Lagos launches Omibus ferries pilot operation: The Lagos State Waterways Authority, LASWA, has kicked off the pilot operations of the 40-passenger Omibus ferries within the Lagos metropolis.
Excitement As Greenville LNG Power Nasarawa State-Owned Buses With CNG: In a heart-warming development for vehicular commuters and businesses in Nasarawa State, Nigeria’s leading domestic gas liquefaction and distribution company, Greenville LNG, has has started dispensing and fuelling vehicles with its more eco-friendly and cost-reducing alternative energy offering, Compressed Natural Gas (CNG), in the Nasarawa State Capital, Lafia.
FG, NSIA to Set Up Funding Guarantee Facility to Bridge Infrastructure Financing Gap: The federal government and the Nigerian Sovereign Investment Authority (NSIA), mangers of the Sovereign Wealth Fund (SWF), have proposed the establishment of a Nigeria Infrastructure Finance and Guarantee Facility (NIFF), a dedicated provider of credit and guarantees for local infrastructure projects.
FG Signs $118 Million Deal to Construct, Rehabilitate over 2,670km Power Lines: The federal government yesterday signed a $118 million deal with Elsewedy and Power China to construct and rehabilitate over 2,670 kilometres of electricity distribution lines across the country under the Presidential Power Initiative (PPI).
Despite Challenges, Telecoms Industry Contribution to Nigeria’s GDP Maintained Steady Growth in Three Years: Despite the difficult times faced by telecoms operators in delivering telecoms services across all sectors of the Nigerian economy, the contribution of telecoms industry to Nigeria’s Gross Domestic Product (GDP), has maintained a steady growth curve in the last three years, latest statistics released by the Nigerian Communications Commission (NCC), has revealed.
FG to spend $7.2bn on two deep seaport projects: The Federal Government might be spending about $7.2bn to complete two approved deep seaports across the country.
Zamfara Approves Construction of Strategic N81bn Magami-Dansadau Road: Zamfara State government has approved the construction of a new 108-kilometre road from Magami to Dansadau.
GCR places Union Bank of Nigeria Plc’s national scale issuer and issue ratings on Review Extension: GCR Ratings (GCR) has placed Union Bank of Nigeria Plc’s national scale long and short-term issuer ratings of BBB+(NG) and A2(NG) respectively on Review Extension.
GCR affirms NEM Insurance Plc’s national scale financial strength rating of AA(NG); Outlook Stable: GCR Ratings (GCR) has affirmed NEM Insurance Plc’s national scale financial strength rating of AA(NG); with a Stable Outlook.
GCR affirms Daraju Industries Limited’s ratings at BBB-(NG)/A3(NG) on capital raise and debt reprofiling; Outlook Stable: GCR Ratings (GCR) has affirmed the national scale long-term and short-term issuer ratings of BBB-(NG) and A3(NG), respectively, accorded to Daraju Industries Limited (Daraju or the company).
GCR places Coleman Technical Industries Limited’s Issuer ratings on “Review Extension”: TGCR Ratings (GCR) has placed Coleman Technical Industries Limited’s national scale long-term and short-term Issuer ratings of BBB-(NG) and A3(NG) respectively on ‘Review Extension’.
Fitch Affirms Lagos State at ‘B-‘; Outlook Positive: Fitch Ratings has affirmed Lagos State’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘B-‘ with Positive Outlook.
Fitch Revises Outlooks on FBN Holdings and First Bank of Nigeria to Positive; Affirms at ‘B-‘: Fitch Ratings has revised the Outlooks on FBN Holdings Plc’s (FBNH) and its main operating subsidiary First Bank of Nigeria Ltd’s (FBN) Long-Term Issuer Default Ratings (IDRs) to Positive from Stable and affirmed the IDRs at ‘B-‘.
Fitch Downgrades Ecobank Nigeria Limited to ‘CCC’: Fitch Ratings has downgraded Ecobank Nigeria Limited’s (ENG) Long-Term Issuer Default Rating (IDR) to ‘CCC’ from ‘CCC+’. The bank’s National Long-Term Rating has been downgraded to ‘BB-(nga)’ from ‘BB+(nga)’. The Outlook on the National Long-Term Rating is Stable.
Fitch Affirms Nigeria’s Kaduna State at ‘B-‘; Outlook Positive: Fitch Ratings has affirmed Nigerian Kaduna State’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘B-‘ with a Positive Outlook. A full list of rating actions is below.
Nigeria’s exchange rate depreciates by 6.43% in July despite CBN’s FX sales: Nigeria’s exchange rate closed July 2024 at N1608.73/$1, marking a 6.43% depreciation on the official market for the month.
World Bank restructures $350 million loan to Nigeria to allow completion of seven power plants: The World Bank has restructured a $350 million loan to Nigeria to ensure the completion of seven critical power plants in educational institutions, bolstering the nation’s energy infrastructure.
Currency In Circulation Rose Despite Hawkish Monetary Policy Measures: According to data from the Central Bank of Nigeria (CBN), the total currency in circulation (CIC) increased to an all-time high of N4.1trn, marking a 56% year-on-year (YoY) increase compared with N2.6trn in July 2023.
PSCE Recorded Double-digit YoY Growth to N74.3trn in May 2024: Private Sector Credit Extension (PSCE) expanded by +66% year-on-year (Y-o-Y) to N74.3trn in May 2024, according to the most recent data from the Central Bank of Nigeria (CBN).
External Reserves Up $4.35bn in 3 Months, Hit 16-month High of $36.5bn: Nigeria’s external reserves witnessed substantial increase of $4.35 billion over the past three months to reached a 16-month high of $36.5 billion as of July 26, 2024.
