News Update 8th Mar 2021

Manufacturers to leverage $81m renewable energy fund to bridge gaps: With the country’s energy deficit estimated to range between 30GW and 175GW, even though a large percentage of the demand is from the industrial sector, local manufacturers have been urged to take advantage of available financing for renewable energy adoption.
DisCos’ sustainability questioned as FG pays N50bn monthly subsidy: The government’s financial support to the power sector hovering around N2.3 trillion in the past few years has raised concerns among stakeholders who insisted, yesterday, that the industry is at a crossroad
Siemens Power deal: FG to collaborate with Egypt: Nigeria is set to collaborate with Egypt towards a total overhaul of the power grid and distribution systems.
Electricity: Singapore to build 200 power plant in Delta State: Nigeria’s power sector is set for a boost, following the development of the Ashama 200 megawatts solar PV power plant by B&S Power Holding Pte, a Singapore-based renewable energy corporation
New pricing framework ready for gas development: The Committee on National Gas Expansion Programme (NGEP) has stated that a new gas pricing framework that would drive gas development and guide operations in the nation’s gas sector is ready and would be unveiled in the coming days.
NERC: Three million electricity meters obsolete, due for replacement: The Nigerian Electricity Regulatory Commission (NERC) has disclosed that three million meters in use by the electricity distribution companies (Discos) are outdated and due for replacement.
External reserves drop by $1.1 bn in one month: External reserves dropped by $1.1 bn in February, according to statistics obtained from the Central Bank of Nigeria on Monday. The reserves which stood at $36.19 bn as of February 1 fell to $35.09 bn as of February 26.
CBN to phase out $40 billion OMO Bills market: The Central Bank of Nigeria (CBN) will soon end the Open Market Operation (OMO) Bills sales to investors. The policy shift could hurt the market with its over $40 billion investment
Fed Govt raises savings bonds’ returns: The Federal Government is offering about 23% increase on the interest or coupon payable on its current savings bond issue as government continues to increase returns on its debt issues in order to enhance the attractiveness of the sovereign bonds.
CBN, NSIA set to diversify economy with commodity exchange: The Central Bank of Nigeria (CBN) and Nigeria Sovereign Investment Authority (NSIA) plan to invest NGN 50 billion into the comatose Nigeria Commodity Exchange, NCX. This is part of the government’s effort to diversify the economy and boost foreign exchange earnings.
CBN ‘naira-4-dollar’ policy may increase foreign remittance to $34 billion: The Central Bank of Nigeria’s ‘Naira-for-Dollar’ policy may increase the country’s foreign remittances to $34.89 billion by 2023. Forecast by PricewaterhouseCoopers, one of the big four accounting firms, had suggested that Nigeria’s remittance flows could reach $34.89 billion by 2023 if the policies were right.
TGCR upgrades Dangote Cement Plc’s Long Term Issuer rating to AAA(NG), Stable Outlook: GCR Ratings (“GCR”) has upgraded the long-term Issuer rating of Dangote Cement Plc to AAA(NG), and affirmed the short-term Issuer rating of A1+(NG), with the Outlook accorded as Stable
GCR assigns FCMB Asset Management Limited national scale long and short-term issuer ratings of BBB+(NG) and A2(NG), respectively; Outlook Stable: GCR Ratings (“GCR”) has assigned FCMB Asset Management Limited national scale long and short-term issuer ratings of BBB+(NG) and A2(NG) respectively, with a Stable Outlook