• Domestic gas supply to power generating plants recorded a plunge of 186 million standard cubic feet per day in August. Data from the NNPC showed that the supply of gas to thermal power plants dropped from a high of 854mmscfd in March 2018 to as low as 668mmscfd in August. This also led to a reduction in the quantum of energy generated by the power plants. The 186mmscfd decline in gas supply to the plants led to an equivalent decline of 982 megawatts of electricity that would have been generated on the country’s power grid. When gas supply to power plants was 854mmscfd in March, the equivalent power generated from the power plants was 3,492MW. This, however, dropped to 2,510MW in August when gas supply to the plants dropped by 27.8 percent, compared to March. A total of 668mmscfd was delivered to the gas-fired power plants in August 2018 to generate an average power of about 2,510MW compared with July, when an average of 745mmscfd was supplied to generate 2,898MW.
  • The Debt Management Office (DMO) has announced Nigeria’s successful raise of $2.86 billion through its latest Eurobond. The bond comprises a $1.18 billion 7-year series, $1 billion 12-year series and a $750 million 30-year series. The 7-year series will bear interest at a rate of 7.625 per cent, while the 12-year series will bear interest at a rate of 8.75 per cent, and the 30-year series will bear interest at a rate of 9.25 per cent. In each case, they will be repayable with a bullet repayment of the principal on maturity. This is the country’s sixth Eurobond issue following its maiden debut in 2011, issuances in 2013, two in 2017, and one issued in February this year.The Joint Lead Managers for the issuance were Citibank Global Markets Limited and Standard Chartered Bank, while FSDH Merchant Bank Limited was financial advisors.
  • PagaTech has reached an exclusive payment partnership deal with Orange Mall – an e-commerce platform with over 250 international retailers – for easy purchase and shipment to Nigeria. Paga’s General Manager for Online & Mobile, Folakemi Falodun, said that the new partnership agreement will see Paga providing payment services on Orange Mall. Paga’s customers will also be able to shop globally and pay locally, increasing the utility of their Paga wallets.
  • The presidential candidate of the Peoples Democratic Party, Atiku Abubakar, has plans to embark on partial privatisation of the NNPC. The former vice-president also plans to sell all four national refineries, and cut corporate income tax. Atiku Abubakar’s policy document, which has a delivery timeline of 2019 to 2025, also hopes to raise Nigeria’s GDP by almost 90 percent to $900 billion by 2025, and raise FDI to 2.5 percent of GDP. Other items on Atiku’s wishlist include, building 5,000 kilometres of roads, and 5,000 kilometres of modern railway. The plan is built on four cardinal points: jobs, infrastructure, poverty eradication, and human capital development.