News Update 22nd Mar 2021

Nigeria needs $2.3tn in 30 years for infrastructure: Nigeria required $2.3 tn over the next 30 years to address the infrastructural deficit confronting the country according to the Vice-President Yemi Osinbajo. He said since government’s resources were completely insufficient, the only way to bridge the gap was by Public-Private Partnership arrangement in one form or the other.
TCN constructs, energises 600MW power transmission line: The Transmission Company of Nigeria on Friday said it had completed the construction of a new transmission tower in Ajah, Lagos and also strung the old and new 330 kilovolts Egbin-Ajah transmission lines.
FG approves $1.5bn for Port Harcourt Refinery rehabilitation: The Federal Government has approved the sum of $1.5 billion for the rehabilitation of Port Harcourt Refinery, which is the largest refining company in the country.
Power generation falls to 3,657MW as hydro output plunges: Electricity generation in the country fell below the 4,000 megawatts mark as the output of the hydropower plants tumbled by more than a third.
Lekki deep sea port to commence operations by 2023, to generate 170,000 jobs: Commercial operations at the Lekki Deep Seaport in Lagos Free Zone will begin in the first quarter of 2023, the frontline investor handling the project, Tolaram Group, assured Governor Babajide Sanwo-Olu on Friday.
Construction of highway at Lekki Free trade Zone to start in 2 months: The Lagos State Governor, Babajide Sanwo-Olu has said that the construction of the Magbon-Alade highway and other critical infrastructure leading to the Free Zones in Ibeju-Lekki will commence in the next 2 months.
DMO Lists NGN 162.56 Billion Sovereign Sukuk on NSE: The Debt Management Office (DMO) yesterday listed the NGN 162.56 billion, 7-year, FGN Ijarah Sukuk with a rate of 11.2 per cent on the floor of the Nigerian Exchange (NGX) Limited
Excess Crude Account Balance Stands at $72.4M: The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed that the nation’s excess crude account (ECA) balance as at March 16, 2021, stood at $72,412,384.88
Attractive yields expected to weigh on Nigerian & U.S stocks: The Nigerian stock market ended the past week cumulatively on a bearish note. The Nigerian stock market continued its bearish streak for the 7th consecutive week as the All-share index dipped by 0.69% to close at 38,382.39 index points
Investors lose NGN 13.9 billion on the NSE during the week: The equity market continued in its bearish run for the 7th consecutive week as the All-share index dipped by 0.69% to close at 38,382.39 points on 19th March 2021. Over the week, 33 stocks appreciated in value, 2 stocks lower than the number recorded in the prior week.
Diaspora cash remittances drop by 27% to $17.2bn: In apparent reflection of the severe impact of the COVID-19 pandemic on the incomes of Nigerians living abroad, diaspora remittances inflow into the country fell 27%, year-on-year, (YoY) to $17.2 billion in 2020 from $23.55 billion.
GCR Assigns Long and Short-term A-(NG)/A2(NG) National Scale Issuer Ratings to FSDH Asset Management Limited; Outlook Stable: GCR Ratings (“GCR”) has assigned FSDH Asset Management Limited national scale long and short-term issuer ratings of A-(NG) and A2(NG) respectively; with a Stable Outlook
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