News Update 15th feb 2021

FG urges China to intensify support for $5 billion Mambilla Power Project: The Nigerian Investment Promotion Commission (NIPC), has called on the Chinese Government to intensify its support for Nigeria’s infrastructural development, especially with the Belt and Road Initiative (BRI), and the N2.1 trillion ($5.792 billion) 3,050 megawatts (MW) Mambilla hydropower project.
DPR deepens floating LNG production with new license: Few years after the Floating Liquefied Natural Gas (FLNG) technology became feasible; the Department of Petroleum Resources (DPR), Monday, granted Nigeria’s first licence for the production of 176 million cubic feet per day (MMCFD) of gas.
Waste- to- Energy: Foreign firm plans $150M 25 megawatts facility in Lagos: The British Government has expressed support for more foreign investments in Lagos State, as moves for the first Waste to Energy plant in the state commenced. This happened as a foreign energy firm, West African ENRG, disclosed plans to invest $150 million to build a 25 megawatts waste to energy facility that would process 2.5 tonnes of waste energy daily.
CBN, AFC, NSIA to fund NGN 1 trillion infrastructure firm—FG: The President, Major General Muhammadu Buhari (retd.), has approved the establishment of a company, Infra-Co, saddled with the responsibility of tackling the nation’s infrastructure deficit.
IPMAN pledges to support Nigerian govt’s policy on gas expansion: The Independent Petroleum Marketers Association of Nigeria (IPMAN) has pledged to support the Nigerian government’s policy on the National Gas Expansion Programme (NGEP).
FG to auction NGN 150 billion February bonds: The Debt Management Office has said the Federal Government will auction NGN 150 billion worth of bonds by subscription on February 17. A circular by the DMO on Thursday showed that a NGN 50 billion 10-year reopening bond maturing in March 2027 would be offered at 16.29%; another NGN 50 billion 15-year reopening bond maturing in March 2035 would be auctioned at 12.5%.
NNPC, others risk losing $400 billion amid climate goals – Report: 20% of anticipated investments in the oil and gas sector by state-owned oil companies, including the Nigerian National Petroleum Corporation, are economically unviable if global warming is to be kept within 2oC
IMF rules out Nigeria’s full economic recovery before 2022: Nigeria’s recovery from the impact of the COVID-19 is expected to be weak and gradual under current policies, the International Monetary Fund said on Monday. The IMF also stated that the country’s real Gross Domestic Product is expected to recover to its pre-pandemic level only in 2022.
Nigerian oil-producing states receive NGN424 billion in 2020 as 13% oil derivatives: A sum of NGN 424.02 billion was shared among eight oil-producing states in Nigeria in the year 2020 as part of 13% oil derivatives. This is according to data obtained from the Federal Account Allocation Committee (FAAC) reports published regularly by the National Bureau of Statistics
Fidelity Bank records success in NGN 41.2 billion bond issuance: Fidelity Bank Plc says it has successfully issued 10-year NGN 41.21 billion in fixed rate unsecured subordinated bond at a 8.5% coupon rate due in 2031. It disclosed this in a statement on Sunday titled ‘Fidelity Bank Plc successfully issued the largest ticket Tier II local bonds in Nigeria.