The Nigerian Exchange Group (NGX Group) has recorded a remarkable surge in its market capitalisation, which rose by 37.7% to reach ₦141.75 trillion, reflecting renewed investor confidence and sustained momentum across key sectors of the equities market. The impressive growth underscores the resilience of Nigeria’s capital market amid global economic challenges and policy shifts in the domestic financial landscape. According to market data released by the NGX, the growth in market capitalisation was driven by strong performances in the financial, energy, industrial, and consumer goods sectors, as well as increased participation from institutional and retail investors. Analysts attribute the surge…
Author: Temitope Nlewemchi
Calls have intensified for the Central Bank of Nigeria (CBN) to introduce higher denominations — specifically N10,000 and N20,000 single notes — as part of efforts to address the rising cost of living, inflationary pressures, and transactional inefficiencies in the country’s cash-based economy. Economists, financial analysts, and business operators have argued that the value of the naira has depreciated significantly in recent years, making existing denominations, particularly the N1,000 note, increasingly inadequate for large transactions. They said the introduction of higher-value notes would reflect the true state of the economy and reduce the strain on cash circulation. Dr. Muda Yusuf,…
The Nigerian stock market closed on a bearish note on Monday as sustained sell pressure in blue-chip and banking stocks wiped off about N371 billion from investors’ wealth. The downturn came after several weeks of mixed trading, reflecting growing investor caution amid macroeconomic uncertainties and profit-taking in key equities. According to data from the Nigerian Exchange Limited (NGX), the All-Share Index (ASI) declined by 0.26% to close at 99,320.45 points, down from 99,578.38 points recorded in the previous session. Consequently, the market capitalisation fell from ₦142.12 trillion to ₦141.75 trillion, representing a loss of ₦371 billion in a single trading…
Africa’s richest man and President of Dangote Industries Limited, Alhaji Aliko Dangote, has categorically dismissed suggestions that he is interested in purchasing or taking over any of the Nigerian National Petroleum Company Limited (NNPCL) refineries, describing such reports as false and misleading. He also took a swipe at the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) over recent remarks concerning operations at the Dangote Refinery, calling them “uninformed and unnecessary provocations”. Dangote, while speaking at a media parley in Lagos, said he has no plans to acquire any of the state-owned refineries, noting that his company’s focus remains…
The World Bank has projected that global commodity prices will decline sharply in 2025, reaching their lowest levels in six years, driven largely by an oversupply in the oil market and weakening demand across major economies. In its latest Commodity Markets Outlook report, the Bank warned that oil prices could fall below $70 per barrel as global production outpaces consumption, while other commodities such as natural gas, metals, and agricultural products are also expected to face downward pressure. According to the report, the anticipated oil surplus stems from increased production by key exporters, including the United States, Brazil, and Canada,…
The Federal Government has issued a stern warning to electricity distribution companies (DisCos) that have failed to meet operational and financial obligations, stating that it will no longer tolerate inefficiency, indebtedness, or poor service delivery within the power sector. The government said that it is ready to revoke the licenses of non-performing DisCos and replace them with capable investors who can drive stable electricity distribution across the country. Minister of Power, Chief Adebayo Adelabu, made this known during a stakeholders’ meeting in Abuja, where he lamented the persistent liquidity crisis, poor metering coverage, and mounting debts owed to the Nigerian…
Dangote Cement Plc, Africa’s leading cement producer, has reaffirmed its commitment to youth empowerment in Nigeria through a series of community-driven initiatives focusing on sports development, education, and skills acquisition. The company said the initiatives are part of its broader corporate social responsibility (CSR) agenda aimed at fostering sustainable development, creating opportunities for young people, and promoting social inclusion across its host communities. In a statement released by the company, Dangote Cement emphasized that empowering Nigerian youths remains central to its mission of contributing to national growth beyond industrial operations. The company disclosed that it has continued to invest significantly…
The National Inland Waterways Authority (NIWA) has expressed concern over the poor utilisation of Nigeria’s waterways, despite the significant financial investments made to develop and modernise the sector. The agency said that the country’s inland water transport system remains largely untapped, even though billions of naira have been committed to dredging, infrastructure development, and safety enhancement projects over the years. Speaking during a press briefing in Abuja, NIWA’s Managing Director, Bola Oyebamiji, lamented that Nigeria continues to rely excessively on road transport for the movement of goods and passengers, while the waterways — which offer a cheaper and more environmentally…
The Nigerian Exchange (NGX) has recorded its first gain in March, closing with a profit of N216 billion as investor confidence showed signs of recovery. After a period of volatility, the stock market rebounded, driven by renewed interest in key sectors, particularly banking, consumer goods, and telecommunications. Market analysts attribute the positive performance to improved investor sentiment following recent economic policy adjustments and corporate earnings reports. The uptick in stock prices was fueled by bargain-hunting activities, as investors sought to capitalize on undervalued stocks that had experienced declines in previous sessions. Blue-chip stocks, including those in the banking and industrial…
President Bola Ahmed Tinubu has announced an ambitious plan to empower 10 million women across Nigeria by 2027, focusing on economic inclusion, entrepreneurship, and financial independence. The initiative aims to provide women with the resources, training, and support needed to thrive in various sectors, from agriculture and technology to small-scale businesses and manufacturing. The program is expected to address long-standing challenges faced by Nigerian women, including limited access to funding, job opportunities, and business support. By working with financial institutions, development agencies, and private sector stakeholders, the government plans to facilitate low-interest loans, grants, and capacity-building programs tailored to women…
Oil marketers have raised concerns over the rising cost of fuel imports, which have reached N6 trillion in just five months. The increasing expenditure on petroleum product imports has sparked fears about the long-term sustainability of Nigeria’s fuel supply chain and the impact on the economy. Industry experts warn that the heavy reliance on imports, coupled with fluctuating global crude prices, is placing immense pressure on foreign exchange reserves. With the naira struggling against the dollar, the cost of importing refined petroleum products has surged, making it more difficult for marketers to maintain stable supply and pricing. Many fear that…
The President of the Petroleum Contractors Association of Nigeria (PECAN) has received prestigious recognition for outstanding contributions to the oil and gas industry. The honor comes as a testament to the president’s leadership in advancing local content development, promoting industry best practices, and fostering growth within the sector. The recognition, awarded by industry stakeholders and government officials, highlights PECAN’s role in advocating for indigenous contractors and ensuring their active participation in Nigeria’s petroleum industry. Under the president’s leadership, PECAN has pushed for policies that enhance the competitiveness of local firms, improve regulatory compliance, and create job opportunities for Nigerians. Speaking…
Retirees of the Nigerian Aviation Handling Company (NAHCO) have called on the federal government and pension administrators to grant them special consideration in the disbursement of the N758 billion pension fund. The retirees argue that they have been sidelined in previous allocations and are facing financial hardships due to delays in accessing their entitlements. Speaking on behalf of the retirees, a spokesperson highlighted the challenges many former NAHCO employees face, including rising healthcare costs, inflation, and the inability to sustain their livelihoods. They emphasized that after years of dedicated service to the aviation industry, they deserve fair access to pension…
The National Insurance Commission (NAICOM) has announced strict enforcement of the compulsory insurance policy for all public buildings across Nigeria, as stipulated in Section 65 of the Insurance Act 2003. This move aims to enhance public safety and boost insurance penetration in the country. Key Details of the Directive: – Applies to all buildings accessible to the public (schools, hospitals, hotels, offices, etc.) – Requires minimum third-party liability coverage – Building owners must display valid insurance certificates visibly – Compliance verification to begin October 2024 Penalties for Non-Compliance: – ₦500,000 fine for individual building owners – ₦1 million fine for…
TomTom, the iconic menthol candy brand known for its bold taste and deep roots in Nigerian culture, has successfully concluded its 2025 BTI Verse Challenge, an initiative aimed at discovering and promoting young musical talent. Held in Yaba, Lagos, the event brought together over 30 talented contestants from across the region, culminating in a vibrant finale that crowned Lam Young as the winner. The BTI Verse Challenge is part of TomTom’s wider “Breathe for It” campaign—a youth-focused movement designed to empower creativity and offer young Nigerians a platform to express themselves through music and spoken word. This latest edition of…
The International Monetary Fund (IMF) has confirmed that Nigeria has fully repaid the $3.4 billion emergency loan it received in April 2020 to mitigate the economic impact of the COVID-19 pandemic. The repayment was completed as of April 30, 2025, according to Christian Ebeke, the IMF’s resident representative in Nigeria. Background of the Loan In April 2020, amidst the global economic downturn caused by the COVID-19 pandemic, Nigeria secured a $3.4 billion loan from the IMF under the Rapid Financing Instrument (RFI). This facility was designed to provide rapid financial assistance to member countries facing urgent balance of payments needs.…
The Nigerian government has lauded the progress of its Naira-for-Crude initiative, a strategic policy aimed at enhancing the value of the naira, bolstering local refining capacities, and reducing the nation’s reliance on foreign exchange for petroleum transactions. Policy Overview Launched on October 1, 2024, the Naira-for-Crude deal permits local refineries, notably the Dangote Petroleum Refinery, to purchase crude oil from the Nigerian National Petroleum Company Limited (NNPC) using the naira instead of foreign currencies. This approach is designed to alleviate pressure on Nigeria’s foreign exchange reserves and promote domestic economic stability. Government’s Position At a recent meeting of the Technical…
Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has been named the new Chairman of the Council of Ministers of the Banjul Accord Group (BAG), a significant regional body focused on civil aviation in West Africa. The appointment was announced on May 22, 2025, during the group’s fourth ministerial meeting held in Abuja. Keyamo takes over the leadership from Sierra Leone’s Minister of Transport and Aviation, Alhaji Fandey Turay. The Banjul Accord Group is an alliance of seven West African nations: Nigeria, Cabo Verde, The Gambia, Ghana, Guinea, Liberia, and Sierra Leone. Since its establishment in 2004, BAG has…
The World Bank has disbursed an additional $215 million to Nigeria under the $800 million National Social Safety Net Programme-Scale Up, increasing the total amount released to $530 million. This funding is part of the government’s efforts to provide conditional cash transfers to the nation’s most vulnerable citizens, aiming to alleviate the impact of recent economic reforms, including the removal of the petrol subsidy. Initially, the programme was structured to deliver N5,000 monthly to targeted households. However, following policy changes introduced by President Bola Tinubu’s administration, the payment was revised to N25,000 monthly for three months, aiming to reach 15…
In a significant move aimed at bolstering Nigeria’s energy security and economic development, Aliko Dangote, President and CEO of Dangote Group, recently met with Bashir Bayo Ojulari, Group CEO of the Nigerian National Petroleum Company Limited (NNPC Ltd.), to reaffirm their commitment to a strategic partnership. The meeting, held at the NNPC Towers in Abuja, marks a pivotal step towards fostering collaboration between the private and public sectors in Nigeria’s oil and gas industry. Strengthening Energy Security During the visit, Dangote emphasized the importance of collaboration between Dangote Petroleum Refinery & Petrochemicals (DPRP) and NNPC Ltd. to ensure the nation’s…