News Update 22nd Feb 2021

Blackout as national power grid collapses: The nation’s power grid has suffered its first collapse this year, plunging parts of the country into a blackout. Two of the electricity distribution companies (Discos) in the country, Ikeja Electric Plc and Eko Electricity Distribution Company Plc, disclosed this in messages to their customers through their Twitter handles on Wednesday.
FG to borrow $1.2bn for agric mechanisation, others: The Federal Government is set to borrow $1.2bn from the Dutch Bank and the Development Bank of Brazil to provide for mechanised agriculture in Nigeria. Senior Special Adviser to the President on Agriculture, Andrew Kwasari, told journalists in Abuja on Wednesday that the initiative was under the Green Imperative Project of the Government.
Nigeria Infrastructure Splurge to Boost Economy: President Buhari launches big-ticket rail projects as critics complain about focus on north and lack of transparency. Nigeria’s government is stepping up a drive to improve its decrepit infrastructure with a series of billion-dollar projects as President Muhammadu Buhari seeks to pull Africa’s largest economy out of its worst recession in 40 years.
Africa accounts for only 6% of global energy demand – AfDB: The African Development Bank (AFDB) has revealed that Africa only accounts for just 6% of global energy demand. The Bank also stated that Africans without access to electricity will increase by 30 million in 2020 due to COVID-19.
25,000 MW deal- FG and Siemens sign pre-engineering contract: The Federal Government and Siemens have signed a contract for the pre-engineering phase of the Presidential Power Initiative that seeks to boost power generation in the country. The award letters were signed last Thursday by Siemens Energy Nigeria and FGN Power Company, a special purpose vehicle created by the Federal Government for the project.
Nigeria’s economy rebounds with 0.11% GDP growth in Q4’20: Nigeria’s economy re-bounded in the fourth quarter of last year as the nation’s Gross Domestic Product (GDP) grew year-on-year by 0.11%, with aggregate GDP at NGN 43.5 trillion
Nigeria, China effect CNY1.75 billion bilateral currency swap: A total of CNY1.75 billion has been auctioned in the market as of the end of June 2020 since the Central Bank of Nigeria signed a Bilateral Currency Swap Agreement with the People’s Bank of China in April 2018. This was disclosed by the CBN in its ‘Financial markets department 2020 half year activity report’ that was released on Wednesday.
FG to Convert NGN 10 trillion CBN Financing to 30-year Debt: The Federal government has set the terms for the conversion of its stock of Central Bank of Nigeria (CBN) overdrafts into long-term notes in a bid to create transparency around its dependence on that source of funding.
NNPC says no plans to increase pump price of petrol: The Nigerian oil giant, the Nigerian National Petroleum Corporation (NNPC) has assured organised labour and Nigerians that there is no plan to increase the price of Premium Motor Spirit (PMS) otherwise known as petrol in the month of February.
FG, states, LG share NGN 640 billion: The FG, States and LGCs share NGN 640.31 billion for the month of January, 2021. The Federation Accounts Allocation Committee (FAAC), today at its meeting through Virtual Conference shared to the three tiers of government, a total sum of N 640.31 billion as federation allocation for the month of January, 2021.
FG’s February bonds oversubscribed by NGN 39.51 billion – DMO: The Federal Government’s bonds for February worth NGN 150 billion which were auctioned on Wednesday were oversubscribed by NGN 39.51 billion, the Debt Management Office, said on its website. The total subscription received from investors for the bonds was NGN 189.51 billion, comprising of NGN 77.05 billion for 16.28 per cent FGN March 2027 bonds; NGN 72.33 billion for 12.5 per cent FGN March 2035 bonds; and NGN 40.13 billion for 9.8 per cent FGN July 2045 bonds.