19th February 2024

Energy transition: $575bn investment opportunities underway – MEMAN: Downstream operators have concluded plans to exploit investment opportunities worth $575 billion in the downstream sector of Nigeria’s energy industry.
FG Seeks to Secure $3bn for Broadband Infrastructure: To enhance the broadband infrastructure and connectivity in Nigeria, the federal government recently disclosed an ongoing discussion with the World Bank to raise $3 billion to fund additional 120,000km of fibre optic cables.
Tinubu to Inaugurate Lagos Red Line Rail February 29: The much-anticipated Red Line Mass transit train would be inaugurated by President Bola Tinubu on February 29, Lagos State Governor, Mr. Babajide Sanwo-Olu disclosed yesterday.
Kaduna Set For New Infrastructure Levels: Kaduna State is set to ramp up the provision of infrastructure to new levels. Uba Sani, the governor, believes good and quality infrastructure will help his government realise the dream of making Kaduna the preferred destination for investors.
Aiyedatiwa Flags Off Construction of Rural Roads in Ondo: Ondo State Governor, Lucky Aiyedatiwa, yesterday flagged off the construction of three rural roads across the three senatorial districts of the state, saying it was in line with his commitment to the development of the grassroots and ensuring food security by constructing access roads to farms.
FG, Highway Concessionaires to Review Parameters for HDMI Projects Nationwide: In view of the current economic realities, the federal government and concessionaires under the Highway Development and Management Initiative (HDMI), have agreed to review the parameters for the projects nationwide.
GCR withdraws the rating on Lekki Gardens Estate Limited’s NGN3.5Bn Senior Secured Bonds, following its full redemption: GCR Ratings (GCR) has withdrawn the national scale long-term issue rating of A(NG)(EL) accorded to Lekki Gardens Estate Limited’s NGN3.5Bn Senior Secured Bonds, following its full redemption. No updated analysis has been conducted by GCR since the last rating surveillance in September 2023. Rated issue Rating class Rating scale Rating…
GCR assigns first time ratings of BBB+(NG)/A2(NG) to Paras Energy and Natural Resources Development Limited, underpinned by the strong earnings generating capacity: GCR Ratings (GCR) has assigned national scale long-term and short-term issuer ratings of BBB+(NG) and A2(NG) respectively to Paras Energy and Natural Resources Development Limited, with the outlook accorded as stable. Rated entity Rating class Rating scale Rating Outlook Paras Energy and Natural Resources Development Limited Long-term issuer National BBB+NG)…
Fitch Takes Rating Action on 12 Nigerian Banks Following Naira Devaluation: Fitch Ratings has downgraded Ecobank Nigeria Limited’s (ENG) Long-Term Issuer Default Rating (IDR) to ‘CCC+’ from ‘B-‘ and removed it from Rating Watch Negative (RWN) following the recent devaluation of the Nigerian naira. The agency has also downgraded the bank’s National Long-Term Rating to ‘BB+(nga)’ from ‘BBB(nga)’. The Outlook on the Long-Term IDR and National Long-Term Rating is Stable.
Nigeria’s Headline Inflation Increases by 29.90% YoY in January 2024 as Food Inflation Rises by 35.41%: In January 2024, the headline inflation rate increased to 29.90% relative to the December 2023 headline inflation rate which was 28.92%. Looking at the movement, the January 2024 headline inflation rate showed an increase of 0.98% points when compared to the December 2023 headline inflation rate.
FDI to manufacturing sector increased by 67.69% to $1.59 billion in 2023- NBS: A review of the capital importation report of the Nigeria Bureau of Statistics reveals that foreign investment inflow to the manufacturing sector increased by 67.69% in 2023.
FIRS, CBN, Ministry of Work to review N2.59 trillion tax credit scheme: The Federal Inland Revenue Service (FIRS) plans to meet with the Central Bank of Nigeria (CBN) and Ministry of Works this Friday to review about N2.59 trillion tax credit scheme meant for road repairs and construction in the country.
CBN adjusts exchange rate for cargo clearance to N1515.09/$: The Central Bank of Nigeria (CBN) has raised the exchange rate for the clearance of goods from N1444.56/$ to N1515.09 against the USD, marking an increase of N70.53 compared to the prior rate.
FG hopes to borrow N2.5 trillion from FGN Bond auction in February: The Federal Government seeks to borrow N2.5 trillion from its second FGN bond auction of 2024, according to the latest circular from the Debt Management Office (DMO).