State governments have begun approaching the capital market through bonds to develop infrastructure in their states. Many of the states are in dire financial straits owing to the economic headwinds caused by the double jeopardy of the COVID-19 pandemic and the sharp drop in global oil price that have depleted their main sources of revenue …read more →
Month: December 2020
Sanwo-Olu to Commission Health, Housing Infrastructure Projects in Badagry
The historic town of Badagry will soon host the Lagos State Governor, Mr. Babajide Sanwo-Olu, as he is set to commission Housing and Health projects in furtherance of his administration’s T.H.E.M.E.S Agenda. Mr. Governor will open the Affordable Public Housing Scheme in Idale, Badagry. The scheme, which has 252 units of two-bedroom bungalows, was built …read more →
Russian Technical Audit Team to Visit Ajaokuta Steel, Iron Ore Mining Firm
A Technical Audit Team from Russia is expected to embark on visitation to the country’s Ajaokuta Steel Company Limited (ASCL) and National Iron Ore Mining Company Limited (NIOMCO) as part of bids to revamp the plants. In a statement on Monday by the federal ministry of information, the Permanent Secretary of the Ministry of Mines …read more →
Investment in Infrastructure will Boost Nigeria’s Economy – Orji, NSIA Boss
The Chief Executive Officer, Nigeria Sovereign Investment Authority (NSIA), Mr. Uche Orji, has again stressed the need for Nigeria to turn its infrastructure into investible assets by investing more in it. According to him, the National Pension Funds will be a veritable source of revenue to fund national infrastructure investment, if properly managed. Orji, while …read more →
Nigeria to Strengthen Infrastructure Company to Boost Recovery
Nigerian state-owned Infrastructure Credit Guarantee Company plans to raise additional capital to fund critical projects in Africa’s biggest economy. The unit of Nigeria Sovereign Investment Authority is looking to raise equity and debt capital in 2021 and go into risk sharing with development finance institutions to boost its insurance guarantee capacity, Chief Executive Officer Chinua Azubike said …read more →
NCC Asks Operators to Audit SIM Cards to Checkmate Criminals
Nigeria’s telecoms industry regulator, the Nigerian Communications Commission (NCC) on Wednesday announced plans to conduct an audit of the nation’s telecommunication Subscriber Registration Database in the face of growing insecurity in the country. The NCC also ordered the suspension of sales of new SIM cards by operators in the period of the audit exercise. According to a statement by the industry …read more →
Moody’s Says Nigerian Banks Are More Equipped for Expansion Push
Nigerian banks expanding into the rest of the continent or diversifying into other financial services will be better insulated from shocks than they were during the global financial crisis, according to Moody’s Investors Service. Lenders including Access Bank Plc and Guaranty Trust Bank Plc are following peers FBN Holdings Plc and Stanbic IBTC Bank to transition to financial holding companies that …read more →
Local Currency Financing for Off-Grid Energy Solutions in Africa Requires Scale-Up – AfDB
Although advantageous, local currency financing for off-grid renewables projects and businesses in Africa is still limited, according to a new report released by the African Development Bank (https://www.AfDB.org/). The report, Exploring the Role of Guarantee Products in Supporting Local Currency Financing of Sustainable Off-Grid Energy Projects in Africa, summarized findings of an in-depth study of …read more →
Land Transactions in Lagos Fully Go Digital in 2021 – Sanwo-Olu
Beginning from first quarter of next year, all land related transactions in Lagos State will be undertaken online, Governor Babajide Sanwo-Olu disclosed last Wednesday. The plan, the Governor said, is to further accelerate the process of getting approvals on land matters and create an enduring business-driven property development market in the State. Sanwo-Olu made the …read more →
