News Update 05th April 2021

NNPC, others sign agreements for methanol, gas projects: The Nigerian National Petroleum Corporation, the Nigerian Content Development and Monitoring Board, Brass Fertilizer and Petrochemical Company Limited and DSV Engineering have signed two key agreements for the construction of a methanol plant and a gas processing plant in Odeama, Brass, Bayelsa State
N53.36 bn spent on pipeline repairs in 11 months – NNPC: A total of 441 points on petroleum products pipelines were vandalised in 2020, compared to 1,484 points in 2019, data from the Nigerian National Petroleum Corporation have shown. The corporation spent N53.36 bn on pipeline repairs and management cost from January to November
FEC Okays NGN30.77 bn Infrastructural Projects in Five Ministries: The Federal government has approved the execution of infrastructural projects worth over NGN 30.77 billion in five ministries and the FCT. The benefitting ministries are: Power, Aviation, FCT, Finance, Budget and Planning and Transportation
Minister seeks FG’s approval for TCN to procure power transformers: The Ministry of Power has presented a memo from the Transmission Company of Nigeria (TCN) for the procurement of power transformers to the Federal Executive Council
NLNG generated $114 billion in revenues, paid $18 billion as dividend to FG: President Muhammadu Buhari said that the Nigerian Liquefied Natural Gas (NLNG) has generated $114 billion in revenues over the years with $9 billion in taxes.
GCR places Nova Merchant Bank Limited’s BBB-(NG) / A3(NG) Nigerian National Scale issuer credit ratings on “Review Extension”: GCR Ratings (“GCR”) has placed Nova Merchant Bank Limited’s national scale long and short-term issuer ratings of BBB-(NG) and A3(NG) respectively on ‘Review Extension’. The ratings process is ongoing and GCR expects to publicly release the updated rating results by 30 April 2021
GCR places Chapel Hill Denham Money Market Fund’s Rating of A(NG)(f) on “Review Extension”: GCR Ratings (“GCR”) has placed Chapel Hill Denham Money Market Fund’s Rating of A(NG()(f) on ‘Review Extension’. The rating process is ongoing and GCR expects to publicly release the updated rating results by 30 April 2021.
GCR Withdraws the Management Quality Rating and at the same time assigns Long and Short-term National Scale Issuer Ratings of A-(NG)/A2(NG) Respectively to SFS Capital Nigeria Limited; Outlook Stable: GCR Ratings (“GCR”) has assigned SFS Capital Nigeria Limited national scale long and short-term issuer ratings of A-(NG) and A2(NG) respectively; with a Stable Outlook
Nigeria’s food imports hit N1.89tn annually: Nigeria currently spends about N1.89tn annually on the importation of food, the Federal Government said on Tuesday. Minister of Agriculture and Rural Development, Sabo Nanono, said this in Abuja at the National Dairy policy stakeholders’ engagement organised as part of measures to develop the dairy sector
FCT councils, others share N3.7bn in February: The Federal Capital Territory (FCT) administration has disbursed a total sum of N3.736 billion in February as against the N3.8 billion shared in January 2021. The money was disbursed to the six area councils and other stakeholders in the territory as their share of statutory allocation
Agric import rose to N532.4 billion in Q4 2020, as Asia led Nigeria’s export destinations: The value of imported agricultural goods rose by 5.75% to N532.39 billion in Q4, 2020 from N503.4 billion in Q3, 2020. The value of agriculture import recorded in the fourth quarter of 2020 stood at N532.4 billion, as the export ended the quarter at N55.77 billion.
Oil Market: Bonny Light price dips to $62.05 on reopening of Suez Canal: The price of Nigeria’s Bonny Light, Tuesday, dropped to $62.05 per barrel from $64.50 in the international market on the heels of the reopening of the Suez Canal for business
UN projects Nigeria’s GDP to expand by 1.5% : Nigeria’s gross domestic product (GDP) is projected to expand by 1.5% this year, after a contraction of 3.5% in 2020, according to a United Nations (UN) report