December 19, 2022

Nigeria to establish solar PV projects with $1.5 billion loan FG:The Federal Government and US-based renewable energy company Sun Africa, have signed an agreement for the engineering, procurement, and construction (EPC) of 5,000 MW of solar generation and 2,500 MW/h of battery energy storage power plants. The power plants will be situated across the country’s six geopolitical zones and is expected to provide clean and affordable electricity to over 30 million people.
$1.3bn Zungeru hydropower to begin operations Q2 2023:The Federal Government has announced its intention to complete the concession of the $1.3bn Zungeru Hydroelectric Power Plant by March next year and will commence operations by the second quarter of the same year. The Zungeru project is estimated to generate 2.64 billion kWh of electricity a year to meet close to 10 per cent of Nigeria’s total domestic energy needs.
FG inaugurates panel on Benue power plant concession:The Minister of Power, Mr Abubakar Aliyu has announced the inauguration of a Project Steering Committee for the concession of the 1,650 megawatts hydropower plant in Makurdi, Benue State. The plant is expected to address the energy shortfall across the country, and mitigate flooding in many parts of Nigeria.
Starlink to roll out service in Nigeria before end of 2022- FG :The Minister of Communications and Digital Economy, Prof. Isa Pantami has disclosed that, Space X, will be rolling out Starlink Internet Service before the end of this year. This government also entered into a partnership with Space X for the delivery of broadband service across Nigeria
Shell completes acquisition of Nigerian solar firm Daystar Power:The renewable energy arm of Shell has completed the purchase of Daystar Power, a West African hybrid solar power solutions provider serving commercial and industrial businesses. The deal, having scaled regulatory hurdles, is the latest phase of Shell’s march towards providing clean energy via carbon emissions reduction.
GCR assigns GLNG Funding SPV Plc’s indicative ratings:GCR Ratings (“GCR”) has assigned GLNG Funding SPV Plc’s N5bn Series 1 Guaranteed Fixed Rate Senior Infrastructure Bonds a national scale long term indicative Issue rating of AAA(NG)(IR)) with the outlook accorded as Stable.
GCR places Viathan Funding Plc’s national scale long and short-term ratings on Review Extension : GCR Ratings (“GCR”) has placed Viathan Funding Plc’s long-term and short-term national scale Issuer ratings of CCC-(NG) and C(NG) respectively on ‘Review Extension’
Nigeria’s inflation rate boils to 21.47% in November 2022: According to latest inflation report by the National Bureau of Statistics (NBS), Nigeria’s inflation rose to 21.47% in November from 21.09% recorded in October, representing the 10th consecutively monthly increase since the start of the year. The increase in the year-on-year inflation rate can be attributed to increase in cost of importation due to the persistent currency depreciation.
Nigeria’s oil output rises 17% to 1.2 mb/d —OPEC: According to the Organisation of Petroleum Exporting Countries, Nigeria’s oil production increased month-on-month, MoM, to 1.186 million barrels per day, bpd, in November 2022. This second consecutive MoM rise in output is attributable to efforts by the Federal Government and the oil companies to confront the myriad of issues that had undermined official output figures including theft, illegal refining and vandalism.
FDI drops by 59% in 11 years – World Bank: According to data from the World Bank, Foreign Direct Investment in Nigeria has plunged by 58.98 per cent in 11 years, data from the World Bank have revealed. The country’s FDI depreciated from $5.966bn in 2010 to $2.447bn in 2021.
CBN disburses N9.7trn intervention funds: According to data from the Development Finance Department (DFD) Report, the Central Bank of Nigeria (CBN) has disbursed the sum of N9.714 trillion through various intervention funding programmes across several real sector industries. The Manufacturing/Industry sector had the highest allocation of 32.6 percent, followed by Energy/Infrastructure and Agriculture with 23. 1 percent and 22.8 percent allocations respectively.
FG Raised N3.06trn from Bond Market in 2022, Records 53.2% Oversubscription: The Debt Management Office has announced that the federal government raised N3.06 trillion from the bond market, the debt market in 2022. Analysis of the auction results revealed that total FGN bond borrowing in 2022 is 13 per cent higher than N2.71 trillion borrowed in 2021.