Inflation can slowly erode the value of your hard-earned savings, making it important to find ways to protect your money and maintain its purchasing power. Here are some smart strategies to help shield your savings from the effects of inflation: Invest in Stocks Stocks generally offer returns that outpace inflation over the long term. By owning shares in companies, you participate in their growth, which can help your savings grow faster than rising prices. Consider Real Estate Property values and rental income tend to rise with inflation. Investing in real estate can provide a steady income stream and capital appreciation…
Author: Temitope Nlewemchi
The Securities and Exchange Commission (SEC) has expressed deep concern over the increasing number of investors falling prey to Ponzi schemes. The regulator warns that such fraudulent investment operations promise high returns with little or no risk, but ultimately collapse, causing significant financial losses to unsuspecting investors. The SEC noted that despite repeated public warnings and educational campaigns, many investors continue to be attracted by the allure of quick and unusually high profits, often overlooking red flags. The commission stressed that Ponzi schemes undermine trust in the financial markets and pose a serious threat to economic stability. To combat…
The Manufacturers Association of Nigeria (MAN) has appealed to the federal government to transform the ‘Nigeria First’ policy into a binding law. The association believes that legally enforcing the policy will ensure consistent support for locally made products and services, which is vital for the growth of Nigeria’s manufacturing sector and overall economic development. The ‘Nigeria First’ policy, which promotes the patronage of Nigerian-made goods, aims to reduce import dependency, create jobs, and boost industrialization. However, MAN notes that without a legal framework, the policy lacks the teeth needed for widespread adoption and enforcement. MAN argues that codifying the…
Nigeria is taking bold steps to transform its mining and automotive sectors in a bid to drive a full-scale industrial revolution. As Africa’s most populous country and largest economy, Nigeria is aiming to diversify away from its long-standing dependence on oil by leveraging its rich mineral deposits and building a self-sustaining automotive industry. Government officials and industry stakeholders believe that strategic investments and policy reforms in these sectors can lay the foundation for long-term industrial growth, create jobs, and enhance economic resilience. The mining sector sits at the heart of this new agenda. Despite being endowed with over 40 commercially…
A new report by the National Bureau of Statistics (NBS) has revealed that women hold just 33% of formal sector jobs in Nigeria, highlighting persistent gender disparities in the country’s labor market. **Key Findings from the Report:** – Women represent only 1 in 3 formal sector workers – Gender gap widens at senior management levels (22% female representation) – Best-performing sectors for female employment: • Education (41%) • Healthcare (38%) • Financial services (35%) – Worst-performing sectors: • Construction (11%) • Transportation (9%) • Engineering (14%) **Root Causes Identified:** 1. Cultural biases in male-dominated industries 2. Limited access to STEM…
The Nigerian insurance industry is on the brink of major transformation as the Nigerian Insurance Industry Reform Act Bill, 2025, awaits presidential assent. Having cleared both chambers of the National Assembly, the bill introduces wide-ranging reforms that seek to overhaul the regulatory landscape, strengthen corporate governance, and enhance the overall integrity of the industry. As the sector stands poised for this significant shift, insurance brokers, in particular, are being urged to prepare for the forthcoming changes that will reshape how they operate and compete. One of the bill’s most notable features is the drastic revision of capital requirements for insurers…
The House of Representatives has urged the Federal Government to temporarily halt the divestment of assets by International Oil Companies (IOCs), including Shell and TotalEnergies, until they meet their environmental and financial obligations. Lawmakers expressed concerns that IOCs exiting Nigeria’s oil sector have not fully addressed issues related to environmental degradation, abandoned assets, and outstanding liabilities. They stressed that communities in oil-producing regions continue to suffer from pollution, loss of livelihoods, and inadequate remediation efforts, making it crucial for these companies to fulfill their responsibilities before transferring their assets. The move comes amid a wave of divestments by major oil…
An industrialist has lauded the Dangote Refinery for its recent impact on petrol availability in Nigeria, noting that the facility has significantly eased the chronic fuel shortages that have plagued the country for years. While praising the refinery’s contribution to stabilising petrol supply, the industrialist also urged authorities and marketers to consider reducing diesel prices, highlighting the economic importance of affordable fuel for manufacturing and logistics. According to the industrialist, the Dangote Refinery, which began operations recently, has enabled over 1,000 trucks to load petrol daily, dramatically improving access and distribution across the nation. This has reportedly led to a…
The Nigerian Communications Commission has issued a stern warning to telecom subscribers and internet users nationwide to exercise heightened caution against cybercriminal activities, amid a rise in digital fraud, phishing attacks and identity theft. The regulator emphasised that as Nigeria deepens its adoption of digital services, the risks associated with cybercrime are increasing, requiring proactive measures from both consumers and service providers. According to the NCC, cybercriminals have become more sophisticated, employing tactics such as fake banking alerts, fraudulent online transactions, social engineering scams and malware attacks to exploit unsuspecting individuals and businesses. The regulator noted that these criminal schemes…
The African Export‑Import Bank and the Central Bank of Egypt have taken a major step toward laying the foundations for a pan‑African Gold Bank, a strategic initiative aimed at transforming the continent’s gold sector and strengthening its economic resilience. The move is part of Afreximbank’s broader effort to ensure that Africa’s natural resources directly benefit its people and economies. Under the agreement signed on December 30, 2025, the two institutions will collaborate on commissioning a comprehensive feasibility study to explore the technical, regulatory and commercial framework required to establish an integrated Gold Bank ecosystem. The proposed institution is expected to…
The Nigeria Deposit Insurance Corporation has reaffirmed its full compliance with the Fiscal Responsibility Act and other statutory remittance requirements, dismissing concerns over alleged non-remittance of funds to the appropriate government accounts. The corporation said it operates strictly within the framework of existing financial regulations and remains committed to transparency and accountability in the management of public funds. NDIC explained that its financial operations are guided by its enabling Act as well as relevant federal fiscal laws, including the Fiscal Responsibility Act. According to the corporation, its remittance obligations differ in structure from those of conventional revenue-generating agencies due to…
The National Insurance Commission has ruled out any extension of the deadline for the ongoing recapitalisation of insurance and reinsurance companies, insisting that operators must meet the stipulated capital requirements within the approved timeline. The regulator said the reform is critical to strengthening the insurance industry and enhancing its capacity to support Nigeria’s economy. NAICOM stressed that the recapitalisation programme is aimed at building a more resilient, credible and solvent insurance sector capable of underwriting large and complex risks. According to the commission, delaying the process would undermine the objectives of the reform and weaken public confidence in the industry.…
Nigeria’s crude oil output averaged about 1.46 million barrels per day, remaining below the production benchmark allocated by the Organisation of the Petroleum Exporting Countries, according to recent industry data. The shortfall highlights persistent operational and structural challenges in the country’s upstream oil sector, despite ongoing efforts to boost production and meet OPEC targets. The OPEC benchmark for Nigeria is higher than the current production level, and consistently falling short of this quota has raised concerns among policymakers and industry stakeholders. Crude oil remains Nigeria’s largest source of export revenue and foreign exchange earnings, making production levels critical to fiscal…
Nigeria recorded a rebound in foreign direct investment in the third quarter, attracting about $720 million in capital inflows, signalling renewed investor interest amid ongoing macroeconomic and structural reforms. The improvement marks a positive shift after periods of subdued investment driven by policy uncertainty, foreign exchange constraints and global economic headwinds. According to official data, the increase in FDI reflects growing confidence in Nigeria’s reform trajectory, particularly in the foreign exchange market, fiscal management and key productive sectors. Analysts note that while inflows remain below long-term potential, the Q3 performance suggests that investors are beginning to reassess opportunities in Africa’s…
The Central Bank of Nigeria has projected that the country’s foreign exchange reserves could rise to about $51 billion by 2026, driven by ongoing economic reforms, improved foreign exchange inflows and stronger macroeconomic management. The projection reflects growing optimism within the apex bank that recent policy adjustments will strengthen Nigeria’s external position over the medium term. According to the CBN, the expected growth in external reserves is anchored on reforms in the foreign exchange market, increased oil and gas earnings, improved non-oil exports and rising inflows from diaspora remittances and foreign investment. The bank said these factors, combined with tighter…
The World Bank has urged countries, particularly developing economies, to strengthen trade standards as a critical pathway to boosting economic growth, improving competitiveness and expanding access to global markets. The multilateral lender said weak standards and regulatory gaps continue to limit trade potential and undermine industrial development in many emerging economies. According to the World Bank, trade standards play a central role in determining the quality, safety and acceptability of goods and services in international markets. Countries that fail to align with global standards, the bank noted, often struggle to integrate effectively into global value chains, resulting in lost export…
The Nigerian National Petroleum Company Limited has reported a profit of ₦502 billion for November, even as the country’s crude oil production declined during the period. The performance highlights the company’s improved financial position following ongoing reforms in the oil and gas sector, despite operational challenges affecting upstream output. According to the national oil company, the profit was recorded in November operations, reflecting stronger revenue management, improved trading margins and increased efficiency across its business units. The result underscores NNPCL’s transition into a commercially driven entity under the Petroleum Industry Act, which mandates transparency and profitability. Crude oil production during…
President Bola Ahmed Tinubu has departed Lagos for Europe ahead of his participation in the Abu Dhabi Sustainability Summit, a high-level global forum focused on sustainable development, climate action, and economic transformation. The President left Lagos on Tuesday following the conclusion of official engagements in the state. According to a statement from the Presidency, Tinubu will first make a brief stop in Europe before proceeding to the United Arab Emirates for the summit, which brings together world leaders, policymakers, investors, and development experts. The Abu Dhabi Sustainability Summit is held annually as part of the Abu Dhabi Sustainability Week and…
The Nigerian Army has announced that its troops have neutralised more than 80 terrorists and rescued 34 kidnap victims in coordinated military operations carried out across several parts of the country. The operations, conducted over recent days, were aimed at dismantling terrorist cells, bandit groups, and other criminal networks responsible for violence, kidnappings, and attacks on communities. According to military authorities, the successes were recorded through a combination of ground offensives, intelligence-led raids, and aerial support. Troops engaged terrorists in multiple theatres, particularly in areas affected by insurgency and banditry. During these encounters, several terrorists were neutralised following intense firefights,…
The Lagos State Government has announced the cancellation of the Greater Lagos Fiesta 2025, a major end-of-year entertainment event traditionally held across key locations in the state, citing the need for reflection and prayers as the year draws to a close. In a statement released on Monday, the state government said the decision was taken after careful consideration of prevailing circumstances, emphasizing the importance of unity, solemn reflection, and collective prayers as Lagosians prepare to enter 2026. The government urged residents to use the period to pray for peace, progress, and prosperity for the state and the nation at large.…