News Update 26th April 2021

Nigeria businesses lose $29bn annually to poor electricity – World Bank: The World Bank on Wednesday said businesses in Nigeria lose about $29bn annually as a result of the country’s unreliable electricity. It also observed that Nigeria had the largest number of people without access to electricity in the world, as every one in ten people without access to electricity now reside in Nigeria.
Power Supply Subsidy May Gulp N3.4 trillion by 2023, World Bank Warns: The World Bank has expressed fresh concerns about the current subsidy regime in the Nigerian Electricity Supply Industry (NESI), projecting that the Federal government could be paying as much as N3.4 trillion by 2023 if the current shortfall persists.
Chinese loan conditions stall 1,525MW $4 billion Mambilla power project: There are indications that finding $4 billion has substantially stalled the construction of Nigeria’s most ambitious power project – the Mambilla Hydroelectric Power project in Taraba State
Proposed Escravos Deep Seaport to Attract $50 billion FDI to Nigeria: Promoters of the proposed Escravos Seaport Industrial Complex (ESIC – 1) have revealed that the $2.9 billion (NGN1.16 trillion) project will attract $50 billion (NGN20 trillion) in Foreign Direct Investment (FDI) to Nigeria when completed and operational.
Senate approves €995 million Brazilian and Deutsche Bank loan for agricultural mechanization: The Nigerian Senate has announced its approval of a loan valued at €995 million from the Brazilian Development Bank and Deutsche Bank for the development of Nigeria’s agriculture value chain.
FG bans importation of refined sugar, derivatives from Free Trade Zones: As part of the efforts to protect the sugar industry, which is governed by the Nigerian Sugar Master Plan (NSMP), the Federal government has banned the importation of refined sugar and its derivatives from the nation’s Free Trade Zones (FTZs).
GCR accords an Indicative BBB(NG)(IR) National Scale Rating to Daraju Industries Funding Plc’s proposed N10bn Series 1 Senior Unsecured Bond Issue: GCR Ratings (“GCR”) has assigned a national scale long term indicative rating of BBB(NG)(IR) to Daraju Industries Funding Plc’s proposed N10 bn Series 1 Senior Unsecured Bonds. The Outlook on the rating is Stable
US imports of Nigerian oil slumps to five-year low: The United States slashed its imports of Nigerian crude oil by 64.12% in 2020 to the lowest in five years. The North American country bought 24.42 million barrels of Nigerian crude oil last year, down from 68.06 million barrels in 2019, according to data obtained from the US Energy Information Agency.
AfDB, Afreximbank report reveal $5bn capital outflow in 2020The African Trade Finance Survey report has revealed that there were massive capital outflows from Africa, exceeding $5bn in the first quarter of 2020
Investors embrace long-tenors, oversubscribe April bonds by NGN 115.66 Billion:The Federal Government’s bonds for April worth NGN150 billion which were auctioned on Wednesday were oversubscribed by NGN115.66 Billion, according to the Debt Management Office.
Govt targets $504 billion worth of goods in AfCFTA deals: The African Continental Free Trade Agreement (AfCFTA), when fully implemented, could afford Nigerian companies preferential access to African markets worth $504.17 billion in goods, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has said
Nigeria debt-to-revenue ratio to rise 395% in 2022 — Fitch: Fitch Ratings, world’s major credit rating agency, has projected that Nigeria’s debt- to-revenue ratio will rise to 395% by 2022, indicating that growth rate in public debt would far outstrip its revenue.