October 24, 2022

AfDB Plans $1.5bn Green Facility to bridge climate financing gap:The AfDB’s principal climate officer, Audrey-Cynthia Yamadjako has announced that the Bank is setting up a $1.5 billion green finance facility to help meet surging demand for clean energy and infrastructure needed to adapt to a warming planet.
FG to Reactivate $20bn Ogidigben Gas Project:The federal government is set to reactivate the $20 billion Ogidigben Gas Revolution Industrial Park. The park cum export processing zone will host fertilizer, petrochemical, aluminum smelters, methanol plants, and many secondary industries that would generate thousands of employment..
IFC to deploy $70 billion to climate investments in Nigeria:The IFC’s EDGE and Green Building Market Transformation Programme Contact for Lagos, Temilola Sonola, has disclosed plans to invest $70 billion in Nigeria. These funds are to be directed toward clean energy, and climate-smart building projects.
FG to issue additional four 5G licenses:The Nigerian Communications Commission has disclosed its intention to auction additional four 5G licenses to operators in the telecoms industry for at least $1.09bn (N476bn). This is in line with the FG’s efforts at driving broadband capacity and 5G deployment across the nation.
Nigeria Targets 120,000km Fibre Deployment:The minister of Communications and Digital Economy, Professor Isa Pantami, has revealed that the National Dig Once Policy is set to boost fibre deployment across the country. This is in line with targets set to deliver last-mile broadband infrastructure to every part of the country.
GCR affirms Pan African Towers Limited’s long and short term Issuer ratings: GCR Ratings (“GCR”) has affirmed CR Ratings (“GCR”) has affirmed Pan African Towers Limited’s national scale long-term and short-term Issuer ratings of BBB(NG) and A3(NG) respectively, with the Outlook accorded as Stable. This outlook is hinged on anticipated recovery in earnings and expected capital inflows.
GCR withdraws national scale long-term and short-term Issuer ratings of Greenwich Trustees Limited:GCR Ratings (“GCR”) has withdrawn the national scale long and short-term issuer ratings of BBB-(NG) and A3(NG) respectively on Greenwich Trustees Limited, without review. The withdrawal was due to business reasons .
GCR affirms Cardinal Stone Partners Limited’s national scale long and short-term issuer ratings:GCR Ratings (“GCR”) has affirmed Cardinal Stone Partners Limited’s national scale long and short-term issuer ratings of BBB-(NG) and A3(NG) respectively; with the outlook revised to Positive from Stable.
Revenue crisis may worsen for Nigerian economy in 2023:According to predictions, Nigeria’s revenue crisis may worsen in 2023. Due to floods and gas shortage challenges, the Nigeria Liquefied Natural Gas (NLNG) Limited has declared force majeure on its 22.2 million ton per year Bonny LNG export facility, one of the country’s key sources of foreign earnings..
External reserves lose $1.2bn amid rising dollar demand:According to data from the Central Bank of Nigeria, the country’s external reserves have dropped by $1.16bn in October. The falling reserves are attributed to interventions deployed by the apex bank to address the forex crisis in the aviation sector, and the continuous injection of foreign exchange to defend the naira value.
Nigeria’s core inflation rate rises to highest level in 5 years:The Nigerian Bureau of Statistics reports that core inflation, which excludes the prices of volatile agricultural produce rose by 17.6% for the month of September 2022. Transportation costs rose the highest in this subcategory recording an 18.7% hike year on year reflecting the higher cost of energy.
FG to restructure Way and Means debt:The Nigerian government has announced plans to restructure its N20 trillion debt to the central bank. The debt is to be restructured into bonds repayable over 40 years with a moratorium as a means of granting the debt ladened government the luxury of longer time to pay back.
Despite N14.43trn AuM, PFAs Reduce Exposure to Stock Market, T.Bills as Inflation Diminish Investment:Despite growth in assets under management (AUM) to N14.43 trillion, Pension Fund Administrators (PFA) exposure to stock market and Treasury Bills (T-Bills) dropped in August 2022 to highlight low-yield environment as inflation rate continued to diminish investment.