March 6, 2023

World Bank deploys 100 solar grids in Nigeria: The World Bank said that a market-driven approach to mini grid development under its National Electrification Project has accelerated the deployment of more than 100 new solar-powered mini grids in Nigeria. It attributed the growth in deployment to the decline in the costs of key components, the introduction of new digital solutions, a large and expanding cohort of highly capable mini grid developers and growing economies of scale.
Operators project over 60% rise in housing deficit: Experts in Nigeria’s building industry have predicted an over 60 per cent rise in the housing deficit by 2050, on the back of rising population and urbanisation worsened by economic conditions. According to the Treasurer of the Nigerian Institute of Building, Phillips Ayotunde, many private developers are unable to access funds to build, due to the high interest rates and import duties on building materials.
10 Companies will provide transformative solar-powered projects over the next 12 months: Sustainable Energy for All has launched the Universal Energy Facility – a results-based financing facility aimed at providing funding to renewable energy companies in Nigeria. The program is expected to increase solar technology adoption across the country ahead of the planned removal of fuel subsidies in June 2023. The ten companies selected to receive support under the UEF program include; Ashipa Electric, Cloud Energy limited, Darway Coast, Havenhill Synergy Limited, Konexa Energy, Oolu Nigeria, Pam Africa, Solad and SunFi
Africa needs $614bn to tackle food insecurity – IFAD: The International Fund for Agricultural Development has stated that Africa needs a cumulative sum of $614bn by 2030 to address its rising challenge of food insecurity and transform the food system. The Associate Vice President for External Relations and Governance, IFAD, Satu Santala, called for more finance and investments in Africa’s food systems, innovations that reorient towards fairer outcomes, create jobs and harness the potential of Africa’s youth.
GCR places Ardova Plc’s national scale Issuer and Issue ratings on “Review Extension”: GCR Ratings (“GCR”) has placed Ardova Plc’s long-term and short-term national scale Issuer ratings of A-(NG) and A2(NG) respectively, as well as the Series 1 Senior Unsecured Bonds on ‘Review Extension’.
GCR affirms C&I Leasing Plc’s Long and Short-term National Scale Issuer Ratings: GCR Ratings (“GCR”) has affirmed C&I Leasing Plc’s Long and Short-term National Scale Issuer Ratings of BBB(NG) and A3(NG). The outlook has been revised to Negative from Evolving.
GCR affirms Ondo State Government of Nigeria’s Issuer ratings: GCR Ratings (“GCR”) has affirmed the national scale long-term and short-term Issuer ratings of BBB (NG) and A3 (NG) respectively assigned to Ondo State Government of Nigeria. The outlook is accorded as Stable.
GCR places Union Bank of Nigeria Plc’s national scale Issuer and Issue ratings on “Rating Watch Evolving”: GCR Ratings (“GCR”) has placed Union Bank of Nigeria Plc’s national scale long-term and short-term issuer credit ratings and the national scale long term issue credit rating of the N6.3bn Series 2 Senior Unsecured Bonds on Rating Watch Evolving.
IMF warns CBN, others over rising inflation: The International Monetary Fund has urged the Central Bank of Nigeria and other monetary authorities to deemphasise monetary policy as a way of tackling the resurgence of inflation. According to a report titled “Rethinking monetary policy in a changing world,” the IMF noted that the ability of central banks to set monetary policy and control the economy in more fraught times hinges on its independence.
Supreme court nullifies naira redesign policy: The Supreme court has ordered that old N200, N500, and N1000 note remain in circulation till December 31,2023. The apex court also nullified the naira redesign policy introduced by the Federal Government declaring it an affront to the 1999 constitution.
External reserves fell by $317m in February – CBN : According to figures obtained from the Central Bank of Nigeria, the country’s external reserves fell by $317m in February. The Governor of the CBN, Godwin Emefiele, said the Monetary Policy committee noted the marginal decline in the external reserves reflects the exchange rate pressure accentuated by a combination of heightened demand and slow accretion to reserves.
Nigeria’s balance of trade reverses to deficit: The CBN has disclosed that Nigeria’s balance of trade position has reversed from surplus to deficit, recording a $20 million trade deficit in November 2022 as against a surplus of $50 million in the previous month, October 2022. According to the Central Bank of Nigeria (CBN) the deficit was a result of low crude oil export receipts during the period.
Only 24% of Nigeria Central Bank’s Anchor Borrowers Loan Repaid -IMF: The International Monetary Fund (IMF) has disclosed that only 24 per cent of loans disbursed under the Central Bank of Nigeria’s Anchor Borrowers Programme (ABP) have been repaid. In November 2015, President Muhammadu Buhari launched the ABP to boost agricultural production and reverse Nigeria’s negative balance of payments on food. IMF noted that agricultural credit in Nigeria has not significantly boosted production even though there is the challenge of targeting the right recipients for the credit.