The Nigerian stock market extended its losing streak as investors suffered a N31 billion decline in market capitalization, reflecting the persistent sell-offs that have defined recent trading sessions. The downturn highlights growing investor caution amid economic uncertainty, fluctuating global market trends, and domestic policy concerns. Market Performance and Key Indices Trading activity saw major indices dip, with the benchmark NGX All-Share Index (ASI) shedding points as equities across multiple sectors faced downward pressure. Blue-chip stocks, which typically provide stability, were not spared from the declines, as traders engaged in widespread profit-taking and portfolio rebalancing. Market analysts suggest that the current…
Author: Temitope N.
Nigeria’s Minister of Housing and Urban Development has revealed that less than 10% of the country’s land is properly documented, highlighting a major challenge in land administration and ownership rights. The lack of proper records has contributed to disputes, illegal land grabbing, and difficulties in securing bank loans using land as collateral. According to the minister, the absence of a comprehensive land registry system hinders economic growth, discourages investment, and complicates urban planning efforts. Many landowners still rely on traditional and informal methods of documentation, which are often not legally recognized. The government has reiterated its commitment to improving land…
The Nigerian naira continued its downward spiral at the official foreign exchange market, closing at ₦1,536 per dollar. This marks yet another depreciation as the currency faces mounting pressure from forex demand and liquidity challenges. Market analysts attribute the weakening of the naira to persistent dollar shortages and speculative trading, which have intensified since the Central Bank of Nigeria (CBN) adopted a more flexible exchange rate regime. Despite interventions to stabilize the currency, fluctuations remain a concern for businesses and consumers, leading to rising inflation and increased import costs. The latest depreciation reflects the broader economic uncertainties facing Nigeria, as…
The Chartered Institute of Personnel Management (CIPM) and Lagos State Governor Babajide Sanwo-Olu have reiterated the need for a transformation in human resource (HR) management to drive productivity and economic growth. Speaking at a stakeholders’ forum, they emphasized the importance of modernizing HR practices to align with global standards and improve workforce efficiency across sectors. Governor Sanwo-Olu highlighted the role of HR professionals in shaping policies that enhance employee welfare, performance management, and leadership development. He stressed that as Lagos continues to position itself as a business hub, adopting innovative HR strategies will be crucial in attracting and retaining top…
Economic expert and former Minister of Finance, Kemi Adeosun, has called on President Bola Tinubu to appoint a National Export Adviser to drive Nigeria’s non-oil export growth and enhance foreign exchange earnings. She emphasized that such a role is critical in diversifying the country’s economy and reducing its heavy reliance on crude oil revenues. Adeosun highlighted the challenges facing Nigeria’s export sector, including poor infrastructure, inconsistent policies, and limited access to global markets. She argued that having a dedicated adviser would help formulate and implement strategic policies to boost exports, attract foreign investment, and improve Nigeria’s trade balance. According to…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has rejected a proposed six-month petrol price stability plan, arguing that it is unrealistic given the current economic and supply challenges. The proposal, reportedly suggested to cushion the impact of fluctuating fuel prices on consumers, has been met with resistance from marketers who claim that price control measures could disrupt supply chains and lead to shortages. IPMAN officials stated that maintaining a fixed petrol price for six months would be impractical due to factors such as foreign exchange volatility, rising crude oil prices, and logistical costs. They argued that any artificial price…
Telecommunications provider 9mobile has come under fire following allegations that it is preventing subscribers from porting to other networks under the Mobile Number Portability (MNP) scheme. Several customers have reported difficulties in switching operators, claiming that their requests to move to rival networks are being deliberately blocked. The allegations have sparked outrage among affected users, many of whom have expressed frustration over prolonged delays, failed porting attempts, and lack of response from 9mobile’s customer service. Some subscribers accuse the telecom company of intentionally making the process difficult to retain customers amid increasing competition in the industry. Under the Nigerian Communications…
Global financial markets have been rattled as escalating Israeli airstrikes fuel fears of a broader conflict in the Middle East. Investors are reacting to rising geopolitical tensions, with major stock indices experiencing sharp declines amid concerns over oil prices, supply chain disruptions, and overall economic uncertainty. Oil prices surged following the intensified military action, as the risk of instability in the region heightened worries about energy supply disruptions. Brent crude and WTI crude both saw significant gains, reflecting investor anxiety over potential supply shocks from key oil-producing nations. Stock markets across Europe, Asia, and the United States opened lower, with…
The Federal Government has deducted N800 billion from state allocations to service Nigeria’s mounting foreign debt, a move that has sparked concerns among state governments over dwindling resources for development projects. The deductions were made from the monthly Federation Account Allocation Committee (FAAC) disbursements, further straining the finances of many states already grappling with revenue shortfalls. Government officials defended the action, stating that the deductions were necessary to meet Nigeria’s international debt obligations and avoid default. The country’s rising debt profile has put pressure on its foreign reserves, making timely debt servicing a priority to maintain investor confidence and economic…
Nigeria’s oil revenue faces a major setback following an explosion at a key crude oil pipeline capable of transporting 450,000 barrels per day (BPD). The incident, which occurred in a strategic oil-producing region, has raised concerns over supply disruptions, potential revenue losses, and heightened security risks in the sector. Preliminary reports indicate that the explosion, which rocked the pipeline, may have been caused by sabotage, equipment failure, or operational mishaps. Authorities and oil companies operating in the region have launched investigations to determine the exact cause and assess the extent of the damage. The affected pipeline is a crucial part…