News Update 7th June 2021

Power generation falls to 3,223MW as gas shortage persists:Power supply in Nigeria continued to struggle as grid generation fell to 3,223 MW
$40bn Investments Needed for Nigeria’s Gas Plan, Says NNPC:The Nigerian National Petroleum Corporation (NNPC) has said that the Nigerian oil and gas industry will require at least $40 billion in direct investments in basic infrastructure to achieve the Federal Government’s much talked about “Decade of Gas.”
FEC Okays N5.6 billion for 37 Oxygen Plants for COVID-19 Treatment: The Federal Executive Council (FEC) approved the establishment of an oxygen production plant in each of the 36 states of the federation and the Federal Capital Territory (FCT) at a cost of N5.6 billion.
Lagos, Abuja, Port Harcourt and Kano airports will be on concession for 30 years- FG: The Federal Government has revealed that the Lagos, Abuja, Port Harcourt and Kano airports will be on concession for a minimum of 20 to 30 years.
ARDA: African countries need $15.7 billion to upgrade oil refineries: The African Refiners and Distributors Association (ARDA), a pan-African organisation for the downstream oil sector in Africa, says Nigeria and other countries in the continent require $15.7 billion to upgrade 36 oil refineries.
USAID donates $10 million in support of Nigeria’s initiative to improve water, sanitation, hygiene in three states: UNICEF has received a donation of approximately $10 million from the United States Agency for International Development (USAID) in support of the Nigerian government’s initiative to improve water, sanitation and hygiene (WASH) services
GCR upgrades Guinness Nigeria Plc’s national scale long and short term Issuer rating to AA-(NG) / A1+(NG); Stable Outlook: GCR Ratings (“GCR”) has upgraded the long-term and short-term Issuer ratings of Guinness Nigeria Plc to AA-(NG) and A1+(NG) respectively, with the Outlook accorded as Stable
GCR places Wema Bank Plc’s BBB-(NG) / A3(NG) Nigerian National Scale issuer credit ratings on “Review Extension”: GCR Ratings (“GCR”) has placed Wema Bank Plc’s national scale long and short-term issuer ratings of BBB-(NG) and A3(NG) respectively on ‘Review Extension’
GCR places Stanbic IBTC Bank PLC’s AA(NG) / A1+(NG) Nigerian National Scale issuer credit ratings on “Review Extension”: GCR Ratings (“GCR”) has placed Providus Bank Plc’s national scale long and short-term issuer ratings of BB(NG) and B(NG) respectively on ‘Review Extension’.
GCR places Providus Bank Plc’s BB(NG) / B(NG) Nigerian National Scale issuer credit ratings on “Review Extension”: GCR Ratings (“GCR”) has placed Providus Bank Plc’s national scale long and short-term issuer ratings of BB(NG) and B(NG) respectively on ‘Review Extension’.
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 places Capital Trust Investment & Asset Management Limited’s BBB(NG)(mq) management quality rating on “Review Extension”:GCR Ratings (“GCR”) has placed Capital Trust Investment & Asset Management Limited’s management quality rating of BBB(NG)on ‘Review Extension’.
NGX All-Share Index Rises 0.2% as Market Extends Gains: The Nigerian Exchange (NGX) Limited All-Share Index (ASI) rose 0.2% to close higher at 38,548.24 as the market extended its recovery for the second day.
Nigeria, 22 Others Endorse COP26 Forest, Commodity Trade: The COP26 Forest, Agriculture and Commodity Trade (FACT) Dialogue has taken a significant step in bringing together over 20 countries to commit to protecting the world’s forests and natural habitats from destruction.
NIPC- Nigeria records $8.41 billion investments in Q1 2021: The Nigerian Investment Promotion Commission (NIPC) said it tracked $8.41bn worth of Investments from 15 Projects across eight States. The States include: Bayelsa, Lagos, Kano, Nasarawa, Delta, Edo, Bauchi and Akwa Ibom.
CBN increases forex allocations to banks, to ensure liquidity for invisibles: The Central Bank of Nigeria (CBN) has announced an increase in the amount of foreign exchange allocated to banks to meet the requests of customers.
NEWSLETTER & UPDATES

Subscribe our newsletter to get our latest updates & news

CONTACT US

© 2021 All rights reserved by InfraCredit