22nd April 2024

NPA secures $700m Citibank facility to rehabilitate Apapa, Tin-Can Ports: The Nigerian Ports Authority, NPA, has secured a loan of $700million from Citibank backed by the United Kingdom Export Finance, UKEF, an export credit agency, to rehabilitate the Apapa and Tin-Can Island ports, Lagos.
NCDMB Receives $1m Returns on Investment from NEDOGAS: The Nigerian Content Development and Monitoring Board (NCDMB) has received a cheque of $1 million from Nedogas Development Company Limited (NDCL), being part of the return on investment (ROI) on one of the Board’s strategic investments.
NSIA invests $500 million in domestic infrastructure projects in Nigeria:The Managing Director of the Nigeria Sovereign Investment Authority (NSIA), Aminu Umar Sadiq, has announced an investment of over $500 million in domestic infrastructure projects, affirming the Authority’s strategic focus on enhancing the country’s infrastructure and economic viability.
FG Set To Implement $3.8bn Gas Supply Agreement Next Month: The Federal Government has stated that the Gas Supply and Purchase Agreement to seal the Final Investment Decision for the $3.8bn Brass methanol project is to be executed next month.
Grid collapse: FG deploys technology to detect sudden power drop: In a bid to address the recurrent collapse of Nigeria’s power grid, the Federal Government has deployed a new technology to detect and respond to sudden drops or dips in power generation across the country.
NDDC to inaugurate Edo electricity substation: The Niger Delta Development Commission has completed the construction of an electricity injection sub-station in Amufi-Ikpoba Okha Local Government Area, Benin City, Edo State.
GCR affirms Zedcrest Capital Limited’s national scale ratings of BBB-(NG)/A3(NG); Outlook revised to Negative from Stable: GCR Ratings (GCR) has affirmed the national scale long-term and short-term issuer ratings of BBB-(NG) and A3(NG) respectively accorded to Zedcrest Capital Limited, with the Outlook revised to Negative from Stable.
Fitch Affirms Ecobank Transnational Incorporated at ‘B-‘; Outlook Stable: Fitch Ratings has affirmed Ecobank Transnational Incorporated’s (ETI) Long-Term Issuer Default Rating (IDR) at ‘B-‘ and its Viability Rating (VR) at ‘b-‘. The Outlook on the Long-Term IDR is Stable. A full list of rating actions is below.
FG raises N627 billion in April bond auction amid competitive yields: The Debt Management Office (DMO) has disclosed that Federal Government of Nigeria raised N626.813 billion in its April 2024 FGN bond auction.
FG will require N3.2 trillion to subsidise electricity in 2024 without tariff hike- NERC: The Federal Government asserts it needs approximately N3.2 trillion to subsidize electricity in 2024 should the current tariff hike be reversed.
IMF raises forecast for Nigeria’s economic growth to 3.3%: The International Monetary Fund (IMF) has raised its forecast for Nigeria’s economic growth in 2024 to 3.3 per cent. The new forecast was contained in the IMF World Economic Outlook April, released on the sidelines of the ongoing 2024 Spring Meetings of the World Bank and IMF in Washington, United States.
Nigeria’s inflation rate will drop to 23% by 2025 -IMF: In a recent release of its Global Economic Outlook at the International Monetary Fund/World Bank Spring Meetings in Washington D.C., on Tuesday, the IMF provided projections for Nigeria’s economy, indicating a significant shift in inflation rates.
FAAC: FG, states, LGAs share N1.123 trillion for March: The Federation Account Allocation Committee (FAAC) has announced the distribution of N1.123 trillion to various levels of government for March 2024 from various revenue sources, including statutory allocations, value added tax (VAT), and electronic money transfer levies (EMTL).
Nigeria, 14 others have weak credit ratings for sovereign bonds – World Bank: The World Bank has identified Nigeria and 14 other countries as having weak credit ratings for sovereign bonds. This is contained in its latest report, “The Great Reversal: Prospects, Risks, and Policies in International Development Association (IDA) Countries.