News Update 19th July 2021

Poor infrastructure costing Nigeria $17.1 bn yearly, says AfDB: The African Development Bank (AfDB) says Nigeria loses about four percent of her Gross Domestic Product growth annually because of poor infrastructure. This amounts to $17.1 billion yearly using the 2020 GDP figures.
Power generation improves to 4,823.60 MW: Power generation in Nigeria picked up, reaching 4,823.60 mega watts. Data from the National System Operator, an independent unit in the Transmission Company of Nigeria, TCN, showed that it was a 19.32% than the 4,042.40MW previously generated.
Emefiele: N15 trillion Infrastructure Company to Take off Third Quarter: The N15 trillion Infrastructure Company Limited (InfraCo), created by the federal government to bridge the nation’s huge infrastructure gap is to take off in the third quarter of the year.
Govt sets mid 2022 target for Lekki port operations: The Federal Government has urged the management of Lekki Port LFTZ Enterprise Limited and other stakeholders, to work tirelessly to ensure that the port becomes operational by mid-2022
2.2 million farmers to benefit from FG’s N12.3 billion agric subsidy: The Presidency has said that more than 2.2 million farmers are set to receive about N12.3 billion agricultural subsidy from the Federal Government in a few weeks.
GCR affirms Infrastructure Credit Guarantee Company Limited’s National Scale Long-term Issuer Rating of AAA(NG); Outlook Stable: GCR Ratings (“GCR”) has affirmed the national scale long term rating of AAA(NG) accorded to Infrastructure Credit Guarantee Company Limited, with a Stable Outlook.
Dufil Prima Foods Plc’s national scale issuer ratings on “Review Extension”:GCR Ratings (“GCR”) has placed Dufil Prima Foods Plc’s long-term and short-term national scale Issuer ratings of A-(NG) / A2(NG) respectively on ‘Review Extension’
GCR assigns an indicative national scale fund rating of BBB+(NG)(f)(IR) to SAMTL Mixed Fund: GCR Ratings (“GCR”) has assigned an indicative national scale fund rating* of BBB+(NG)(f)(IR) to SAMTL Mixed Fund; with the outlook accorded as Stable.
Nigeria’s inflation rate drops further to 17.75% in June 2021: Nigeria’s inflation rate dropped further in the month of June 2021 to 17.75% from 17.93% recorded in the previous month (May 2021). This represents the third consecutive decline in headline inflation.
To accommodate fresh loans, FG raises new borrowing limit to N61 tn: With the new borrowing limit set by the Federal Government, Nigeria can expand its current debt portfolio from N33.11 tn to N61 tn. The new borrowing limit contained in a document, Medium Term Debt Strategy, shows that Nigeria has raised its borrowing limit from 25% of the Gross Domestic Product to 40% of the GDP
Only 1,300 of 7,000 oil wells active, as DPR optimises production: The Department of Petroleum Resources (DPR) has reaffirmed its commitment to boost production in the nation’s oil reserves. According to the Department, out of 7,000 reservoirs in the country, operators in the oil and gas industry are currently utilising only 1,300 reservoirs.
AfCFTA can raise Africa’s spending to $6.7tn – The Minister of Industry, Trade and Investment: The African Continent Free Trade Area has the potential to boost consumer and business spending in Africa up to the tune of $6.7 trillion and drive huge foreign direct investments.
COVID-19: World Bank mobilises $100 billion support fund for Nigeria, others: The World Bank has said that it will mobilise an IDA20 replenishment envelope of at least $100 billion to help Nigeria and other members of the International Development Association to quicken their recovery from the COVID-19 pandemic.