Nigeria to privatise power firm PHCN

Nigeria is to sell off the state power monopoly, PHCN, President Goodluck Jonathan has announced.

“We need a revolution in the power sector,” he said, in what was touted as a major policy speech.

Nigeria is one of the world’s largest oil exporters but lacks many basic services, such as a regular electricity supply.

Black-outs are common and those who can afford to, use generators.

Many business leaders say the lack of electricity is one of the biggest obstacles they face.

Meanwhile, many Nigerians joke that PHCN (Power Holding Company of Nigeria) really stands for Please Hold Candle Now.

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Ireland Long-Term Sovereign Credit Rating Cut by S&P

Ireland’s long-term sovereign credit rating was cut one step to AA- from AA by Standard & Poor’s, which cited the projected cost of supporting the nation’s financial sector.

“The negative outlook reflects our view that a further downgrade is possible if the fiscal cost of supporting the banking sector rises further, or if other adverse economic developments weaken the government’s ability to meet its medium- term fiscal objectives,” S&P said today in a statement.

S&P said its new projections suggest that Ireland’s net general government debt will rise toward 113 percent of gross domestic product in 2012. That’s more than 1.5 times the median for the average of euro zone sovereign nations, and “well above” the debt burdens the New York-based firm said it projects for similarly rated countries in the region such as Belgium at 98 percent and Spain at 65 percent.