Ikeja Electric Plc says it has installed prepaid meters in the premises of 98,000 customers under the National Mass Metering Programme (NMMP) of the Federal Government. Head, Corporate Communications, Ikeja Electric made the declaration when he spoke with journalists on Wednesday in Ikeja. He said that the figure showed that the company had covered more …read more →
Infrastructure
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 →
PIB: Local Refineries to Pay for Crude Oil in Naira
With the passage of the much-awaited Petroleum Industry Bill (PIB) by both chambers of the National Assembly last week, local refineries would be able to purchase Nigerian crude in Naira. All private refining plants will have access to local crude oil by paying naira instead of foreign exchange as before. Dangote refinery is nearing completion and …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 →
New Zealand Government to Invest $700m in Infrastructure for Housing
The New Zealand government has announced that US$700m of funding will be made available to build infrastructure needed to speed up housing developments. The money will be spent on accelerating projects on “build-ready land” to produce results in the shortest possible time. The investment is part of the larger $2.7bn Housing Acceleration Fund (HAF), which …read more →
Microsoft Unveils Windows 11
Microsoft has unveiled Windows 11 during a live-streamed event on Thursday. The announcement comes almost six years after the introduction of Windows 10, which is the world’s most widely used PC operating system, with over 1.3 billion devices using it. Windows, which represents over 10% of Microsoft’s revenue even as the company has grown by …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 →
MTN to Invest N640bn In Nigeria to Expand Broadband Access
MTN Nigeria plans to invest N640 billion (approximately US$1.5 billion) over the next three years to expand broadband access across the continent’s most populous country, in line with the federal government’s 2020-2025 National Broadband Plan and in support of MTN Group’s strategy, Ambition 2025: Leading digital solutions for Africa’s progress. “Nigeria is one of our most important markets. …read more →
Renewable Energy: Nigeria, Two Others to Benefit From IKEA, Rockefeller $1 Billion Support
IKEA Foundation, the charitable arm of the world’s biggest furniture retailer IKEA, and the Rockefeller Foundation said on Monday they plan to set up a $1billion c in developing nations. The fund, which will be launched this year, aims to reduce one billion tons of greenhouse gas emissions and empower one billion people with distributed …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 →