News Update 14th June 2021

President Buhari announces establishment of N15 trillion Infraco Plc for Infrastructural development: President Muhammadu Buhari has announced his approval of the establishment of Infraco Plc, a world-class infrastructure development vehicle wholly focused on Nigeria with a capital structure of N15 trillion
NLNG Seals Deal with Off-takers for Domestic LNG Supply: The Nigeria Liquefied Natural Gas (NLNG) Limited has signed a 10-year LNG Sales and Purchase Agreements (SPAs) with three off-takers for domestic supply of LNG in country.
Power generation falls 23% to 3,172MW: Power supply in Nigeria has failed to improve from last week’s performance, as it fell by 22.9% from peak generation of 4,115MW on Saturday to 3,172.20MW on Sunday.
EKEDC, NDPHC sign 300MW supply agreement to address shortfall in Ibeju Lekki, Agbara: EKEDC and the Niger Delta Power Holding Company, NDPHC, signed a bilateral agreement for the sale of up to 300MW of power from NDPHC’s power plants.
$15 billion Needed to Upgrade Oil Refineries in Africa: Oil refineries in Africa will require approximately $15.7 billion to upgrade the existing 36 facilities to produce petroleum products that will conform with the planned level of sulphur content, according to the African Refiners and Distributors Association (ARDA)
GCR assigns an Indicative Rating of BBB+(NG)(IR) with a Positive Outlook to Fidson Healthcare Plc’s proposed N4bn Series 1 Senior Unsecured Bonds: GCR Ratings (“GCR”) has assigned a national scale long term indicative Issue rating of BBB+(NG)(IR) to Fidson Healthcare Plc’s proposed N4 billion Series 1 Senior Unsecured Bonds with a Positive Outlook
GCR affirms Fidson Healthcare Plc’s national scale ratings of BBB+(NG) / A2(NG) and revises the Outlook to Positive due to expected robust earnings growth: GCR Ratings (“GCR”) has affirmed the national scale long and short-term Issuer ratings of BBB+(NG)and A2(NG) respectively, assigned to Fidson Healthcare Plc, with the Outlook revised to Positive.
Nigeria’s equities market gains over N100 billion as Okomu, others rally: Investors in Nigeria’s equities market booked about N102 billion gain on Tuesday June 8th as the market advanced by 0.50% at the close of trading session.
Oil Market: Price of Nigeria’s Bonny Light hovers at $71.73 per barrel: The price of Bonny Light, Nigeria’s oil grade hovered at $71.73 per barrel, as the Organisation of Petroleum Exporting Countries (OPEC) puts the nation’s output at 1.344 million barrels per day, mb/d
AFCTA to Boost Africa’s Exports by $560 billion- FG :The African Continental Free Trade Area (AfCFTA) agreement will boost exports in the continent by at least $560 billion, according to the Federal government
Sahara Group Urges WTO to Promote Equitable Trade and Access to Energy: The Executive Director, Sahara Group, Kola Adesina, has said the World Trade Organisation (WTO) needs to galvanise the interest and support of various stakeholders to promote equitable global trade relations and energy access in Africa where almost 600 million live without electricity.
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