The Federal Government has paid out ₦330 billion in direct cash transfers as part of its strengthened social protection initiative, reaching more than 8.1 million vulnerable households across Nigeria. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this figure in Abuja, saying the programme is ramping up efforts to cushion the effects of economic reforms like fuel subsidy removal and currency changes. Edun explained that the cash-transfer scheme is being administered via the National Social Safety Net Coordinating Office (NASSCO). The payments are financed by an $800 million facility supported by the World Bank, and beneficiaries…
Author: Temitope N.
The Central Securities Clearing System (CSCS) has announced that it processed transactions worth ₦2.1 trillion within the first four months of 2025, underscoring its pivotal role in driving efficiency and stability in Nigeria’s capital market. The clearinghouse, which serves as the financial market’s post-trade services provider, revealed that the milestone reflects growing investor confidence in the Nigerian Exchange (NGX) and the resilience of the market amid global and domestic headwinds. According to the management of CSCS, the value of transactions recorded over the review period signals a positive trajectory for the capital market, with increased activity in equities, fixed income,…
First Bank of Nigeria Limited has once again demonstrated its commitment to empowering Nigeria’s creative and entertainment industry by sponsoring the Calabar Entertainment Conference, a leading platform that brings together stakeholders in film, music, fashion, and the broader cultural economy. The conference, held in Calabar, Cross River State, provided a platform for discussions on harnessing the power of the creative sector to drive economic growth, employment, and youth empowerment. At the event, industry experts, entertainers, and investors deliberated on the opportunities and challenges within the creative space, particularly in relation to technology, financing, and capacity development. Themed around the potential…
The Nigerian Exchange (NGX) closed on a positive note in the latest trading session, with investors recording a collective gain of about N310 billion as the market index advanced on renewed optimism across key sectors. The development signals a rebound in market sentiment after recent fluctuations that saw investors adopt a cautious approach in response to macroeconomic headwinds and global uncertainties. According to market data, the NGX All-Share Index (ASI) appreciated significantly, driven by renewed investor confidence and bargain-hunting in bellwether stocks. The market capitalisation, which represents the total value of listed equities, climbed by N310 billion, pushing it higher…
The Chartered Institute of Stockbrokers (CIS) has announced fresh plans to confront the growing threat of Ponzi schemes in Nigeria by rolling out financial literacy initiatives targeted at young people. The Institute explained that equipping the youth with financial knowledge and investment skills is the most effective long-term strategy to stop the proliferation of fraudulent schemes that continue to defraud millions of unsuspecting Nigerians. Ponzi schemes have become a persistent menace in Nigeria, taking advantage of rising unemployment, economic hardship, and the widespread desire for quick wealth. The schemes often promise unrealistic returns on investments, luring people into parting with…
The Rural Electrification Agency (REA) has disclosed that it has successfully provided electricity access to over eight million Nigerians who were previously living in darkness. This milestone comes as part of the Federal Government’s broader initiative to close the country’s energy access gap and deliver sustainable power solutions to underserved and rural communities. According to the agency, the achievement was made possible through multiple electrification models, including the deployment of solar mini-grids, standalone solar home systems, and productive-use energy projects that support local industries. These initiatives were rolled out under collaborative frameworks with private developers, local entrepreneurs, and international partners,…
Dangote Group has revealed plans to begin importing electric trucks early next year, as part of its strategy to modernise logistics, cut down emissions, and reduce dependency on fossil fuel-powered tanker trucks in its fuel distribution business. The announcement comes amid the rollout of the company’s ambitious compressed natural gas (CNG) fleet programme, and signals a further push toward cleaner energy use in the downstream petroleum sector. At a recent press conference, Aliko Dangote confirmed that the company is working toward deploying electric vehicles (EVs) alongside its existing and incoming fleet of CNG-powered trucks. The electric trucks are scheduled for…
Nigeria’s economic outlook has received a major boost following a fresh projection by the Independent Media and Policy Initiative (IMPI), which forecast that inflation could drop by as much as 17 percent before the end of the year. This comes on the heels of recent positive trends in the country’s inflation data and the impact of sustained monetary and fiscal reforms by the government. For months, Nigerians have been grappling with soaring food and energy prices that have eroded purchasing power and strained household incomes. Inflation, which has remained stubbornly high due to supply chain disruptions, currency fluctuations, and rising…
The Nigerian Airspace Management Agency (NAMA) has announced a major breakthrough in its modernization drive, confirming the extension of its advanced satellite navigation system to 26 airports across the country. This move is expected to transform the nation’s airspace operations by improving safety, reducing flight delays, and enhancing efficiency for both domestic and international carriers operating in Nigeria. The new satellite-based navigation system, built on the Performance Based Navigation (PBN) framework, represents a key step toward aligning Nigeria’s aviation infrastructure with international standards set by the International Civil Aviation Organization (ICAO). With the system now operational in 26 airports, pilots…
The Dangote Refinery has declared that its operations have brought an end to decades of chronic fuel scarcity and long queues at filling stations across Nigeria. This announcement comes as the refinery, Africa’s largest single-train facility, continues to ramp up production and distribution of refined petroleum products, significantly easing pressures that had plagued Nigeria’s downstream sector for more than half a century. For decades, Nigerians were accustomed to the sight of long, winding queues at filling stations, sometimes stretching for several kilometers. These queues, often triggered by supply disruptions, foreign exchange shortages, and the inefficiencies of the country’s moribund state-owned…
Nigeria’s Dangote Refinery has achieved a historic breakthrough by exporting its first cargo of petrol to the United States, marking a decisive step in the country’s efforts to become a global player in the refined petroleum market. The shipment, estimated at 320,000 barrels, was delivered to New York Harbor and discharged at the Sunoco terminal, confirming that Africa’s largest refinery is now capable of meeting some of the world’s most stringent fuel quality standards. The export underscores the growing operational maturity of the refinery, which has a nameplate capacity of 650,000 barrels per day and is widely seen as a…
Airline operators in Nigeria have applauded the Federal Government’s decision to suspend the 4 percent Free-on-Board (FOB) import levy, saying the move offers much-needed relief for the aviation sector and the wider economy. The Airline Operators of Nigeria (AON) described the suspension as a bold and thoughtful intervention that will protect the industry against a severe increase in operating costs. In a statement signed by AON President Alhaji Dr. Abdulmunaf Sarina and Vice President Barr. Allen Onyema, the group commended President Bola Ahmed Tinubu and Finance Minister Wale Edun for acting in response to industry concerns. The operators said the…
The Manufacturers Association of Nigeria (MAN) has lauded the Federal Government’s decision to suspend the controversial 4% Free on Board (FOB) levy earlier imposed by the Nigeria Customs Service, describing the move as a welcome relief for industries battling with rising production costs. The suspension, announced earlier this week, has been praised by stakeholders across the manufacturing and trade sectors who argued that the levy would have worsened the already fragile business climate in the country. The 4% FOB levy, introduced by the Nigeria Customs Service as part of its import duty reform, had been met with sharp criticism since…
Aero Contractors, one of Nigeria’s oldest airlines, has unveiled its newly upgraded Maintenance, Repair, and Overhaul (MRO) facility at the Aviation Africa Summit held in Kigali, Rwanda. The move underscores the carrier’s ambition to become a leading player in Africa’s aviation maintenance sector while reducing the region’s dependence on overseas facilities for critical aircraft services. The announcement was made during the high-profile summit, which brought together aviation leaders, policymakers, and stakeholders from across the continent to deliberate on the future of African aviation. Aero Contractors used the platform to showcase the upgrades to its Lagos-based MRO centre, positioning it as…
The Nigerian Exchange (NGX) witnessed a sharp downturn on Thursday, losing about N71 billion in market capitalization as bearish sentiment gripped the trading floor. This development marked a reversal of recent gains, as investors resorted to profit-taking across key sectors, dampening the market’s momentum. At the close of trading, the market capitalization of listed equities fell from ₦89.02 trillion to ₦88.95 trillion, representing a 0.08% decline. Similarly, the All-Share Index (ASI) dropped by 126.51 points to settle at 161,307.45 points compared to the previous day’s 161,433.96 points. The negative outing reflects a cautious mood among investors amid persistent macroeconomic concerns,…
Dangote Industries Limited is aggressively positioning itself at the forefront of the global fertiliser market, aiming to transform Africa from a net importer of fertilisers into a self-sufficient exporter within the next 40 months. Group Chairman Aliko Dangote recently revealed that, under this plan, his $2.5 billion urea fertiliser plant near Lagos will more than double capacity from its current 3 million metric tonnes annually, targeting leadership beyond traditional giants in the space. Speaking at a recent event in Abuja, Dangote declared that the continent will no longer depend on imported fertiliser by mid-2028, citing infrastructure upgrades, export corridors, and…
The Central Bank of Nigeria (CBN) has reiterated its determination to safeguard economic stability and strengthen the financial sector, with Governor Olayemi Cardoso assuring Nigerians that ongoing reforms are already yielding positive results. Speaking at an event in Kano, Cardoso stressed that the apex bank remains focused on restoring confidence in the financial system, stabilising the naira, and keeping inflation under control while supporting growth. Cardoso explained that the CBN’s recent measures, including monetary tightening, improved foreign exchange management, and banking recapitalisation, are central to ensuring macroeconomic stability. According to him, the banking system must be resilient enough to withstand…
The Central Bank of Nigeria (CBN) has issued a new directive requiring Domestic Systemically Important Banks (DSIBs) to formally plan leadership transitions well in advance. Under the policy, successor managing directors or chief executive officers must be approved by the regulator at least six months before the incumbent’s term ends, and publicly announced at least three months prior to the handover. Signed by Dr. Rita Sike, Director of Financial Policy and Regulation at the CBN, the circular is aimed at minimising disruptions in Nigeria’s banking sector and ensuring orderly transitions at its most critical institutions. The regulation applies to banks…
Nigeria’s auto import sector has witnessed a dramatic surge, with the National Bureau of Statistics (NBS) reporting a 90 percent jump in vehicle imports, largely attributed to recent improvements in foreign exchange (FX) stability. The development marks one of the clearest signs yet that currency reforms and steady inflows are beginning to ease pressures on international trade, particularly in the automotive industry. For years, importers of cars and spare parts in Nigeria have grappled with currency volatility, fluctuating exchange rates, and limited access to foreign exchange. This situation had driven up costs, suppressed demand, and forced many dealers to scale…
Global trading and investment platform FXTM has announced a significant expansion of its trading options in Nigeria, reinforcing its commitment to one of Africa’s fastest-growing financial markets. The move comes at a time when Nigeria is witnessing increasing interest in digital finance and online trading, driven largely by a youthful, tech-savvy population eager to explore alternative investment opportunities. FXTM stated that the expansion will provide Nigerian traders with broader access to global financial instruments, ranging from foreign exchange pairs and equities to indices, commodities, energy products, and cryptocurrencies. This development is expected to open up new opportunities for retail investors…