Africa’s can close electricity gaps with gas, renewables- World Bank: In a recent report the World Bank noted that it supports the use of natural gas and renewable energy technologies in closing Africa’s electricity gaps. According to the World Bank, countries with rich deposits of natural gas will need to develop stable investment policies that are critical for leveraging domestic gas supplies for export revenue and domestic consumption.
World Bank suggests private energy generation to close electricity access gaps: The World Bank has stated that private energy generation could be a solution to address electricity access in Sub-Saharan African countries. However, the bank noted that the policy landscape should be amenable to private energy generation.
Nigeria’s gas infrastructure can transport 6.9bn bcf for power generation – NNPCL: According to the Group Chief Executive Officer of the NNPC, Mele Kyari, Nigeria’s domestic gas infrastructure network has the capacity to transport about 6.9 Billion Standard Cubic Feet (BCF) of gas to support power generation and gas-based industries. Mr Kyari noted that Nigeria’s huge natural gas reserves provide the nation with ready access to low-carbon energy to address energy poverty.
NSIA, Vitol commit $50 million to partnership targeting carbon removal projects: The Nigerian Sovereign Investment Authority (NSIA) has entered into a joint venture pact with Swiss-based commodity trading company Vitol in a move to invest in a number of carbon avoidance and removal projects. The collaboration has committed $50 million in initial capital, and the joint venture is targeting local projects that will accomplish carbon offsetting with social outcomes that help achieve United Nation’s Sustainable Development Goals.
GCR affirms Development Bank of Nigeria Plc’s national scale long and short-term issuer ratings: GCR Ratings (“GCR”) has affirmed the national scale long-term and short-term Issuer ratings of AAA(NG and A1+(NG) respectively assigned to Development Bank of Nigeria Plc. The outlook is accorded as Stable. At the same time, GCR withdrew the international scale long-term Issuer credit rating.
GCR assigns an indicative Issue rating of AAA(NG)(IR) to Development Bank of Nigeria Plc’s proposed NGN20Bn Series 1 Senior Unsecured Bonds: GCR Ratings (“GCR”) has assigned a national scale long term indicative Issue rating of AAA(NG)(IR) to Development Bank of Nigeria Plc’s NGN20Bn Series 1 Senior Unsecured Bonds. The outlook is accorded as Stable.
GCR places Chrisland Schools Limited’s ratings on Rating Watch Negative: GCR Ratings (“GCR”) has placed the national scale long-term and short-term Issuer ratings of A(NG) and A1(NG) respectively, accorded to Chrisland Schools Limited (Chrisland or the School) on Rating Watch Negative. The rating action follows the shutdown of the Ikeja unit of the School by Lagos State Government.
GCR assigns a final rating to FCMB Group Plc’s NGN20.7Bn Additional Tier 1 Bonds: GCR Ratings (“GCR”) has assigned a final public national scale long-term Issue rating of BBB-(NG) to FCMB Group Plc’s NGN20.7Bn additional tier 1 subordinated bonds. The outlook is accorded as Stable
Nigeria’s inflation hits 22.04% as food prices rise : The According to data released by the National Bureau of Statistics, Nigeria’s inflation rate rose to 22.04% in March 2023 per cent in March from 21.91% the previous month. Inflation has remained high in Africa’s largest economy, prompting the apex bank to hike interest rates to their highest level in nearly two decades. In recent months, Nigerians have faced an unprecedented cash crunch as a result of the naira redesign policy of the Central Bank of Nigeria (CBN).
Nigeria’s 96% revenue used to service debt in 2022 – World Bank: According to a Macro Poverty Outlook released by the World Bank, Nigeria’s constant fiscal deficit has worsened the nation’s public debt stock, with 96.3 per cent of government revenue spent on servicing debt in 2022. The bank also noted that the cash scarcity created by the CBN’s naira redesign policy hampered the country’s economic growth and poverty reduction efforts, adding that about 13 million Nigerians would become poor between 2019 and 2025.
Nigeria’s economy will be driven by non-oil sector in 2023- World Bank :The World Bank has revealed that the Nigeria’s economy will be driven by the non-oil sector as oil production is projected to remain subdued in 2023 due to several factors. The bank estimates that the Nigerian economy is set to grow by 2.8% in 2023, down from 3.3% in 2022.
Rising Unemployment: Over 81,000 pension contributors lose jobs in 2yrs: According to a report by global auditing firm KPMG, the national unemployment rate increased to 37.7per cent in 2022 and will rise further to 40.6 per cent in 2023. The sharp rise in job losses among pension fund contributors mirrors the rising unemployment in the country following the economic recession and weak economic growth prompted by COVID-19 economic lockdown. As a result, withdrawals by disengaged contributors from the pension fund rose sharply by 30 per cent to 47.8 billion in the last two years, 2021 to 2022, from N36.45 billion in two previous years, 2019 to 2020.