January 23, 2023

More Nigerians will turn to solar power after fuel subsidy is removed – Expert: The President Muhammadu Buhari administration recently announced plans to remove fuel subsidies by the second quarter of 2023. This development is expected to impact the demand for alternative energy. According to the CEO of Greenage Technologies, Aaron Esumeh, the renewable energy industry will experience massive growth if the subsidy is removed.
Buhari okays N1.9tr for NNPC to reconstruct 44 federal roads: Four months to end of his administration, President Muhammadu Buhari has approved for the Nigerian National Petroleum Corporation Limited, to invest N1.9 trillion in reconstruction of 44 federal roads under the tax credit policy.
Eight World Bank-funded power transformers arrive Nigeria: The General Manager of Public Affairs, the Transmission Company of Nigeria, Mr Ndidi Mbah, has announced the arrival of eight brand new transformers into the country. The power transformers funded by the World Bank through the Nigeria Electricity Transmission and Access Project (NETAP) is expected to increase the evacuation capacity of the transmission network in Nigeria.
FG licenses 20 local meter manufacturers: The Federal Government has issued fresh licences to 20 new local meter manufacturers in preparation for the next phase of the government’s free four million metering programme. Following the completion of the Phase zero which saw the distribution of one million free metres, the next phase is expected to begin in the second quarter of the year.
Mobile subscriptions hit 222 million: According to data from the Nigerian Communications Commission, the total number of subscriptions grew from 195.13 million as of December 2021 to 222.23 million as of December 2022. This growth signified a complete shake-off of the decline that plagued the telecoms industry in 2021.
GCR assigns Dangote Industries Funding Plc’s Bond Issue Rating: GCR Ratings (“GCR”) has assigned Dangote Industries Funding Plc’s N112.4bn Series 2 Senior Unsecured Bonds an Issue rating of AA+(NG) with the outlook accorded as Stable.
GCR assigns Robust International Commodities Limited’s an initial Issuer ratings: GCR Ratings (“GCR”) has assigned Robust International Commodities Limited national scale long-term and short-term Issuer ratings of BBB-(NG) and A3(NG) respectively with the Outlook accorded as Stable.
DataPro assigns Abbey Mortgage Bank assigned long term credit rating: DataPro (“DataPro”) has assigned Abbey Mortgage Bank Plc long-term rating of “A-” with the Outlook accorded as Evolving.
Nigeria’s inflation rate eases to 21.34% in December 2022: According to the latest inflation report from the National Bureau of Statistics (NBS) Nigeria’s inflation rate eased to 21.34% in December 2022, dropping from 21.47% recorded in November. This is the first time Nigeria’s headline inflation rate dropped on a month-on-month basis in the last eleven months.
Nigeria emerges top crude producer in Africa, as output increases for December 2022: According to monthly oil market report from the Organization of Petroleum Exporting Countries (OPEC), Nigeria recorded the highest crude oil production rate in Africa last month. The report showed that Nigeria produced 1,235 million barrels per day, higher than the 1,186 million barrels per day it produced in November 2022.
Africa’s Economic Growth to Outpace Global Forecast in 2023-2024: The African Development Bank Group has projected that Africa is set to outperform the rest of the world in economic growth over the next two years, with real gross domestic product (GDP) averaging around 4% in 2023 and 2024. This is higher than projected global averages of 2.7% and 3.2%.
Nigeria’s unemployment rate projected to hit 37% – NESG: The Nigerian Economic Summit Group (NESG) has projected that the country’s unemployment rate will hit 37 per cent in 2023. According to the group, weak performance in the job-elastic sectors, and low labour absorption of sectors will drive growth, the nation’s population growth estimated at 3.2 per cent will lead to a decline in real per capita income.