News Update 24th May 2021

FG signs contract to raise power generation by 360MW: The Federal Government has signed the Engineering, Procurement and Construction contract for the Gurara II Dam project as part of plans to raise the country’s power generation by about 360MW.
Successful bidder of $2.5bn Lagos 4th Mainland Bridge to be determined by October:Successful bidder of the proposed $2.5 billion worth transaction, Lagos fourth mainland bridge is expected to be determined by October in the 3rd quarter of year 2021.
Ministry to spend 70% budget on East-West Road: The Permanent Secretary of the Ministry of Niger Delta Affairs, Dr Babayo Ado has disclosed that the Federal Government is working to ensure the completion of the East-West Road. He said the ministry would spend 70% of its 2021 budget towards the completion of the project.
NNPC assures Sahara Group of sustained gas supply to Egbin Plant: The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has assured Sahara Power Group of the corporation’s sustained and elevated gas supply to the Group’s 1320 megawatts Egbin Power Plant in Lagos.
AfDB, European bank to bridge $2.5 trillion Africa’s financing gap: The African Development Bank Group and the European Bank for Reconstruction and Development on Monday signed a Memorandum of Understanding to promote sustainable private sector development in Africa.
We are committed to 2022 completion date for Lekki Port- Ruogang : The Managing Director of Lekki Port LFTZ Enterprise Limited (LPLEL), promoters of the Lekki Deep Sea Port, Mr. Du Ruogang, has reaffirmed the commitment of the company to meet the 2022 target date set for the completion of the project.
GCR assigns A(NG) / A1(NG) national scale long and short-term Issuer rating to International Breweries Plc; Stable Outlook: GCR Ratings (“GCR”) has assigned national scale long-term and short-term Issuer ratings of A(NG) and A1(NG), respectively, to International Breweries Plc, with the Outlook accorded as Stable.
CBN disbursed ₦300bn agric loans in southern Nigeria – Emefiele: The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, said that over ₦300bn had been disbursed to companies operating in southern part of Nigeria as part of its interventions in the agricultural sector.
Profit taking: Investors lose ₦148 bn on NGX in a session: The Nigerian Exchange (NGX) market capitalisation dropped further by ₦148 billion, extending bearish run to two consecutive trading sessions.
Nigeria’s GDP grows 0.51% in Q1’21 – NBS: The National Bureau of Statistics, NBS, said the nation’s Gross Domestic Product (GDP) grew by 0.51% in the first quarter of the year (Q1’21).
Inflation reduces by 0.05% in April ― NBS: The National Bureau of Statistics (NBS), says inflation rate reduced by 0.05% in April compared to what obtained in March. It said while the inflation rate stood at 18.17% in March, it reduced to 18.12% in April.
FG, states, LGAs shared ₦616.87bn in April – FAAC: The Federation Accounts Allocation Committee on Friday said it shared a total of ₦616.87bn as April 2021 revenue to the Federal, States and Local Governments as well as other relevant agencies in Nigeria.