News Update 1st Mar 2021

AFD Supports Access to Renewable Energy with €70m: The Agence Francaise de Developement (AFD) is supporting access to renewable energy for Nigerian manufacturers with €70 million under the Sustainable Use of Natural Resources and Energy Finance (SUNREF) Nigeria Programme for renewable energy.
NCC: Telecoms sector takes Nigeria out of recession: Nigeria’s telecommunications industry performance in the fourth quarter of last year contributed 12.45 per cent to the country’s Gross Domestic Product (GDP), the Nigerian Communications Commission (NCC), said yesterday. The regulatory body noted that going by the feat, the sector helped to lift the country out of recession.
NNPC to boost power generation with additional 5,000 megawatts to national grid: The NNPC has revealed plans to boost power generation with additional 5,000 megawatts of electricity to the national power grid.
NDPHC to export 70MW of electricity to Republic of Togo: The management of the Niger Delta Power Holding Company, NDPHC, has disclosed that the company has entered a bilateral agreement with the Republic of Togo to supply the country with 70-Megawatt, of electricity under the Power Purchase Agreement, PPA.
Nigeria seeks asset managers for $2.6 billion new infrastructure firm: CBN is seeking asset managers for a new $2.6 billion infrastructure investment company set up to develop the country’s crumbling transport networks and boost economic growth. The asset managers will originate and manage infrastructure projects, generating return from investments
Pensions Industry Asset Under Management Increased by 20.3% YoY to N12.29 trillion in December 2020: PenCom data reveals that the assets under management (AUM) of the regulated pension industry increased by 20.3% y/y to NGN12.29 trillion (USD30.0 billion) at end-December, and were flat month on month. The asset mix remains heavily concentrated in FGN securities, which accounted for 66.2% of the total.
Total bank credits rose to N25 trillion in December: The total banking sector’s credits rose by N774.28 billion in December, hitting N25.02 trillion at the end of the year. The non-performing loans (NPL) ratio also increased to 6.01% the same month from 5.88% it was in November. The NPL ratio was above the 5% prudential maximum threshold in December.
Stocks fall further, market cap drops below N21 trillion: The nation’s stock market extended its decline on Thursday as the market capitalisation dropped below N21 trillion. The Nigerian Stock Exchange All-Share Index fell by 0.31% to close at 40,095.49 basis points from 40,221.30 basis points on Wednesday.
Naira depreciates to 410/$ at official market —Godwin Emefiele: The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has said the naira has depreciated at the official market to 410 against the dollar. Emefiele, who spoke at a summit on the economy hosted by Bank CEOs.
At $66, soaring oil price reinforces imminent hike in petrol cost: The increase in the pump price of petrol has become imminent as Brent crude oil, against which Nigeria’s oil is benchmarked, was up $1.10, or 1.7 per cent, closing at $66.34 a barrel yesterday.
Fitch Revises Nigeria’s 2021 GDP Forecast to 1.6%: Fitch Ratings has revised downward its 2021 growth forecast for Nigeria to 1.6 %, from its previous expectation of 2.3 %. The global rating agency in a statement yesterday, hinged its prediction on weaker base effects coming out of a shallower contraction recorded by the country in 2020.