20th September, 2021

Lagos Free Zone Company Raises N10.5bn 20-yr Infrastructure Bond: Lagos Free Zone Company (LFZC), the first free zone in Nigeria with a fully integrated deep seaport, has successful issued N10.5 billion 20-Year Series 1 Senior Guaranteed Fixed Rate Corporate Infrastructure Bonds Due 2041 under a N50 billion Debt Issuance Programme.
Sub-Saharan Africa needs $425 bn financing by 2030 – Adesina: The President of the African Development Bank, Dr Akinwumi Adesina, says Africa needs $425 billion in additional gross financing by 2030.
Firms imported 47,224.35 MT of gas from US, Algeria in August – PPPRA: Of the 85,264.8 Metric Tonnes of Liquefied Petroleum Gas consumed in the country in August, 38,040.46MT were imported.
FG to unveil N15 trillion infrastructure company in October — CBN: Plans are underway for establishment of the Nigerian International Financial Centre, NIFC, in the next 12 months, just as the Central Bank of Nigeria, CBN, gets set to roll out the N15 trillion Infrastructure Corporation of Nigeria (Infra-Co) next month.
AfDB to spend $1 million to upgrade Africa’s old hydropower stations: The African Development Bank’s Sustainable Energy Fund for Africa (SEFA) has approved a one-million-dollar grant for the modernization of Africa’s aging hydropower fleet.
GCR affirms Ogun State Government’s long term Issuer rating of BBB+(NG); Outlook Stable: GCR Ratings (“GCR”) has affirmed the national scale long-term Issuer rating of BBB+(NG) to Ogun State Government and assigns a national scale short-term Issuer rating of A2(NG), with the Outlook accorded as Stable.
GCR affirms Niger State Government’s long term Issuer rating of BBB-(NG) with a Stable Outlook: GCR Ratings (“GCR”) affirms the national scale long-term and short-term Issuer rating of BBB-(NG) and A3(NG) respectively accorded to Niger State Government with a Stable Outlook.
Union Bank of Nigeria Plc – Senior Unsecured N7.2 billion Series 1 Bond Paid in Full, Rating Withdrawn: GCR Ratings (“GCR”) has withdrawn the final, public long term credit rating of BBB+(NG) with a Negative Outlook accorded to the N7.2 billion Series 1 Fixed Rate Senior Unsecured bond.
FG recorded N150.36 billion fiscal deficit in April- CBN: The Federal Government recorded a fiscal deficit of N150.36 billion in April, after recording an aggregate expenditure of N559.67 bn and retained revenue of N409.31 bn.
Power sector revenue declines by 4.54% to N176.27 bn in Q2’21: Gross revenue of Nigeria’s electricity market declined by 4.45 per cent in Q2’21 to N176.27 billion against N184.27 billion generated in Q1’21.
Nigeria’s inflation rate drops to 17.01% in August 2021, 5th consecutive decline: Nigeria’s inflation rate in the month of August 2021 dropped to 17.01% from 17.38% recorded in July 2021. This represents the fifth consecutive decline in the rate of inflation recorded in Nigeria.
CBN retains lending rate at 11.5%: The Monetary Policy Committee of the Central Bank of Nigeria has retained the Monetary Policy Rate at 11.5%.
Naira slumps further, exchanges for 570/$: The naira continued its downward trend after exchanging to the dollar for 570.