24th June 2024

FG secures $3bn Afreximbank facility to boost industrialisation: The Federal Government has signed a Memorandum of Understanding (MoU) with Afreximbank to establish a $3 billion Nigeria Industrialisation Financing Facility for an industrial park and light manufacturing.
FG approves N21bn for provision of free meters: The Federal Government has approved N21bn under the Presidential Metering Initiative to close the country’s metering gap by providing meters to unmetered power users at no cost.
FG: $550m NNPC, TotalEnergies JV Ubeta Project Will Boost Domestic Gas Market: The federal government has described the Final Investment Decision (FID) on the 350 million standard cubic feet of gas per day (scfd) Ubeta gas project by the Total Energies EP Nigeria Limited (TEPNG) Joint Venture, comprising the Nigerian National Petroleum Company Limited (NNPCL) and Total Energies as an economic game-changer.
$4.3bn NLNG Train-7 Project Reaches 67% Completion, over 9,000 Nigerians Employed: The Nigeria Liquefied Natural Gas Limited (NLNG), yesterday, confirmed that its ongoing $4.3 billion Train-7 project had reached 67 per cent completion, and employed over 9,000 Nigerians.
Ekiti electricity regulator threatens to sanction DisCos: The Ekiti State Electricity Regulatory Bureau has threatened to sanction the Ibadan Electricity Distribution Company and the Benin Electricity Distribution Company over failure to report power supply shortfalls.
NERC okays 450MW deal to avert Zungeru plant shutdown: The Nigerian Electricity Regulatory Commission has approved a deal for the procurement of 450 megawatts of electricity from Zungeru Hydro Electricity Generation Company Limited.
FG To Complete Bodo-Bonny Road With N280b: President Bola Tinubu has approved 280 billion for the completion of Bodo-Bonny road, in Rivers state.
InfraCos Groan over High Cost of Maintaining Telecoms Facilities, Seek Government’s Intervention: Infrastructure companies (InfrCos) such as IHS, American Towers Corporation (ATC), Pan African Towers, and Coloplus that provide and maintain telecoms facilities like co-location masts, are complaining over the high cost of maintaining such facilities, due to the continuous hike in the prices of diesel, fuel among others.
Edo partners firm on 521 houses construction: Edo State Development Property Corporation and Maximpact Global Ventures Limited have signed a joint venture agreement to develop Esan Garden City Estate in Ekpoma, Edo Central Senatorial district of the state.
WIOCC raises $41 million to expand infrastructure in Nigeria, others: The West Indian Ocean Cable Company (WIOCC) has secured $41 million in debt funding to expand data centre infrastructure in Nigeria, South Africa, Democratic Republic of Congo (DRC).
GCR suspends the Issuer ratings of Aarti Steel Nigeria Limited: GCR Ratings (GCR) has suspended the national scale long-term and short-term Issuer ratings of BB(NG) and B(NG) respectively accorded to Aarti Steel Nigeria Limited, without review.
GCR places Leadway Assurance Company Limited’s national scale financial strength rating of AA+(NG) on Review Extension: GCR Ratings (GCR) has placed Leadway Assurance Company Limited’s national scale financial strength rating of AA+(NG) on Review Extension.
GCR updates the Nigerian Corporate Sector Risk Scores:GCR Ratings (GCR) has updated its Nigerian Corporate Sector Risk Scores.
Moody’s Ratings affirms Nigeria’s Caa1 ratings and maintains the positive outlook: Moody’s Ratings (“Moody’s”) has today affirmed the Government of Nigeria’s Caa1 long-term foreign currency and local currency issuer ratings and maintained its positive outlook. Moody’s has also affirmed Nigeria’s foreign currency senior unsecured debt ratings at Caa1 and the foreign currency senior unsecured MTN program rating at (P)Caa1.
Nigeria’s Total Public Debt Stock Rose to N121.67trn (US$91.46bn) in Q1 2024 on New Borrowings and FX Depreciation: Nigeria’s Public Debt Stock as of March 31, 2024, was N121.67trn or US$91.46bn, according to the Debt Management Office (DMO) data. This amount represents the total domestic and external debt of the Federal Government of Nigeria (FGN), the thirty-six (36) state governments, and the Federal Capital Territory (FCT).
Gross Official Reserves Rises in June, Reversing Monthly Declines at the Beginning of 2024: Nigeria’s gross official reserves increased by US$858m M-o-M to US$33.6bn as of June 19, 2024, according to the latest data from the CBN.
Naira shows stability in official market, within Fitch Ratings projection: The Nigerian naira exhibited stability in the official market, aligning with Fitch Ratings’ projections, despite trading within the N1500 range against the U.S. dollar in the parallel market.
FFG’s interest spending on debt to gulp 36% of revenue in 2024 – Moody’s: Global ratings agency, Moody’s has stated that Nigeria’s interest spending on debt might consume up to 36% of the federal government’s revenue in 2024.
Nigeria’s FX reserves hit a three-month high as exchange rate achieves stability: Nigeria’s foreign exchange (FX) reserves have surged to their highest level since March 28, 2024, marking a significant financial milestone that coincides with the longest period of stable exchange rate seen in over a year.
FAAC Revenue Disbursement Fell 5% in May 2024: The recent communique released by the Federation Account Allocation Committee (FAAC) shows that the federation’s revenue disbursements to the three tiers of government amounted to about N1.1trn (USD728m) in June 2024 (from May 2024 revenue).