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…
Author: Temitope Nlewemchi
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…
The National Pension Commission (PenCom) has issued a strong warning to Pension Fund Administrators (PFAs), directing them to avoid investing workers’ retirement savings in banks’ Additional Tier-1 (AT1) capital instruments. The caution follows heightened concerns over the risk profile of such assets, which have come under global scrutiny after recent financial sector shocks. According to industry sources, PenCom’s advisory stems from its mandate to safeguard the N20 trillion pension assets under management in Nigeria’s Contributory Pension Scheme (CPS). The regulator emphasised that PFAs must exercise extreme caution in evaluating investment opportunities, particularly those that may expose pension contributions to unnecessary…
The Federal Government of Nigeria has successfully raised N136 billion through the issuance of medium-term bonds as part of its domestic borrowing strategy to finance the 2025 budget and support ongoing infrastructure development projects. The Debt Management Office (DMO), which oversees the issuance and management of the country’s debt instruments, confirmed that the latest bond auction attracted strong participation from both local and foreign investors, underscoring confidence in the Nigerian capital market despite global economic uncertainties. According to market reports, the bonds were issued across multiple tenors, with investors showing high demand for maturities in the five, ten, and twenty-year…
President Bola Ahmed Tinubu has commissioned a 40,000 cubic meter Liquefied Petroleum Gas (LPG) vessel built for the West Africa Gas Limited (WAGL), a joint venture between the Nigerian National Petroleum Company Limited (NNPCL) and Sahara Group, in Ulsan, South Korea. The new carrier, which represents one of the most significant investments in Nigeria’s gas infrastructure, is expected to bolster the country’s energy transition plan and deepen its LPG penetration across Africa. The state-of-the-art carrier, named Akintoye 1, was built by Hyundai Heavy Industries, one of the world’s leading shipbuilders, and is part of a larger initiative to increase Nigeria’s…
The Federal Government has announced a strategic collaboration with PalmPay, a leading fintech platform, to train one million Nigerian youths in digital safety. The initiative is aimed at equipping young people with the knowledge and tools to navigate the digital economy securely while curbing rising cases of cybercrime and fraud in the country’s financial sector. Speaking at the launch of the programme in Abuja, Minister of Youth Development, Ayodele Olawande, said the partnership underscores the Federal Government’s commitment to empowering young Nigerians with critical skills for the digital era. He noted that while technology has opened new doors of opportunity…
Schneider Electric has introduced a suite of new energy management and power solutions aimed at boosting the efficiency and growth potential of small and medium-sized enterprises (SMEs) across Africa. The initiative reflects the company’s ongoing commitment to addressing the continent’s persistent energy access challenges while empowering local businesses to become more competitive in an increasingly technology-driven global economy. Announcing the new solutions at a regional event, Schneider Electric executives emphasized that inadequate and unreliable electricity supply remains one of the biggest hurdles for African entrepreneurs. Many small businesses spend a significant portion of their operating costs on alternative energy sources…
The Nigeria Customs Service (NCS) has issued a 14-day deadline for the owners of 905 overtime cargoes currently abandoned at various seaports across the country to clear their consignments or risk outright seizure. The directive, which comes amid concerns over congestion at ports and loss of potential government revenue, is aimed at decongesting terminals and improving efficiency in cargo clearance. The Service, in a notice signed by Comptroller General of Customs, Adewale Adeniyi, explained that the affected containers and cargoes have overstayed the statutory period allowed for clearance and therefore qualify as overtime cargo under extant laws. He stressed that…
The Nigerian Communications Commission (NCC) has announced the disconnection of unregistered and improperly registered Subscriber Identification Module (SIM) cards from the nation’s telecoms networks, in a move aimed at bolstering national security, improving service integrity, and safeguarding citizens against criminal exploitation of mobile lines. The decision, which follows several warnings and deadlines issued by the regulator, is part of ongoing efforts to ensure full compliance with SIM registration guidelines and the mandatory linkage of National Identification Numbers (NIN) to mobile lines. The NCC emphasized that the action is in line with government policy to secure Nigeria’s digital space and to…
The National Pension Commission (PenCom) has blacklisted seven mortgage banks in Nigeria for breaching regulatory guidelines on housing loan schemes tied to the Contributory Pension Scheme (CPS). The move, which industry experts describe as a bold step toward strengthening transparency and protecting pension contributors, underscores PenCom’s resolve to ensure that the housing component of the pension framework is managed in line with laid-down standards. PenCom confirmed that the affected institutions were found guilty of various infractions, ranging from improper documentation to mismanagement of contributors’ Retirement Savings Accounts (RSAs) linked to housing loan withdrawals. The regulator explained that while the Contributory…
The Nigerian Civil Aviation Authority (NCAA) has officially granted approval for the Ogun State Airport to commence commercial flight operations, marking a major milestone in the state’s ambition to become a regional aviation and economic hub. The clearance, which followed rigorous inspections and compliance checks, paves the way for airlines to begin scheduled passenger and cargo flights into and out of the facility. Located along the Iperu-Ilishan axis of the state, the airport—popularly referred to as the Gateway International Agro-Cargo Airport—has been under development for several years as part of Ogun State’s vision to harness its strategic location between Lagos,…
The Federal Government’s major revenue-generating agencies, including the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS), have collectively generated a total of ₦21 trillion in the first half of 2025, surpassing initial projections and underlining the importance of ongoing fiscal reforms. According to official data made available from the Ministry of Finance and coordinating agencies, five key institutions contributed significantly to the government’s revenue drive within the six-month period under review. These included the FIRS, NCS, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian National Petroleum Company Limited (NNPC Ltd.), and the Nigerian Ports Authority (NPA). The breakdown…
Afrinvest (West Africa) Limited has cautioned that Nigeria’s aspiration of growing its economy to a $1 trillion Gross Domestic Product (GDP) by 2030 could be derailed by persistent inflationary pressures, fiscal imbalances, and structural weaknesses that continue to undermine macroeconomic stability. The investment and research firm made this known in its latest economic outlook report, noting that while the government’s ambition is laudable, the realities of Nigeria’s economic environment present formidable obstacles. Afrinvest highlighted that unless urgent reforms are undertaken to address these challenges, the target may remain elusive. According to the firm, inflation remains one of the most pressing…
US-based oil company Vaalco Energy is preparing to re-enter Nigeria’s oil and gas sector as part of its renewed strategy to expand operations in Africa. The independent energy firm, which previously held assets in the country, has indicated that it is exploring fresh opportunities in Nigeria’s upstream sector, leveraging ongoing reforms and government initiatives aimed at attracting more foreign investment into the petroleum industry. Industry insiders suggest that Vaalco’s renewed interest is driven by recent policy changes under the Petroleum Industry Act (PIA), which has provided greater clarity on fiscal terms, royalties, and production-sharing agreements. Nigeria remains Africa’s largest oil…
Experts and industry stakeholders have emphasized that for the Nigerian fashion industry to reach its full potential and compete globally, it must embrace innovation and prioritize sustainability. Speaking at a recent fashion and creative economy forum in Lagos, designers, policymakers, and business leaders stressed the need for technological integration, eco-friendly practices, and better support systems for emerging talents. According to industry insiders, the global fashion landscape is rapidly evolving, with increased consumer demand for ethical production, sustainable materials, and unique cultural expressions. Nigerian designers, who are renowned for their creativity and vibrant styles, must align with these trends to stay…