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Daily Business News Brief  Friday, September 17th, 2021.

17
Sep

FG woos local investors, opens $3bn Eurobond borrowing plan – Punch

The Debt Management Office has disclosed that Nigeria is back in the International Capital Market after about three years with a plan to raise at least $3bn from Eurobond issuance.  This was contained in a statement titled ‘Nigeria back at International Capital Market with Eurobond offer’ issued by the DMO’s spokesperson, Chinenye Onu, on Thursday.  The statement read, “The Federal Government of Nigeria has announced plans for a Eurobond issuance in the International Capital Market. “The last time Nigeria accessed the ICM was November 2018.” The statement further disclosed that there would be virtual meetings with investors on September 17 and 20, adding that the meetings are open to local investors for the first time…………………..read more

Lafarge makes N230.6bn from cement sales in 2020 – Punch

Lafarge Africa Plc has said it recorded a sales revenue of N230.6bn in 2020. This shows 8.3 per cent revenue growth from 2019. The company disclosed this in its 2020 Sustainability Report.  The company said, “Despite the tumultuous year 2020 was, we contributed to growth through innovation and dedication to the construction industry. Our net sales figure for the year was N230.6bn.”  The company added that its Earnings before Interest and Tax rose by 30.8 per cent to N45.7bn.  The cement firm said it was able to achieve the results by effectively implementing its production cost optimisation and that it improved operational efficiency……………….read more

Naira slumps further, exchanges for 570/$ – Punch

The naira continued its downward trend after exchanging to the dollar for 570 on Thursday.  A week earlier, the naira had traded to the dollar at the rate of 534.  According to the official website of the Bureau de Change operators, naijabdcs.com, the dollar was bought and sold at N568 and N570 respectively.  Meanwhile the naira hit a high of N413 to close at N412.64 at the I&E forex window on Thursday.  This was as the Central Bank of Nigeria maintained its official rate at 410.57/$ on its website.  As part of efforts to address forex shortage in the economy, the CBN ordered the banks to go tough on defaulters………………read more

Petrol, kerosene prices rose in August – Punch

Two reports from the National Bureau of Statistics have revealed that the prices of kerosene and Premium Motor Spirit, popularly known as petrol, increased year-on-year in August.  The National Household Kerosene Price Watch report for August 2021 by the NBS disclosed that the average price per litre paid by consumers for kerosene increased by 0.67 per cent month-on-month and by 15.43 per cent year-on-year to N400.01 in August from N397.34 in July.  Also, the Premium Motor Spirit Price Watch report showed that the average price paid by consumers for premium motor spirit increased by 10.87 per cent year-on-year and decreased month-on-month by -0.58 per cent to N164.91 in August 2021 from N165.91 in July 2021………………read more

Lagos Freeze Zone Company Raises N10.5bn 20-yr Infrastructure Bond  – Thisday

Lagos Free Zone Company (LFZC), the first free zone in Nigeria with a fully integrated deep seaport, has successful issued N10.5 billion 20-Year Series 1 Senior Guaranteed Fixed Rate Corporate Infrastructure Bonds Due 2041 under a N50 billion Debt Issuance Programme.  LFZC is the infrastructure development subsidiary of the Tolaram, the Singaporean conglomerate with more than 45 years of presence in Nigeria and business interests in consumer goods, infrastructure and fintech space……………..read more

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