AfDB Earmarks $1.5bn to Avert Food Crisis in Africa: The African Development Bank (AfDB) has announced plans to spend over $1.5 billion dollars to avert food crisis sparked by the war in Ukraine. The AfDB Acting Chief Economist and Vice President Professor Kevin Urama, who spoke during a virtual meeting convened to brief journalists about the agenda of the five-day meetings.
Ogun, foreign investor sign $400m MoU on Olokola FTZ: The Ogun State government has signed a $400m Memorandum of Understanding with a foreign firm, Arise Integrated Industrial Platform, on the development of Olokola Free Trade Zone and Remo Agro Processing Zone.
Power generation crashes by 903MW, national grid crisis persists: The latest figures on Nigeria’s power grid performance showed that the quantum of electricity generated on the grid had continued to fluctuate, as it fell by 903 megawatts.
Power sector needs additional $410bn investment: Despite spending about N1.3 trillion in the past few years on the power sector, the Federal Government has said that it seeking additional $410 billion investment to strengthen the nation’s transmission and distribution infrastructure.
GCR places Daraju Industries Limited’s national scale Issuer ratings on “Review Extension”: GCR Ratings (“GCR”) has placed Daraju Industries Limited’s long-term and short-term national scale Issuer ratings of BBB(NG) and A3(NG) respectively on ‘Review Extension’.
GCR places Chrisland Schools Limited’s long and short-term Nigerian national scale A-(NG) / A2(NG) ratings on Rating Watch Negative: GCR Ratings (“GCR”) has placed the national scale long term and short term Issuer ratings of A-(NG) and A2(NG) accorded to Chrisland Schools Limited (“Chrisland” or “the School”) on Rating Watch Negative.
IMF projects 3.4% economic growth for Nigeria, as global growth forecast declines: The International Monetary Fund has given Nigeria an upward review of its economic growth forecast for 2022, while expecting that the global output would decline due to the consequences of the crisis in Ukraine.
Equities market remains bullish as investors gain N486bn: Investors gained N486bn at the end of trading on the floor of the Nigerian Exchange Limited last week. The market opened for four trading days last week as the Federal Government of Nigeria declared Monday a public holiday to commemorate the 2022 Easter celebrations.
FG records N2.23tn fiscal deficit in three months – CBN report: The Federal Government recorded N2.23tn fiscal deficit in the fourth quarter of 2021. This was revealed by figures obtained from the Central Bank of Nigeria’s economic report for the fourth quarter of 2021.
Nigeria’s crude oil production rigs drop by 37.5%, says OPEC: The number of functional crude oil production rigs in Nigeria decreased by 37.5 per cent to just 10 operational rigs in March 2022, the Organisation of Petroleum Exporting Countries has said.
Debt servicing: Nigeria paid $598.59m to World Bank, China in 2021 – Report: Nigeria spent $598.59m on servicing the debts owed to the World Bank and the Exim Bank of China in 2021, according to an analysis of data on actual external debt service payments from the Debt Management Office.
Nigeria’s inflation rate rises further to 5-month high at 15.92% in March 2022: Nigeria’s inflation rose to 15.92% in March 2022, following a similar uptick recorded in the previous month as a result of the increase in energy prices. This represents the highest rate recorded since October 2021.