8th January 2024

Seplat Energy’s ANOH Gas Plant reaches mechanical completion: Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and London Stock Exchange, has announced that the ANOH Gas Plant installation works has reached mechanical completion, in line with the revised timetable.
DisCos face N2trn capital deficit amid electricity woes: Electricity distribution companies in Nigeria (DisCos) are grappling with an estimated capital deficit of N2 trillion (about $2.5 billion) and require fresh investments to revive the industry struggling to adequately supply power to over 200 million citizens.
Facilitating Cargo Evacuation from Lekki Port: The construction of the Ijebu-Ode-Epe-Lekki-Eleko Coastal roads, Lekki-Ajah-Eleko Coastal roads and Ikorodu-Itokin-Epe roads, have boosted cargo evacuation in and out of Lekki port, writes Gilbert Ekugbe.
Nigerians to Pay Between N111 to N215 Per Kilowatt with Planned Cost-reflective Electricity Tariff Regime: If government decides to approve the payment of cost-reflective tariffs this year, Nigerians will shell out between N111 and N215 per kilowatt hour (Kwh) of electricity as against the current N56.57 to N65.99 being spent on the same quantity of power.
FG, Chinese firm partner to build new steel plant: As part of efforts to industrialise Nigeria through the steel industry, the Federal Government has commenced discussions with a Chinese Company, Luan Steel Holding Group, to build a new Steel plant in Nigeria and commence the construction of military hardware at the Ajaokuta Steel Plant.
GCR suspends Zedcrest Capital Limited’s ratings: GCR Ratings (GCR) has suspended the national scale long-term and short-term Issuer ratings of BBB-(NG) and A3(NG) respectively accorded to Zedcrest Capital Limited (Zedcrest), without review. We have not received the full set of information required and therefore, a review of the ratings cannot be finalised as a result of…
Fitch Maintains First City Monument Bank’s ‘B-‘ Long-Term IDR on Rating Watch Negative: Fitch Ratings has maintained First City Monument Bank Limited’s (FCMB) Issuer Default Ratings (IDRs), Viability Rating (VR) and National Ratings on Rating Watch Negative (RWN). FCMB’s Government Support Rating of ‘ns’ is unaffected. A full list of ratings actions is below.
Fitch Affirms Ecobank Transnational Incorporated at ‘B-‘; Off Rating Watch Negative: Fitch Ratings has affirmed Ecobank Transnational Incorporated’s (ETI) Long-Term Issuer Default Rating (IDR) at ‘B-‘ and Viability Rating (VR) at ‘b-‘ and removed these ratings from Rating Watch Negative (RWN). The Outlook is Stable. ETI’s Government Support Rating of ‘no support’ is unaffected. A full list of rating actions is below.
Abuja struggles to recover from post-election 53% crash in foreign capital: The Federal Capital Territory (FCT) is struggling to recover from a significant crash in foreign capital recorded in the second quarter of 2023 after the 2023 elections.
Lagos Assembly passes N2.267 trillion as budget for 2024: The Lagos State House of Assembly on Friday passed N2,267,976,120,869 as the 2024 budget for Lagos State at a plenary session presided over by the Speaker, Rt. Hon. Mudashiru Obasa.
Nigeria’s economic growth projected at 3.1% in 2024 amidst global slowdowns: The United Nations World Economic Situation and Prospects (WESP) report for 2024 indicates a slight increase in Nigeria’s growth rate, projected to rise from 2.9% in 2023 to 3.1% in 2024.
Foreign direct investors triple asset disposal in Nigeria, divestment hits $200 million in Q3 2023: Foreign direct investors have tripled their asset disposals in Nigeria, reaching a staggering $200 million, according to the Central Bank of Nigeria’s (CBN) economic report for the third quarter of 2023.
FAAC Disbursements Amounted to N1.1trn in December 2023: The gross monthly distribution by the Federation Account Allocation Committee (FAAC) to the three tiers of government amounted to NGN1.1trn (USD1.2bn) in December 2023 (from November 2023 revenue).
Nigeria Macro Outlook 2024: The Path from Stagflation to Growth: Nigerians in 2024 should be prepared for an 18 months economic recovery period. This will be accompanied by a high interest rate regime to tame inflation and a continued scarcity of FX in NFEM with succor from the parallel market.