February 20, 2023

BoI, French agency sign €2.5m funding deal: The Bank of Industry and the French Development Agency have signed a grant agreement for €2.5m delegated by the Green Climate Fund to fight climate change in Nigeria. The grant is designed to build the capacity of BoI, thereby providing tools for effective identification and development of eligible bankable climate-related projects.
FG targets private sector players like Sun Africa, InfraCredit for energy transition plan execution:The Federal Government of Nigeria has targeted some private sector players such as Sun Africa, InfraCredit, the Rural Electrification Agency (REA) and others towards meetings its energy transition plan. The CEO of InfraCredit, Mr Chinua Azubuike, expressed the belief that grants can be catalytic when applied.
Lekki deep seaport will boost economy – CEO:The Chief Executive Officer of the Lagos Free Zone, Dinesh Rathi, has said that the newly commissioned Lekki deep seaport would boost Nigeria’s economy by increasing the volume of trade and attracting more foreign direct investment. Raith noted that the integration of the Lekki deep seaport and the Lagos Free Zone was an ideal investment destination, given the quality of infrastructure available within the zone.
Kebbi’s $86m ethanol biofuel project taking off soon – Deputy gov: The Kebbi Deputy Governor, Retired Col. Sama’ila Yombe-Dabai, has disclosed that the state’s ethanol biofuel project, which is expected to gulp $86 million will soon take off. The modular refinery project to be jointly financed by Kebbi State Government, Nigeria National Petroleum Company Limited and 3D High-tech System, is expected to produce biofuel from cassava cultivated in the area.
DataPro upgrades Babban Gona ratings: DataPro has upgraded Babban Gona Farmer Services Nigeria Limited long-term rating from BBB+ to “A- with the outlook accorded as Stable. The rating upgrade reflects the Cumulative Average Growth rate of 24 per cent in revenue during the period 2017-2020.
Inflation soars to 21.82% amid naira redesign: According to the National Bureau of Statistics, Nigeria’s inflation soared to 21.82 per cent in January 2023. January’s inflation rate is a 0.48 per cent point increase from the 21.34 per cent that was recorded in December 2022, This is a new 17-year high after inflation fell for the first time in December 2022.
Nigeria’s daily oil production rises to 1.235 million barrels: The Organization of Petroleum Exporting Countries has announced that Nigeria’s oil production increased month-on-month by 1.9 per cent from 1.235 million barrels per day recorded in December 2022 to 1.258 mb/d per day in January 2023. According to an OPEC report, Nigeria surpassed Angola that produced 1.050 mb/d to become Africa’s leading producer while Equatorial Guinea came last with 55,000 barrels per day during the period.
Free Trade Zones to List on Capital Market, NEPZA Assures: The Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba, has disclosed that plans are underway to facilitate the listing of the country’s Free Trades Zones and their enterprises on the Nigerian capital market.