News Update 4th May 2021

FG grants approval for $2.9 billion Escravos seaport: The Federal Government has granted approval for the establishment of the Escravos Seaport Industrial Complex, ESIC, to Mercury Maritime Concession Company, MMCC
NERC approves new tariff review applications, Capex for Discos: The Nigeria Electricity Regulatory Commission, NERC, has approved new Extraordinary Tariff Review applications, Performance Improvement Plan (PIP), and Capital Expenditure (CAPEX), for electricity Distribution Companies, DISCOs effective from July 1st, 2021 till 30th June 2026.
FG to inject 700MW to grid through Zungeru Hydroelectric: The Federal Government has announced that 700 MW will be injected into the national grid by December 2021, stating that the status of the project is 89% completed so far
Kogi State secures $100 million AfDB loan: The Kogi state government announced that it has secured a $100 million loan from the African Development Bank (AfDB) for the purpose of funding Special Agro-Industrial Processing Zones (SAPZ) in Kogi
Lagos to award fourth Mainland Bridge contract in December: The Lagos State Government is completing modalities for the award of contract for the Fourth Mainland Bridge. The Government gave an assurance that by December 2021, the reserved and preferred bidders would be known, the News Agency of Nigeria reports
BPE, NDPHC set to sell 5 generating plants in Nigeria: The Board of Directors, Niger Delta Power Holding Company, NDPHC, and the National Council on Privatisation have approved the sale of five generating companies in the country through a competitive bidding process.
Banks escalate borrowings from CBN by 174% to N2.4trn:There is an intense scarcity of funds that prevailed in the interbank money market in April, banks’ borrowing from the Central Bank of Nigeria (CBN) rose by 174% to N 2.48 trillion from N904.6 billion in March.
Brent price slides, petrol landing cost hits N199.9/litre: Brent, the oil against which Nigeria’s crude is priced, slipped marginally in cost, losing $1.29 to close at $66.76/barrel, as figures from the Nigerian National Petroleum Corporation showed how high the landing cost of PMS
NNPC Set to Deliver Zero FAAC Remittance in May as Subsidy Payment Bites Harder: Nigerian National Petroleum Corporation (NNPC) has disclosed that its projected monthly remittance to the Federation accounts allocation committee (FAAC) for May will be zero.
CBN injects $1.47 bn into forex market in one month: The Central Bank of Nigeria injected $1.47bn into the foreign exchange segment of the market as part of its efforts to stabilise the naira in January.
Estimated cost of lifting 100 million Nigerians out of poverty in 10 years put at $1.6 trillion: The Buhari administration’s renewed and deepened focus on poverty reduction as a central concern of development is timely and appropriate. Over 80 million Nigerians are classified as poor, with more than 50 percent multi-dimensionally poor, because of their limited access to education, health, electricity and other basic services.