19th March 2024

Energy crisis: FG orders NERC to revoke licences of non-performing DISCOs: THE Federal Government, yesterday, issued a marching order, asking the Nigerian Electricity Regulatory Commission, NERC, to withdraw licenses of non-performing electricity distribution companies, DISCOs.
Rail: UK Firm Gets FG’s Nod to Design, Construct, Port Harcourt, Enugu, Calabar, Abuja Corridor: The federal government has signed a Memorandum of Understanding (MoU) with Messrs MPH Rail Development (UK) to design, construct, inaugurate, operate and transfer the Port Harcourt, Enugu, Calabar and Abuja standard gauge rail line on public, private partnership (ppp) basis.
Telcos, Submarine Operators Confirm Major Cut on Subsea Cable in Red Sea: There were multiple major submarine cable cuts in the Red Sea, yesterday, which resulted in service disruptions in Nigeria and some African countries, including Ghana, Cote d’Ivoire, and Liberia, as well as some parts of South Africa. The damage disrupted internet services in the affected countries.
Nigeria’s infrastructure deficit falls short of international benchmark of 70%: The acting Chief Executive Officer, of Nigerian Exchange Limited, Mr. Jude Chiemeka has said that Nigeria’s infrastructure deficit, amounting to 30% of its Gross Domestic Product (GDP), falls short of the international benchmark of 70% set by the World Bank.
Nigeria secures $1.3bn funding for rail link to Niger Republic: Nigeria has secured $1.3 billion in funding to complete a railway project connecting Kano, the largest city in the north, to Maradi in neighbouring Niger, the transport ministry said on Wednesday.
Moody’s Affirms Interswitch’s B3 Long-Term CFR; Outlook Remains Stable: Moody’s Ratings (Moody’s) has affirmed the B3 long-term (LT) Corporate Family Rating (CFR) of Interswitch Limited (Interswitch). Moody’s has also affirmed the (P)B3 senior unsecured MTN programme rating, the B3 senior unsecured domestic rating and the respective A3.ng senior unsecured debt and A3.ng senior unsecured MTN programme national scale ratings (NSR) of Interswitch Africa One Plc, a special purpose vehicle owned by Interswitch. The outlook remains stable for both entities.
Nigeria’s Headline Inflation Increases by 31.70% YoY in February 2024 as Food Inflation Rises by 37.92%: In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate which was 29.90%.
Nigeria may get another $500 million loan from World Bank to boost rural access, agricultural marketing: The Federal Government of Nigeria is on the verge of securing another loan worth $500 million from the World Bank to bolster rural access and agricultural marketing in the country.
Bank Recapitalisation: 17 out of 24 banks might not meet CBN capital requirements- Report: A new report from Ernst and Young estimates that 17 out of 24 banks might not meet the capital requirement from the CBN if it is increased 15-fold from its current N25 billion.
Nigeria gets N3.64 trillion VAT in 2023: Nigeria has recorded a 45.02% increase in its Value Added Tax (VAT) collections, amassing a total of N3.64 trillion in 2023, according to data from the National Bureau of Statistics (NBS).
Nigeria requires $1.1 billion reinvestment to renew concession agreement at Ports – Gboyega Oyetola: The Minister of Marine and Blue Economy, Mr Gboyega Oyetola, has stated that the Federal Government requires about $1.1 billion reinvestment in the nation’s ports to renew the concession agreement.