September 5, 2022

10,000 telecom infrastructure destroyed yearly –NCC report: Over 10,000 telecommunication infrastructures have been destroyed per year in the last five years according to the Nigerian Communication Commission. The commission said this while raising the alarm over the implication of these incidents to the quality of telecoms services in the nation.
Nigeria needs $20bn yearly to bridge gas infrastructure gap:The Federal Government of Nigeria has disclosed that about $20 billion investment yearly is required to bridge the gas infrastructure gap in the country in the next 10 years.
FG to fix Port infrastructure:he minister of Transportation, Muazu Sambo has emphasized that federal government will address issues of infrastructural decay affecting trade facilitation at Onne Seaport before end of the current administration.
Adequate funding needed to boost waterways sector –NIWA:The National Inland Waterways Authority has identified infrastructural development and proper funding as ways of making the nation’s inland waterways attractive
GCR affirms Dufil Prima Foods Plc’s national scale Issuer ratings stable:GCR Ratings (“GCR”) has affirmed the national scale long-term and short-term Issuer ratings of A-(NG) and A2(NG) respectively, with the outlook accorded as Stable.
GCR affirms Capital Trust Investment and Asset Management Limited’s national Issuer ratings stable: GCR Ratings (“GCR”) has affirmed Capital Trust Investment and Asset Management Limited’s national scale long and short-term issuer ratings of BBB(NG) and A3(NG) respectively; with the outlook accorded as Stable
Nigeria’s internet subscription hits 152 million: According to data released by the Nigeria Communication Commission (NCC), a total of 1 million new subscribers were recorded by telecom operators to reach the 152 million mark.
Nigeria records NGN600.15 billion from VAT in Q2 2022: According to data released by the National Bureau of Statistics (NBS), a total of N600.15 billion was collected in VAT revenue. This represents a 17.96% increase on a year-on-year basis.
Inflationary pressures, others slow trade sector’s growth in Q2 2022: According to reports released by the NBS, trade’s year-on-year growth stood at 4.51%, representing a 17.98% decline compared to 22.49% recorded in the previous year. This is due to rising prices and the high cost of foreign exchange (FX) in the country.
Foreign Investment in Nigeria rises to $1.5bn in Q2 2022: According to reports released by the Nigeria Bureau of Statistics, foreign direct investments amounted to $1.535, representing a 75.34% increase from $875 million recorded in the second quarter of 2021.
Nigeria’s external reserve falls to $39bn:Nigeria’s external reserve fell by 3.6% in August 2022, to $39.024bn, down from $40.520bn recorded in December 31, 2021.
US Vice President commends Nigeria on Climate Change:Nigeria and the United States have entered into renewed commitment to work together on global issues, especially on climate change and the global energy transition towards net-zero emissions.