BUSINESS ROUNDUP: Nigeria received $26.94bn in foreign donations; Power generation records all-time peak; See other stories that made our pick | Ripples Nigeria
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BUSINESS ROUNDUP: Nigeria received $26.94bn in foreign donations; Power generation records all-time peak; See other stories that made our pick

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Private sector got over N46trn in loans from banks in 9 months –NBS

Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.

Here are the Headlines:

• Free meter distribution begins in Lagos, Kaduna, Kano on Friday
• Nigeria’s power generation records all-time peak at 5,459MW
• Nigeria received $26.94bn in foreign donations in six years
• Nigeria’s manufacturing sector contracts for sixth consecutive month

Summary:

Free distribution of electricity metres will start on Friday with the unveiling of the scheme in Kaduna, Kano, Ikeja and Ekoelectricity distribution companies franchise areas.

A presidency source, who spoke on condition of anonymity because he was not allowed to speak on the issue, told journalists on Thursday. The free metre distribution is a fulfilment of the vow by President Muhammadu Buhari to promote mass metring in the country and, by so doing, call a halt to estimated billing in the power sector, he said. Read more

Transmission Company of Nigeria (TCN) said on Thursday the country’s power sector recorded an all-time national peak of 5,459.50MW.

The TCN General Manager, Public Affairs, Ms. Ndidi Mbah, who disclosed this in a statement, said the new record was achieved on October 28. She added that the power generated was efficiently transmitted through the nation’s transmission grid at a frequency of 50.26Hz at 8:15 p.m. on that date. Read more

Nigeria received the sum of $26.94 billion as development assistance funds from international donors from 2015 to 2020, Minister of State for Budget and National Planning Clement Agba said on Tuesday.

He made the disclosure in Abuja while briefing the House of Representatives Committee on Civil Society and Development Partners on transfers and disbursements to government agencies, donor fund receipts, civil society and non-governmental organisations in Nigeria. Read more

Nigeria’s manufacturing sector shrank for the sixth straight month in October, the Central Bank of Nigeria (CBN)’s Purchasing Managers Index Survey Report showed on Tuesday.

Read also: BUSINESS ROUNDUP: Dangote seeks total ban on tomato importation; Currency in circulation climbs to N2.426tn; See other stories that made our pick

Manufacturing in Africa’s biggest economy has been slowing since May following the coronavirus pandemic, with severe disruptions to the supply chains. The Purchasing Manager Index (PMI) measures the economic health and the prevailing direction of the manufacturing and service sectors from the opinions and views of private sector companies polled by the CBN statistics unit. Read more

On NSE ROUNDUP: Stocks record N958bn gain as company results bolster sentiments

The Nigerian Stock Exchange (NSE) recorded the biggest single week gain so far this year this week, with nearly N1 trillion added to the market capitalisation even though the market was not open on Thursday on account of a public holiday.

Helped by the release of largely positive 9-month company results as well as dividend declaration by a couple of heavyweight quoted firms, investors sentiments pushed trade volume up by 404 million, a 27% improvement week on week. Read more

MEANWHILE, on the tech scene, the week that ended October is yet another noteworthy week. Not necessarily because it saw the expansion of some major Nigerian startups, but for featuring wins and further portfolio investments that will in turn grow the economy.

While Abasi Ene-Obong’s 54gene launched a Clinical Program Services (CPS) division to provide end-to-end clinical development services in ensuring clinical trials are conducted in Africa successfully, Abeokuta-based logistics company PickMeUp pushed out plans to expand outside Nigeria. Read full review

Thanks for joining the roundup this week. See you next week for another serving of Business Roundup. Don’t forget, for the latest news and updates from around the globe, keep reading Ripples Nigeria.

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