31st July 2023

Shelter Afrique boss explains the cause of housing deficit in Nigeria: Shelter Afrique has attributed Nigeria’s housing deficit to lack of investment data to guide policy making. Despite this, the firm said it has launched insurance bonds to deliver 1,100 housing units and 5000 jobs in Nigeria.
Abia to have independent power in next two month: Alex Otti, the Governor of Abia State has said Aba will be independently powered through the Geometric Power Limited’s power plant in one or two months. Otti disclosed this on Tuesday in a statement through his official Twitter handle when the Chairman of Geometric Power Limited, Prof Bartholomew Nnaji, a former Minister of Power and his team paid him a courtesy visit.
Senators urge FG to halt planned increment of electricity tariff: Senators have asked the Federal Government to halt the planned increment of the electricity tariffs in order to lessen the burden of the poor masses. The lawmakers stated this as part of their resolution after a motion sponsored by Senator Akintunde Yunus Abiodun (Oyo Central), and co-sponsored by Senator Asuquo Ekpenyong (Cross River South) and Senator Abbas Aminu Iya (Adamatoa Central).
NNPCL, UTM Offshore sign agreement to build Nigeria’s first floating gas plant: The Nigerian National Petroleum Company Limited (NNPCL) on Thursday signed a Heads of Terms (HoT) agreement with UTM Offshore Limited for the construction of the nation’s first indigenous floating liquified natural gas (LNG) project.
GCR places Coronation Merchant Bank Limited’s national scale long and short-term issuer ratings of A-(NG) / A2(NG) ratings on review extension: GCR Ratings (GCR) has placed Coronation Merchant Bank Limited’s national scale long and short-term issuer ratings of A-(NG) and A2(NG) respectively on ‘Review Extension’. The rating process is ongoing and GCR expects to publicly release the updated rating results before 31 August 2023. The ratings assigned at the last review…
GCR affirms Coleman Technical Industries Limited’s ratings of BBB-(NG)/ A3(NG):on rapidly increasing market penetration and robust liquidity; Outlook Evolving: GCR Ratings (GCR) has affirmed the national scale long-term and short-term Issuer ratings of BBB-(NG)/ A3(NG) assigned to Coleman Technical.
Global economic growth to drop to 3.0% in 2023-24 – IMF: The International Monetary Fund (IMF) says global growth is projected to fall from 3.5 per cent in 2022 to 3.0 per cent in both 2023 and 2024. This is according to the IMF’s latest World Economic Outlook (WEO) Update Report for July 2023: “Near-Term Resilience, Persistent Challenges” released on Tuesday.
Russia to renew direct investment in Nigeria, others: According to him Russia is set to renew the direct investment model for which its government under the Soviet Union was known for across sectors of the third world economies. He named the sectors to include iron and steel industries, petroleum refineries, industrial machinery manufacturing amongst others. Nigeria has been one of the major beneficiaries of the Soviet Union’s FDIs in these areas.
Naira depreciates to N768.6/$ in I&E window: Data from FMDQ showed that the indicative exchange rate for the Investors and Exporters (I&E) window rose to N768.6 per dollar from N740.08 per dollar from Tuesday, indicating N28.52 depreciation for the naira.