News Update 11th July 2021

NEPC, NNPC partner on securing Nigeria’s methanol processing plant: The CEO, Nigeria Export Promotion Council, NEPC, Mr. Olusegun Awolowo, has commended the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari, over his efforts in securing Nigeria’s first methanol processing plant following the signing of a final investment decision in January 2021.
AfDB Group approves $6 million grant to kick off Desert-to-Power West Africa energy program: The African Development Bank (AfDB) Group has approved a $6 million grant to launch the initial phase of the Desert to Power West Africa Regional Energy Program
NDPHC Commences Work on 15km Power Supply Line in Osun: NDPHC Commences Work on 15km Power Supply Line in Osun: The Niger Delta Power Holding Company (NDPHC) Limited has flagged off the construction of a new 15-kilometres 33kV line from Ile-Ife transmission substation to Garage-Olode Town, Ife South Local Government of Osun State
Daystar Power secures $20 million facility from IFC: Daystar Power, a leading provider of hybrid solar power solutions to businesses in West Africa, has secured a $20 million facility from the International Finance Corporation (IFC) to fund its project pipeline in Nigeria.e
Marketers plan 7,000 Autogas Stations with N250 billion loan: Oil marketers have commenced the process of converting over 7,000 retail outlets across the country to autogas stations as part of measures to deepen the use of gas in automobiles
GCR Affirms Sterling Bank Plc’s National Scale Long-term Issuer Rating of BBB(NG); Outlook Revised to Stable: GCR Ratings (“GCR”) has affirmed Sterling Bank Plc’s national scale long-term and short-term issuer ratings of BBB(NG) and A3(NG) respectively; with the Outlook revised to Stable from Negative
Nigeria’s production output drops to 1.48mbpd in June despite rally: Despite rising oil prices and opportunities for improved earnings, Nigeria’s capacity to take advantage of the rally remains undermined by the Organization of the Petroleum Exporting Countries’ (OPEC’s) quota and local challenges, as the country pumped 1.48 million barrels of crude in June
House concurs with Senate, approves $6.183 bn external loan request: The House of Representatives has approved the Federal Government’s request for $6.183 billion (N2.343 trillion) as external borrowing in 2021 Appropriation Act
Nigeria spends N60 bn annually to repair vandalised pipelines – FG: An average of 200,000 barrels per day is being lost yearly by the Federal Government to the destruction of oil pipelines with N60 billion spent annually on repair and maintenance
Nigeria’s GDP may decline by $139 bn in 2030 –World Bank: A new World Bank report estimates that the collapse of ecosystem services provided by nature including wild pollination, food from marine fisheries and timber from forests could result in Nigeria’s GDP declining by $139 billion in 2030
Nigeria’s foreign reserve plunges by $2.1 billion in 6 months, falls to 3-year low: Nigeria lost about $2.1 billion in foreign reserves within the first half of 2021, falling to its lowest level in almost four years. This is according to data obtained from the daily external reserve movement tracker, released by the Central Bank of Nigeria (CBN)