News Update 28th June 2021

USTDA, InfraCredit to develop infrastructure in Nigeria: The United States Trade and Development Agency has signed a Memorandum of Understanding to partner with InfraCredit, an infrastructure credit guarantee institution, to improve the profitability of infrastructural investments in Nigeria
FG targets 90% LPG use as cooking fuel in 10 years: The Federal Government has rolled out plans to ensure the use of Liquefied Petroleum Gas, LPG, as cooking fuel grows from the current 5% to 90% in the next 10 years
Renewables: NGO, Rockefeller earmark $1 bn for Nigeria, others: IKEA Foundation and the Rockefeller Foundation have said they plan to fund renewable energy projects in Nigeria, India and other developing countries with a special $1 bn facility.
Nigeria targets European, Trans-Saharan markets with $2.8 billion AKK gas project: The Federal Government has disclosed that it is looking at covering the Trans-Saharan and European markets with the ongoing construction of the Ajaokuta, Kaduna, Kano Gas Pipeline, popularly known as AKK Gas Pipeline.
We’re investing $1 bn on Lagos-Ibadan Expressway, two others – FG: The Federal Government on Thursday said it was investing $1 bn on the construction of the Lagos-Ibadan Expressway, Second Niger Bridge, and Abuja-Kaduna-Zaria-Kano Expressway.
AfDB unveils 10,000MW solar-powered plan for 250 million Africans: The President of the African Development Bank Group, Dr Akinwumi Adesina, said the bank was working on a Desert-to-Power Initiative, which would lead to the development of 10,000MW of solar power in the Sahel of Africa, providing electricity to 250 million people.
GCR upgrades MTN Nigeria Communications Plc’s national scale long term Issuer rating to AAA(NG) on Criteria Review, Outlook Stable: GCR Ratings (“GCR”) has upgraded the national scale long-term Issuer rating of MTN Nigeria Communications Plc to AAA(NG) and affirmed the national scale short-term Issuer rating of A1+(NG), with the Outlook accorded as Stable.
GCR Assigns Long and Short-term National Scale Issuer Ratings of BBB(NG)/A3(NG)Respectively to Sterling Asset Management and Trustees Limited: GCR Ratings (“GCR”) has assigned Sterling Asset Management and Trustees Limited national scale long and short term issuer ratings of BBB(NG) and A3(NG) respectively; with a Stable Outlook
GCR accords an Indicative Rating to Sundry Foods Funding SPV Plc’s Series 1 N8 billion Bonds: GCR Ratings (“GCR”) has accorded an indicative long term credit rating of A-(NG)(IR) to Sundry Foods Funding SPV Plc’s proposed N8 billion Series 1 Senior Unsecured Fixed Rate Bonds, with the Outlook accorded as Stable.
Brent crude oil breaks $75 per barrel mark: Brent oil started the Asian session breaking the $75 per barrel trading mark over emerging signs of a rapidly tightening market. Brent oil futures is up 0.28% to $75.11 a barrel, hitting the $75 mark for the first time in more than two years while the U.S oil (WTI) futures is up 0.10% to $73.19.
Nigerian government spends N1.02 trillion on debt servicing in Q1 2021: The Nigerian government spent a sum of N1.02 trillion on domestic and foreign debt service in the first quarter of 2021, representing a 35.7% year-on-year increase compared to N753.7 billion spent in the corresponding period of 2020.
Currency in circulation drops to N2.79 trillion, says CBN: The currency in circulation dropped slightly from N2.79 trillion as of the end of April to N2.79 trillion in May, the latest figures from the Central Bank of Nigeria showed on Thursday.
States’ debts fell slightly to N4.12 tn in Q1 – NBS: The total states and Federal Capital Territory’s debt profile fell slightly to N4.12tn as of the end of March 2021, from N4.19tn as of the end of December 2020. The National Bureau of Statistics disclosed this in its report on ‘Nigerian Domestic and Foreign Debt (Q1 2021)’
Smuggling: PMS daily consumption rises to 103 million litres -NNPC :he Nigerian National Petroleum Corporation (NNPC) says smuggling across the borders has increased the daily consumption of Premium Motor Spirit (PMS) to 103 million litres per day in May.