News Update 15th Mar 2021

AfDB to support quality healthcare infrastructure, pharmaceutical capacity across Africa: The African Development Bank is to support African countries to have quality healthcare infrastructure and ensure the continent develops its pharmaceutical capacity as well as produce required vaccines within the continent.
N250 bn required annually to manage highways – FERMA: The Managing Director/Chief Executive Officer, Federal Roads Maintenance Agency, Mr Nuruddeen Rafindadi, said on Tuesday that the agency would need between N200 bn and N250 bn annually to keep the federal highway network in manageable condition.
DPR seals 86 gas plants in Lagos for illegal operations: The Department of Petroleum Resources (DPR) has announced that it shutdown 86 Liquefied Petroleum Gas (LPG) plants in Lagos State in 2020 for operating illegally. This is coming at a time when there have been reported cases of explosions at gas stations in the state with several fatalities and destruction of properties.
Refineries’ rehab, oil search, pipeline, others gulp N21 bn: The National Petroleum Investment Management Services, NAPIMS, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, invested N21.47 billion to rehabilitate the nation’s refineries, the Nigeria-Morocco gas pipeline and oil search in the frontier basins, among others in January 2021
Eastern rail line will generate over 20,000 jobs: The Minister of Transportation, Rt. Hon Chibuike Rotimi Amaechi, has said that President Muhammadu Buhari’s major aim for investing in rail construction all over the country is to create employment for Nigerian youths. According to him, the Eastern rail line when it commences will generate between 20,000 and 50,000 jobs aside businesses that will open up along the rail corridor.
Currency in circulation dropped to N2.83 trillion in Jan: Currency in circulation in the country dropped by N70 billion to N2.83 trillion in January from N2.9 trillion as of December 2020, latest figures obtained from the Central Bank of Nigeria
OPEC Slashes Q2 Oil Demand Estimate by 690,000 bpd:The cartel cut its projection for the amount of crude its members will need to pump in the second quarter by 690,000 barrels a day, citing ongoing lockdown measures and other pandemic-related developments
Market players seek end to rising unclaimed dividends: As listed firms release 2020 full-year results, capital market investors have renewed calls on the Securities and Exchange Commission (SEC) to adopt all-inclusive approaches to curb rising unclaimed dividends
Nigeria’s rising debt servicing, an economic threat – SEC: The increasing debt service of Nigeria is an economic threat to the country, the Securities and Exchange Commission declared. But this might not stop the Federal Government from borrowing to fund the 2021 budget, as the Minister of Finance, Budget and National Planning, Zainab Ahmed, insisted that government had to borrow
Petrol subsidy to gulp N102.96 billion in March:NNPC may spend N102.96 billion on petrol subsidy this month going by the recent pricing template for the commodity. A Federal Government agency, Petroleum Products Pricing Regulatory Agency, on Thursday published the expected new lower and upper prices for petrol at retail outlets in March 2021, putting the rates at N209.61/litre and N212.61/litre respectively.
Foreign trade declines to N32.42 trillion in 2020: Nigeria’s total merchandise trade declined to N32.42 trillion in 2020, compared to N36.15 trillion in 2019, according to the National Bureau of Statistics (NBS). This represented the first fall in total trade since 2019, after an annual consecutive increase from 2015.