30th May, 2022

LFZC Completes N25bn Series II, 20-Year Corporate Infrastructure Fixed Rate Bond: Lagos Free Zone Company (LFZC), has announced the successful issuance of a N25 billion 20-Year Series II Senior Guaranteed Fixed Rate Corporate Infrastructure Bonds Due 2042 (LFZ Bonds) under a N50 billion Debt Issuance Programme.
Clean Fuels: Nigeria, Others Require $15.7bn to Upgrade Existing Refineries, Says Refiners Association: The African Refiners and Distributors Association (ARDA) has said Nigeria and other African countries would need at least $15.7 billion to upgrade existing refineries in their bid to reduce sulphur content.
NIRSAL’s Credit Guarantee Scheme Unlocks N152bn to Farmers, Signs MoU with Moroccan Bank: The Managing Director/Chief Executive, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Plc, Mr. Aliyu Abdulhameed, has said it unlocked N152 billion to farmers under the NIRSAL’s Credit Risk Guarantee (CRG) facility in the last six years with credit crystallization rate still below 1 per cent.
Akwa Ibom, firm seal deal for 732MW Ibom power plant expansion: Akwa Ibom State government has firmed up an agreement with African Delta Power Limited to add additional 366 megawatts to the existing 191 megawatts to the state Ibom power plant.
AfDB invests $1 billion in special agro-industrial processing zones in Nigeria, 12 other African countries: The African Development Bank (AfDB) has announced that it is designing youth entrepreneurship investment banks in Nigeria and 12 other African countries to create wealth in the continent.
GCR places Coleman Technical Industries Limited’s national scale Issuer ratings on “Review Extension”: GCR Ratings (“GCR”) has placed Coleman Technical Industries Limited’s long-term and short-term national scale Issuer ratings of BBB-(NG) and A3(NG) respectively on ‘Review Extension’.
GCR downgrades Aarti Steel Nigeria Limited’s national scale long term and short term Issuer ratings to BB-(NG) and B(NG) respectively, Outlook Stable: GCR Ratings (“GCR”) has downgraded Aarti Steel Nigeria Limited’s national scale long term and short term Issuer ratings to BB-(NG) and B(NG) respectively, with the Outlook accorded as Stable.
GDP: Non-oil sector grows by 6.08% in Q1 2022: Nigeria’s non-oil sector grew by 6.08 % (year-on-year) in real terms in the first quarter of 2022, an increase of 5.28 points from the preceding quarter which recorded a growth rate of 3.58%, compared to the rate recorded same quarter of 2021 and 1.34% points higher than the fourth quarter of 2021.
Nigeria’s GDP grows by 3.11% in Q1 2022: Nigeria’s Gross Domestic Product (GDP) grew by 3.11% (year-on-year) in real terms in the first quarter of 2022, indicating the sixth consecutive quarter of positive growth by the Nigerian economy.
Rural Electrification: GEF, UNDP kick-start $2.9m off-grid lighting project: The Rural Electrification Agency with funding support from the Global Environment Facility and the United Nations Development Programme has kicked off a five-year rural electrification project .
Cash-strapped banks borrow N338.4bn from CBN in one month: Cash-strapped banks borrowed N338.5bn from the Central Bank of Nigeria in January to bridge their funding gap, according to the banking data.
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