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FG to Deploy N20trn Pension Fund for Infrastructure Development

The Federal Government has unveiled a strategic plan to harness the N20 trillion pension fund and other locally available resources for infrastructure development in Nigeria. Wale Edun, coordinating minister for the economy and minister of finance, disclosed this at the end of the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu. Edun said …read more →

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Wärtsilä to Operate & Maintain 50MW Power Plant in Kogi

Technology group Wärtsilä has signed a ten-year Operations and Maintenance (O&M) Agreement for a captive power plant providing the energy for a Nigerian cement producing facility. The new cement plant is owned by Mangal Industries and is located in Kogi State, Nigeria. The order was booked by Wärtsilä in Q2, 2024. The power plant is critical …read more →

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Oyo State, Shell Nigeria Sign $100 Mn Deal for Gas Infrastructure Development

The Oyo State government, in collaboration with Shell Nigeria, has sealed a $100 million contract for the development and distribution of gas infrastructure under the Build-Own-Operate-Transfer (BOOT) model. Governor Seyi Makinde announced the milestone via his X platform, revealing that the signing ceremony took place in London. Makinde provided insights into the project, highlighting its …read more →

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Lagos-Calabar Coastal Highway: NASS Assures Ministry of Works of Adequate Budgetary Provision

The National Assembly has assured the Ministry of Works of adequate budgetary provision for the completion of the Lagos-Calabar Coastal Highway which has a contract sum of N1.0 trillion. The Chairman of the Joint National Assembly Committee on Works, Sen. Barinada Mpigi, gave the assurance when he led members of the joint National Assembly Committee …read more →

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BOI, IFC Advocate Collaborative Financing to Enhance Nigeria’s Industrialization Agenda

The Bank of Industry (BOI) and the International Finance Corporation (IFC) have stressed the need for joint investment financing to drive infrastructural development in Nigeria’s industrialization agenda. They also stressed the need for enhanced access to funding for businesses, women and youth to support sustainable growth in the country. They said this at the BOI …read more →

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Access Bank PLC Signs Landmark Loan Agreement with Japan International Cooperation Agency to Advance Climate Change Measures in Nigeria

Access Bank PLC (Access Bank), Nigeria’s largest commercial bank, has taken a significant stride towards environmental sustainability with the signing of a historic loan agreement with the Japan International Cooperation Agency (JICA). Valued at US$ 75 million, the agreement is JICA’s first private sector investment finance in the banking sector in the Sub-Saharan African region. …read more →

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World Bank Approves $750m to Boost Renewable Energy in Nigeria

To expand access to clean energy for 17.5 million Nigerians, the World Bank has approved $750 million to boost renewable energy in Nigeria through the Renewable Energy Scale-up (DARES) project. The project is being financed by an International Development Association (IDA) credit and would leverage over $1 billion of private capital and significant parallel financing …read more →

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Digital Sector: FG Gets $500m for Local Funding – Minister

Communications and Digital Economy Minister, Dr. Bosun Tijani, has disclosed that the Federal Government has secured a $500 billion loan for a local funding programme. This initiative, he said, is aimed at boosting innovation and entrepreneurship within the country’s digital sector. The minister, who stated this at a dinner Friday organised in his honour in …read more →

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FCMB Offers N10 Million Clean Energy Loan to Households and Small Businesses

Nigerian households and small businesses looking to acquire solar panels, batteries, inverters, and other green energy equipment now have access to as much as N10 million to buy these assets through the First City Monument Bank (FCMB) Energy Finance Loan. The loan is designed to help homes and small businesses like hospitals, schools, restaurants, bars, …read more →

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MOFI May Sell State Infrastructure Firms, IPOS to Strategic Investors

The Ministry of Finance Incorporated, MOFI is considering selling stakes in 20 state-run companies in a bid to raise funds and improve governance at the entities. The Chief Executive Officer of the Ministry of Finance Incorporated, MOFI, Armstrong Takang, said that the Nigerian National Petroleum Company Limited, NNPC, is among the firms the government may …read more →