The S&P Global, a rating agency has affirmed its ‘AAA/A-1+’ long- and short-term issuer credit assessment of the African Development Bank, AfDB, with a stable outlook. The rating agency on Friday, June 19, positively assessed the bank’s very strong financial risk profile, very strong capital adequacy, strong funding and liquidity, extraordinary shareholder support and adequacy …read more →
Infrastructure Financing
Contractors to Resume Work At Bodo and Bonny Road Project Soon – NLNG
The Nigeria Liquefied Natural Gas, NLNG, has said that plans are on the way for contractors to resume work at the Bodo and Bonny road project. The Managing Director, Nigeria LNG Mr. Tony Attah, promised that works will resume at the sites under a revised COVID-19 protocol to ensure safety of personnel and continued sources …read more →
Eight Nigerian Firms Make Google for Startups Accelerator Africa Class 5
Google for Startups Accelerator Africa, a business program supporting early-stage growth-driven brands via mentorship and financing has announced its fifth class. Among the Nigerian startups was Credpal, which develops consumer credit infrastructure to ease credit purchases and enable retail businesses provide on-demand credit for consumers in Africa. Others are Crop2Cash, Curacel, Festival Coins, Judy, Send, and The Smarthub. In a statement on Monday, the US …read more →
China to Inject US$ 5.3bn for the Completion of Ibadan-Kano Railway
China is expected to inject a sum of US$ 5.3bn by October this year, for the commencement of the construction of the Ibadan-Kano rail line, which is a part of the 2,700-km Lagos–Kano standard gauge railway line project in the Federal Republic of Nigeria. The Minister for Transportation, Hon Rotimi Amaechi revealed this during a special …read more →
AfDB Commits $13m More to Abidjan–Lagos Motorway Corridor Development Project
The African Development Bank (AfDB) has approved additional US $13m for the implementation of the Abidjan–Lagos motorway corridor development project. The loan, which will particularly be used to cover part of the costs related to the study of the project, was requested by ECOWAS commission on behalf of Côte d’Ivoire, Ghana, Togo, Benin and Nigeria, the West African …read more →
412km Sukuk-Funded Roads Completed …… We Have doubled our Efforts on Power – Buhari
President Muhammadu Buhari has said that ‘412KM sukuk-funded roads have been completed Buhari said his administration has taken advantage of the Sukuk bond — first issued in 2017 to target key road projects — to complete over 400 kilometers of road across the country He said out of the 643 kilometers of roads targeted through the …read more →
ICRC: Nigeria Institute of Infrastructure and Public Private Partnership (Nii3p) Commences Operations
The Management of the Infrastructure Concession Regulatory Commission (ICRC) has announced the commencement of operations of the Nigeria Institute of Infrastructure and Public Private Partnership (NII3P), an institute established by the Commission. The Commission has designated Dr. Amanze Okere; who is also ICRC’s Head of Special Projects in our PPP Resource Department as the Acting …read more →
E-Learning: First Bank Presents Devices to Lagos State
First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider on Thursday, 11 June 2020, presented 20,000 units of e-learning devices to the Lagos State government at the State House in Marina, Lagos. The devices are planned for distribution to school children. With the gesture, the Lagos State governor, Babajide Sanwo-Olu said the State …read more →
Shortage of Diverse Investment Channels Drives Demand for Nigeria’s 3rd Sukuk Issuance
Nigeria on Friday said investors lapped up its third offering of Sovereign Sukuk bond with an overwhelming 446 percent subscription level to the N150 billion it had intended to raise at the auction. According to the Debt Management Office (DMO), investors demanded a total of N669.124 billion of the bond but only N162.557 billion worth …read more →