Governor of the Central Bank of Nigeria, Olayemi Michael Cardoso, has been named Central Bank Governor of the Year at the 2025 African Banker Awards, held in Abidjan, Côte d’Ivoire. The award recognizes Cardoso’s outstanding leadership and reform-driven approach in steering Nigeria’s monetary policy and financial sector stability during a critical period. Cardoso, who assumed office as CBN Governor in September 2023, has overseen a string of key policy interventions designed to tackle long-standing macroeconomic challenges. These include bold steps to stabilize the naira, improve transparency in the foreign exchange market, combat inflation, and rebuild investor and public confidence…
Author: Temitope Nlewemchi
The Nigerian stock market took a breather on Thursday, May 29, 2025, as investors witnessed a loss of ₦54 billion, effectively halting a four-day bullish streak that had previously driven strong gains across the board. The downturn signaled a wave of profit-taking by investors eager to cash in on recent growth, leading to a modest dip in the overall market value. At the close of trading, the All-Share Index (ASI) dropped by 84.53 points or 0.08%, closing at 111,818.08 points compared to the previous day’s 111,902.61. This brought the total market capitalization down from ₦70.564 trillion to ₦70.510 trillion.…
Access Bank Plc has teamed up with the Bill & Melinda Gates Foundation and MicroSave Consulting (MSC) to launch a transformative three-year program aimed at empowering 50,000 Nigerian women through financial inclusion. The initiative, titled “Scaling Female Agent Networks in Nigeria,” is designed to build a network of trained female banking agents in underserved communities, particularly in Northern and Central Nigeria. This partnership underscores a collective commitment to tackling gender inequality in the financial services sector by providing women with opportunities to earn sustainable incomes and participate actively in the financial ecosystem. The program will equip participants with the…
The Federal Government of Nigeria has launched a new intra-African air cargo corridor aimed at boosting trade and export opportunities across the continent. The initiative, unveiled in partnership with the United Nations Development Programme (UNDP) and Uganda Airlines, offers Nigerian exporters a significant 50% discount on air freight charges to key East and Southern African markets. This move is expected to lower logistics costs substantially, making Nigerian goods more competitive in regional markets while advancing Nigeria’s commitment to the African Continental Free Trade Area (AfCFTA). The air cargo corridor facilitates easier and more affordable transportation of goods from Nigeria to…
Nigeria’s foreign trade payments through Letters of Credit (LCs) rose to $267.96 million in the first four months of 2025, according to recent data from the Central Bank of Nigeria (CBN). This represents a 3.68 percent increase compared to the same period in 2024 and signals a gradual recovery in the country’s international trade financing activities amid a complex economic environment marked by foreign exchange volatility and broader structural challenges. Understanding Letters of Credit and Their Role in Trade Letters of Credit are critical financial instruments in international trade transactions, serving as guarantees from banks that payment will be made…
The Nigerian National Assembly is set to pass a suite of harmonised tax reform bills on Tuesday, May 28, 2025, marking a major milestone in the federal government’s ongoing efforts to overhaul the country’s outdated and fragmented tax structure. The bills—consolidated through the efforts of a joint conference committee of both chambers—are designed to unify tax administration across all tiers of government and improve Nigeria’s revenue generation capacity. The reforms represent a strategic part of the fiscal policy agenda under President Bola Tinubu’s administration, which is working to reduce the country’s reliance on oil revenue and expand the non-oil tax…
Lasaco Assurance Plc has announced a robust financial performance for the first quarter ended March 31, 2025, with its profit before tax rising by 24% year-on-year to ₦1.62 billion. The company had posted a profit before tax of ₦1.31 billion in the corresponding quarter of 2024, signalling a strong start to the 2025 financial year and further consolidating its position in Nigeria’s competitive insurance landscape. The positive momentum was driven by a 59% surge in insurance revenue, which jumped to ₦10.44 billion in Q1 2025 from ₦6.57 billion in Q1 2024. This remarkable increase reflects the company’s improved underwriting performance…
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has renewed its call for the adoption of ground rent as a key strategy for revenue generation and housing affordability in Nigeria. Speaking during the 2025 Estate Surveyors’ Week held in Lagos, the Lagos State Chapter Chairman, Gbenga Ismail, emphasized that the implementation of a well-structured ground rent system could significantly boost government income while simultaneously promoting access to affordable housing for ordinary Nigerians. Ground rent refers to the periodic payment made by leaseholders to landowners—usually government—in exchange for the right to occupy and develop a parcel of land. Ismail highlighted…
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 Nigeria Customs Service has issued a stern warning to importers and licensed clearing agents, declaring its intention to impose strict sanctions on operators who fail to comply with customs laws, procedures and documentation requirements. The Service said the move is aimed at strengthening compliance, protecting government revenue and improving transparency within the nation’s ports and border operations. Customs authorities explained that non-compliance by some importers and agents continues to undermine trade facilitation efforts and distort the integrity of the clearance process. According to the Service, infractions such as false declaration, under-valuation, concealment, misuse of licences and diversion of cargo…
The African Development Bank Group has intensified efforts to mobilise private capital as part of a broader strategy to close Africa’s widening financing gap and accelerate sustainable economic development across the continent. The multilateral lender said leveraging private sector resources has become increasingly critical as public finances across many African countries come under pressure from debt, climate shocks and global economic uncertainties. According to the AfDB Group, Africa faces an annual financing gap running into hundreds of billions of dollars, particularly in infrastructure, energy, agriculture, healthcare and climate adaptation. The bank noted that public funding and traditional development assistance alone…
The Nigeria Customs Service has announced plans to phase out routine physical examination of cargo at the Apapa Port as part of efforts to modernise port operations, enhance trade facilitation and reduce delays associated with manual inspection processes. The move aligns with broader reforms aimed at improving efficiency, transparency and revenue collection within Nigeria’s maritime sector. Customs officials explained that the initiative is anchored on increased deployment of non-intrusive inspection technologies, particularly modern cargo scanning systems. By relying more on scanners and digital risk assessment tools, the Service said it intends to significantly reduce human contact with cargo, thereby speeding…
Nigeria’s trade surplus declined by 10 per cent in the third quarter of 2025, according to the latest foreign trade statistics released by the National Bureau of Statistics. The drop reflects a combination of weaker export earnings and sustained import demand, underscoring ongoing structural challenges in the country’s external trade performance. Data from the NBS showed that while Nigeria maintained a positive trade balance during the period, the margin narrowed compared to the previous quarter. The bureau attributed the contraction largely to fluctuations in crude oil exports, which remain Nigeria’s dominant source of foreign exchange earnings. Crude oil and related…
Polaris Bank has reinforced its commitment to delivering improved customer experience while scaling up its environmental sustainability initiatives, as part of efforts to align business growth with responsible banking practices. The bank said the dual focus reflects its strategy to enhance service delivery, deepen customer trust and contribute meaningfully to environmental protection and sustainable development. The lender explained that customer-centricity remains at the core of its operations, with continuous investments in digital banking infrastructure, service quality improvement and staff capacity building. According to the bank, these efforts are designed to ensure seamless, secure and efficient banking services across all customer…
The Central Bank of Nigeria has reported a significant drop of $276 million in foreign exchange inflows from International Money Transfer Operators, reflecting ongoing pressures in Nigeria’s external sector despite recent reforms aimed at boosting foreign currency supply. According to the apex bank, IMTO inflows declined within the latest reporting period compared with the preceding cycle, underscoring persistent challenges affecting remittance flows into the country. Remittances from Nigerians in the diaspora have historically been a major source of foreign exchange, supporting household consumption, balance of payments stability and liquidity in the foreign exchange market. The CBN explained that the decline…
The Petroleum Products Retail Outlets Owners Association of Nigeria has renewed calls for the privatisation of the Nigerian National Petroleum Company Limited’s refineries, urging the Federal Government to complete the process by the first quarter of 2026. The association said decisive action is needed to end decades of inefficiency, repeated rehabilitation failures and financial losses associated with the state-owned refineries. PETROAN argued that despite huge public spending on turnaround maintenance and rehabilitation, Nigeria’s refineries have largely remained non-functional or operated far below installed capacity. According to the association, continuing to fund the refineries with public resources is no longer sustainable,…
The Federal Inland Revenue Service has accredited PricewaterhouseCoopers as a system integrator for Nigeria’s electronic invoicing initiative, marking a significant step in the country’s efforts to modernise tax administration, improve compliance and enhance revenue mobilisation. The accreditation positions PwC to support businesses and the tax authority in the implementation of the national e-invoicing framework. The e-invoicing initiative is a core component of the FIRS’s digital transformation agenda, designed to automate transaction reporting, improve transparency and reduce revenue leakages. By accrediting system integrators, the tax authority aims to ensure that businesses can seamlessly connect their accounting and enterprise resource planning systems…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority has clarified that the Port Harcourt Refining Company has been supplying diesel to the domestic market despite the refinery not being fully operational. The regulator said the development reflects interim arrangements put in place to support fuel availability while rehabilitation works at the facility continue. NMDPRA explained that the diesel being supplied from the Port Harcourt refinery complex is sourced through ancillary and blending operations within the facility, rather than from full-scale crude oil refining. According to the authority, these activities are permissible under existing regulatory provisions and are aimed at easing…
The Lagos Chamber of Commerce and Industry has raised concerns over persistent engineering capacity deficits and unreliable power supply, warning that these challenges continue to undermine Nigeria’s industrialisation drive and limit the competitiveness of local industries. The chamber said unless these structural issues are urgently addressed, the country risks falling short of its industrial development ambitions. The LCCI made this position known while assessing the state of Nigeria’s manufacturing and industrial sectors, noting that engineering and power infrastructure form the backbone of industrial growth. According to the chamber, weaknesses in these critical areas have constrained productivity, increased production costs and…
The National Pension Commission (PenCom) has announced a major leap in enforcement activities as it recorded ₦972.12 million in recoveries from defaulting employers in the first quarter of 2025. The figure, representing a 503.7% increase from the ₦161.03 million recovered in the fourth quarter of 2024, underscores the regulator’s deepened resolve to protect workers’ retirement savings under the Contributory Pension Scheme (CPS). According to data released by the Commission, the recoveries in Q1 2025 were sourced from 19 defaulting employers, with penalties totalling ₦381.88 million, compared with ₦246.94 million recorded in the previous quarter. Analysts note that the sharp increase…