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Saturday, July 4, 2020

AfCFTA Deal: Analyst counters Sola David-Borha’s comments, says Nigeria not among beneficiaries

At the closing ceremony of the 31st summit of the 55-member African Union (AU) in Nouakchott, the chairperson, Paul Kagame revealed that 49 out of the 55 members of the African Union have signed the African Continental Free Trade Area (AfCFTA) agreement. Nigeria and five...

Stanbic IBTC, Citi Bank, StanChart injects $1,267.8m into Nigeria’s economy

Capital Importation by Bank Capital is imported through financial institutions into the country. In the second quarter of 2017, the bank through which the highest share of capital was imported was Stanbic IBTC, which accounted for 32.91% or ($589.84 million) of the total share, up...

Private equity-backed Viathan issues Nigeria’s debut 10-year guaranteed naira bond

ABUJA, Jan 3 - Private equity-backed Viathan Group has issued Nigeria’s debut 10-year corporate infrastructure bond in local currency to raise 10 billion naira ($32 million) at a yield of 16 percent to fund power assets. Viathan, owned by Synergy Private Equity, develops and operates...

World Bank has $8.5b investment portfolio across Nigeria, says President Jim Yong Kim

•Lists intervention efforts in Northeast The World Bank said yesterday that its entire portfolio across Nigeria currently stands at about $8.5 billion. The global financial institution was shedding light on its rehabilitation efforts in the Northeast apparently in reaction to the controversy sparked by a statement...

US backed Solar project gives reliable power supply to 261,938 Nigerian homes

By Aningo Genevieve Ezinne US backed Solar project gives reliable power supply to 261,938 Nigerian homes, Naija247news has learned. The Renewable Energy and Energy Efficiency Project, funded by USAID (United States Agency for International Development), Power Africa and implemented by Winrock have provided clean and...

Nigeria’s Power Sector Losses N487bn in 11 Months

Data from the Office of Vice President, Prof. Yemi Osinabajo, indicated that between January 1 and November 30, 2018, Nigeria’s privatised power sector lost a total of N487.504 billion revenues due to constraints which included shortage of gas; grid unreliability and distribution limitations. The data...

Nigeria, China partner to enhance security, others

China has said it stands ready to enhance its security cooperation, expand inclusive development, improve connectivity and deepen people-to-people understanding with Nigeria through the Belt and Road initiative (BRI). Chinese Ambassador to Nigeria, Mr Zhou Pingjian, said this at the Abuja-Beijing Consensus Roundtable in Abuja...

Lagos pays N9.3 billion as pension to 2,466 retirees

The Lagos State Government said on Friday that it paid N9.3 billion as pension to 2,466 retirees in the state, between May 2017 and March 2018. Dr Akintola Benson-Oke, the state Commissioner for Establishment, Training and Pensions, said this at the 2018 Ministerial Press Briefing,...

NLC Demands Cancellation, As Buhari, Nass Agree On Electricity Tariff Hike Delay

President Muhammadu Buhari yesterday agreed with the leadership of the National Assembly on the need to delay the planned hike in electricity tariffs. The leadership of the National Assembly had on Monday met with the Electricity Distribution Companies, DISCOs, where it was agreed that the...

World Bank approves $750 mln loan for Nigeria’s power sector

ABUJA — The World Bank has approved a $750 million loan for Nigeria’s power sector, the first release of funds after years of stalled talks over long-term reforms, it said. Nigeria’s decrepit power sector has hobbled the growth of Africa’s largest economy for decades. Problems include...
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