With 43.53% Spread, Nigeria Still Far From Attaining 70% Broadband Penetration By 2025: The promise by the Nigerian Communications Commission (NCC), that Nigeria would attain 50 per cent broadband penetration threshold by the end of 2023 has not materialized as the country has only achieved 43.53 penetration, THISDAY investigation has revealed.
CCECC Hands over Phase 1 of $50m Transportation University in Daura to FG: The China Civil Construction Company (CCECC) yesterday handed over the phase one of the $50 million Federal University of Transportation Daura, Katsina State to the federal government.
NCC to Suspend Three Categories of Telecoms Licences: The Nigerian Communications Commission (NCC), yesterday, said it would be suspending three telecoms licences temporarily, with effect from May 17, 2024.
TCN Pledges to Restore Electricity in North-east by May 27: The Transmission Company of Nigeria (TCN) has said it is working to restore power in the North-east after the company’s lines were attacked by suspected terrorists recently.
FEC eyes private sector funding to address infrastructure, housing gaps: The Federal Executive Council (FEC), on Tuesday, approved a new initiative designed to transform Nigeria’s infrastructure and housing sector.
After Approvals for Enugu, Ondo, Ekiti, FG Halts States’ Electricity Regulatory Oversight: TIn a development that could set off a horde of court cases, the federal government yesterday announced that it was temporarily halting the granting of electricity regulatory oversight to state governments in the country.
Eco2ruppers Nigeria Launches $60bn Annual Green Financing Solutions to Tackle Climate Change: Eco2ruppers Nigeria has launched a $60 billion annual green financing solution platform designed to tackle the pressing challenges posed by climate change, while also driving economic gains and empowerment.
Tinubu to tackle power outages with two gas plants: The Federal Government is set to tackle the power challenges in Nigeria with an additional 500 million standard cubic feet of gas in the domestic market.
Nigeria Attracts $133m Private Infrastructure Participation In 2023 – World Bank: Nigeria in 2023 attracted $133 million in private infrastructure investment out of the $86 billion investments made in low- and middle-income countries, the World Bank Private Participation in Infrastructure (PPI) 2023 Annual Report, has shown.
AfDB to support Nigeria’s power sector with $1bn – Official: The African Development Bank (AfDB) says it plans to support Nigeria’s power sector with one billion dollars to boost electricity.
Stanbic IBTC Bank Limited’s Structured Note Programme (SNP) NGN30 billion Series 1 Senior Unsecured Notes paid in full, rating withdrawn: GCR Ratings (GCR) has withdrawn the national scale rating of AAA(NG) accorded to Stanbic IBTC Bank Limited’s Structured Note Programme NGN30 billion Series 1 Senior Unsecured Notes.
Fitch Revises Outlooks on 3 Nigerian LRGs to Positive on Sovereign Rating Action: Fitch Ratings – Milan – 17 May 2024: Fitch Ratings has revised the Outlook on the Long-Term Foreign and Local-Currency Issuer Default Ratings (IDRs) of Kaduna State, Lagos State, and Oyo State) to Positive from Stable and affirmed the IDRs at ‘B-‘. A full list of rating actions is below.
Fitch Revises Outlook on Five Nigerian Banks to Positive on Sovereign Action: Fitch Ratings – London – 13 May 2024: Fitch Ratings has revised the Outlook on the Long-Term Issuer Default Ratings (IDRs) of five Nigerian banks and one bank holding company to Positive from Stable. The Long-Term IDRs have been affirmed at ‘B-‘. The affected issuers are Access Bank Plc, Zenith Bank Plc, United Bank for Africa Plc (UBA), Guaranty Trust Bank Limited (GTB), Guaranty Trust Holding Company Plc (GTCO) and Bank of Industry Limited (BOI). A full list of rating actions is below.
Nigeria’s Headline Inflation Increased to 33.69% YoY in April 2024 as Food Inflation Rises by 40.53%: The headline inflation rate in April 2024 increased to 33.69%, up from 33.20% in March 2024, showing a 0.49% increase compared to March.
Q1: Total Direct FX Remittances Declined by 6.28% YoY to $282.6m: Despite efforts by the Central Bank of Nigeria (CBN) to attract foreign exchange into the country, total direct FX remittances dropped by 6.28 per cent Year-on-Year (YoY) to $282.6 million in the first quarter (Q1) ended March 31, 2024.
Currency in Circulation Rises 130% Y-o-Y, Reaching an All-Time High of N3.87trn in March 2024: As of March 2024, the Central Bank of Nigeria (CBN) statistics revealed significant changes in the country’s money supply. Currency in circulation (CIC) rose by 130%, reaching N3.87trn in March 2024, up from N1.68trn in March 2023.
FG’s plan to issue domestic dollar bond may pressure naira – IMF: The International Monetary Fund (IMF) has expressed concerns over the Nigerian government’s strategy to issue domestic dollar-denominated bonds, according to the recently published IMF staff country report for Nigeria.
FAAC: FG, states, LGs share N1.208 trillion from April revenue: The Federation Account Allocation Committee (FAAC) has recently disclosed the distribution of N1.208 trillion to different government tiers for the month of May 2024.
FG raises over N380 billion in May bond auction amid weaker demand: The Nigerian government has raised N380.769 billion in a highly subscribed bond auction conducted on May 13, 2024.
