News Update 5th July2021

Nigeria mulls nuclear technology for electricity: The Minister of Science and Technology, Dr. Ogbonnaya Onu has said the deployment and peaceful use of nuclear power technology will improve the production of electricity.
Nigeria’s annual LPG consumption hits 1m MT — NLPGA: The nation’s Liquefied Petroleum Gas, LPG, consumption has risen to 1,000,000 metric tonnes (MT), from 500,000MT yearly, due mainly to increased demand
Government begins construction of transmission infrastructure: The Federal Government through the Niger Delta Power Holding Company (NDPHC) Ltd flagged off the construction of a new 15 kilometers 33kV line to address transmission infrastructure challenges in the South West region of the country.
Oyo Approves N138.2 bn For Road Construction: Oyo State government has approved the award of the contract for the construction of the 110km Ibadan Circular Road to a new concessionaire named Messrs SEL-Vydra Consortium, at a whooping cost of N138.2 billion
CBN provides N240 bn for power firms’ emergency expenditure: The Central Bank of Nigeria is providing N240 bn in emergency capital expenditure for interface repairs and network improvements by power firms
GCR upgrades Rand Merchant Bank Nigeria Limited’s National Scale Long and Short-term Issuer Ratings to AA-(NG) and A1+(NG) respectively; Outlook Stable: GCR Ratings (“GCR”) has upgraded the national scale long and short-term ratings assigned to Rand Merchant Bank Nigeria Limited to AA-(NG) and A1+(NG) respectively, with a Stable Outlook
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’
GCR places Sterling Bank Plc’s BBB(NG)/ A3(NG) Nigerian National Scale Issuer credit ratings on “Review Extension”: GCR Ratings (“GCR”) has placed Sterling Bank Plc’s national scale long and short-term issuer ratings of BBB(NG)and A3(NG) respectively on ‘Review Extension’.s
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’.
GCR Upgrades Stanbic IBTC Bank PLC’s SNP2 N30bn Series 1 Senior Unsecured Notes to AA+(NG); Stable Outlook: GCR Ratings (“GCR”) has upgraded the national scale long term credit ratings accorded to Stanbic IBTC Bank PLC’s Structured Note Programme (“SNP”) 2 Series 1 Senior Unsecured Notes to AA+(NG) from AA(NG), with a Stable Outlook.
NNPC saves $1bn on petrol imports, says Kyari: The Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari announced that the oil firm saved over $1 bn of the cost that would have been built in on top of petroleum products imports into Nigeria.
Nigeria records debt service to revenue ratio of 98% between January & May 2021: The Federal government spent a total of N1.8 trillion on debt servicing in the first five months of the year, representing about 98% of the total revenue generated in the same period
Retirement benefits to pensioners drop by N23.57 billion in Q1 2021: The National Pension Commission has said that Pension Fund Administrators paid N67.42 billion as retirement benefits to pensioners under the Contributory Pension Scheme in the first quarter of 2021. This was lower than the N90.99 billion paid in Q4 2020
Stock market falls further, investors lose N34 bn: Investors in the Nigerian stock market lost N34.33bn at the end of trading on the floor of the Nigerian Exchange Limited extending losses from the previous week.
All commodity Terms of Trade falls 51% in 3 months — NBS: The National Bureau of Statistics said the All commodity Terms of Trade Index fell by 0.51% from January to March, 2021. In its latest Commodity Price Indices and Terms of Trade Q1’21, NBS stated the all commodity group import index increased by 0.82% between January and March, 2021.
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