APA – Lagos (Nigeria)
The report that the International Finance Corporation has invested $2 billion spread across different sectors in Nigeria is one of the trending stories in Nigerian newspapers on Tuesday.
The Punch reports that the Regional Vice President for Africa for the International Finance Corporation, Sergio Pimenta, has said that the investments of the institution in Nigeria were valued at $2bn and spread across different sectors.
Pimenta said this at the BoI-IFC Conference on Empowering Futures in Lagos recently, where stakeholders gathered to develop ideas and initiatives to improve access to finance, export credit, partial credit guarantees and other risk-sharing financing structures.
Delivering his keynote address at the conference, he said IFC’s investment portfolio in Nigeria was the second largest in Africa and stood at $2bn.
According to Pimenta, the corporation’s investments in the country were concentrated across trade finance, manufacturing, financial markets, and infrastructure.
“In addition, IFC’s work boosts universal energy access and green energy adoption, fosters increased access to finance for micro, small, and medium-sized enterprises through financial intermediaries, supports agribusiness and manufacturing to enhance food security, meets domestic needs, and grows export and foster digitisation,” he said.
According to the IFC boss, the Nigerian financial sector has a key role to play in supporting trade, financial inclusion and access to finance for MSMEs.
The newspaper says that the Nigerian national power grid stabilised on Monday as electricity generation revolved around 3,000 megawatts and 3,707.91MW between 1am and 8pm on the same day following the collapse of the grid on Sunday.
On Monday, The PUNCH reported that power generation on the national grid crashed to 59.9MW around 12pm on Sunday as the country’s grid witnessed a nationwide collapse.
The report stated that electricity generation on the grid plunged from 2,658.75MW at 11am to 59.9MW by 12noon on Sunday, as power distributors lost supply from the grid.
This led to widespread blackout across the country, as power distribution companies blamed it on the collapse of the grid managed by the Transmission Company of Nigeria, an agency of the Federal Government.
But data obtained from TCN on the grid performance on Monday evening showed that the system had picked up, as power generation at 1am was 3,157.28MW, while this moved up to 3,637.03MW around 8.30pm same day.
This came as TCN announced that the two transformers taken out late last year at its Benin Transmission Substation and Ihovbor Work Centre for upgrade had been upgraded and energised.
It stated that at the 132kV Benin Transmission Substation, TCN completed and energised a new 100MVA 132/33kV power transformer on Saturday, while at the Ihovbor Work Centre, a 100MVA power transformer was energised on January 29, 2024.
The Guardian reports that the Debt Management Office (DMO) sold T-bills valued at ₦1.18 trillion across its auctions in December 2023, representing 11.9 per cent (₦126.06 billion) month-on-month (MoM) increase on the value of T-bills sold across its auctions in November 2023 (₦1.059 trillion).
Similarly, the DMO sold FGN Bonds worth ₦273.63 billion via the reopening of two 10-year, one 15Y, and one 30-year FGN bonds in December 2023.
The total sale represents a 23.9 per cent under-subscription of the amount offered and a 37.02 per cent (₦160.87 billion) MoM decrease on the amount sold in November 2023 (₦434.5 billion) for the same FGN bond maturities.
In December 2023, the CBN sold OMO Bills worth ₦100.8 billion, representing a 30.57 per cent (₦23.6 billion) MoM increase on the value of OMO Bills sold across its auctions in November 2023 (₦77.2 billion).
There were no new listings of non-sovereign bonds on FMDQ Exchange in December 2023, compared to new non-sovereign bonds listings worth ₦26 billion in November 2023.
However, corporate bonds worth ₦35.1 billion matured and were redeemed resulting in a 1.57 per cent (₦35.1 billion) MoM decrease in the value of non-sovereign bonds outstanding from ₦2,239.11 billion in November 2023 to ₦2,204.01 billion in December 2023.
Also, the total value of CPs quoted on FMDQ Exchange in December 2023 was ₦246.33 billion, representing a MoM increase of 218.3 per cent (₦168.93 billion) from the value of CPs quoted in November 2023.
Quoted CPs were issued by institutions from various sectors including financial services manufacturing, telecom, agriculture, real estate, commodities trading, retail, equipment leasing and logistics and transportation.
As a result, the total outstanding value for CPs increased MoM by 1.85 per cent (₦14.9 billion) to ₦821.25 billion in December 2023.
Total turnover in the FX derivatives market segment in December 2023 was $6.47 billion (₦5.76 trillion), representing a MoM increase of 82.25 per cent ($2.92 billion) from November 2023 figures.
The newspaper says that the Minister of Solid Minerals Development, Dele Alake, has said that miners and operators in the sector owed the Federal Government more than N2 trillion.
During a meeting with licensed minerals holders and laterite/sand operators in Kaduna, yesterday, he stressed that the administration of President Bola Tinubu is determined to halt the activities of illegal miners across the country.
Warning against the activities of illegal miners, Alake has said miners in Kaduna State alone were owing the Federal Government over N300 billion.
Alake pointed out that the government would not relent in its effort to take adequate measures against anyone caught in illegal mining across the state and the country in general.
He described illegal mining as a big crime that could not be accepted in the country.
Alake, who was represented by the Acting Zonal Mines Officer, Northwest Zonal Office of the Ministry of Solid Minerals Development, Kutman Ali, urged the operators not to go to the field without a mining licence.
He directed those who collected their mining licence to report to the mines office in Kaduna to collect their permit.
“After collecting a licence, you must come to our office, so that you will be given what we call a permit to mobilise to the site. It is a letter that will introduce you to the state and local councils, as well communities through their traditional ruler, and security agencies to make carrying out mining activities easy for you,” he explained.
GIK/APA
Nigeria: Press spotlights investment of $2bn by IFC in Nigeria, others
