AFDB Approves $100mil Infrastructural Loan For Sub-Saharan Africa

The African Development Bank recently approved $100 million for the Emerging Africa Infrastructure Fund (EAIF) in a bid to help reduce the huge infrastructure financing gap in Sub-Saharan Africa.

The Central Bank of Nigeria says it has injected 210 million dollars into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.

The International Monetary Fund (IMF) says many foreign investors are willing to invest in Nigeria but are apprehensive that they may not be able to retrieve their investment. The Senior Financial Sector Expert, Debt and Capital Market Instruments Division, Monetary and Capital Markets Department, International Monetary Fund (IMF), Miriam Tamene, stated this during a visit by fund’s team to the Securities and Exchange Commission (SEC) in Abuja on Wednesday.

The Abuja Electricity Distribution Company (AEDC) and Licensed Electrical Contractors Association of Nigeria (LECAN) said they are working to curb quackery and fake electrical installations while ensuring safe use of electricity. According to Dailytrust, the National Coordinator of LECAN, Chief Vitus Ofoedum said this during a sensitization campaign at Gudu market in Abuja on Wednesday.

Thirteen women allegedly selling the country’s currency were arrested by the Central Bank of Nigeria, CBN, and the Rivers State Police Command in a joint sting operation in Port Harcourt.

The Command disclosed this yesterday, while briefing newsmen on the recent clamp down on individuals who engage in unlawful business on the country’s currency

It was stated that over N2 million was recovered from them by the Police in the operation carried out at Garrison, Rumuokoro, Waterlines and Eleme areas.

As part of its commitment to programme implementation, the World Bank said it will continue the preparation of the proposed $1 billion Performance Based Loan (PBL) to support the Power Sector Recovery Programme (PSRP) in the country.

At the just concluded two days consultation on PSRP, the World Bank Group and the Federal Government said the PSRP is a comprehensive programme of policy, legal, regulatory, operational and financial interventions that will restore service efficiency and long-term power sector viability.

The House of Representatives Committee on Oil and Gas is investigating 10 oil companies for alleged failure to remit $250 million to the federal government.

The committee has threatened to issue a warrant of arrest on the Managing Directors of the companies if they fail to appear before it on Thursday.

Mr Jerigbe Agom, the Chairman of the committee, issued the warning at its sitting in Lagos on Wednesday.

The Nigerian Stock Exchange (NSE) market indices on Tuesday recorded marginal growth of 0.03 per cent after dropping by 0.88 per cent on Monday, the News Agency of Nigeria (NAN) reports. The All-Share Index rose by 10.64 points or 0.03 per cent to close at 38,924.63 as against 38,913.99 on Monday.

Dangote Refinery currently under construction would save Nigeria $12 billion annual import substitution, create 4,000 direct jobs and crash prices of petroleum products.

Technical Consultant to Alhaji Aliko Dangote, Mr Babajide Soyode, said the project would add value to the economy as it would also create 145,000 indirect jobs.

He said the refinery would lower the prices of petroleum products in Nigeria and save some costs on importation.

The Minister of Power, Works and Housing, Babatunde Fashola, has disclosed that electricity generation in the country has reached an all-time 7,000 megawatts while transmission stands at 5,155 megawatts.

Fashola stated this at the opening of the 22nd power sector stakeholders meeting held at the premises of Geregu Power Plc, Kogi State yesterday.

The minister said the statistics implied that 2,000 MW was stranded and must be evacuated for use as more power will be generated in 2018.