Energy generation falls to a 3 months low, blackout in major regions: The total power supplied fell by 38.4%, the highest decline in the 3 month period, this is a result of the sixth national grid collapse during the year.
FG to complete key road projects in 2022: The Minister of Works and Housing Mr. Babatunde Fashola has reiterated the FG’s commitment to completing key projects under the Presidential Infrastructure Development Fund in 2022, including the Lagos Ibadan Express-way and the Second Niger Bridge.
Nigeria to supply gas to Europe: As part of the commitment towards increasing gas supply to Europe, the Transatlantic pipeline project is being revived to send up to 30 billion cubic meters of gas from Nigeria to Europe via Algeria.
Orange group seeks investment in Nigeria: French telecoms giant Orange Group in a meeting with the Nigeria Communications Commission expressed interest in prospective investment opportunities in the Nigerian telecoms sector. The international telecoms operator expressed willingness to invest in diverse areas including mobile, data, fixed and financial technology support services.
European Union expresses interest in funding gas expansion projects: An EU delegation has met with the Ministry for Petroleum Resources to express willingness to partner with the FG in funding gas infrastructure projects. This is to provide alternatives to Russian gas on the international market and guarantee energy security in Africa and Europe.
GCR assigns an indicative rating to MTN Nigeria Communications Plc’s proposed bond issue: GCR Ratings (“GCR”) has assigned MTN Nigeria Communications Plc proposed senior unsecured bond long-term national scale Issue rating of AAA(NG) with the outlook accorded as Stable.
GDP: FG forecasts 3.75% growth in 2023: The Ministry of Finance has disclosed the federal government’s projection of a 3.75% (year-on-year) GDP growth in real terms for 2023, an upward revision of the 3.55% earlier forecasted.
DMO Raises N8.8bn from Savings Bond: The Debt Management Office (DMO) has stated that it raised N1.367 billion from the Federal Government Savings Bond auction held this month bringing the total value of the amount raised in the year to N8.824 billion.
Monetary Policy rate increases to 14%: The Monetary policy committee has increased he MPR by 100 basis points to 14%, the second consecutive increase in 2 months. This hawkish stance is aimed at tightening liquidity and curbing inflationary pressures in the economy.
GNI per capita grows by 5% in 2021: Nigeria’s Gross National Income per capita increased by 5% to $2,500 in 2021, this places Nigeria as the 20th richest country in Africa, according to data from the world bank.
Nigeria private capital inflow rises to $112 trillion: According to a report from Boston Consulting Group, private capital inflow rose by 12% to $ 112 trillion in 2021, with the largest share of these funds invested in infrastructure and private equity.