Author: Temitope N.

Nigeria’s economy recorded a solid improvement as the nation’s Gross Domestic Product (GDP) expanded by 3.98 percent, driven largely by stronger performances in the services and agriculture sectors. The latest figures reflect a rebound in key non-oil industries and a gradual stabilisation of economic activities following months of policy adjustments, foreign exchange reforms, and shifting global market conditions. Analysts say the growth marks one of the country’s most encouraging quarterly performances in recent years, signalling improving resilience in the face of persistent structural challenges. The services sector, which continues to be the backbone of Nigeria’s economic activity, contributed significantly to…

Nigeria’s currency recorded another moment of relief as the naira appreciated to 1,446.74 per dollar, buoyed by a sustained rise in capital inflows and improving investor confidence. The stronger position of the currency comes amid renewed monetary tightening, increased foreign exchange liquidity and greater oversight by financial regulators, all of which have helped create a more stable environment in recent weeks. The latest figures on foreign capital inflows, which reached $20.98 billion in the first ten months of the year, have further strengthened Nigeria’s external balance sheet and supported the upward movement of the naira. The appreciation reflects the Central…

Ondo State is set for a major transformation in its agricultural sector as Governor Lucky Aiyedatiwa has approved a $42 million Agric City project aimed at accelerating food production, boosting employment and expanding the state’s agro-industrial capacity. The initiative, which forms part of the administration’s long-term economic diversification agenda, is expected to serve as a hub for processing, research, mechanised farming and value-chain development across multiple agricultural commodities. Officials describe the project as one of the state’s most ambitious agro-investment programmes in recent years, with the potential to reposition Ondo as a leading food and agribusiness destination in Nigeria. According…

Kano State and the Dangote Group have intensified collaboration on large-scale industrial projects as both partners used the ongoing trade fair in Kano to showcase new investments aimed at reviving manufacturing, boosting employment and strengthening the region’s economic profile. The trade fair, which has become one of Nigeria’s most prominent platforms for commercial engagement, provided an opportunity for government officials, investors and business leaders to highlight progress on several initiatives designed to elevate Kano’s status as a leading industrial hub. Officials from the state government noted that Kano has entered a new phase of industrial expansion with projects focused on…

The Federal Airports Authority of Nigeria has begun a comprehensive review of alleged irregular recruitments carried out in recent months, signalling a renewed effort to strengthen transparency, accountability and professionalism within the agency. The decision follows rising concerns about the influx of personnel reportedly employed without adherence to due process, statutory approval or alignment with the organisation’s manpower needs. FAAN’s management said the review aims to verify the legitimacy of recent appointments, streamline staffing levels and ensure that only properly recruited and qualified individuals remain on the authority’s payroll. According to senior officials, the agency’s leadership initiated the review after…

Nigeria has moved to prevent a looming fuel scarcity by bringing in 828 million litres of petrol, a major intervention aimed at stabilising supply across the country and ensuring uninterrupted distribution during the festive and early-year consumption spikes. Officials confirmed that the massive importation was undertaken to avert disruptions caused by logistical delays, vessel scheduling issues and challenges associated with maintaining adequate national reserves. The intervention comes at a time when the energy market is experiencing significant pressure, with rising costs, foreign exchange constraints and seasonal demand fluctuations threatening to strain supply chains. According to industry insiders, the petrol importation…

The Dangote Petroleum Refinery has committed to supplying 1.5 billion litres of petrol every month as part of efforts to stabilise Nigeria’s fuel market, reduce dependence on imports and ensure consistent nationwide availability. The pledge marks a major milestone in the refinery’s operational rollout and signals its intention to play a central role in reshaping the country’s energy landscape. With Nigeria historically reliant on imported fuel despite being a leading crude oil producer, the refinery’s promise represents a significant shift in supply dynamics and a potential turning point for the downstream sector. Officials of the refinery disclosed that the monthly…

Nigeria’s oil-dependent economy is once again in the spotlight as fresh disclosures reveal that the Nigerian National Petroleum Company Limited (NNPCL) is grappling with an outstanding crude-for-loan debt of approximately N8.07 trillion. The financial strain, stemming from long-standing crude repayment deals with international lenders and commodity traders, has raised new questions about transparency, fiscal sustainability, and the long-term impact on Nigeria’s oil revenue. The crude-for-loan model, which allows the national oil company to secure cash advances in exchange for future crude oil deliveries, has been a recurring strategy for NNPCL whenever liquidity becomes tight. While it provides short-term financial relief,…

The Ibadan Electricity Distribution Company (IBEDC) has announced the resumption of its mass rollout of over 55,000 free prepaid meters, reaffirming its commitment to improving metering coverage, reducing estimated billing controversies, and enhancing customer satisfaction across its franchise areas. This renewed metering drive, implemented under the Federal Government–backed National Mass Metering Programme (NMMP), is expected to accelerate the transition to more transparent and efficient energy consumption accounting. In a statement, the utility company explained that the fresh phase of meter distribution would prioritise communities and business clusters with high levels of customer complaints, especially those long affected by estimated billing…

MTN Nigeria has called for deeper collaboration among government agencies, private investors, technology companies, incubators, and the broader innovation community to accelerate the growth of Nigeria’s startup ecosystem. The company said the country possesses one of Africa’s most dynamic pools of young innovators, but noted that sustained progress depends on building a more coordinated environment that supports ideas, funding, and long-term business development. Speaking at a recent industry forum devoted to digital innovation and entrepreneurship, MTN executives stressed that startups remain essential to Nigeria’s economic transformation, particularly in areas such as fintech, health technology, agritech, e-commerce, and artificial intelligence. The…

Lafarge Africa Plc has reaffirmed its dedication to community development across Nigeria by implementing projects that directly impact education, health, and social infrastructure, with a particular focus on improving learning environments in public schools. The cement manufacturing giant disclosed that its ongoing initiatives aim to provide quality education, promote social wellbeing, and empower local communities, highlighting the company’s broader corporate social responsibility (CSR) agenda. The company recently completed several interventions in schools located in communities surrounding its operations, including renovations of classrooms, provision of learning materials, and installation of essential facilities such as desks, chairs, and teaching aids. Lafarge Africa…

The Nigerian Exchange Limited (NGX) ended the week on a negative note as investors collectively lost N129 billion due to bearish trends across major sectors of the equities market. Market analysts attributed the decline to profit-taking activities, lingering economic uncertainties, and fluctuations in global commodity prices that influenced investor sentiment. The downturn reflects the fragile balance between market optimism driven by positive economic indicators and the caution exhibited by investors in response to domestic and international factors. Trading activity during the week was characterised by moderate volumes, with investors selectively buying into blue-chip stocks while exiting positions in cyclical and…

The President of the ECOWAS Commission, Omar Alieu Touray, has projected that Nigeria could emerge as one of the world’s top five economies by the year 2100, describing the nation as a country with unmatched demographic strength, strategic influence and far-reaching economic potential. Touray made the statement during the launch of the ECOWAS National Biometric Identity Card in Abuja, where he praised Nigeria’s leadership role in regional integration and long-term development planning. According to Touray, the transformation already taking shape within Nigeria’s economic and institutional framework is laying the groundwork for long-term prosperity. He explained that the country’s youthful population,…

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said Nigeria’s removal from the Financial Action Task Force (FATF) grey list has restored an estimated $30 billion in previously lost investment potential, reaffirming the country’s credibility in global financial markets. Cardoso stated this while addressing journalists following the announcement of Nigeria’s exit from the list, noting that the development marks a turning point for investor confidence and international financial cooperation. Nigeria was placed on the FATF grey list due to concerns over anti-money laundering (AML) and counter-terrorist financing (CTF) compliance gaps. The classification had subjected Nigeria to…

The Federal Government has disclosed that Nigeria’s refining capacity remains hampered by multiple structural and operational constraints, with crude supply shortages identified as the most significant factor limiting utilisation by as much as 62 per cent. This revelation highlights the persistent challenges undermining the nation’s long-standing ambition to achieve self-sufficiency in petroleum product refining and reduce reliance on expensive imports. According to government officials, although Nigeria hosts several refinery assets with the potential to meet a substantial portion of domestic demand, the performance of these facilities continues to fall far below expectations. The combination of inadequate crude supply, ageing infrastructure,…

The Central Securities Clearing System has officially moved to a T+2 settlement cycle, marking a major advancement in Nigeria’s capital market and aligning the country with global settlement standards adopted by leading financial markets. The transition represents a significant step in reducing settlement delays, improving liquidity, strengthening market efficiency, and attracting more institutional investors who rely on faster and more predictable settlement timelines. With this move, transactions executed on the Nigerian Exchange and other participating platforms will now be completed within two business days after the trade date. The CSCS explained that the migration from the previous settlement framework to…

The Central Bank of Nigeria has given formal approval for the appointment of Aigboje “Abiagam” Aig-Imoukhuede as the new Chief Executive Officer of Coronation Merchant Bank, marking a significant leadership transition at one of Nigeria’s key investment and wholesale banking institutions. The approval, which follows a thorough fit-and-proper assessment by the apex bank, signals a new chapter for the bank as it seeks to strengthen its market position and deepen its financial services capabilities in an increasingly competitive and regulated environment. Abiagam’s appointment comes at a crucial moment for the banking sector, which has been undergoing reforms aimed at stabilising…

Google has announced a commitment of N3bn to strengthen Nigeria’s artificial intelligence capacity, marking one of the company’s most significant investments aimed at accelerating technological development in the country. The pledge, made as part of broader initiatives to support innovation across Africa, reflects Google’s strategic focus on expanding digital infrastructure, nurturing local talent, and promoting AI-driven solutions that can address Nigeria’s economic and social challenges. The investment comes at a time when Nigeria is increasingly positioning itself as a key player in the global tech landscape. With a growing population of young innovators, rising adoption of digital tools, and expanding…

Nigeria has witnessed a significant rise in currency circulating outside the banking system, as cash held by individuals and businesses surged by N181.7bn within just one month. The development has raised concerns among financial experts and policymakers, who warn that the growing preference for cash-based transactions could undermine the country’s monetary stability, weaken financial inclusion efforts, and complicate the Central Bank of Nigeria’s broader economic reforms. According to recently released monetary data, the volume of money in circulation outside formal banking channels climbed sharply, reflecting a renewed shift toward physical cash despite ongoing initiatives promoting digital payments and regulated financial…

Nigeria has emerged as the leading African exporter of crude oil to the United States, recording shipments valued at $2.57bn within the first ten months of the year. The development marks a significant boost for Africa’s largest oil producer, reaffirming its position as a dominant player in the global energy market despite persistent domestic production challenges. The surge in exports to the US reflects both the country’s improved output levels and America’s renewed reliance on West African crude to balance supply disruptions and diversify its import sources. The United States has historically maintained a fluctuating relationship with Nigerian crude, with…