The International Monetary Fund (IMF) has warned Nigeria against its growing reliance on domestic borrowing to finance fiscal deficits, cautioning that the trend could crowd out private sector investment, drive up interest rates, and hinder long-term economic growth.In its latest country assessment report, the IMF observed that while domestic borrowing remains a viable short-term financing tool, Nigeria’s increasing dependence on local debt markets poses risks to macroeconomic stability and private sector competitiveness. The Fund advised the Federal Government to diversify its financing mix and strengthen revenue mobilisation through tax reforms and fiscal discipline. According to the IMF, the federal government’s…
Author: Temitope N.
The Federal Government has unveiled an ambitious plan to list at least 1,000 Small and Medium Enterprises (SMEs) on the Nigerian capital market in the coming years as part of efforts to deepen financial inclusion, stimulate job creation, and strengthen the nation’s economic resilience.This disclosure was made by the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, during a stakeholders’ meeting held in Abuja, where key players from the Nigerian Exchange (NGX), Securities and Exchange Commission (SEC), and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) gathered to strategize on broadening access to capital for emerging businesses. According…
Renowned Nigerian entrepreneur and philanthropist, Tony Elumelu, has asserted that Africa has the potential to mobilise as much as $4 trillion to bridge its massive infrastructure deficit if it leverages its vast resources, domestic capital, and private sector innovation.Elumelu, who is the Chairman of Heirs Holdings and founder of the Tony Elumelu Foundation, made the statement during a high-level investment forum held in Marrakesh, Morocco, where global and African business leaders gathered to discuss strategies for financing sustainable development across the continent. According to him, Africa’s infrastructure gap, estimated by the African Development Bank (AfDB) to require over $170 billion…
Opay, one of Nigeria’s leading financial technology platforms, has announced the launch of new security features designed to enhance user protection and prevent fraudulent transactions across its mobile payment ecosystem. The company also celebrated the winners of its recently concluded “Opay Security Challenge,” rewarding each with ₦1 million for their innovative solutions and commitment to promoting digital safety. Speaking at the unveiling ceremony in Lagos, Opay’s Managing Director, Dauda Gotring, said the company remains committed to safeguarding its users’ funds while improving confidence in digital banking. He emphasized that the newly introduced security tools are part of a comprehensive framework…
Petroleum marketers across Nigeria have confirmed that the Dangote Petroleum Refinery has set a lifting target of about 600 million litres of petrol as part of its latest supply round, signaling a significant step in the company’s gradual integration into the nation’s downstream market.The confirmation comes amid growing anticipation for the full rollout of locally refined petrol from the 650,000-barrel-per-day facility, which has been described as a game-changer for Nigeria’s energy sector and a catalyst for stabilizing domestic fuel supply. According to reliable sources within the petroleum marketing sector, the refinery, located in Lekki Free Zone, Lagos, is currently coordinating…
The International Monetary Fund (IMF) has called on Nigeria and other emerging economies to adopt blended finance models as a strategic tool to drive sustainable development, strengthen climate resilience, and bridge the financing gap in critical sectors such as energy, infrastructure, and agriculture.In its latest policy briefing released this week, the IMF noted that many low- and middle-income countries continue to face difficulties in attracting adequate investment for long-term sustainability projects. The Fund emphasized that blended finance — which combines public, private, and concessional funding — offers a viable path to mobilize large-scale resources and reduce investment risks in developing…
The Dangote Group and the Manufacturers Association of Nigeria (MAN) have urged the Federal Government to fully implement and enforce the Public Procurement Act to strengthen local manufacturing, boost economic growth, and reduce the country’s dependence on imported goods.This call was made during the 2025 Nigeria Manufacturing and Industrial Summit in Lagos, which brought together government officials, industrialists, and economic experts to deliberate on strategies for revitalizing Nigeria’s manufacturing sector amid global economic shifts. Speaking at the summit, Aliko Dangote, President of the Dangote Group, stressed that strict adherence to the procurement law is essential for the growth of domestic…
The Federation Account Allocation Committee (FAAC) has disbursed a total of ₦2.103 trillion to the federal, state, and local governments as revenue allocation for September 2025, marking one of the highest monthly disbursements in recent years. The surge in allocation reflects improved revenue generation from the oil and non-oil sectors, as well as enhanced remittances from key revenue-collecting agencies. According to a statement issued after the committee’s monthly meeting in Abuja, the total distributable revenue comprised allocations from statutory revenue, Value Added Tax (VAT), Exchange Difference, Electronic Money Transfer Levy (EMTL), and augmentation from the Excess Crude Account (ECA). The…
Wema Bank Plc has successfully completed its recapitalisation exercise, achieving a capital position that exceeds the Central Bank of Nigeria’s (CBN) minimum capital requirement by 32 percent. The milestone positions the bank among the first financial institutions in Nigeria to fully comply with the apex bank’s revised capital directive ahead of schedule. The bank’s management, in a statement, said the recapitalisation exercise reflects Wema’s strong financial resilience, investor confidence, and commitment to sustaining long-term growth and stability. The achievement also underscores the institution’s strategic vision of deepening its market presence and enhancing its role as a leading player in Nigeria’s…
The Manufacturers Association of Nigeria (MAN), in partnership with the United Nations Industrial Development Organisation (UNIDO), has launched a renewed campaign to promote the patronage of locally manufactured goods as part of efforts to strengthen Nigeria’s industrial base and drive economic sustainability. The initiative, unveiled in Lagos, aims to boost the visibility, competitiveness, and acceptability of Nigerian-made products both within the country and in international markets. The collaboration between MAN and UNIDO underscores a shared commitment to advancing Nigeria’s manufacturing sector through policy advocacy, industrial innovation, and public sensitization on the importance of consuming locally made goods. The campaign is…
The Standards Organisation of Nigeria (SON) has introduced a new certification scheme aimed at improving the quality of Nigerian goods and enhancing the country’s competitiveness in international markets. The initiative, launched in Abuja, is part of SON’s strategic effort to strengthen export standards, reduce product rejection rates abroad, and promote Nigeria’s participation in global trade. According to SON Director-General, Dr. Ifeanyi Okeke, the new certification framework — known as the “National Export Quality Certification Scheme (NEQCS)” — will serve as a benchmark for verifying that Nigerian products meet global regulatory and safety requirements before being shipped overseas. He said the…
The Dangote Petroleum Refinery, Africa’s largest single-train refinery, has reportedly reduced its crude oil intake in recent weeks as part of an operational adjustment to optimize production efficiency and manage feedstock supply challenges. The move comes amid fluctuations in global oil prices and logistics issues affecting crude delivery from both local and international suppliers. According to industry sources, the refinery, which began production earlier this year, scaled down crude processing volumes temporarily to recalibrate its production systems and align output with market demand and refinery capacity optimization goals. The decision, analysts say, is strategic rather than a sign of operational…
Nigeria appears to be making progress toward its goal of reducing inflation to 15 percent, as recent data from the National Bureau of Statistics (NBS) show a sustained moderation in price pressures across key sectors of the economy. The development has been met with cautious optimism among economists, who acknowledge the government’s progress but warn that structural challenges could still hinder long-term price stability. According to the NBS September 2025 report, Nigeria’s headline inflation rate slowed for the third consecutive month, dropping to 18.02 percent from 18.64 percent recorded in August. This marks the lowest level since early 2023 and…
Nigeria’s crude oil production has reached 454 million barrels within the first nine months of 2025, according to a new report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The report highlights a steady recovery in output following years of disruptions caused by oil theft, pipeline vandalism, and operational inefficiencies across key producing regions. Data from the NUPRC show that the country’s average daily production during the period stood at approximately 1.67 million barrels per day (mbpd), including condensates. This marks a moderate improvement compared to the same period in 2024, when production averaged around 1.45 mbpd. The growth reflects…
The Central Bank of Nigeria (CBN) has announced plans to relaunch its currency trade scheme as part of efforts to stabilize the foreign exchange (FX) market and strengthen the naira after months of volatility and mixed results from earlier policy interventions. The scheme, which initially faced operational challenges and policy bottlenecks, is being redesigned to improve transparency, increase liquidity, and attract greater participation from both local and international investors. Speaking in Abuja, CBN Governor Dr. Olayemi Cardoso revealed that the bank has completed a comprehensive review of the earlier version of the currency trade initiative and identified critical areas for…
The International Monetary Fund (IMF) has released its latest economic outlook for Africa, highlighting several countries that are projected to record strong growth in 2025 — but notably, Nigeria, the continent’s largest economy, is missing from the list. The omission has sparked fresh conversations among analysts about the structural challenges weighing on Nigeria’s economic performance despite recent policy reforms. According to the IMF’s World Economic Outlook Report released this week, economies such as Niger, Senegal, Ivory Coast, Ethiopia, and Rwanda are expected to lead Africa’s growth in 2025, with GDP expansion rates projected between 6.5% and 10%. The report attributes…
The Central Bank of Nigeria (CBN) and the National Bank of Angola have entered into a strategic agreement aimed at strengthening bilateral financial cooperation and fostering closer economic ties between the two African nations. The landmark pact, signed this week in Luanda, underscores both countries’ commitment to enhancing collaboration in monetary policy, banking supervision, payment systems, and financial stability. According to a statement from the CBN, the memorandum of understanding (MoU) seeks to facilitate knowledge sharing and technical cooperation between the Nigerian and Angolan financial systems. The agreement is expected to open new pathways for trade and investment flows, support…
Nigeria’s oil and gas sector is poised for a major boost as new investments by local and international energy companies are projected to add about 600,000 barrels of crude oil and 2.0 billion standard cubic feet of gas per day to national production capacity. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed this, saying the development marks a turning point in the country’s quest to restore its position as Africa’s leading hydrocarbon producer. According to the Commission, several upstream projects that have reached advanced stages of development are expected to come onstream between late 2025 and 2026. These include a…
The National Pension Commission (PenCom) has announced that its newly introduced Personal Pension Plan (PPP) will revolutionise Nigeria’s pension landscape by democratising voluntary retirement savings and expanding access to self-employed individuals, freelancers, and informal sector workers. The Commission stated that the initiative is designed to give every Nigerian the opportunity to build a secure financial future, regardless of their employment type. In a recent statement, PenCom explained that the Personal Pension Plan marks a major step toward inclusive financial security, aligning with the government’s broader vision to deepen pension penetration across the country. The plan allows Nigerians outside the formal…
Nigeria’s young and tech-savvy population is leading a surge in foreign exchange (FX) trading across Africa, according to global online trading firm, FXTM. The company said the continent’s booming digital economy, increased smartphone penetration, and access to trading education are fuelling a new generation of retail traders, with Nigeria standing at the forefront of this transformation. In a recent market outlook report, FXTM highlighted that Nigeria’s youth demographic—comprising over 60 percent of the country’s population—has become increasingly active in global financial markets. The report noted that more young Nigerians are engaging in forex and contracts-for-difference (CFD) trading, driven by the…