News Update 2nd August 2021

AfBD to provide women $150m for agriculture: The African Development Bank plans to provide $150m financing to women in the agricultural sector in a move to close the gap in financing for women in Africa by the end of 2021.
SGF: Nigeria requires $2.3 trillion to bridge infrastructure gap:The secretary to the Government of the Federation (SGF), Boss Mustapha, says $2.3 trillion is needed to bridge the infrastructure deficit in Nigeria over the next 22 years.
FG reduces Gas to Power price from $2.50 to $2.18 : The Federal Government has on Thursday reduced gas to power prices from $2.50 to $2.18 with immediate effect. President Muhammadu Buhari disclosed this while declaring open the 2021 Gas Sector Stakeholders (Ajaokuta-Kaduna-Kano, AKK Gas Pipeline Project) Forum held in Kano.
CBN disburses N156.33 billion to DisCos, others to boost power supply:CBN has disbursed N156.33 billion to Distribution Companies (DisCos) to boost electricity supply in the country. This was disclosed by the apex bank in its Monetary Policy Committee Communique on Tuesday
GCR places Ecobank Nigeria Limited’s BBB(NG) / A3(NG) Nigerian National Scale Issuer credit ratings on “Review Extension”: GCR Ratings (“GCR”) has placed Ecobank Nigeria Limited’s national scale long and short-term issuer ratings of BBB(NG)and A3(NG) respectively on ‘Review Extension’
CR places TAK Logistics Limited’s national scale issuer ratings on “Review Extension”:GCR Ratings (“GCR”) has placed TAK Logistics Limited’s long-term and short-term national scale Issuer ratings of BBB(NG) / A3(NG) respectively on ‘Review Extension’
GCR places Union Bank of Nigeria Plc’s BBB+(NG) / A2(NG) Nigerian National Scale Issuer credit ratings on “Review Extension”: GCR Ratings (“GCR”) has placed Union Bank of Nigeria Plc’s national scale long and short-term issuer ratings of BBB+(NG) and A2(NG) respectively on ‘Review Extension’
IMF retains 2.5% economic growth projection for Nigeria: The International Monetary Fund, IMF, has retained its 2.5% projection for Nigeria’s economic growth in 2021. IMF however upgraded its projection for the country’s economic growth in 2022 to 2.6%
MPC votes to retain benchmark interest rate at 11.5%, hold other parameters constant: The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5%.
Petrol consumption jumps by 340 million litres in one month :Petrol consumption in Nigeria leaped by 340 million litres within a space of one month, figures released by the Nigerian National Petroleum Corporation
IMF’s Borrowing to Nigeria, Other Low-income Countries to Hit $48 bn:The International Monetary Fund (IMF) has projected that its financial assistance to low-income countries, most of which are in Africa, could hit $48 billion covering the current COVID-19 pandemic and its immediate aftermath
Nigeria receives $2.78 billion foreign inflows in H1 2021, 61% drop from H1 2020: Nigeria received a sum of $2.78 billion as foreign inflows in the first half of 2021, representing a 61.1% decline compared to the $7.15 billion received in the corresponding period of 2020