Amidst Energy Crisis, Nigeria considers supplying electricity to Chad
The Federal Government is considering supplying electricity to the Republic of Chad following a recent request by the neighbouring country. The government-owned Transmission Company of Nigeria disclosed on Sunday that a meeting was held last week to discuss the possibilities of connecting Chad to the national grid. Nigeria, whose available power generation has been hovering between 3,000 megawatts and 4,500MW in recent years, currently exports electricity to three neighbouring countries, namely Republics of Niger, Benin and Togo.
NCC grants MTN, 9mobile approval for national roaming service
The Nigerian Communications Commission (NCC) has approved the Mobile Telecommunication Network (MTN) and the Emerging Markets Telecommunication Service Limited (EMTS), known as 9Mobile, to carry out trial on National Roaming Service for a period of three months. NCC who disclosed this in a statement said the two mobile network operators (MNOs) are expected to configure their networks to begin test and simulation for customer experience. The trial approval covers a few local governments, designated as the National Roaming geographic area, in Ondo State.
Access bank to support Nigerians with N50bn interest-free facility
Access Bank Nigeria Plc is set dole out N50 billion through interest-free loans and grants to support communities, the youths, and micro, small and medium-sized businesses. This is coming on the heels of the impact of the pandemic, coupled with the hijacked #EndSARS protests that led to the looting of businesses and destruction of properties which has thrown so many Nigerians into debts.
EndSARs crises: Domestic airlines, aviation agencies lose over N900m
Domestic airlines and aviation agencies have reportedly lost over N900 million as a result of the fall out of the EndSARS protests across the country. This was even as the aviation industry which was the worst hit from the COVID-19 pandemic is still struggling from the negative impact of the over five months of lockdown.
Annual capital flight in Telecoms now $2.16bn – FG –
The capital flight in Nigeria’s telecommunications sector is as high as $2.16bn annually, the Federal Government has declared. Minister of Communications and Digital Economy, Isa Pantami, made the declaration at the Digital Nigeria Day, quoting a report of the Association of Telecommunication Companies of Nigeria. Pantami stated that to stem the trend of capital flight, the government had developed a policy to promote indigenous content.
FG, UNIDO, miners collaborate on gold production – The Federal Government is collaborating with the United Nations Industrial Development Organisation and the Miners Association of Nigeria to ensure the production of mercury-free gold in Nigeria. All three parties agreed to work together to achieve the target at the virtual inception workshop for the project preparatory grant of the Global Environment Facility PlanetGold in Nigeria. The virtual workshop, which was monitored by our correspondent in Abuja, had its theme as ‘Enhancing formalisation and mercury-free gold in Nigeria’.
Fixed income, currency markets drop to N164.32tr in Q3
Turnover in the Nigerian fixed income and currency (FIC) markets dropped by 26.76 per cent to N14.07 trillion in September 2020, according to latest trading figures released at the weekend. Turnover at the FIC markets for the nine-month period ended September 30, 2020, declined by 7.69 per cent to N164.32 trillion by third quarter 2020 as against N178.0trillion recorded by third quarter 2019.
Electricity generation capacity dipped to 5,564MW in Q1
The Nigerian Electricity Regulatory Commission (NERC) has said the average generation capacity of the Nigerian Electricity Supply Industry (NESI) dipped by 11 per cent to 5,564Mw in First Quarter (2020). According to the quarter report, which The Nation obtained at the weekend, “the industry recorded a daily generation peak of 5,268MW, in the first quarter of 2020 on February26, 2020. Available average generation capacity fell by 11.58 per cent to 5,564MW during the first quarter of 2020.”
Airlines resume, seek release of N27 billion bailout
Local airlines, yesterday, resumed skeletal services following last week’s disruption by the EndSARS protests and the attendant curfew imposed by the Lagos State government. The demonstrations, which had forced some foreign operators to suspend flights, resulted in grounding of operations by indigenous carriers amid absence of travellers and riots in Nigeria’s economic capital. But yesterday, life began returning to the airports, even as operators push for disbursement of the N27 billion aviation bailout announced by the Federal Government to mitigate losses incurred following outbreak of the novel coronavirus across the globe.
U.S. futures retreat; treasuries edge higher: Markets Wrap
U.S. equity futures started the week on the back foot as a stimulus deal remained elusive and coronavirus infections hit a record for a second day. Asian stocks drifted and Treasuries advanced. S&P 500 futures retreated, and European contracts pointed lower. Stocks slipped in Japan and South Korea, with shares in China underperforming. The dollar strengthened. U.S. House Speaker Nancy Pelosi said the chamber could pass a pandemic relief plan this week, though a deal with the White House remains elusive as chances faded of a resolution before next week’s election. Ten-year Treasury yields ticked lower, but remained above 0.8%.
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