Nigeria’s First City Monument Bank (FCMB) said it plans to raise up to N20 billion through Commercial Paper to support the lender’s short-term funding need. In a regulatory filing to the Nigerian Stock Exchange (NSE), the lender said the fundraising was part of the N100 billion Commercial Paper (CP) programme. The CP with a tenor …read more →
Infrastructure Financing
CBN, Banks ,Others to Raise N1.5tn to Fund Infrastructure
The Central Bank of Nigeria (CBN) is coordinating commercial banks, pension funds and other financial institutions to raise N1.5trillion to fund road, power and port facilities through a special purpose vehicle in collaboration with the Federal Government and key development finance agencies. The Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, said this at …read more →
COVID-19: Massive Shut-downs worldwide to affect Africa’s Infrastructure, Energy & Mining Development
The Coronavirus (COVID-19) has resulted in mass production shutdowns and supply chain disruptions due to port closures in China, causing global ripple effects across all economic sectors in a rare “twin supply-demand shock”. With South Africa having just reported its first cases of COVID-19, Africa is beginning to feel its full impact and plans to …read more →
Lagos raises N100bn infrastructure bond for key infrastructure projects
The Lagos state government says it has raised a N100 billion series III bond under its N500 billion bond issuance programme. Babajide Sanwo-Olu, the state governor, said the proceeds from the bond will be used to execute key infrastructure projects. Sanwo-Olu said that the signing was Lagos State’s third bond programme; as the state had …read more →
NIDA Recognises ICRC’s Creative Approaches to Funding Infrastructure in Nigeria
For its vanguard role in the rapid development of infrastructure in the country through creative approaches, the Award Committee of the Nigerian Infrastructural Development Awards (NIDA) has recognized the Commission’s outstanding stimulation of the development of basic infrastructure in Nigeria with 2019 Award of Champion of Infrastructure Development in Nigeria. The organizers of the Award …read more →
Lagos state needs 5,000 mobile toilets to eliminate open defecation – Gwalani
The Executive Director, Poly Products, Lagos, Pavan Gwalani said that Lagos state needed 5,000 mobile toilets to eliminate the menace of open defecation. Gwalani, in an interviews with the News Agency of Nigeria (NAN) in Lagos said: “With a population of almost 20 million people, 5,000 mobile toilets should serve about 40 people daily.“ He, …read more →
Capital Market Key To Bridging Nigeria’s Infrastructure – SEC
Nigeria can bridge the infrastructural gap and also increase productivity if only it could leverage on alternative sources of infrastructure financing such as the capital market. Acting Director-General, Securities and Exchange Commission (SEC), Ms Mary Uduk made this known at the 2019 Annual Workshop organised by the Capital Market Correspondents Association of Nigeria (CAMCAN) held …read more →
Only N1.2trn Was Released For Capital Expenditure In 2019 — Minister
The Federal Government has so far released 1.2 trillion in capital expenditure, representing a 50 per cent capital performance for the 2019 fiscal year. The Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed made this disclosure when he briefed State House correspondents after the Federal Executive Council (FEC) meeting, presided over by President …read more →
Bad roads: We can’t access N64bn maintenance fund, says FERMA
The Federal Road Maintenance Agency on Tuesday declared that it had been unable to access the over N64bn road maintenance fund that was meant to come from a particular percentage of petroleum products sale. FERMA’s Managing Director, Nurudeen Rafindadi, who disclosed this in Abuja after the inauguration of the board of the agency, noted that …read more →
Nigeria Needs To Invest $100bn Per Annum for the Next Six Years
Nigeria needs to invest $100bn per annum for the next six years in order to achieve optimum result in closing infrastructure gaps across the country, the Bureau of Public Enterprises has said. The Director General of BPE, Mr Alex Okoh, said this when he received a delegation from the World Bank led by Senior Economist …read more →