Again, Telecom Companies Screech over High Cost of Operations, Seek Increase in Tariff: Telecommunications companies under the aegis of the Association of Telecoms Companies of Nigeria (ATCON), have again lamented the high cost of doing telecoms business in Nigeria, insisting that urgent steps must be taken by the Nigerian Communications Commission (NCC) for upward review of telecoms tariff across networks.
FG warns saboteurs as power generation rises to 4,800MW: The Federal Government says Nigeria’s electricity generation has risen to 4,800 megawatts up from around 3500 in March
FG gives fresh condition for gas licences: The Federal Government says it will stop granting licences to gas companies with no capacity to build pipelines for gas distribution.
FG approves design for 1000km Sokoto-Badagry road network: The Minister of Works, Dave Umahi, has revealed that President Bola Tinubu has approved the commencement of the design of the 1000-kilometre Sokoto-Badagry Coastal Highway.
FG unbundles TCN, hands national grid to new company: A fresh order by the Nigerian Electricity Regulatory Commission (NERC) will, in the next 30 days, create the Nigerian Independent System Operator of Nigeria Limited (NISO), leading to a split of the Transmission Commission of Nigeria (TCN).
Oyo Partners Shell Nigeria Gas to Build Gas Distribution Network: The Oyo State Government and Shell Nigeria Gas (SNG) have signed an agreement to develop a gas supply and distribution infrastructure that will deliver gas to the state’s industrial and commercial users.
NERC deregulates meter prices under MAP scheme: The Nigerian government has announced the deregulation of electricity meter prices under the Meter Asset Provider (MAP) scheme.
GCR assigns a final rating of AAA(NG) to InfraFunding SPV Limited’s NGN755 million Series 5 Tranche A Guaranteed Fixed Rate Senior Infrastructure Bonds, Outlook Stable: GCR Ratings (GCR) has assigned a final public national scale long-term Issue rating of AAA(NG) to InfraFunding SPV Limited’s NGN755 million Series 5 Tranche A Guaranteed Fixed Rate Senior Infrastructure Bonds, with the Outlook accorded as Stable.
GCR affirms Development Bank of Nigeria Plc’s national scale long and short-term issuer ratings of AAA(NG)/A1+(NG); Outlook Stable: GCR Ratings (GCR) affirms Development Bank of Nigeria Plc’s national scale long and short-term issuer ratings of AAA(NG) and A1+(NG) respectively with a stable outlook.
GCR assigns a national scale long-term rating of BBB-(NG) to Eat & Go Finance SPV Plc’s NGN1.15Bn series 1 senior unsecured bonds: GCR Ratings (GCR) has assigned a national scale long-term issue rating of BBB-(NG) to Eat & Go Finance SPV Plc’s NGN1.15Bn series 1 senior unsecured bonds, with the outlook accorded as Stable.
Fitch Revises Nigeria’s Outlook to Positive; Affirms at ‘B-‘: Fitch Ratings has revised the Outlook on Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Positive from Stable, and affirmed the IDR at ‘B-‘.
Reuters Survey: Inflation in Nigeria to Remain Stubborn Till 2025: Inflation in key African economies will slow into next year but remain stubbornly high in Nigeria due to sporadic flooding and difficult terrain for Nigeria’s currency, the naira, a Reuters poll has found.
Federal Government Sees Reduction in External Debt Service Cost in Q4 2023: Discussing Nigeria’s debt profile and focusing on the Debt Management Office’s (DMO) external debt service data shows that the federal government of Nigeria’s (FGN’ s) total external debt obligations fell by US$447.5m (-32% q/q) to US$943.2m in Q4 ’23.
Currency outside banks surges as Nigerians keep 94% as cash in hand – March 2024 report: Nigerians have increased their hoarding of cash, with as much as 94% of the currency in circulation held outside banks by March 2024.
FX gains ease inflation pressure on businesses as Nigeria’s PMI jumps to 51.1- Report: Exchange rate gains during the month of April led to a slowdown in inflation pressure, according to the Stanbic IBTC Nigeria Purchasing Managers Index (PMI) in the month of April.
