$1.5bn Lekki Deep Seaport Completed, Ready for Commissioning:The China Habour Engineering Enterprise (CHELE), the Engineering, Procurement, and Construction (EPC) contractor for Lekki Port, has announced the completion of the construction of the Port. The LFZ is expected to be next frontier for investment in Nigeria and increase foreign direct investment to Lagos State
FG set to auction 7 deep offshore oil blocks:The federal government has concluded plans to auction 7 deep offshore oil and gas blocks for the first time in 15 years in November. This is in a bid to ramp up crude oil production and tackle the rising cases of oil theft and pipeline vandalism.
Daewoo and NNPCL sign MoU on 110,000 bpd Kaduna Refinery rehabilitation:The Nigerian National Petroleum Company Limited (NNPCL) and Daewoo have signed a Memorandum of Understanding to rehabilitate the Kaduna Refinery. Daewoo is also in charge of rehabilitation of the Warri refinery which is expected to commence operations in December 2023
Renewable Energy Investment To Hit $1.3trn By 2030 to Realise 2050 Goals- IEA :The International Energy Agency (IEA) has reported that investment in renewables must more than triple to $1.3 trillion annually by 2030 if the world is to reach net-zero emissions by 2050. According to the IEA, the investment needed to achieve the Net Zero Emissions (NZE) Scenario must increase by one of the greatest margins, from $390 billion in recent years to $1.3 trillion by 2030.
GCR affirms Family Homes Funds Limited’s national scale long and short-term issuer ratings :GCR Ratings (“GCR”) has affirmed Family Homes Funds Limited’s national scale long and short-term Issuer ratings of BBB+(NG) and A2(NG) respectively with the outlook accorded as Stable
GCR affirms Family Homes Funds Limited’s national scale long and short-term issuer ratings :GCR Ratings (“GCR”) has affirmed Family Homes Funds Limited’s national scale long and short-term Issuer ratings of BBB+(NG) and A2(NG) respectively with the outlook accorded as Stable
GCR upgrades First Bank of Nigeria Limited’s national scale long and short-term issuer ratings:GCR Ratings (“GCR”) has upgraded First Bank of Nigeria Limited’s national scale long and short-term issuer ratings to A+(NG) and A1(NG) from A-(NG) and A2(NG) respectively, with the Outlook accorded as Stable..
GCR affirms GEL Utility Limited’s national scale long and short-term issuer ratings :GCR Ratings (“GCR”) has affirmed GEL Utility Limited’s national scale long and short-term Issuer ratings of BBB(NG) and A3(NG) respectively with the outlook accorded as Stable
GCR affirms Babban Gona Farmer Services Nigeria Limited’s national scale long and short-term issuer ratings:GCR Ratings (“GCR”) has affirmed Babban Gona Farmer Services Nigeria Limited’s national scale long and short-term issuer ratings of BBB-(NG) and A3(NG) respectively; with the outlook accorded as Stable
CBN to launch new naira designs December: The CBN governor, Godwin Emefiele, has announced redesign of N100, N200, N500, and N1000 naira denominations. The CBN has finalised arrangements for the new currency to begin circulation from December 15, 2022, the new and existing currencies will remain legal tender and circulate together until January 31, 2023 when the existing currencies shall cease to be legal tender
Flood threatens N1.9tn CBN agric schemes:The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq, has revealed that over 569,000 hectares of farmlands have been destroyed by floods. The devastation caused by floods on farmlands across the country poses a threat to the various agricultural schemes of the Central Bank of Nigeria worth over N1.874tn.
FG to handle inflation by releasing food reserves:The Federal Government has announced plans to address inflation by releasing food from its strategic reserves after flooding destroyed local supplies. The FG also intends to address the problem by decongesting the ports
Nigeria’s domestic gas supply grows by 14% – FG:The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, announced that the estimated performance of Nigeria’s domestic gas supply obligation rose by 14.14 per cent to 64.8 per cent in 2021. He noted that efforts were being intensified to further grow the country’s gas supply volumes in 2022.
