Monday, March 1African Business News
Shadow

Tag: Akinwunmi Adesina

New gas pipelines and opportunities for Nigeria’s ailing industrial zones

New gas pipelines and opportunities for Nigeria’s ailing industrial zones

Energy
Recently, Shell Nigeria Gas (SNG) completed the final phase of its 20km domestic gas pipeline expansion project in Abia State, connecting Agbor Hill, Osisioma and Ariaria industrial zones. To local producers, access to domestic gas supply addresses a critical part of the many production challenges as well as a good chunk of production cost.For manufacturers, while electricity outages average about 10 hours daily, electricity expenses still constitute about 40% of total cost of production with average cost of self-generated electricity estimated at N119 billion in 2019. The operators, comprising the Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Nigeria Employers Consultative Association (NECA), ...
S&P Global affirms AfDB’S AAA rating

S&P Global affirms AfDB’S AAA rating

Business
Ratings agency, S&P Global, has affirmed its ‘AAA/A-1+’ long-and short-term issuer credit assessment of the African Development Bank (AfDB) with a stable outlook. According to a statement from the African continental financing institution in Abidjan, Cote d’ivoire, the rating agency positively assessed AfDB’s very strong financial risk profile, very strong capital adequacy, strong funding and liquidity, extraordinary shareholder support and adequacy of its governance and management. “We are therefore affirming our ‘AAA’ long-term issuer credit rating on the AfDB,” S&P Global stated. The rating agency also noted the AfDB’s $115 billion capital increase, approved by shareholders in October 2019, and the replenishment to the African Development Fund, the bank’s concessional wind...