News Update 20th April 2021

NNPC Targets Four Months for Completion of Borno Gas Plant: The Group Managing Director, Nigeria National Petroleum Corporation (NNPC), Alhaji Mele Kyari, has set four months for the completion of a gas-powered electricity facility in Borno to serve as an alternative to the incessant vandalism of on-grid facilities by insurgents.
FG subjects revised 1,525MW Mambilla project to independent review: The Federal Government is currently subjecting the 50 per cent reduction in the Mambilla Hydroelectric Power project installed capacity to an independent review.
21st Century Technologies Commits $75 Million to Ogun Digital Economy Project: Foremost Information Communication Technology firm,21st Century Technologies limited ((21CTL) has partnered with Ogun state government to execute the Ogun State Digital Economic Empowerment Project (OGDEIP)
FG Targets 100m Jobs through Gas Expansion Project: The Federal Government (FG) has explained that its National Gas Expansion Programme (NGEP) was envisioned to lift 100 million Nigerians out of poverty. This is done through the establishment of gas-related outlets that would serve the public when fully realized.
Power generation falls further by 27% to 3,567MW: Nigeria’s power generation dropped by 27 per cent to 3,567.30 megawatts, compared to the 4,557.50MW peak generation during the week.
GCR Affirms WSTC Financial Services Limited’s National Scale Long and Short-term Issuer Ratings of BBB-(NG)/A3(NG); Outlook Stable: GCR Ratings (“GCR”) has affirmed WSTC Financial Services Limited’s national scale long-term and short-term ratings of BBB-(NG)and A3(NG)respectively, with a Stable Outlook.
GCR Assigns an Indicative Rating of BBB-(NG)(IR)to WSTC Financing SPV Plc’s Proposed NGN 5 billion Series 1 Senior Unsecured Bonds: GCR Ratings (“GCR”) has assigned a national scale long term indicative rating of BBB-(NG)(IR) to WSTC Financing SPV Plc’s proposed NGN 5 billion Series 1 Senior Unsecured Bonds, with a Stable Outlook
FG, States Debts Stock Hits NGN 32.9 trillion – DMO: The Director General of the Debt Management Office (DMO), Patience Oniha, has said the cumulative sum of NGN 32.9 trillion debt of Nigeria is a responsibility of the Federal and State governments.
Oil jumps to $66 on signs of rising crude demand: The international oil benchmark, Brent crude, surged by 5%, after a report from the International Energy Agency, followed by US inventory data, boosted optimism about returning demand after the coronavirus lockdowns last year crushed fuel consumption.
FG to auction N150bn bonds in April: The Debt Management Office on Wednesday disclosed that the Federal Government would offer N150bn bonds for subscription in April. A circular by the DMO on its website showed that the breakdown of bonds comprised of three bonds worth N50bn each
Headline Inflation Increases by 18.17% YoY In March 2021, 0.82% Higher Than February 2021 Rate – NBS:The consumer price index, (CPI) which measures inflation increased by 18.17 percent (year-on-year) in March 2021. This is 0.82 percent points higher than the rate recorded in February 2021 (17.33 percent)
Nigerian states generate N1.31 trillion IGR in 2020 as Lagos dwarfs others: The 36 states and the Federal Capital Territory generated a sum of N1.31 trillion as Internally generated revenue (IGR) in 2020. This was contained in the state IGR report, which was recently released by the National Bureau of Statistics (NBS)
Sub-Saharan Africa needs $245 billion external funding in five years – IMF: The International Monetary Fund (IMF) says sub-Saharan Africa’s low-income countries face additional external funding needs of about $245 billion over the next five years or 425 billion dollars for the whole region
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