September 26, 2022

Ogun, World Bank, French agency collaborate on rural roads:The World Bank and French Development Agency have collaborated with Ogun State Government on the construction and rehabilitation of rural roads in the state. The projects is focused on upgrade, rehabilitation, routine maintenance of rural roads and construction of cross-drainage structures.
Nigeria targets 7000 megawatts on new Siemens equipment:The managing director of FGN Power Company has announced the supply of new power equipment by Siemens into the nation including transformers and transportable substations. This is expected to raise electricity supply in the country to a minimum of 7,000 megawatts.
FG Woos Investors, To Concession Lagos-Ibadan, Abuja-Kaduna Rail, Others:The federal government is seeking investors as it plans to concession the Lagos-Ibadan, Abuja-Kaduna and Itakpe-Warri standard gauge rail services
Nigeria’s infrastructure development requires $35bn annually to sustain economic growth – Sambo:The Minister of Transportation, Mu’Azu Jaji Sambo, has said that the nation’s infrastructure development required an estimated $35 billion annually over the next five years to sustain a robust economic growth and $3 trillion is needed over 30 years
37 firms get licences to produce 762.3MW:Fresh licenses and permits have been issued to 37 companies to produce a total of 762.3 megawatts of electricity in order to boost power supply across the country, data obtained from the Nigerian Electricity Regulatory Commission showed.
GCR affirms Globus Bank Limited’s national scale long and short term Issuer ratings: GCR Ratings (“GCR”) has affirmed Globus Bank Limited’s national scale long and short term Issuer ratings long-term and short-term Issuer ratings of BBB-(NG) and A3(NG) respectively, with the outlook accorded as Stable
GCR GCR Places Lafarge Africa Plc’s National Scale Issuer Ratings on “Review Extension”:GCR Ratings (“GCR”) GCR Ratings (“GCR”) has placed Lafarge Africa Plc’s long-term and short-term national scale Issuer ratings of AA-(NG) and A1+(NG) respectively on ‘Review Extension’.
GCR places Niger State Government’s national scale Issuer ratings on “Review Extension: GCR Ratings (“GCR”) has placed Niger State Government’s long-term and short-term national scale Issuer ratings of BBB-(NG) and A3(NG) respectively on ‘Review Extension’. Concurrently, GCR has placed the national scale long-term Issue rating of A-(NG) accorded to Niger State Government’s Tranche 1 N9bn Fixed Rate Bond on ‘Review Extension.
Oil price falls to per barrel:According to data reported by the Organization of Petroleum Exporting Countries, the price of Brent crude has fallen below $86. The data also reveals that the number of Nigeria’s dormant rigs has increased than previous month.
Agricultural exports rise to 343.4 billion: According to data from the Nigerian Bureau of Statistics, the value of exported agricultural goods rose to N343.4 billion in the first half of the year, an increase of 17.3% from the corresponding period of 2021. The top products included Cocoa, Sesame seeds and cashew nuts
Recyclers seek stronger regulations for environmental safety:The Lagos Recyclers Association has appealed to the state government to involve professionals in the licensing of recyclers in the state to ensure compliance to standards and safety of the environment.