17th July, 2023

Nigeria’s electricity generation drops by 16.4 per cent: The situation occurred because of many factors, including the poor state of plants and low gas supply to thermal plants. The development has pushed the Electricity Distribution Companies, DISCOs, to embark on load shedding to spread the limited electricity to many at different times.
AGRA to Unlock $80m into Agriculture Investments: Agricultural investment institution, AGRA, has said it hopes to unlock $80 million for investments in agriculture in three flagship states in the country. AGRA’s Vice-President, Policy and State Capacity, Dr. Apollos Nwafor, said the planned intervention was contained in its new five-year document, aimed at impacting over 1.2 million farmers in the country.
Mota-Engil Targets 2025 for Completion of Kano-Maradi Rail: Contractors of the Kano-Maradi railway project, Mota-Engil Nigeria Limited has stated the 400 kilometres railway line would be completed by 2025. Speaking to journalists while taking delivery of the over $200 million heavy duty equipment to be deployed for the rail project, the company’s Logistics Manager, Mr. Nuno Colaço, said construction of the rail project has commenced even as over 300 Nigerians have been employed with a projection to hit 100,000 at the peak of the project.
Nasarawa inaugurates $2m LNG facility: Nasarawa State Governor, Abdullahi Sule, has laid the foundation for the establishment of a Liquefied Natural Gas and Liquefied Compressed Natural Gas facility in Lafia, the state capital. The $2m investment, which was spearheaded by Greenville LNG, is the first of its kind in the North Central region of the country.
EIB Commits $40m to Acre Impact Capital’s Innovative Debt Fund to Accelerate Climate Infrastructure Investment Across Africa: The European Investment Bank is committing up to $40m to Acre Impact Capital’s Export Finance Fund I; first fund investing in commercial debt of export credit agencies transaction to catalyse climate-infrastructure in Africa; fund to support renewable power, health, food and water scarcity; sustainable cities; and green transport; innovative strategy provides both commercial institutional and impact investor exposure to climate infrastructure in Africa and mitigates market and significant downside risk.
GCR assigns a national scale long term rating of AA-(NG) to Lagos State Infrastructure Sukuk SPV Plc’s NGN19.815Bn series II forward-ijarah sukuk: GCR Ratings (GCR) has assigned a national scale long-term issue rating of AA-(NG) to Lagos State Infrastructure Sukuk SPV Plc’s NGN19.815Bn series II forward-ijarah sukuk, with the Outlook accorded as Stable. Rated issue Rating class Rating scale Rating Outlook/Watch NGN19.815Bn series II forward-ijarah sukuk Long term issue National AA-(NG) Stable.
GCR affirms Dangote Cement Plc’s national scale long-term Issuer rating of AA+(NG): GCR Ratings (GCR) has affirmed the national scale long-term and short-term Issuer ratings of AA+(NG) and A1+(NG) respectively accorded to Dangote Cement Plc (DCP or the company). Concurrently, GCR has affirmed the national scale long term Issue rating of AA+(NG) accorded to each of Dangote Cement Plc’s existing Senior
Another Trade Deficit in Agriculture in Q1 2023: Today, we take a closer look at Nigeria’s trade patterns in agriculture from the most recent report on foreign trade published by the National Bureau of Statistics (NBS). We see from the data that agricultural goods accounted for c.4.3% of Nigeria’s exports in Q1 ’23, slightly higher than the c.2.7% it took up in the previous quarter. It also grew by 64% q/q and 39% y/y to NGN279.6bn. On the import side, agricultural products constituted c.8.5% of total imported goods, increasing by 6% q/q and 6% y/y to NGN471.4bn during the quarter.
NNPC Limited remits N123 billion to the Federal Government: The Nigerian National Petroleum Company Limited (NNPCL) has remitted N123 billion to the Federal Government. According to reports, the company began the dividend payment into the federation account on Thursday, July 20.
Nigeria maintains largest African economy for fifth year in a row: Nigeria maintained the position of the largest economy on the African continent for the fifth consecutive year in 2022, with a nominal GDP of $477.4 billion. The giant of Africa, as it is mostly referred to, accounted for 17.4% of the African economy in the review year ($2.7 trillion).
Nigeria repays $500 million Eurobond on Due Date: Nigeria, Africa’s largest economy, has fulfilled its debt service obligations by redeeming a $500 million Eurobond on its scheduled due date of July 12, 2023. This redemption marks another milestone in Nigeria’s successful debt management operations and planning.