The Chairman, Nigerians in Diaspora Organisation (NIDO), Russia, Sampson Uwem-Edimo has said that nine Russian companies have indicated interest to invest over $500 million in Nigeria’s manufacturing sector. Uwem-Edimo made this known in a statement on Sunday in Lagos, ahead of the forthcoming Russia- Nigeria Business Conference. He said the planned investment was to deepen …read more →
Infrastructure Financing
Nigeria To Borrow from Credit Suisse, Standard Chartered to Fund Next Stage of Railway Projects
Nigeria is negotiating a raft of loans from Chinese and European lenders to fund railway projects in the country, transportation minister Rotimi Amaechi said. Amaechi said Standard Chartered had agreed to fund $3.02 billion for the ongoing Port Harcourt-to-Maiduguri railway project. He had previously told Bloomberg that the government was in talks with Standard Chartered …read more →
Ghana to Fund Projects, Refinance Debt With $2 Billion Social Bonds
Ghana is planning to issue green and social bonds of up to $2 billion by November, which would make it the first African country to sell debt to fund development programs. The West African second-biggest economy, which is planning to borrow up to $5 billion on international markets this year, would use the proceeds from these sustainable bonds to refinance …read more →
WTO Chief, Okonjo-Iweala Warns Nigeria, Other Africans On Danger of Rising Debt Profile
The Director-General of the World Trade Organisation (WTO) Ngozi Okonjo-Iweala has expressed concern about rising national debts, warning that majority of countries in the continent face a high risk of falling into a debt trap. Okonjo-Iweala observed that the current debt burden pre-dated COVID-19 but was worsened by the pandemic. Noting that “prevention is better …read more →
Lagos Is Issuing Fresh N85 Billion Bonds To Secure the Future of its Infrastructure
The Lagos State House of Assembly said it approved the state government’s request to issue fresh bonds and take a bank loan because of the relief it would bring to the state. Governor Babajide Sanwo-Olu had asked the state legislators to approve a N85 billion special dispensation for bond redemption and for bridge loan. In …read more →
The G7’s New Global Infrastructure Initiative
Group of Seven (G7) leaders met in Cornwall, England, on June 11-13 and agreed on a new initiative to support global infrastructure investment, launched as global needs rise and China’s Belt and Road Initiative (BRI) pulls back. Details on the initiative were sparse in the lengthy G7 communiqué, but the Biden White House issued a more …read more →
Proceeds from New Sukuk Bond To Finance Revenue Generating Projects, Says Debt Office
Nigeria said it plans to focus its new borrowing through the Islamic Sukuk Bonds on revenue generating projects to ensure that proceeds from such projects are used to service the Sukuk. Director-General of the Debt Management Office (DMO), Patience Oniha said at a roadshow to launch fresh issuance of Sukuk Bond that the debt office …read more →
FG Ready to Privatise 12 Highways
The Federal Government is to officially open a bid for value-added concession under the Highway Development and Management Initiative (HDMI) on 12 highways this week. The 12 highways selected for the pilot scheme include the Benin-Asaba, Abuja-Lokoja, Kano –Katsina, Onitsha-Owerri-Aba, Shagamu-Benin, Abuja-Keffi-Akwanga, Kano-Shuari, Potiskum-Damaturu, Lokoja-Benin, Enugu-Port Harcourt, Ilorin-Jebba, Lagos-Ota-Abeokuta, and Lagos-Badagry-Seme. A statement by the …read more →
Spending All Revenue on Infrastructure for The Next 100 years Is the Way Out – Agusto
The Federal Government would need to spend the entire 2021 budget of N13.58tn continuously over the next century on capital expenditure to meet the target. Agusto & Co., a rating agency and research firm, has said Nigeria has a huge infrastructural deficit and requires up to $3tn over the next 30 years to bridge this …read more →
States Eye Capital Market for Funds to Develop Infrastructure
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 →