Nigeria’s foreign exchange reserves have recorded a significant boost, gaining about $900 million within a three-day period, marking one of the fastest short-term increases seen in recent times. The surge, according to financial analysts and market watchers, reflects a combination of improved inflows from crude oil sales, increased investor confidence, and recent monetary and fiscal policy adjustments by the federal government. Central Bank of Nigeria (CBN) data and market intelligence suggest that the sharp rise is largely attributed to higher oil earnings following improved global crude oil prices and enhanced domestic production. Nigeria, as Africa’s largest oil exporter, depends heavily…
Author: Temitope N.
Air Peace has taken delivery of its fourth Boeing 777 aircraft as part of its ongoing strategy to deepen its international operations and expand its global footprint. The addition of the new wide-body jet underscores the airline’s commitment to boosting connectivity between Nigeria and major destinations across Europe, the Middle East, Asia, and North America. The management of Air Peace stated that the arrival of the latest Boeing 777 will enhance its ability to meet increasing passenger demand on long-haul routes and solidify its position as a leading African carrier. The airline currently operates several international destinations and has plans…
First City Monument Bank (FCMB) Group has announced plans to raise additional equity capital as part of its strategy to strengthen its balance sheet and support business expansion. The financial services holding company disclosed the proposal following a review of its growth agenda and capital adequacy requirements in line with prevailing market conditions and regulatory expectations. The proposed equity raise comes amid ongoing reforms in Nigeria’s financial sector and heightened competition within the banking industry. FCMB said the additional funds would enhance its ability to meet future obligations, fund strategic initiatives, and increase lending capacity to priority sectors of the…
The National Pension Commission (PenCom) is preparing to revise its investment guidelines by raising the allowable limit for pension fund contributions channeled into infrastructure and equity markets. This move is aimed at unlocking more capital to support Nigeria’s economic growth, particularly in critical sectors that can drive sustainable development and create long-term value for contributors. Industry sources indicate that PenCom has been reviewing the current regulatory framework to accommodate larger allocations of pension assets into productive investments while maintaining strong risk management measures. The Commission is working closely with key stakeholders, including Pension Fund Administrators (PFAs) and institutional investors, to…
The Nigeria Customs Service (NCS) has achieved a major breakthrough in its anti-smuggling drive with the interception of illicit drugs valued at N690 million in Katsina State. The development, which highlights the Service’s growing efforts to combat cross-border crimes, is seen as a crucial step in the wider fight against narcotics proliferation, insecurity, and public health risks. Speaking on the development, the Controller of the Katsina Area Command, Mr. Idriss Abba-Aji, said the seizure was made possible through credible intelligence and coordinated patrols mounted along key smuggling routes in the state. He disclosed that the consignment, which contained a large…
Nigeria has exported crude oil valued at $1.88 billion to the United States in the first half of the year, even as overall demand for the commodity from the world’s largest economy shows signs of decline. The latest trade figures reveal that while the U.S. remains one of Nigeria’s key crude destinations, the volume of shipments has dropped compared to previous years due to changing dynamics in global energy consumption and increasing domestic production within America. According to industry analysts, the U.S. imported an estimated 50 million barrels of Nigerian crude in the first six months of the year, representing…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, have reaffirmed their commitment to deepen collaboration between fiscal and monetary authorities in order to stabilise the economy, strengthen investor confidence, and accelerate growth. The pledge was made following recent engagements between the Ministry of Finance and the apex bank, where both leaders highlighted the importance of policy alignment in addressing Nigeria’s macroeconomic challenges, particularly inflation, foreign exchange volatility, and revenue mobilisation. According to the finance minister, the administration of President Bola Tinubu is…
Stanbic IBTC Bank, a member of Stanbic IBTC Holdings, has officially unveiled the second season of its highly successful Reward4Saving promo, aimed at encouraging Nigerians to imbibe a strong savings culture while rewarding loyal customers for maintaining consistent deposits. The initiative, which gained wide traction in its maiden edition, is designed to empower customers financially while promoting disciplined savings habits across different segments of the population. According to the bank’s management, the second season of the promo will span 12 months and is open to both new and existing individual customers who operate savings accounts with Stanbic IBTC Bank. To…
The Dangote Petroleum Refinery has ramped up its crude oil processing capacity to 610,000 barrels per day (bpd), bringing the facility closer to its full operational potential and signaling a major step toward energy self-sufficiency in Nigeria. Industry officials and analysts have described the development as a significant boost to the nation’s refining capabilities, reducing dependence on imported petroleum products and strengthening foreign exchange reserves. According to executives at the Dangote Group, the refinery’s expansion in output is the result of sustained investment in state-of-the-art technology and a phased commissioning process that began earlier in the year. The facility, located…
The Federal Airports Authority of Nigeria (FAAN) has rolled out a new initiative aimed at improving accessibility and travel comfort for passengers with disabilities, the elderly, and other individuals with mobility challenges across airports in the country. The move is part of FAAN’s broader commitment to enhancing customer service and aligning Nigeria’s aviation sector with global best practices. According to FAAN management, the wheelchair support programme will be available at major airports nationwide, providing dedicated assistance for passengers who require mobility support from the terminal entrance to the aircraft and vice versa. The service is designed to ensure that individuals…
The Sea Empowerment and Research Centre (SEREC) has strongly rejected the proposed increase in licence fees for maritime agents, warning that such a policy could harm Nigeria’s already fragile shipping and export industry. According to the organization, the planned hike, if implemented without adequate stakeholder consultation, would further burden operators struggling with high operational costs, infrastructure gaps, and volatile foreign exchange rates. SEREC noted that maritime agents and exporters are already paying numerous levies and facing multiple regulatory charges, which make Nigerian ports among the most expensive in West Africa. The group cautioned that any additional financial obligations would push…
Schneider Electric has announced the launch of its next-generation intelligent machines designed to strengthen industrial operations, boost efficiency, and advance the adoption of automation technologies across multiple sectors. The global energy management and automation company said the new solutions are aimed at transforming production processes, ensuring reliability, and promoting sustainability in industries navigating an increasingly competitive and resource-conscious environment. The unveiling marks a significant step in Schneider Electric’s continued push to integrate digital intelligence into industrial systems. The company noted that the smarter machines, equipped with cutting-edge automation and monitoring capabilities, are designed to improve productivity while reducing downtime and…
The Nigerian equities market continued its upward momentum on Wednesday, recording another session of impressive gains as investor sentiment remained bullish across major sectors. Market capitalisation surged by N203 billion at the close of trading, reflecting growing investor appetite for blue-chip stocks and optimism over improved macroeconomic fundamentals. According to trading data from the Nigerian Exchange Limited (NGX), the market capitalisation increased from N56.03 trillion on Tuesday to N56.23 trillion, driven by renewed interest in key sectors such as banking, consumer goods, industrials, and energy. The All-Share Index (ASI), a benchmark indicator of market performance, also rose by 0.36 percent…
The Nigerian naira began the new trading week on a weaker footing, exchanging at ₦1,533 per United States dollar at the official foreign exchange window. The development underscores persistent volatility in the foreign exchange market despite ongoing reforms aimed at stabilising the currency and boosting investor confidence. Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday showed that the naira lost further ground against the greenback, compared to last week’s close of ₦1,520/$. The depreciation was attributed to sustained demand pressure from importers, dwindling dollar supply, and market uncertainties affecting investor sentiment. Market analysts noted that while the…
The Nigerian Exchange (NGX) closed the week on a positive note, buoyed by increased investor confidence and strong demand for equities across key sectors. Market data showed that the bourse recorded a N425 billion gain in market capitalization, reflecting improved sentiment following a spate of corporate earnings releases and continued policy reforms aimed at strengthening the economy. During the week, the All-Share Index (ASI) rose significantly as blue-chip stocks and banking equities attracted notable interest from both local and foreign investors. Market capitalization climbed to over N57 trillion from the previous week’s figure, representing one of the strongest weekly gains…
Nigeria has solidified its position as Singapore’s leading trade partner in West Africa, as bilateral trade between the two countries surged by 85 percent to $7.47 billion in the first half of 2025. The development underscores Nigeria’s growing relevance in global trade networks, as well as Singapore’s deepening economic engagement with Africa’s largest economy. According to recent trade data, the sharp rise in trade volumes reflects stronger demand for Nigeria’s crude oil, liquefied natural gas (LNG), and agricultural products, alongside increased imports of Singaporean refined petroleum, electronics, and manufactured goods into Nigeria. The figures mark one of the highest year-on-year…
The Nigerian Civil Aviation Authority (NCAA) has officially unveiled its first SERVICOM charter, aimed at significantly improving service delivery across the country’s aviation industry. The move aligns with the federal government’s broader agenda of enhancing efficiency, accountability, and customer satisfaction in public institutions. By adopting the SERVICOM framework, the NCAA is committing to higher operational standards, better responsiveness to stakeholders, and greater transparency in its dealings with the aviation community and the general public. During the launch ceremony held in Lagos, NCAA Director-General Captain Chris Najomo emphasized that the charter was designed to institutionalize a customer-centric culture within the authority…
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has reiterated its commitment to advancing the growth of women-led businesses in Nigeria through renewed initiatives designed to support female entrepreneurs. The bank, in a statement, said the move aligns with its broader financial inclusion drive and its long-standing goal of creating equal opportunities in business. According to the bank, female entrepreneurs play a vital role in shaping Nigeria’s economy but often face barriers such as limited access to finance, mentorship, and networks. Stanbic IBTC noted that these challenges contribute to a significant funding gap that prevents many women-owned businesses from…
Lafarge Africa Plc has reported a remarkable 70 percent increase in revenue, reaching ₦269 billion for the second quarter of 2025, underscoring its strong market performance and operational resilience despite persistent economic headwinds. The cement giant attributed the growth to robust demand, improved pricing strategies, and operational efficiency gains across its production and distribution network. The company disclosed the figures in its unaudited financial results released to the Nigerian Exchange Group (NGX), noting that the revenue surge reflected both higher sales volumes and stronger pricing in key markets. This performance places Lafarge Africa among the cement industry leaders navigating Nigeria’s…
The International Monetary Fund (IMF) has called on governments worldwide, including Nigeria, to improve fiscal transparency and strengthen governance structures as a means of reducing borrowing costs and sustaining investor confidence. According to the global financial institution, countries with higher levels of transparency and accountability tend to enjoy lower debt-servicing costs and greater access to financing, even during periods of global economic volatility. In a recent policy briefing, the IMF stressed that lack of clarity in public financial management often leads to increased risk perception among investors, thereby driving up interest rates on government bonds and other debt instruments. The…