February 6, 2023

NNPCL, Daewoo sign N342bn Kaduna refinery rehabilitation deal: The Nigerian National Petroleum Company Limited and Daewoo Engineering and Construction Nigeria Limited, signed a contract of $740.67m for the rehabilitation of Kaduna Refining and Petrochemical Company Limited. The Executive Vice President, Downstream, of the NNPCL, Adeyemi Adetunji, noted that the re-streaming of KRPC, would ensure its operation on a sustainable basis at a minimum capacity utilisation of 60 per cent.
FG projects 9,000MW from renewable energy: The Federal Government, disclosed at the Rural Electrification Agency’s management and board retreat that it is currently implementing measures to ensure the generation of 9,000 megawatts of electricity from renewable energy sources. The Minister of State for Power, Goddy Jedy-Agba, stated that FG intends to continue to optimize energy access while drawing in quality investments and private sector participation in the space.
African Development Bank approves $50 million, 50 million Euro for ECOWAS Bank: The African Development Bank Group has approved a dual-currency Trade Finance Line of Credit for ECOWAS Bank for Investment and Development (EBID) comprising $50 million and EUR 50 million. EBID will use the three-and-a-half-year facility to provide direct financing to local corporates, while part of the facility will be channelled through local banks for lending to key sectors such as agriculture, infrastructure, and transport.
Dangote, Sinoma sign agreement on new cement plant in Ogun: The Dangote Industries Limited (DIL) has signed an agreement with China Sinoma International Engineering to build a six million tons per annum cement plant in Itori, Ogun State. The Chairman of Dangote Cement Plc, Aliko Dangote noted that the new integrated cement plant at completion will strengthen the local production capacity of Dangote Cement, bringing its local capacity to 41.25 million tons per annum and total African capacity to 57.6 million tons per annum.
Nigeria, 6 other countries to benefit from AfDB’s $1 million technical grant for sustainable transport: The African Development Bank (AfDB) has announced that Nigeria, Kenya, Morocco, Rwanda, Senegal, Sierra Leone and South Africa will benefit from a $1 million technical assistance. The technical assistance grant being issued by the Sustainable Energy Fund for Africa (SEFA) of the African Development Bank Group will offer technical assistance and investment capital to accelerate and expand private sector investments in sustainable transport solutions.
GCR assigns Stanbic IBTC Pension Managers Limited an initial management quality rating: GCR Ratings (“GCR”) assigned Stanbic IBTC Pension Managers Limited an initial management quality rating of MQ2(NG)(mq), outlook accorded as Stable.
GCR withdraws the ratings on Viathan Funding Plc: GCR Ratings (“GCR”) has withdrawn the long-term and short-term Issuer ratings of CCC-(NG) and C(NG) respectively accorded to Viathan Funding Plc (“Viathan” or “the Company”), without review. The withdrawal was due to analytical reasons.
GCR withdraws the ratings on Niger State Government of Nigeria: GCR Ratings (“GCR”) has withdrawn the long-term and short-term Issuer ratings of BBB-(NG) and A3(NG) respectively accorded to Niger State Government of Nigeria (“Niger State” or “the State”), without review. The withdrawal was due to analytical reasons.
GCR assigns River Jamieson SPV Limited’s indicative Issue ratings: GCR Ratings (“GCR”) assigned an indicative long term credit rating of A(NG)(IR) to River Jamieson SPV Limited’s proposed up to N25bn Fixed Rate Senior Guaranteed Series 1 Bonds Issue. The outlook is accorded as Stable.
IMF revises Nigeria’s GDP growth to 3.2% from 3.1% due to improved fight against oil theft: The International Monetary Fund (IMF) has revised its 2023 growth projection for Nigeria’s economy to 3.2% from an earlier projected 3.1%. IMF noted the upward revision for 2023 reflects Nigeria’s rising growth in 2023 due to measures to address insecurity issues in the oil sector.
Nigerian Lawmakers approve additional N1 trillion in new Ways and Means loan for 2023 budget: Nigerian lawmakers have approved an additional N1 trillion loan to the federal government via the Ways and Means provisions. President Buhari requested an additional N1 trillion in CBN borrowings which takes the total Ways and Means provision to N23.7 trillion.
Nigeria’s public debt has risen to 44.06trillion- NBS: According to National Bureau of Statistics, Nigeria’s public debt stock, which includes external and domestic debt, stood at N44.06 trillion in Q3 2022, having risen by N1.22 trillion from N42.84 trillion in Q2 2022. The NBS report said that Nigeria’s external debt stood at N17.14 trillion in Q3 2022, while domestic debt was N26.91 trillion.
PFAs to Make Heavy Investments in Infrastructure in 2023: The Chief Executive Officer of Pension Fund Operators Association of Nigeria (PenOp), Oguche Agudah has disclosed that the PFAs intend to make heavy Investments in Infrastructure in 2023. He stated that fund managers are looking to invest in impact focused funds and 42 per cent of the Pension Fund Administrators (PFAs) indicated that they were actively looking for investments in infrastructure.