of rating actions is below.
Domestic Debt Service Cost Increased by 18% YoY to N1.8trn in Q3 2023: Our chart today, drawn from the Debt Management Office’s (DMO) latest quarterly data on public debt, shows that the FGN’s domestic debt service costs increased markedly by 118% y/y to almost NGN1.8trn as at the end of Q3 ’23.
Foreign Investments in the Manufacturing Sector Decline in Q3 2023: The National Bureau of Statistics (NBS) capital importation data showed the manufacturing sector attracted investments worth US$279.5m in Q3 2023 compared to US$605.04m in Q2 2023, a significant decline of 54% q/q.
Nigeria’s Headline Inflation Increases by 28.92% YoY in December 2023 as Food Inflation Rises by 33.93%: In December 2023, the headline inflation rate increased to 28.92% relative to the November 2023 headline inflation rate which was 28.20%. Looking at the movement, the December 2023 headline inflation rate showed an increase of 0.72% points when compared to the November 2023 headline inflation rate.
Weaknesses in Nigeria and South Africa’s economy to limit Sub-Saharan Africa’s growth in 2024 – World Bank: The World Bank has stated that weaknesses in Sub-Saharan Africa’s biggest economies Nigeria, South Africa and Angola will limit the region’s growth in 2024.
DMO announces first FGN savings bond offers in 2024: The Debt Management Office (DMO) has unveiled the initial bond offering for 2024, comprising two Federal Government of Nigeria (FGN) savings bonds, available for subscription.
Nigeria Fixed Income Markets: 2023 review and 2024 outlook: The year 2023 proved to be another rollercoaster year for Nigerian fixed-income markets.