News Update 12th April 2021

Power generation dips to 2,805Mw: The Nigeria Electricity Supply Industry (NESI) yesterday recorded a dip in its power supply from 3,387Mw at 1:00am to 2,805Mw in daytime. The cause, according to the source, was due to gas constraint
ECA to increase Africa’s investment in infrastructure, agriculture: The Economic Commission for Africa says it is working with African countries to increase investments in infrastructure and agriculture on the continent, ECA would also be working to strengthen the private sector business environment in energy and infrastructure development.
NNPC reiterates commitment to renewable energy project: NNPC has reiterated commitment to its partnership with the Government of Kebbi on renewable energy projects
Lagos to knock down 297 properties for 37-km new rail line project: Lagos State Government prepares for the first phase construction of a 37-kilometre rail project, about 297 properties on the Right of Way (RoW) may be demolished.
NPA generates $1 billion from joint venture in 15 years: The Nigerian Ports Authority (NPA) has generated over $1 billion from the 15- year-Joint Venture (JV) agreement it signed with Depasa Marine International Limited. NPA is the Federal Government agency charged with providing port facilities.
GCR upgrades Nigerian Breweries Plc’s national scale long-term Issuer rating to AA+(NG), Outlook Stable: GCR Ratings (“GCR”) has upgraded the national scale long term and short term Issuer ratings of Nigerian Breweries Plc to AA+(NG) and A1+(NG), respectively, from AA(NG) and A1+(NG), with the Outlook accorded as Stable.
GCR upgrades Family Homes Funds Limited’s Long Term Issuer rating to BBB+(NG), Stable Outlook: GCR Ratings (“GCR”) has upgraded the national scale long-term and short-term Issuer ratings of Family Homes Funds Limited to BBB+(NG)and A2(NG) respectively, with the Outlook accorded as Stable.
GCR assigns a first-time national scale long term Issuer rating of BBB(NG) to Daraju Industries Limited: Outlook Stable: GCR Ratings (“GCR”) has assigned national scale long and short-term issuer ratings of BBB(NG) and A3(NG) respectively, to Daraju Industries Limited, with a Stable Outlook.
Nigeria oil production falls by 10.25%: Nigeria’s total crude oil and condensate production from January to October 2020 fell by 10.25% when compared to similar period in 2019, according to NNPC
Oil falls to $62 as COVID-19 dims demand outlook: The international oil benchmark, Brent crude, fell the most in nearly two weeks as growing delays in Europe’s reopening and looming Iranian supply dampened hopes for a swift decline in global inventories. Brent, against which Nigeria’s oil is priced, dropped by $2.65 to $62.21 per barrel
IMF forecasts higher economic growth for Nigeria in 2021: The International Monetary Fund has projected an economic growth of 2.5% for Nigeria in 2021. This is higher than the 1.5% IMF’s 2021 forecast earlier announced for the country in January.
Foreign reserves rise to $34.85 billion on ‘Naira for Dollar’ policy: The ‘Naira for Dollar’ policy of the Central Bank of Nigeria (CBN) has led to positive accretion to the foreign reserves exactly one month after takeoff. The foreign reserves, on April 1, stood at $34.85 billion, representing $404 million increase compared to $34.41 billion on March 11
Pension funds drop by NGN 6.93 billion: The value of pension fund assets fell by NGN 6.93 billion in January 2021 from NGN 12.31 trillion recorded as at last December 31 to NGN 12.299 in the month under review. The fund further dropped in February, according to the Monthly Summary Report of the National Pension Commission (PenCom) released on April 8, 2021.