Blackout Worsens as Grid Collapses for Fifth Time in 2022
There was widespread blackout across the country on Sunday following the collapse of the national power grid, making it the fifth collapse of Nigeria’s electricity grid in 2022. Source Punch Read More
FG Owes CBN N15.51tn, Borrows N14.86tn Under Buhari
The Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances has ballooned to N15.51tn, rising by 2,286 per cent in six years, data collated from the CBN have shown. Source Punch Read More
The Nigerian Industrial Goods Sector Update 2022 – Unravelling Untapped Value – An Afrinvest Report
The cement sector has proven to be resilient in the face of macro-economic headwinds that have surfaced in recent times. On the international scene, the pandemic, trade restrictions, and geopolitical spates left a little dent on the cement industry in 2020. Source Afrinvest Research Read More
Oil Price Falls to $120/b Amid High COVID-19 Cases in China
Brent crude futures dropped 1.66 per cent to $120.9 a barrel by 09:55 GMT +1, while US West Texas Intermediate crude futures equally fell over 1 per cent to $118.5 a barrel. Source LeadershipNG Read More
African Airlines ‘Traffic Increases by 116.2%
The International Air Transport Association (IATA) has declared that international air travel is experiencing a rebound with passenger traffic for African carriers experiencing an increase of 116.2 per cent in April, this year compared to load factor posted a year ago. Source The Nation Read More
Osinbajo: Africa Must Collaborate with World to Benefit from Int’l Taxation Initiatives
Vice-President Yemi Osinbajo, says Africa needs to deepen cooperation and collaboration with the rest of the world to enjoy maximum benefit from international taxation initiatives. Source TheCable Read More
NCC to Deepen Broadband Penetration with Licences for MVNOs
The Nigerian Communications Commission (NCC), is set to introduce a licencing framework for the establishment of Mobile Virtual Network Operators (MVNOs) in Nigeria, which will lead to the massive penetration of broadband services to the unserved and underserved areas of the country. Source The Guardian Nigeria Read More
FG, ATCON Move to Actualise 70% Broadband Penetration Target
The federal government, the Association of Telecommunications Companies of Nigeria (ATCON) and other stakeholders in the telecoms industry have intensified efforts to hit the target of over 70 per cent broadband penetration in Nigeria by 2025. Source LeadershipNG Read More
Bitcoin Price Drops Below $25,000 – lowest since December 2020
Bitcoin, the world’s largest crypto by market cap, has dropped 12 per cent to $24,138. According to CoinMarketCap, the price of bitcoin stood at $24,063 on Monday at 11:00 GMT+1. On June 6, bitcoin reached $31,371, the highest in the past month. Source TheCable Read More
NCDMB, NAICOM Launch Joint Insurance Guidelines for Oil Sector
The Nigerian Content Development and Monitoring Board (NCDMB) and National Insurance Commission (NAICOM) have signed joint insurance regulations that oblige the oil and gas companies to patronise local insurance firms. Source The Guardian Nigeria Read More
NDIC, Senate Strengthens Collaboration on Deposit Insurance
The Senate Committee on Banking, Insurance and Other financial Institutions and the Nigeria Deposit Insurance Corporation, NDIC, have commenced moves for increased collaboration on enhancing deposit insurance delivery in the country. Source Vanguard Read More
Nigeria lost N1.25trn to aircraft maintenance in 2021 – MD FAAN
Rabiu Yadudu, the managing director of the Federal Airports Authority of Nigeria, (FAAN) has disclosed that in 2021, Nigeria lost $2.5 billion (about N1.25 trillion) in aircraft maintenance repair and overhaul investments in neighbouring countries. Yadudu who disclosed that Nigeria has the largest fleet of aircraft within the subregion noted that having this investment in Nigeria would have created more employment opportunities for Nigerians, revenue generation and training of technical personnel for maintenance of aircraft.
He explained that the interlink and value chain between the air transport, tourism and hospitality industry for economic growth cannot be over-emphasized.
World Blood Donor Day: Nigeria’s pregnant women hardest hit in 2.5m pints shortage
The shortage of more than 2.5 million pints of blood required for medical intervention in Nigeria, leaves pregnant women the hardest hit in a life-threatening cycle that the country has grappled with for many years, experts say. With a population estimated at 206 million, Suleiman Akanmu, professor of of Hematology and Transfusion Medicine, College of Medicine, University of Lagos told Businessday that Nigeria should be able to collect about four million pints of blood yearly to meet the transfusion requirement of the country.
But, the best performance of Nigeria has been about 1.5 million units of blood per annum, according to the National Blood Transfusion Service (NBTS), a figure which some experts consider an overestimation..
How electricity distribution companies are finding profit across geopolitical zones
Industry players in the electricity sub sector, especially the distribution companies (Discos) had little going for them, until recent years when they have been recording substantial revenue growth. At least, a fair number of them. A major step towards achieving this was to cover their operational costs, which
10 Nigerian banks using solar to reduce reliance on diesel generators
In a bid to break even and promote clean energy, Nigeria’s commercial banks are embarking on solar-related projects to keep business operations alive as the country lives through power outages never seen before in recent times. A new solar report commissioned by the Netherlands Enterprise Agency, a department, a department of the Dutch ministry of Economic Affairs and Climate Policy, identified 10 Nigerian commercial banks using solar-related projects banks to reduce their dependency on diesel generators.
According to the report by NL Enterprise Agency, “there is also an increasing adoption of solar as an energy source and the country’s climate is suitable for its application.”
“While the cost of solar energy has deterred many households, there are more and more financing and grant schemes that help spread solar across the country.” NL Enterprise Agency said.
Ibadan DisCo records highest electricity customer base in Nigeria
Ibadan Electricity Distribution Company (IBEDC) has topped the list of Discos with the highest number of customers, according to the National Bureau of Statistics (NBS). The report titled “Electricity Report 2015-2020,” shows that customer numbers under the the reviewed period increased successively on a year-on-year basis, with the highest numbers recorded in IBEDC. Generally, it rose from 6.99 million in 2015 to 10.37 million in 2020, it said.
The number of metered customers increased consecutively on a year-on-year basis from 3.15 million in 2015 to 3.80 million in 2019 but declined to 3.51 million in 2020.
“In 2015, Benin Electricity Distribution Company (BEDC) recorded the highest number, while IBEDC stood top between 2016 and 2019.
“Abuja Electricity Distribution Company (AEDC) recorded the highest in 2020,” the report said.
First Bank secures $150m Afreximbank facility to support businesses
African Export Import Bank (Afreximbank), a Pan-African multilateral financial institution, has disbursed the sum of US$150 million finance facility to First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider.