UTM Offshore and the African Export-Import Bank (Afreximbank) have signed an MoU to raise 2 billion dollars for the development of Nigeria’s first Floating Liquefied Natural Gas (FLNG) project. Dr Yahuza Kassim, Principal Consultant for the development of the facility stated in Lagos on Wednesday that the MoU was signed on Tuesday in Abuja. He …read more →
Infrastructure Financing
Infracredit Guarantees Issuance of N20b Infrastructure Bond
InfraCredit, a specialised infrastructure credit guarantee institution, has announced its guarantee of GPC SPV N20 billion 10-year series one senior guaranteed fixed rate infrastructure bonds due 2031 under the N50 billion debt issuance programme. According to a statement by the company, the bond was oversubscribed by 25.3 per cent from nine institutional investors, including the …read more →
FG Did Not Takeover Abuja Electricity Disco
The Nigerian Electricity Regulatory Commission (NERC) and Bureau of Public Enterprises (BPE) have said that the action to appoint an interim team to manage Abuja Electricity Distribution Company (AEDC) was not done on the directive from the Federal Government, but on the basis of legal processes arising from the failure of the core investor in …read more →
Osun Govt Commits N3.6bn to Rehabilitate Roads in Ikire, Ile-Ife
Osun State government has committed Three Billion, Six Hundred and Twenty-Eight Million, Twenty-Four Thousand, Nine Hundred and Twenty-Three Naira, Seventy-Six kobo (N 3,628,024,923.76) for the reconstruction and rehabilitation of selected township roads in Ikire and Ile-Ife. This is just as the government reaffirmed Oyetola’s commitment to fulfill his electoral promise to residents and citizens of …read more →
Lagos Consolidates on Infrastructure & Education in 2022 Budget
The Lagos State government has earmarked huge capital expenditure in the 2022 fiscal year to service key growth areas to consolidate the recovery of the state’s economy and positively impact residents’ livelihoods. In the proposed N1.388 trillion budget for the year 2022 presented to the Lagos State House of Assembly on Wednesday, Governor Babajide Sanwo-Olu …read more →
Russian Companies to Invest $500 Million Into Nigeria’s Manufacturing Sector
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 →
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 →