30th April 2024

Tinubu Secures $600m Danish Investment to Expand Nigeria’s Existing Seaport Infrastructure: President Bola Tinubu on Sunday secured an investment of $600 million from Danish shipping and logistics company, A.P Moller-Maersk, to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.
P’Harcourt DisCo begins new tariff for Band A customers: The Port Harcourt Electricity Distribution Plc said it has commenced the implementation of the April 2024 Supplementary Order to the Multi-Year Tariff Order of the Nigerian Electricity Regulatory Commission in its franchise area.
FG to unbundle 11 Discos, orders sale of four: Power distribution companies in Nigeria are currently being unbundled along state lines due to their large sizes which often result in inefficiency and ineffectiveness, the Federal Government declared on Monday.
Emzor unveils plan for $23m API facility in Sagamu: Emzor Pharmaceuticals has unveiled plans to construct an Active Pharmaceutical Ingredients (API) facility in Sagamu, Ogun State, worth $23 million (about N25 billion) to combat the pervasive threat of malaria in Nigeria and sub-Saharan Africa.
NNPCL Launches LPG Micro Filling Plant in Nasarawa: The Nigerian National Petroleum Company Limited (NNPCL) has launched the company’s maiden LPG Micro Filling Plant in Nasarawa State to make cooking gas available and affordable in rural areas.
GCR places Dangote Industries Limited’s Issuer and Issue ratings on “Review Extension: GCR Ratings (GCR) has placed Dangote Industries Limited’s national scale long-term and short-term Issuer ratings of AA+(NG) and A1+(NG) respectively on “Review Extension”.
GCR places Nigerian Breweries Plc’s Issuer ratings on “Review Extension”: GCR Ratings (GCR) has placed Nigerian Breweries Plc’s national scale long-term and short-term Issuer ratings of AA+(NG) and A1+(NG) respectively on ‘Review Extension’. The ratings process is ongoing and GCR expects to publicly release the updated ratings result on or before 31 May 2024.
Foreign Portfolio Investments increase in Q1 2024: The total transactions at the nation’s bourse increased by 50.48% from N357.88bn in February to N538.54bn in March 2024, according to the Nigerian Exchange Limited (NGX) report on domestic and foreign portfolio participation in equities for March 2024.
Nigeria eyes $2.25bn World Bank loan at 1% interest rate: Nigeria’s Finance Minister, Wale Edun, has disclosed that the nation has qualified to process and secure a $2.25 billion loan from the World Bank.
Nigeria’s Total External Debt Rose to US$42.50bn as of December 31, 2023: The most recent update from the Debt Management Office (DMO) on Nigeria’s public debt shows that the FGN’s total external debt obligations increased by US$900.6m (+2% q/q) to US$42.5bn in Q4 ’23.
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.
Month-on-Month FAAC Disbursements Decline In March 2024: In a recent communique released by the Federal Account Allocation Committee (FAAC), the federation’s revenue disbursement to the three levels of government amounted to N1.1trn (US$867.2m) in April 2024 (from March 2024).