8th July 2024

Nigeria eyes $172bn investment in mining, agriculture, others: A multi-national company, Backbone Infrastructure Nigeria Limited, has announced its intention to invest $172bn to develop various infrastructure sectors in the country.
BPE to fast-track NIPP sale, says new D-G, Gbeleyi: The Bureau of Public Enterprises (BPE) said it will fast-track the sale of the National Integrated Power Projects (NIPPs) to provide much-needed power supply to the public.
AKK GAS PIPELINE PROJECT: Without promising too much, we assure you that this Project will be delivered on schedule. Our mission is to work towards delivering it by December this year.
MTN Begins Construction of Largest Data Centre in West Africa: In a move to enhance Nigeria’s digital infrastructure, MTN Nigeria has commenced the construction of West Africa’s largest data centre.
Discos Raise Revenue by N42.4bn after 230% Hike in Tariff for Premium Customers: Electricity Distribution Companies (Discos) in Nigeria made additional revenue of N42.4 billion after the Nigerian Electricity Regulatory Commission (NERC) approved a hike in tariff for Band ‘A’ customers on April 3, new data from the commission has shown.
Butane Energy, NCDMB to Unveil Four More LPG Plants in Northern States: In the push to promote the use of Liquefied Petroleum Gas (LPG) as a cleaner and more cost efficient source of fuel for cooking in Nigeria, Butane Energy Limited and its joint venture partners, the Nigerian Content Development and Monitoring Board (NCDMB) have set timelines for the completion and inauguration of additional LPG plants sited in four northern states.
Julius Berger Resumes Work on Abuja-Kaduna-Zaria-Kano Road Project: Julius Berger Nigeria Plc has remobilised to its Abuja-Kaduna – Zaria-Kano Road project on June 19, 2024. A statement by the company said it has since recommended asphalt installation works on site.
REA Targets Construction of 1,300 Mini-grids Nationwide, Signs MoUs with Five Organisations: The Rural Electrification Agency (REA) yesterday signed separate Memoranda of Understanding (MoU) with five renewable energy-related organisations in its bid to ensure that the target of building at least 1,300 mini-grids in the coming years become a reality.
Abia to Inject CNG Buses into Transport System as Firm Sets up Eco-friendly Motor Assembly Plant: The Abia State Government has announced plans to inject buses and cars that use compressed natural gas(CNG) into the transport system very soon.
GCR assigns an initial national scale issuer rating of BBB(NG) to Lekoil Nigeria Limited, Outlook Stable: GCR Ratings (GCR) has assigned national scale long-term and short-term issuer ratings of BBB(NG) and A3(NG) respectively to Lekoil Nigeria Limited, with the Outlook accorded as Stable. Rated entity Rating class Rating scale Rating Outlook Lekoil Nigeria Limited Long-term issuer National BBB(NG) Stable Short-term issuer National A3(NG) Rating rationale The…
Moody’s Ratings affirms the B3 long-term issuer ratings of Ecobank Transnational Incorporated, maintains negative outlook: Moody’s Ratings (Moody’s) has today affirmed the following ratings of Ecobank Transnational Incorporated (ETI): the B3 long-term issuer ratings, the Not Prime short-term issuer ratings, the b2 Baseline Credit Assessment (BCA) and the b1 Adjusted BCA. At the same time, we have maintained the negative outlook on the group’s long-term issuer ratings.
GCR affirms Infrastructure Credit Guarantee Company Limited’s National Scale Long-term Issuer Rating of AAA(NG), Outlook Stable: GCR Ratings (GCR) has affirmed Infrastructure Credit Guarantee Company Limited’s national scale long-term issuer rating of AAA(NG), with a Stable Outlook. Rated entity Rating class Rating scale Rating Outlook Infrastructure Credit Guarantee Company Limited Long Term Issuer National AAA(NG) Stable Rating rationale The rating affirmation reflects Infrastructure Credit Guarantee…
President Tinubu Inaugurates Presidential Economic Coordination Council (PECC), Launches Economic Stabilisation Programme: President Bola Tinubu, GCFR, yesterday inaugurated the Presidential Economic Coordination Council (PECC) and launched the Economic Stabilization Programme to ensure food security, improved power supply, enhanced social welfare and healthcare, increased energy production, and overall economic transformation.
FGN Fiscal Deficits Increased 9% Y-o-Y to N1.1trn: According to the CBN’s monthly economic report, the Federal Government of Nigeria’s (FGN) fiscal operations resulted in a fiscal deficit of -N1.1trn in January 2024.
Nigeria’s Capital Importation Rose 198.06% to US$3.38bn Y-o-Y in Q1 2024: According to data from the National Bureau of Statistics (NBS), capital importation into Nigeria in Q1 2024 was US$3.38bn, 198.06% higher than US$1.13bn recorded in Q1 2023.
Nigeria’s money supply nears N100 trillion in May 2024, despite MPC’s tightening efforts: Nigeria’s money supply (M3) has surged to nearly N100 trillion, hitting a new peak of N99.24 trillion in May 2024.
Inflationary pressures slowdown business activities as Nigeria’s June PMI drops to seven-month low: Nigeria’s Purchasing Managers’ Index (PMI) dropped to a seven-month of 50.1 in June as inflationary pressures led to a slowdown in business activities in the month.
FG approves new withholding tax regime, exempts small businesses, farmers, manufacturers: The federal government has approved a new withholding tax regime for the country and introduced key changes to the previous tax regime such as reduction of rates for businesses with low margins and measures to curb evasion.