The Federal Government has generated a total of N892,467,526 through the rail system of transportation in the first quarter of 2021.
This was revealed by the Railway Sector Report released by the National Bureau of Statistics (NBS). The Report shows that the amount was generated from two main revenue sources; Passenger and goods/cargo.
A close observation by Brand Spur revealed that the revenue generated from passengers in Q1 2021 was put at N892,467,526 as against N398,999,290 in Q4 2020.
Similarly, revenue generated from goods/cargo in Q1 2021 was put at N26,195,160 as against N82,572,300 in Q4 2020.
According to the report, a total of 424,460 passengers travelled via the rail system in Q1 2021 as against 647,055 passengers recorded in Q1 2020 and 134,817 in Q4 2020 representing a -34.40% decline YoY and +214.84% growth QoQ respectively.
Similarly, a total of 10,511 tons of volume of goods/cargo travelled via the rail system in Q1 2021 as against 18,484 recorded in Q1 2020 and 35,736 in Q4 2020 representing -43.13% decline YoY and -70.59% decline QoQ respectively.
The rail transportation data for Q1 2021 reflected that a total of 424,460 passengers travelled via the rail system in Q1 2021 as against 647,055 passengers recorded in Q1 2020 and 134,817 in Q4 2020 representing a -34.40% decline YoY and +214.84% growth QoQ respectively.
Similarly, a total of 10,511 tons of volume of goods/cargo travelled via the rail system in Q1 2021 as against 18,484 recorded in Q1 2020 and 35,736 in Q4 2020 representing -43.13% decline YoY and -70.59% decline QoQ respectively.
Revenue generated from passengers in Q1 2021 was put at N892,467,526 as against N398,999,290 in Q4 2020. Similarly, revenue generated from goods/cargo in Q1 2021 was put at N26,195,160 as against N82,572,300 in Q4 2020.
NRC Releases Timetable For Lagos-Ibadan Railway Service-Brand Spur Nigeria
President Buhari recently inaugurated the commercial operations of Lagos-Ibadan railway projectat the Mobolaji Johnson Railway Station, Ebute Metta, Lagos, describing the feat ‘‘as another milestone in the drive of this administration to revitalize the railway system and establish it as a choice mode of transportation for both passengers and freight.’’
The president pledged that his administration would continue to prioritise the railway system as a transportation backbone that can transform industrial and economic activity in the country.
Foreign Direct Investment (FDI) inflows to Sub-Saharan Africa decreased by 12 per cent to $30 billion, with investment growing in only a few countries. In West Africa, inflows to Nigeria increased slightly, from $2.3 billion in 2019 to $2.4 billion.
This is contained in the United Nations Conference on Trade and Development (UNCTAD) World investment report 2021, Brand Spur reports. According to the report, Nigeria emerged as the third-largest economy, alongside Ethiopia ($2.4 billion), which attracted FDI inflows in Africa last year. Ethiopia, despite registering a 6 per cent reduction in inflows to $2.4 billion, accounting for more than one-third of foreign investment to the subregion.
Although the Ethiopian economy suffered from the pandemic, especially in hospitality, aviation and other services, it still grew a substantial 6.1 per cent. The manufacturing, agriculture and hospitality industries drew the highest shares of investment in 2020. The Government initiated a programme to facilitate foreign investment in the manufacturing of personal protective equipment (PPE), and several Chinese firms have already started production.
Egypt was the largest recipient in Africa, however, with a significant reduction of 35 percent to $5.9 billion in 2020; followed by the Republic of the Congo ($4 billion), while South Africa was fourth with $3.1 billion (a decline of 39 percent).
The average price of crude oil dropped by 33 per cent in 2020, and lower demand along with supply-side constraints caused by the slowdown in site development restricted FDI to the country in the first half of 2020.
Despite the pandemic, the long-term policy of FDI diversification appears to have had some impact. One important greenfield investment ($66 million) in the non-oil economy was the construction of a manufacturing facility in the Lekki Free Trade Zone by Ariel Foods (Kenya).
There was also a significant M&A deal in the same region, with China Communications Construction Company providing the initial $221 million equity injection in Lekki Deep Sea Port, out of a planned total investment of $629 million.
Other transactions that contributed to FDI diversification, such as the investment by Multichoice Group (South Africa) in Betking, a provider of data hosting services, were relatively small.
Global foreign direct investment (FDI) flows are expected to bottom out in 2021 and recover some lost ground with an increase of 10% to 15%.
FDI flows plunged globally by 35% in 2020, to $1 trillion from $1.5 trillion the previous year, the report says. Lockdowns caused by the COVID-19 pandemic around the world slowed down existing investment projects, and the prospects of a recession led multinational enterprises (MNEs) to reassess new projects.
As usual, let us start by appreciating all fathers across Nigeria and the globe. The responsibilities and burden most fathers carry cannot be overlooked as they play a pivotal role in our lives. “One father is more than a hundred schoolmasters,” said George Herbert.
We at Comercio Partners Limited celebrate all our able and responsible fathers out there and wish them a Happy Father’s Day!!! Keep up the good work. Moving along, let us now delve into the topic of the day, which interestingly, I think would be of concern to the fathers.
Several millennials have jovially referred to this recent uptrend in inflation as the type you can taste. The value of money has been eroded and real income depleted.
Food inflation, which accounts for the largest quotient of the consumer expenditure in Nigeria, has been the major driver of the overall price increase; hence, causing a lasting pain on a population with roughly 40% (2019) seated below the international poverty line as defined by the World Bank.
Think about this again, 40% of Nigerians could not afford the food that has now become more expensive.
Source: NBS, Comercio Partners
For 19 consecutive months, the year-on-year inflation rate for both the headline and food index rose consistently but moderated in April and May 2021. The recently released inflation report for May, had a headline inflation print at 17.93% YoY in May 2021, 0.19% lower than 18.12% recorded in April 2021, while the food segment moderated to 22.28% YoY in May 2021, 0.44% lower than 22.72% recorded in April 2021.
For the policymakers, this is great. Inflation is moderating as they earlier predicted. However, things are just as bad for the average Nigerian as the improvement seen in inflation has the statistical technique used for its calculation to thank.
The YoY inflation rate for May 2021 is simply a comparison of the consumer price index of the period to that of the corresponding period in 2020. Accordingly, if prices were significantly high in the base period, we should see some moderation in the reference period, and this was the case in May 2021.
That is technically referred to as the base effect, and it only offers a mathematical victory, leaving the real problems unsolved. The monthly inflation rate exposed the true nature of the problem, as both the food and headline index rose in May 2021. For the core segment, everything is just as bad as we saw both the yearly and monthly rates inch up, buoyed by the pass-through effect of the depreciating naira.
Nonetheless, asides from the base effect, food inflation should receive support from the green harvest season, which commenced last month, contributing to a sustained downtrend in inflation.
“Love for Food or Lack of Money?”…
The percentage of household spending that goes to food is alarming, as Nigerians spend a whopping 59% on food. It would be funny if the reason were simply because of our unending love for food, but it is much more complex than that. There are three possible reasons why Nigeria’s expenditure pattern is dominated by food spending relative to that of other countries.
One is the low income as captured by the GDP per capita, the second is the fast-rising rate of food inflation, while the last is the mix of both. As you must have guessed, Nigeria is blighted by the hybrid form of the problem. GDP per capita for Nigeria has on a downward trend since 2014, declining by 28% from $3,098 in 2014 to $2,229 in 2019.
GDP per Capital vs Food as a percentage of household expenditure
Source: ERS, USDA, World Bank, Comercio Partners
“Hard guy, Hard guy…. Inflation gets to 5% you shake.”
The US Fed held its FOMC meeting last week, and as expected, the policymaking Federal Open Market Committee unanimously left its benchmark short-term borrowing rate anchored near zero. But officials indicated that rate hikes could come as soon as 2023, after saying in March that it saw no increases until at least 2024.
The Fed also raised its headline inflation expectation to 3.4%, a full percentage point higher than the March projection. This begets the question, “will the US Fed react further if inflation continues its upward trend?”
US Inflation 5-Year Trend
Financial markets reacted sharply to the announcement last week as the change in stance contradicts the Fed’s recent claims that the recent spike in inflation is temporary. The Dow Jones Industrial Average turned sharply lower after the Fed’s statement, falling as much as 382 points.
The S&P 500 dipped 0.5% to 4,223.70, while the Nasdaq Composite also dipped 0.2% to 14,039.68. We witnessed a slight recovery towards the end of the week as the central bank did not indicate when it will begin cutting back on its aggressive bond-buying program. The Fed has been purchasing $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.
S&P 500 CHART WoW
With inflation expected to remain elevated in the near term due to the base effect, we expect market sentiment to remain soft as concerns about a sooner than expected rate hike continues to hover.
Will display digital messages free of charge in 13 African countries (South Africa, Angola, Botswana, Eswatini, Lesotho, Mozambique, Tanzania, Gabon, Ivory Coast, Zambia, Cameroon, Uganda and Madagascar) and provide advertising faces on its displays in 6 countries (South Africa, Uganda, Tanzania, Cameroon, Gabon and Ivory Coast).
*In 2020, JCDecaux was again recognised for its commitment and leadership in the fight against climate change, maintaining its CDP “A Leadership” status in addition to obtaining a score of 5/5 in the environmental criteria of the FTSE4Good extra-financial index and achieving a score of 10/10 in MSCI’s environmental criteria (Carbon Emissions). | Brand Spur Nigeria
Will communicate free of charge in 7 European countries, across all of France and in 6 capital cities (London, Berlin, Rome, Madrid, Brussels and Dublin). UN Decade and Justdiggit will display their advertisements on more than 500 JCDecaux digital screens. The format ranges from 2m² to landmark billboards such as The Kensington in London (270 m²). The display period will last a week in each city between June and July 2021.
Justdiggit was founded in the Netherlands in 2010 and has offices in Nairobi and Amsterdam. Its mission: to regreen Africa within the next decade, together with 350 million farmers. The non-profit organisation works with small local teams, an extensive network of local and international partners and multiple local volunteers.
Coinciding with the Climate Week summit, which took place in New York in September 2019, JCDecaux has restated its commitment to fighting global warming, becoming the first outdoor advertising group to join the RE100 initiative.
Founded by (NGO), The Climate Group, in partnership with CDP (a not-for-profit organisation which aim is to study the implications of climate change for the world’s principal publicly traded companies), this initiative brings together businesses around the world to promote 100% renewable electricity.
On this occasion, JCDecaux displayed a poster by Danish artist Per Arnoldi on 40 sites in New York (in Manhattan, Brooklyn and Queens) and showcased an animated version of the poster on 12 of its digital bus shelters area around the UN building. Check out Jean-François Decaux’s video reaffirming JCDecaux’s commitment to fighting against climate change:
Wessel van Eeden, Global Marketing & Communications Director of Justdiggit, said:
“JCDecaux is one of the key partners of Justdiggit. In support of the UN Decade on Ecosystem Restoration, which will kick off this Friday, June 4th, together we will reach out to millions across Africa and Europe to show that nature-based solutions are 37% of the solution to climate change. Inspiring farmers and urban communities with a simple solution, the restoration of our beautiful planet.
As Sir David Attenborough so wisely said: “The climate crisis is now a communications challenge.” We know the problems and the solutions, we just need to make the coming ten years the decade of doing instead of talking. Therefore we could not be more proud of our partnership, JCDecaux is a true leader in sustainability in so many ways, and we look forward to regreening the hearts minds of people and degraded soils of Africa together.”
Jean-François Decaux and Jean-Charles Decaux, Co-Chief Executive Officers of JCDecaux, said:
“World Environment Day and the beginning of UN Decade are an opportunity for JCDecaux to reaffirm its strong commitments towards our planet. JCDecaux has always set its strategic priorities in all the countries where it operates, to constantly reduce its environmental impacts.
In particular, the Group has covered its electricity consumption through renewable energies and cut its greenhouse gas emissions. These commitments have been recognised for several years, as illustrated by our main benchmarks*.
JCDecaux commits to Justdiggit, a non-profit reforestation organisation in Africa, by providing advertising spaces on its digital screens and posting displays in 7 European and 13 African countries. This year’s World Environment Day also marks the launch of the UN Decade, a global rallying cry for countries to unite in an effort to protect and restore ecosystems. JCDecaux is contributing to the initiative by showcasing the UN Decade launch video on its screens.
The UN Decade runs from 2021 through 2030, which is also the deadline for the Sustainable Development Goals and the timeline scientists have identified as the last chance to prevent catastrophic climate change.
As a partner of Justdiggit, which has already accomplished remarkable work by restoring 60,000 hectares of dry and degraded land and by regenerating over 6 million trees in two and a half years, JCDecaux is proud to play its part in making as many people as possible aware of ecosystem protection and restoration.
Not only will this endeavour improve people’s living conditions, but it will also combat the effects of climate change, thereby halting the loss of biodiversity and concretely demonstrating the positive impact of our outdoor advertising media. In the words of Justdiggit, this is the decade of doing. Let’s dig deep together to restore the planet!”
In her new position, Esther is expected to bring to fore her over six years of experience in this market to drive the entire launch process of wow!lotto gaming Platform into the Nigerian market and oversee all the marketing activities through the media and other consumer activations, ensuring the brand has a large market share in the lottery and gaming sector in Nigeria.
Marketing Manager, wow!lotto, Abu Esther | Brand Spur Nigeria
Industry observers believe that this onerous responsibility for Esther who is arguably one of this industry’s youngest marketing coordinators is a stroll in the park as she had hands-on experience and expertise working on such brands as MainOne, Diageo (Guinness Foreign Extra Stout, Malta Guinness, APNAD PET Launch), Seplat, PwC, Savannah Energy, Lekoil, Total, NSE and Frontier Oil.
Esther was also instrumental to the execution and grand success of such groundbreaking campaigns and projects that have become professional reference points as Coca Cola’s Coke Island Party (that birthed the campaign launch of Coca-Cola’s ‘Taste The Feeling,’), Coke’s ‘Share a Feeling Campaign’ launch (2015 & 2016), GLO CAF, Girl Effect (Girls Connect Initiative), Financial Reporting Council of Nigeria (Public Hearing and Sensitization on the Nigerian Code of Corporate Governance), SAHCO (IPO), among others.
Her foray into fashion and entertainment has also seen her handle such projects as the Ask Series, OUCH, Africa Fashion Roundtable, The Waterside Ikoyi Lagos, Goge Africa, TV Creed, Olorisupergal’s Book Launch and Jaylee to the World (A Drummer vs DJ concert). She has also worked for such celebrities as Waje, Yemi Alade, Jaywon, Meg Otanwa, Joke Silva, Olorisupergal, Jane Michael, Bez, Ycee, HumbleSmith, Drummerboystanley and DJ Cuppy.
Abu Esther has also worked in some of Nigeria’s most reputable agencies including Caritas Communications, C&F Novelli Portelli, Wildflower and Belfry Africa (where she was the Lead Consultant).
Abu Esther is an alumna of the University of Nigeria, Nsukka, UNN and the University of Lagos, Unilag, where she obtained a Bachelor’s degree and a Master’s degree in Mass Communications, respectively.
The Nigerian Local Market closed the trading activities for today (Wednesday) same as the previous day, thereby stretching the negative sentiment to three consecutive days. The decline in the Index was buoyed by investors’ sell-off sentiment, particularly in the Financial and the Oil & Gas sectors, as market capitalization recedes to 19 trillion.
Hence, the year-to-date (YTD) slipped to -6.12%. Resultantly, the market indicators (NGX-ASI and capitalization) declined by 0.11%. Furthermore, the market breadth closed negatively, recording 23 losers as against 11 gainers.
In summary, the All-Share Index (ASI) dipped by 42.61 absolute points, representing a decline of 0.11%to close at 37,804.46 points. Similarly, the overall Market Capitalization value lost N22.21 billion, representing a decrease of 0.11% to close at N19.70 trillion.
FTNCOCOA emerged as the top gainer (by percentage points) for today, with a maximum price appreciation of +10.00 while ROYALEX emerged as a top loser (by percentage points) with a maximum price depreciation of -10.00%.
Today’s market downturn was driven by price depreciation in large and medium capitalized stocks amongst which are; JAPAULGOLD (-9.80%), UPL (-9.52%), REGALINS (-5.77%), MANSARD(-3.33%) ACCESS (-2.34%), ETI (-1.94%), FCMB (-1.90%), AIICO (-1.82%), OANDO (-1.36%), ZENITHBANK (-1.26%), STERLNBANK (-1.24%), TRANSCORP (-1.11%), FBNH (-0.70%), and UACN (-0.05%).
The overnight (O/N) rate closed at 21.00%, representing 1.75% appreciation against Tuesday’s position. while Open Buy-Back (OBB) rate closed at 20.00%, representing 1.25% appreciation against Tuesday’s position.
FOREIGN EXCHANGE
The Investors and Exporters (I&E) FX window opened at N410.95, traded high at N420.88, traded low at N387.67, and eventually closed at N411.50 depreciating by 0.37% against Tuesday’s closing position. However, the naira remains unchanged at the parallel market.
FOREIGN RESERVE
Nigeria’s foreign reserve declined by $36.34 million to $33.63 billion on (22/06/2021) from $33.67 billion on (21/06/2021), representing a 0.0.11% decline.
CRUDE OIL
The Brent Crude appreciated by $1.69 on Wednesday to $75.77 from $74.08 it closed with on Tuesday, representing a 2.28% increase in price. Similarly, Bonny Light increased by $0.54 on Tuesday to $74.26 from $73.72 on Monday, representing a 0.73% increase in price.
Wealth differences between adults widened in 2020 for the world as a whole and also in most countries. Theglobal number of millionaires expanded by 5.2 million to reach 56.1 million. As a result, an adult now needs more than USD 1 million to belong to the global top 1%. The ultra-high net worth (UHNW) group added 24% more members, the highest rate of increase since 2003, Brand Spur reports.
This increase reflects the disconnect between the improvement in the financial and real assets of households and the economic disruption caused by the pandemic. The United States added a third of the global total – 1.7 million new millionaires – a striking increase in the circumstances, but not enough to prevent its share of global millionaires from falling.
Photo by Peter Broomfield
The report noted that the rise in wealth inequality was likely not caused by the pandemic itself, nor its direct economic impacts, but was instead a consequence of actions undertaken to mitigate its impact, primarily lower interest rates.
The US accounted for nearly a third of the world’s 5.2 million new millionaires last year, adding 1.7 million to the country’s total, now at 22 million. Germany followed behind, adding another 633,000 millionaires.
The UK – sixth in the rankings of those countries minting the newest rich – added 258,000 millionaires, so that the country now has 2.5 million individuals with assets worth more than $1m.
The rise in the number of millionaires in 2020 was accompanied by a sizable increase in the number of adults in the highest echelons of the wealth distribution. The vast majority of the 56.1 million millionaires in 2020 have wealth between USD 1 million and USD 5 million: 49.1 million or 88% of the HNW group.
In 2020, the UHNW group expanded by 41,420 adults, a rise of 24%, which exceeds
the rate in any year this century except 2003.
Most regions contributed to this rise, with Africa and Latin America the only exceptions. North America, up 21,640 (23%), added the most members. China added fewer members, an extra 9,830. But this represents a 54% increase in the number in 2019. The percentage rises were also substantial in Europe (up 17%) and Asia-Pacific (up 20%).
Another 4.5 million adults (8.1%) are worth between USD 5 million and USD 10 million, and 2.5 million have wealth above USD 10 million. Of the latter, 2.3 million have assets in the USD 10–50 million range, leaving 215,030 ultra-high net worth (UHNW) individuals with a net worth above USD 50 million at the end of 2020. This is 41,410 more than the 173,620 recorded a year earlier, a rise of 23.9%.
That would be a very high rise in any year, but it is particularly striking in a year experiencing social and economic turmoil. The nature of the policy response to the pandemic has of course been a major influence here.
Wealth creation in 2020 was largely immune to the challenges facing the world due to the actions taken by governments and central banks to mitigate the economic impact of COVID-19. Overall, the countries most affected by the pandemic have not fared worse in terms of wealth creation.
Global wealth is expected to rise a further 39% over the next five years to reach $583tn by 2025, while the number of millionaires is forecast to jump by nearly 50% to 84 million individuals. The group rich enough to be counted as the ultra-high net worth is also expected to expand by nearly 60% to reach 344,000 people.
GCR Ratings (GCR) has affirmed Wema Bank Plc’s national scale long and short-term issuer ratings of BBB-(NG) and A3(NG) respectively; with the Outlook changed to Evolving from Negative.
Rated Entity / Issue
Rating class
Rating scale
Rating
Outlook / Watch
Wema Bank Plc
Long Term issuer
National
BBB-(NG)
Evolving Outlook
Short Term issuer
National
A3(NG)
An “Evolving” outlook means that the rating symbol may be raised, lowered or unchanged over the outlook horizon.
Rating Rationale
The ratings on Wema Bank Plc (Wema) reflect its stable funding structure, intermediate capitalisation, adequate liquidity, a sustained moderate risk position and the growing competitive position within the Nigerian banking/financial institutions sector.
Wema is a mid-sized commercial bank with track record of over seven decades and remains the longest surviving indigenous bank within the country. The bank controls an estimated market share of 3% and 2.1% based on industry’s total deposits and assets respectively at FY20.
The bank’s asset base has grown significantly over the last three years to date, with an average yearly growth of 30%. In particular, customer deposits peaked at N795.5bn at Q1 FY21 from N369.2bn in FY18, attesting to increased brand acceptance within the local market.
Capitalisation is currently a moderate ratings constraint. The GCR capital ratio was relatively stable at about 14% at FY20 despite the reported growth in risk weighted assets, underpinned by the bank’s strong internal capital generation capacity.
The anticipated increase in tier one capital through a rights Issue before the end of 2021 is expected to see the capital ratio improve to around 25-30% in the next 18 months. Without the additional capital, we expect the capital ratio to be around 15%, reflecting a sustained strong internal capital generation that outpaces risk weighted asset growth.
In addition, the bank intends to dispose some of its non-core assets in the immediate future, which is expected to reduce its risk weighted assets and ultimately improve the capital adequacy ratio. Loan loss reserving is adequate with Stage 3 loans coverage of 76.7% at FY20 (FY19: 54.5%).
Wema’s risk position is viewed to be contained, with gross non-performing loans (‘NPL”) ratio registering an improvement somewhat to 4.7% at FY20, from 7.4% previously, albeit underpinned by restructured loans during the year. Credit losses of 1.7% at FY20 is considered moderate and in line with industry average.
Furthermore, concentration by obligor is perceived high, with the twenty largest exposures accounting 37.6% of the loan book at FY20, while the single largest constituted 25.7% of the capital base, breaching the 20% regulatory obligor limit.
We expect a more diversified loan book over the short to medium term as the bank continues to strategically expand its lending activities. In addition, foreign currency loans constituted 10.8% of the loan portfolio at FY20, which is favourably viewed and remained below the industry average 35%.
Wema’s funding and liquidity position is assessed at an intermediate level. Wema is largely funded through customer deposits, which has constituted around 90% of the funding base over the review period. While the deposit book mix indicated that higher cost of funding (term deposits) constituted the bulk at FY20, it reflects a decreasing rate, reflective of the bank’s focus on growing the low-cost deposits.
This notwithstanding, the relatively low interest environment saw average cost of funds moderate to 4.3% at FY20 relative from 6.9% at FY19. Liquidity is good, evidenced by the liquid nature of the balance sheet over the review period.
As at FY20, the GCR adjusted liquid assets covered total wholesale funding moderately by 3.8x, while the ratio of GCR liquid asset to total customer deposits stood at 35% (FY19: 37.2%). Though the contractual matching of assets and liabilities reflects a liquidity gap of N555bn in the critical ‘less than three-month’ maturity band, the behavioural trend reflects that a sizeable portion are usually rolled over at maturity.
Outlook Statement
The Evolving Outlook means that the rating symbol may be raised, lowered or unchanged over the outlook horizon. This reflects the assumption of Wema’s ability to raise its planned equity capital within the next 12 months. Should it materialise, we anticipate an improvement in capitalisation. We also expect NPL ratio and credit losses to remain within a sound range over the next 12 – 18 months.
Rating Triggers
The ratings could be upgraded should Wema successfully raise its capital and the GCR core capital maintained around the 20% level, assuming no change in asset quality and liquidity metrics. Conversely, if capital fails to improve and / or asset quality deteriorates, it could trigger a downward rating movement.
These represent the highest possible long-term and short-term ratings on GCR’s national rating scale, and MTN Nigeria is the first mobile network operator in Africa to be accorded such ratings by GCR.
According to GCR,
“The ratings accorded to MTN Nigeria reflect its very strong competitive position as the leading provider of telecommunications services in Nigeria, as well as its strong earnings and cash flow which has supported a robust financial profile.”
Commenting on the rating, Karl Toriola, Chief Executive Officer, MTN Nigeria, said,
“We are delighted with the outcome of the GCR rating. This demonstrates .the resilience of our business and positions MTN Nigeria as the benchmark of reference for the information and communications technology sector for long-dated, fixed-term instruments.
Karl Toriola
As we continue to invest in our network and strengthen our risk management processes, we remain focused on sustaining and accelerating growth in line with our Ambition 2025 strategy.”
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