Author: Marketforces Africa

EU to Spend €10.4m on Sustainable Energy in Nigeria’s Healthcare The European Union (EU) says it will spend €10.4 million on Nigeria Solar for Health Project (NISHP) which aims to provide primary healthcare centres with reliable and sustainable solar energy solutions. Inga Stephanowicz, Head of Section, Green & Digital Economy, EU, said this at the Project Developers Roundtable Workshop for NISHP in Abuja yesterday. She said the project aimed at enhancing Nigeria’s healthcare sector by providing reliable energy to boost healthcare services and outcomes in Nigeria. “This €10.4 million initiative, funded by the European Union, marks a milestone in the…

Amazon, FirstBank Preach Innovation, Experimentation to Companies Amazon Web Services (AWS), a cloud computing company, on Wednesday emphasised the importance of leveraging technology for effective customer service and business success. The Global Chief Technology Officer (CTO) of AWS, Dr. Werner Vogels, made this known at a fireside chat at the First Tech Connect Series hosted by FirstBank in Lagos. Vogels said that there was a growing trend of organisations, including banks, adopting cloud computing solutions to optimise their organisation’s operations and digital infrastructure. He stressed the importance of allowing teams to experiment and take calculated risks, saying that “some of…

Oando Upsizes Reserve Based Facility from Afreximbank to $375m Oando Plc has upsized the total amount of money it can borrow under an existing credit agreement with African Import –Export Bank to $375 million, the energy company said in a regulatory filing, In its official release, Oando said its upstream subsidiary, Oando Oil Limited, a 20% participating interest holder in the OMLs 60-63 JV and an affiliate of Oando Energy Resources Nigeria Limited, has successfully completed the upsizing of its reserve-based lending (RBL2) facility to $375 million. It said the RBL2 facility secured in 2019 at $525 million, was paid…

CBN Cuts Interest Rates on Treasury Bills, Rejects Excess Demand The Central Bank of Nigeria (CBN) cuts spot interest rates on Nigerian Treasury bills (NTB) with 91 and 364 days to maturities at the primary market auction (PMA) conducted on Wednesday – while excess competitive bids were rejected in totallity. At the main auction floated by the Debt Management Office on behalf of the Apex Bank, investors’ subscriptions outpaced the N450 billion offer size put forward. Reflecting increase appetite for the naira assets by key market players, especially banks, the total subscription reached N1.31 trillion, which is about three times…

Rwanda Economic Growth Among Strongest in SSA –IMF Rwanda’s economic growth remains among the strongest in sub-Saharan Africa, despite rising fiscal and external pressures linked to large investment projects and reduced concessional financing, International Monetary Fund (IMF) said following a review. The Executive Board of the multilateral lender announced the conclusion of the fifth review under the Policy Coordination Instrument (PCI) for Rwanda. IMF noted that Rwanda’s economy expanded by 8.9 percent in 2024, driven by a rebound in agriculture and continued strength in the services and construction sectors. Inflation remained within the National Bank of Rwanda’s 2–8 percent target…

Naira Extends Rally, Spot FX Rate Appreciate Sharply to N1565 The naira extended rally in the foreign exchange market, thanks to strong US dollar volume supply, which eclipsed entire FX log by the eligible companies. The local currency has remained on growth path, recording six days gaining streak at the Nigeria foreign exchange market, an official spot rate platform for the Central Bank. The USD/NGN pair traded between $/₦1,556.50 and $/₦1,577.00 during the session, according to Investment firm AIICO Capital Limited. The exchange rate movement translates to an 87- basis-point appreciation as the currency closed at $/₦1,565.4625. AIICO Capital Limited…

Equities Investors Gain N223bn as NGX Hits New Historical High Trading at new historic high, the Nigerian Exchange (NGX) broke another historical high with market capitalisation rising above N71 billion on rally that boosted equities portfolio value by more than N223 billion. On Wednesday, the local stock market extended its bullish momentum with key market performance indicators rising by 0.32%. The bargain hunting experience was driven by buying interest in selective medium and large-scale stocks across major market sectors, reflecting continued investor confidence and positive market sentiment. The All-Share Index increased by 354.25 basis points today, to close at a…

NCC Unveils Plans for Comprehensive National Cybersecurity Framework The Nigerian Communications Commission (NCC) has taken a significant step toward bolstering the nation’s cybersecurity defenses, unveiling plans for a comprehensive framework to safeguard its rapidly expanding telecommunications industry. Dr Aminu Maida, the Executive Vice Chairman (EVC) of the NCC, who was represented by Abraham Oshadami, Executive Commissioner, Technical Services, NCC, said this during a Cybersecurity Framework Development Regulatory Meeting on Wednesday in Lagos. Maida highlighted the impressive growth of Nigeria’s telecom sector, which moved from fewer than half a million connected lines in 2001 to over 172 million active subscribers today,…

Court Dismisses £990trn Suit Against Central Bank of Nigeria The Federal High Court in Abuja, on Wednesday, dismissed a 990 trillion pounds suit filed by a claimant, Mr Tunde Omosebi, against the Central Bank of Nigeria (CBN) for being incomprehensible. Justice James Omotosho, in a judgment, also held that the suit filed by Omosebi to seek redress over alleged breach of his fundamental rights, failed to disclose any reasonable cause of action against CBN and other defendants. Justice Omotosho, therefore, gave an order restraining Omosebi from filing any suit or process except same is filed by a legal practitioner or…

GCR Affirms InfraCredit AAA (NG) Rating, Outlook Stable GCR Ratings has affirmed Infrastructure Credit Guarantee Company Plc’s national scale long-term issuer rating of AAA (NG), with a stable outlook. The rating of Infrastructure Credit Guarantee Company Plc reflects its established track record of mandate delivery on its strategic role as an infrastructure credit guarantee provider in Nigeria, GCR said. The African-focused ratings agency added that the rating also recognises the company’s strong capital and leverage position, sound risk profile, and robust funding and liquidity. GCR analysts said in the rating note that InfraCredit’s competitive strength is anchored on its developmental…