The International Monetary Fund (IMF) has expressed concern that while Nigeria’s current wave of economic reforms has begun to steady macroeconomic indicators and attract new investor confidence, the positive impacts are yet to be felt by millions of ordinary Nigerians who still struggle daily with high living costs and worsening poverty. In its latest assessment of the country’s economic performance, the IMF acknowledged that Nigeria has taken bold policy steps in recent months, including removing costly fuel subsidies, liberalising its foreign exchange market, and halting ways in which the central bank previously financed government deficits. These decisions, the Fund…
Author: Temitope Nlewemchi
Heirs Energy, a leading indigenous Nigerian energy company, has secured a $750 million financing facility from the African Export-Import Bank (Afreximbank), marking a major milestone in its growth strategy and reinforcing confidence in African-owned energy enterprises. The facility is expected to significantly boost the company’s oil and gas production capacity while supporting Nigeria’s drive to strengthen domestic energy supply and economic development. The agreement was formalised at a signing ceremony attended by senior executives of both organisations, including the Chairman of Heirs Holdings, Tony Elumelu, and the President of Afreximbank, Dr George Elombi. The deal ranks among the largest single…
Wema Bank has reaffirmed its commitment to youth empowerment, innovation and digital transformation with the successful conclusion of the grand finale of its flagship innovation programme, Hackaholics. The event, which brought together some of Nigeria’s brightest technology talents, marked the climax of months of intense competition, mentorship and solution development aimed at addressing real-life economic and social challenges through technology. The Hackaholics initiative, driven by Wema Bank’s innovation arm, ALAT, is designed to identify, nurture and support young innovators with scalable ideas capable of driving financial inclusion, business efficiency and national development. At the grand finale, finalists drawn from different…
The National Drug Law Enforcement Agency has recorded a major operational breakthrough in Adamawa State with the seizure of 1,396 kilogrammes of assorted illicit drugs and the arrest of 150 suspected drug traffickers in a coordinated crackdown across the state. The operation, described by the agency as one of its most significant interventions in the North-East in recent months, forms part of intensified efforts to dismantle drug networks and curb substance abuse. According to the NDLEA, the arrests and seizures were made during a series of intelligence-driven raids carried out in key locations identified as hotspots for drug trafficking, storage…
MTN Nigeria has reinforced its commitment to disability inclusion with renewed initiatives aimed at ensuring that persons with disabilities are fully integrated into the country’s digital and socio-economic ecosystem. The telecommunications company said the move aligns with its broader sustainability strategy and reflects its belief that digital access and opportunity should be available to everyone, regardless of physical or cognitive limitations. The company disclosed that its disability inclusion drive cuts across accessible products and services, inclusive workplace practices, customer engagement and partnerships with disability advocacy groups. According to MTN Nigeria, these efforts are designed to remove barriers that prevent persons…
The Dangote Petroleum Refinery has disclosed that more than 1,000 trucks are now loading petrol daily from its facility, following a recent reduction in the pump price of Premium Motor Spirit. The development signals a sharp increase in domestic demand and marks a significant shift in Nigeria’s downstream petroleum supply dynamics, as locally refined products increasingly replace imported fuel. According to officials of the refinery, the price adjustment has made petrol from the Dangote facility more attractive to marketers, transporters and bulk buyers, leading to a dramatic rise in truck movements within the Lekki-based complex. The surge in daily loading,…
FCMB Pensions has announced plans to deepen its engagement with Nigeria’s vast informal sector as its assets under management exceed the N1 trillion mark, reflecting sustained growth and rising confidence in the pension fund administrator’s operations. The development highlights both the expanding scale of the company’s portfolio and its renewed focus on extending pension coverage beyond the formal workforce. The pension firm said crossing the N1 trillion asset threshold represents a significant milestone, achieved through consistent contributions, prudent investment strategies and growing participation by contributors across different sectors of the economy. It noted that the achievement comes at a time…
The Central Bank of Nigeria has generated N192 million from penalties imposed on 82 Bureau de Change operators over regulatory infractions, reinforcing the apex bank’s resolve to sanitise the foreign exchange market and enforce compliance within the sub-sector. The development reflects intensified supervisory actions by the CBN amid ongoing reforms aimed at restoring transparency, stability and confidence in the country’s foreign exchange framework. According to information from regulatory sources, the affected BDC operators were sanctioned for various breaches of operational guidelines, including non-compliance with reporting requirements, failure to render statutory returns, and other violations related to the conditions attached to…
The Independent Petroleum Marketers Association of Nigeria has expressed optimism that sustained supply of Premium Motor Spirit from the Dangote Petroleum Refinery will lead to a significant reduction in petrol prices across the country. The association said increased availability of locally refined fuel would ease supply constraints, lower distribution costs and reduce the pressure that has historically driven up pump prices. IPMAN officials noted that the commencement and gradual expansion of PMS supply from the Dangote Refinery represents a major turning point for Nigeria’s downstream petroleum sector. For decades, the country relied heavily on imported petrol despite being one of…
The World Bank has approved a $500 million financing package to support micro, small and medium-sized enterprises (MSMEs) in Nigeria, aimed at tackling long-standing financing challenges in the sector. The programme, known as the Fostering Inclusive Finance for MSMEs in Nigeria (FINCLUDE) project, is designed to expand access to affordable credit, foster innovation, and promote economic inclusion across the country. The package comprises a $400 million loan from the International Bank for Reconstruction and Development (IBRD) and a $100 million credit from the International Development Association (IDA). The funds will be channelled through the Development Bank of Nigeria (DBN), with…
The Central Bank of Nigeria has directed all banks and financial institutions to implement enhanced security measures for foreign card transactions across the country, reinforcing efforts to protect customers from fraud and strengthen confidence in electronic payments. The move comes amid rising concerns over unauthorised transactions and cybercrime targeting Nigerians using international payment cards. According to the apex bank, the directive requires banks to adopt robust authentication systems, including two-factor authentication, tokenisation, and real-time transaction alerts, for all foreign card transactions. These measures aim to minimise fraud risks and ensure that customers have full control over their accounts when making…
A disagreement between the House of Representatives and the Senate over the appropriate crude oil price benchmark has emerged as a major point of contention in the consideration of Nigeria’s 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP). The divergence has raised concerns over fiscal planning coherence as the Federal Government prepares to present the 2026 budget proposal. The crude oil benchmark, which plays a central role in determining projected government revenue and overall expenditure, has become the focal point of debate between both chambers of the National Assembly. While the House of Representatives approved a benchmark of $64.85…
The Federal Government has confirmed that 149 companies will continue to enjoy tax holidays under Nigeria’s newly revised fiscal and investment incentive framework, easing concerns among investors over the fate of pioneer status benefits following recent tax and economic reforms. The confirmation was made amid growing public debate triggered by the enactment of a new law aimed at tightening tax exemptions, broadening the revenue base and improving fiscal sustainability. While the reforms initially raised fears that several firms could lose long-standing tax incentives, government officials clarified that qualifying companies approved under the Pioneer Status Incentive (PSI) scheme would retain their…
Nigeria is on the brink of securing a major financial boost as the World Bank is expected to approve a $500 million loan facility aimed at expanding access to finance for micro, small and medium enterprises (MSMEs), a sector widely regarded as the backbone of the nation’s economy. The approval, scheduled for consideration by the World Bank’s Board, comes at a time when the Federal Government is intensifying efforts to stimulate growth, create jobs and support small businesses amid economic reforms. The proposed loan is designed to strengthen Nigeria’s financial ecosystem by improving credit availability for MSMEs, which account for…
Stanbic IBTC Holdings Plc has reinforced its commitment to social responsibility by empowering children across Nigeria through education-focused and skills-building initiatives, aimed at improving learning outcomes, promoting financial literacy and supporting vulnerable young people. The intervention aligns with the group’s long-standing strategy of investing in human capital development, especially among children and youths who represent the foundation of the country’s future workforce. The latest initiative, implemented through the Stanbic IBTC Blue Blossom Initiative (BBI) and other corporate social investment platforms of the group, targets pupils in public schools, children living with disabilities and those from underserved communities. It reflects growing…
The Rural Electrification Agency (REA) has partnered with global technology firm Huawei to carry out an extensive solar power safety and reliability test, as Nigeria intensifies efforts to expand off-grid and renewable energy solutions across underserved communities. The exercise marks another step in government’s drive to ensure that renewable energy installations deployed nationwide meet international safety and performance standards while delivering sustainable power to rural and peri-urban areas. The safety test, which was conducted on solar power components used in mini-grid and standalone solar projects, focused on assessing system durability, fire resistance, operational stability and compliance with established electrical standards.…
Nigeria’s crude oil industry is facing a fresh challenge as reports indicate that large volumes of Nigerian crude remain unsold, driven largely by global oversupply and market imbalances. Industry analysts warn that this situation could impact federal revenues, affect cash flow for oil companies, and complicate government budgeting plans for 2026. The persistent oversupply in the international crude oil market has led to weaker demand for Nigerian grades, particularly the lighter, sweet crudes that traditionally attract premium pricing. Trading sources indicate that while countries such as the United States and members of the European Union have reduced imports, other major…
The National Pension Commission (PenCom) has officially announced the extension of the pension fund administrators (PFAs) recapitalisation deadline to June 2027, giving operators additional time to meet the regulator’s revised capital requirements. The move underscores the commission’s commitment to ensuring a robust, well‑capitalised pension industry capable of protecting contributors’ savings and sustaining long‑term financial stability. The recapitalisation exercise, which aims to strengthen the financial and operational capacity of PFAs, was initially scheduled for completion earlier but had faced challenges as some operators struggled to meet the stringent capital thresholds. The new timeline provides PFAs with a strategic window to raise…
First Bank of Nigeria Limited (FirstBank) has announced a strategic partnership with the University of Benin (UNIBEN) to enhance digital banking services and financial inclusion for students and staff. The collaboration is aimed at providing seamless, cashless banking solutions, improving financial literacy, and encouraging the adoption of modern digital financial tools within the university community. Under the partnership, FirstBank plans to integrate its digital platforms with UNIBEN’s administrative and student service systems, allowing users to perform banking transactions, pay tuition fees, and access other financial services through mobile applications and online portals. The initiative also includes the deployment of dedicated…
The National Pension Commission (PenCom) has successfully recovered N4.04 billion in unpaid pension funds, reaffirming its commitment to safeguarding the retirement savings of Nigerian workers and ensuring timely benefits for contributors under the Contributory Pension Scheme (CPS). The recovered funds, traced to various employers who had defaulted on pension remittances, reflect PenCom’s intensified regulatory oversight and proactive measures to enforce compliance with pension laws. The commission emphasized that such recoveries are critical to maintaining trust in the national pension system and reinforcing the security of contributors’ investments. PenCom’s Director‑General stated that the recovery was achieved through a combination of audits,…