Nigeria News

Russia signs agreement with Nigeria to build nuclear power plant

October 30, 2017 - Russia has signed agreements with Nigeria to build and operate a nuclear power plant in the oil-rich West African nation that has a deficit of reliable power and faces security challenges by Islamist militants in the far northeast. Feasibility studies for the plant and a research center construction will include site screening, capacity, financing, and time frames of the projects, state-owned Russian nuclear company Rosatom said in an emailed statement. 
Read More – Bloomberg

Nigeria inflation to fall to single-digits in mid-2018 

October 27, 2017 - Nigeria’s Central Bank Governor Godwin Emefiele said on Friday he expected inflation rates to fall at a faster pace and hit high single-digit rates mid-next year. Annual inflation in Nigeria slowed for an eighth month in September, easing to 15.98 percent. 
Read More – Reuters

FG, Dangote, others sign $1.1bn pact for 540MW plant

October 27, 2017 - The Federal Government and the developers of the 540-megawatts Qua Iboe Power Plant signed a Power Purchase Agreement for the development of the $1.1bn electricity generation station on Thursday. The Dangote Group, Nigerian National Petroleum Corporation and Black Rhino Group, an African energy infrastructure company, signed the PPA with the Nigerian Bulk Electricity Trading Plc, an agency of the Federal Government, in a ceremony that was presided over by the Minister of Power, Works and Housing, Babatunde Fashola, in Abuja. 
Read More – Nigerian Eye

FDI in Nigeria’s digital sector hits $1bn — KPMG

October 25, 2017 - KPMG has disclosed that Foreign Direct Investment, FDI, into the Nigeria digital space over the last year is almost $1 billion. Speaking during a press briefing on KPMG Digital Summit 2017 themed, “Leading through Digital”, in Lagos, Boye Ademola, Partner and Lead, Digital Transformation, KPMG Nigeria, stated: “Foreign investments in Nigeria based digital businesses approached the $1billion mark over the last year alone with the most significant investments going to e-commerce and payment platform companies. 
Read More – Vanguard

Budget: FG to spend N1.16tn more in 2018

October 20, 2017 - The country’s national budget will rise by N1.16tn in 2018, according to projections contained in the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy submitted to the National Assembly by President Muhammadu Buhari. Details of the MTEF, showed that the Federal Government would spend N8.60tn next year, up from the N7.44tn appropriated in 2017. 
Read more – Punch

Solar power: FG attracts investors with pioneer status

October 20, 2017 - The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said investors can now manufacture solar systems in the country following the recent review of the pioneer status incentive. Fashola said the Nigerian government had revised its pioneer status’ criteria for eligibility to include solar home systems, batteries and other things necessary for delivering solar panels and systems.  
Read More – Punch

Nigeria revises down 2017 economic growth forecast to 1.5 percent from 2.19 percent

October 19, 2017 - Nigeria has revised down its forecast for 2017 economic growth to 1.5 percent from 2.19 percent, according to a document seen by Reuters on Thursday October 19th. Oil production, on which Nigeria relies for about two-thirds of government revenues, was at 1.9 million barrels per day for 2017, as of July, against an estimated 2.2 million barrels per day, said the document. 
Read More – Reuters

Nigerian lenders pick Barclays to find new investors for 9mobile

October 19, 2017 - Nigerian lenders have picked Barclays to try to find new investors for debt-laden 9mobile, two banking sources said on Thursday. The sources also said the central bank had asked the lenders to take a five percent provision on a $1.2 billion syndicated loan to 9mobile in their third-quarter results due this month, pending the emergence of new investors. 
Read More – Reuters

Ford inaugurates N5bn vehicle assembly plant in Lagos

October 18, 2017 - Coscharis Motors, a subsidiary of Coscharis Group and distributors of Ford automobiles, has unveiled a vehicle assembly plant in Lagos worth over US$15m (about N5bn) for the production of the Ford brand. The president of the Coscharis Group, Cosmas Maduka, said at a press briefing shortly before the unveiling that the facility was the second Ford plant in Africa, after South Africa and the first ever in Nigeria and the entire Sub-Sahara Africa. 
Read More – Financial Quest

Cross River, Siemens, others in 750MW power pact

October 12, 2017 - The Cross River State Government has announced the signing of a Memorandum of Understanding with a consortium of energy firms led by Siemens to deliver a 750-megawatts power plant in the state. The government stated that 40 megawatts of electricity would be delivered in the next three months through a truck-mounted turbine as an emergency measure. The Lead Consultant and Chief Executive Officer, African Discovery Group, Mr. Alan Kessler, was quoted as saying the power would be delivered at no cost to the state. 
Read More – Punch

Nigerian Bank just sold the most expensive Emerging-Market Bond

October 11, 2017 - Nigeria’s Fidelity Bank Plc sold the highest-yielding Eurobond from emerging markets this year, joining a rush for issuance before higher U.S. interest rates push up borrowing costs. The mid-sized Lagos-based lender issued $400 million of five-year securities with a 10.75 percent yield on Wednesday, according to a person familiar with the matter who asked not to be identified. The deal initially had guidance of about 11 percent, said the person. 
Read More - Bloomberg

KPMG Report: Doing deals in Nigeria

October 9, 2017 - This report brings together unique insights from global acquirers who have conducted M&A deals in Nigeria. The survey analyzed experiences of senior business executives in key industries who have been involved with one or more deals in the country over the past four years. The findings of the report reveal key learnings from the deal making process, the challenges that deal makers have had to overcome, and the practices that have delivered success.  
Read More – KPMG