4th October, 2021

NNPC Begins Construction of 50MW Power Plant in Borno: The Nigerian National Petroleum Corporation (NNPC) has commenced the construction of a 50-megawatt gas turbine power plant, the Maiduguri Emergency Power Project (MEPP), expected to generate electricity to the capital city and its environs.
EU, GIZ provide £15m, promise 130,000 Nigerians electricity: The European Union and the German Agency for International Cooperation on Thursday provided additional £15m as financial support to the Federal Government through the Nigerian Energy Support Programme to boost the supply of electricity across the country.
Russia eyes power, infrastructure investments in Nigeria as trade hits $600m: Russian investors have indicated interest to invest in critical sectors of the Nigerian economy.
FG raises alarm over vandalism of telecoms infrastructure: The Federal Government has raised the alarm over activities of vandals on telecommunications infrastructure in the country, saying the ugly trend was responsible for the high cost of services charged subscribers by the operators
Germany commits EUR100 million to SEFA to unlock private investment in renewable energy: The German government will contribute €100 million to the African Development Bank’s Sustainable Energy Fund for Africa (SEFA) affirming its commitment to efforts to tap Africa’s renewable energy potential and drive its transition to clean energy sources.
GCR places Geregu Power Plc’s national scale issuer ratings on “Review Extension”: GCR Ratings (“GCR”) has placed Geregu Power Plc’s long-term and short-term national scale Issuer ratings of A(NG) and A1(NG) respectively on ‘Review Extension’.
GCR Assigns Long and Short-term National Scale Issuer Ratings of A(NG)/A1(NG) Respectively to STL Trustees Limited; Outlook Stable:GCR Ratings (“GCR”) has assigned STL Trustees Limited national scale long and short-term issuer ratings of A(NG) and A1(NG) respectively; with a Stable Outlook.
GCR suspends TAK Logistics Limited’s national scale ratings, and the issue rating accorded to its sponsored senior secured bond without review: GCR Ratings (“GCR”) has suspended the national scale long-term and short-term issuer ratings of BBB(NG) and A3(NG) respectively, assigned to TAK Logistics Limited without review.
GCR upgrades Lekki Gardens Estate Limited’s national scale issuer ratings and accords an issue rating to its Senior Secured Bonds: GCR Ratings (“GCR”) has upgraded Lekki Gardens Estate Limited’s national scale long-term and short-term Issuer ratings to BBB+(NG) and A2(NG) respectively.
COVID-19: World Bank approves $11.5 bn for Nigeria, others: The World Bank has said it approved $11.5 billion in lending to Western and Central African countries for 98 operations. The World Bank said this in its ‘Annual Report 2021: From crisis to green, resilient, and inclusive recovery.
Lagos, Rivers, Akwa Ibom lead in N4.12 trillion subnational domestic debts: The domestic debts owed by state governments and the Federal Capital Territory Administration was at N4.12 trillion at the end of the second quarter of 2021. Lagos, Rivers and Akwa Ibom are the three most indebted, according to the latest data from the Debt Management Office.
Agricultural outputs rise by N700 billion amid worsening insecurity: The National Bureau of Statistics says total agriculture output in the second quarter of the year rose to N9.3 trillion from N8.6 trillion recorded in the first quarter.
Stock market gains N521 billion, 85 firms miss out: Investors in the Nigerian Exchange Limited equities market recorded a gain of N521.46 billion in September despite losses in 85 firms against 35 gainers, analysis of data from the NGX revealed.