Gov Mbah Flags off Construction of New Enugu City: Governor of Enugu State, Dr. Peter Mbah, has flagged off the construction of 17km road, feeder roads, and other infrastructure, which he said marked the beginning of the construction of the New Enugu City in keeping with his campaign promise to make the state the premier destination for investment, business, living, and tourism.
Anambra to Build Entertainment Hub at Its Airport: The management of Anambra State International Cargo Airport, Umueri has disclosed that the state government plans to build entertainment hub at the airport premises to drive non-aeronautical revenue.
NCC Pushes for More Data Centre Investments in Nigeria: The Nigerian Communication Commission (NCC) said it has become highly imperative for further investments in the data centre segment of the telecoms sector.
FG, NDPHC, states partner to distribute 4000MW electricity: The Federal Government, Niger Delta Power Holding Company, Lagos, Ogun and Oyo states have agreed on a bilateral trade to distribute 4,000 megawatts electricity to the extensive industrial and business clusters in Agbara and throughout Nigeria.
Power transmission capacity now 8,500MW – FG: The Federal Government has said Nigeria’s power transmission capacity increased to 8,500 megawatts.
We‘ll rehabilitate collapsed 112m reservoir capacity Alau Dam – FG: THE Federal Government through the Federal Ministry of Water Resources and Sanitation, yesterday, assured of rehabilitation of the collapsed 112 million reservoir capacity Alau Dam in Jere Local Government Area, Maiduguri, Borno State, based on the Dam’s important role towards achieving food security and adding value to the livelihoods of farmers and residents.
GCR assigns an Indicative Rating of AAA(NG)(IR) to InfraFunding SPV Limited’s proposed NGN755 million Series 5 Tranche A Guaranteed Fixed Rate Senior Infrastructure Bonds, Outlook Stable: GCR Ratings (GCR) has assigned a national scale long-term indicative Issue rating of AAA(NG)(IR) to InfraFunding SPV Limited’s proposed NGN755 million Series 5 Tranche A Guaranteed Fixed Rate Senior Infrastructure Bonds, with the Outlook accorded as Stable. The indicative rating of the new Bonds will expire on the sooner of….
GCR affirms Edo State Government of Nigeria’s national scale long-term Issuer rating of BBB(NG), Outlook Stable: GCR Ratings (GCR) has affirmed the national scale long-term and short-term Issuer ratings of BBB(NG) and A3(NG) respectively assigned to Edo State Government of Nigeria, with the Outlook accorded as Stable. At the same time, we have affirmed the national scale long-term Issue rating of A(NG) accorded to its guaranteed….
GCR affirms North South Power Company Limited’s rating of AA(NG), supported by its strong financial profile; Outlook Positive: GCR Ratings (GCR) has affirmed the national scale long-term and short-term Issuer ratings of AA(NG) and A1+(NG) respectively assigned to North South Power Company Limited (NSP or the group). Concurrently, GCR has affirmed the national scale long-term Issue rating of AA(NG) accorded to the NSP-SPV Powercorp Plc NGN6.3Bn Series 2….
GCR affirms Marathon Asset and Fund Management Limited’s national scale long and short-term issuer ratings of BB(NG)/B(NG); Outlook Stable: GCR Ratings (GCR) has affirmed Marathon Asset and Fund Management Limited’s national scale long and short-term issuer ratings of BB(NG) and B(NG) respectively, with a Stable Outlook. Rated entity Rating class Rating scale Rating Outlook Marathon Asset and Fund Management Limited Long Term Issuer National BB(NG) Stable Outlook Short Term….
Investors over subscribe FGN sukuk bonds by 435%: The Debt Management Office (DMO) has stated that the recent GFN sukuk bonds offer was oversubscribed by 435%.
Nigeria’s total debt profile of N87.3 trillion manageable – IMF: The International Monetary Fund (IMF) has said Nigeria’s N87.3 trillion ($113.4 billion) total public debt position is manageable and does not pose any urgent risks to the economy.
DMO reopens FGN bonds subscription offer at 15.70%: The Debt Management Office (DMO) has reopened subscription offers for 10year, 15year and 30year FGN bonds for April 2029, June 2033, June 2038 and June 2053 at 14.55%, 14.70%, 15.45% and 15.70% respectively.
FISCAL CRISIS: Nigeria records debt service to revenue ratio of 97% in 2022, fiscal deficits balloon to N7.5 trillion: The Federal Government ended 2022 with a fiscal deficit of N7.5 trillion or 129% of actual revenue collected.
Nigeria’s Capital Importation, Q2 and H1 2023: Declining Capital Inflows Hobble Economic Reforms: Nigeria’s capital importation declined by 9.04% to US$1.03bn in Q2 2023 from US$1.13bn in Q1 2023 and dropped by 32.90% compared to Q2 2022. The FDI and FPI declined by 56% in H1 2023 compared to H1 2022, while the Other Investment advanced by 17% in H1 2023 compared to H1 2022.
Nigeria’s Net Trade Position Resulted in a Higher Net Trade Surplus of USD0.8bn in May 2023 Compared With USD0.6bn in April: The CBN’s recently published monthly economic report shows that the provisional value of Nigeria’s total merchandise trade decreased by around -4.5% m/m to USD8.7bn in May ’23.
Foreign Investments in the Telecoms Sector Decline in Q2 2023: The Nigeria Bureau of Statistics capital importation data showed the telecoms sector attracted investments worth US$25.81m in Q2 2023 compared to US$153.50m in Q2 2022, representing a significant decline of 83.19% y/y.