February 28, 2023

FG names winner of 700MW Zungeru plant concession: The Federal Government, on Wednesday, announced the preferred bidder for the concession of the 700 megawatts Zungeru Hydroelectric Power Plant for a fee of $70,000,251 per year for a period of 30 years. The 700MW capacity Zungeru HPP is Nigeria’s second-largest hydroelectricity power station, behind the Kainji Hydroelectric Power Plant, which has capacity of 760MW.
Universal Energy plans solar project grant: The Universal Energy Facility – a results-based financing facility managed by Sustainable Energy for All – has announced that it will provide grants to renewable energy companies that applied to have their projects financed as part of the facility’s Stand-alone Solar for Productive Use programme in Nigeria. The companies will now begin construction on their proposed solar projects, all of which are designed to connect businesses and services to a clean, affordable and reliable electricity source.
Renewable Energy could add $1.9 billion to Africa’s economy by 2030: The Acting Executive Secretary of the United Nations Economic Commission for Africa (UNECA) Antonio Pedro has predicted that renewable energy could add up to $1.9 billion to Africa’s economy by 2030. He also stressed the need investment in research and development in Africa’s renewable energy.
Free Trade Zones to List on Capital Market: The MD/CEO of 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. According to him, the development will among other things allow for greater redistribution of wealth and prosperity in the country. He noted that NEPZA was partnering the Nigeria Economic Zones Association (NEZA), the capital market regulator, SEC, as well as the Lagos Free Zone (LFZ) on the effort.
ICT contributed 16.22 to Nigeria’s real GDP in Q4 2022: The activities in the Information and Communications Technlogy (ICT) sector contributed 16.22% to Nigeria’s real gross domestic product n Q4 2022. The growth in the sector was largely driven by activities in the telecommunications subsector.
GCR places Presco Plc’s national scale Issuer ratings on “Review Extension: GCR Ratings (“GCR”) has placed the long-term and short-term Issuer ratings of A-(NG) and A2(NG) respectively accorded to Presco Plc on Review Extension. The withdrawal was due to analytical reasons.
Nigeria’s GDP grows by 3.52% in Q4 2022 – NBS: According to data from the National Bureau of Statistics, Nigeria’s Gross Domestic Product rose by 3.52% year-n-year in real terms in the fourth quarter of 2022, an improvement compared to 2.25% recorded in the previous quarter of 2022. The GDP growth was mainly driven by the services sector which recorded a growth 5.69% and contributed 56.27% to the aggregate GDP.
FG identifies new fields for 681,000bpd oil production: The Nigerian Upstream Petroleum Regulatory Commission has disclosed that the federal government has identified new oil fields capable of delivering about 681,000 barrels of crude oil per day and 1.52 billion standard cubic feet of gas daily. This is in line with the efforts of the Federal Government and its agencies to grow the country’s crude oil output in a bid to meet the 1.8 million barrels per day quota approved for Nigeria by the Organisation of Petroleum Exporting Countries.
Banks’ Prime Lending Rate Hit 13.67% in January: Amid severe macro economic challenges and increase in Monetary Policy Rate (MPR), commercial banks’ prime lending rate to most credit-worthy customers increased to 13.67 per cent in January 2023, a 1.99 per cent Year-on-Year (YoY) increase from 11.68 per cent in January 2022. The CBN Governor, Mr. Godwin Emefiele admitted that the hike in MPR would increase cost of borrowing, especially in non-priority sectors of the economy.
National Assembly passes bill to exit pension scheme, PFAs kick: The National Assembly has passed a bill to exempt its workers from the scheme, 18 years after operating the Contributory Pension Scheme. However, the Pension Fund Operators Association of Nigeria has stated that the passage of this bill sets a dangerous precedent that will not augur well for hardworking Nigerians, working across the private and public sector, who depend on the Contributory Pension Scheme for retirement security and stability.