United Bank for Africa (UBA) has pledged $150 million to support Kenya’s Roads Annuity and Levy Securitisation Programme, a strategic infrastructure initiative aimed at accelerating road development and improving connectivity across the country. The commitment was announced as part of UBA’s broader push to strengthen its footprint in East Africa and reinforce its role in financing critical projects that drive regional integration and economic growth. The securitisation programme, championed by Kenya’s government, is designed to leverage revenues from the Roads Maintenance Levy Fund to raise capital for the construction and rehabilitation of major highways. By committing funds to the project,…
Author: Temitope N.
The Securities and Exchange Commission (SEC) has announced plans to formally adopt international sustainability standards as part of its ongoing reforms to strengthen Nigeria’s capital market and align with global best practices. This move comes at a time when regulators worldwide are prioritising environmental, social, and governance (ESG) principles to drive sustainable finance, improve transparency, and ensure accountability in corporate reporting. According to the SEC, the adoption of global sustainability standards will provide a uniform framework for Nigerian companies to disclose climate-related and sustainability information in line with international benchmarks. This is expected to enhance investors’ confidence, attract more foreign…
Nigeria’s foreign exchange market recorded a notable development as the naira appreciated to around ₦1,497 per dollar at the official window, marking one of its strongest performances in recent months. The improvement was attributed to a combination of factors, including increased foreign exchange inflows, a rise in external reserves, and strategic interventions that have helped stabilise the local currency amid ongoing economic reforms. For months, Nigerians have been grappling with the volatility of the naira as foreign exchange scarcity, high demand, and speculative trading weakened the local unit against the dollar. The recent gains, however, are seen as an early…
Dangote Industries Limited has entered into a strategic partnership with the Abuja Chamber of Commerce and Industry (ACCI) to strengthen intra-African trade and promote investment via the upcoming Abuja International Trade Fair. The collaboration is expected to spotlight Dangote’s diverse product lines, enhance regional commerce links, and provide a platform for Nigerian manufacturers and exporters to reach new African markets. The company recently announced that it will be a major sponsor of the 2025 Abuja International Trade Fair, which opens on September 25 in the nation’s capital. Through this partnership, Dangote aims to leverage the trade-fair platform to showcase not…
The Federal Government has announced the suspension of the controversial 4 percent Free-on-Board (FOB) import duty levy earlier imposed by the Nigeria Customs Service on imported goods. The directive, issued by the Ministry of Finance, came after weeks of outcry from importers, trade associations, and business stakeholders who argued that the charge would worsen inflation and cripple trade activities across the country. The 4% FOB levy, introduced in August under provisions of the Customs Act, was meant to replace existing charges and provide sustainable funding for Customs operations and trade supervision. However, importers and clearing agents quickly raised concerns that…
The Federal Inland Revenue Service (FIRS) and the Nigeria Deposit Insurance Corporation (NDIC) are set to place the spotlight on the country’s rapidly expanding digital economy at the 2025 Finance Correspondents Association of Nigeria (FICAN) summit, a gathering that has become one of the most influential platforms for policy engagement between regulators, financial institutions, and the media. The summit, scheduled to hold in Lagos later this month, will focus on how Nigeria can harness digital transformation to strengthen revenue mobilisation, deepen financial inclusion, and build resilience in the banking sector. For the FIRS, led by Executive Chairman Zacch Adedeji, the…
Aliko Dangote, chairman of Dangote Group, has reaffirmed his commitment to ensuring that the Lekki refinery remains impervious to efforts by entrenched “oil mafia” interests seeking to sabotage its success. Speaking recently at an investor forum in Lagos, Dangote urged stakeholders to support reforms that enable the refinery to operate without obstruction, insisting that despite resistance, the facility will succeed fully. Dangote has repeatedly raised alarm over attempts by individuals and groups who benefit from importing refined petroleum products to undermine domestic refining. He claims these actors, both local and foreign, have stood to lose vast profits with the commissioning…
Dangote Petroleum Refinery has firmly denied allegations that it sells petrol at lower prices in Togo than within Nigeria, calling such claims misleading and part of a broader attempt by some oil marketers to undermine its free distribution initiative. The controversy has prompted responses from several stakeholder groups, and Dangote says it is committed to ensuring its pricing practices are transparent and fair. The issue came to light after the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) and some petroleum depot owners claimed that petrol supplied to international traders via Lomé, Togo, was being sold at a cost…
Residents of the Federal Capital Territory (FCT) have raised concerns over the persistent surge in fish prices, which they say is straining household budgets and pushing a staple protein source beyond the reach of many families. The development comes at a time when food inflation remains one of the country’s most pressing economic challenges, despite recent reports of marginal improvements in headline inflation. In several markets across Abuja, including Wuse, Garki, and Nyanya, fish sellers confirmed that prices have nearly doubled in the past six months. A kilogram of frozen mackerel, popularly known as “Titus,” which sold for between ₦1,200…
The Federal Inland Revenue Service (FIRS) has highlighted the benefits of the ongoing tax reforms being rolled out to modernize Nigeria’s revenue system, improve compliance, and expand the tax base. The reforms, which align with the Federal Government’s push for fiscal sustainability, are part of a broader effort to reduce dependence on oil revenues while improving efficiency in tax administration. According to FIRS, the reforms are designed to simplify the tax system, close revenue leakages, and enhance the ease of doing business in the country. One of the major gains identified is the automation of tax processes through technology, which…
Nigeria’s ambition to achieve a $1 trillion economy by the end of the decade will require a minimum of 21.9% annual economic growth, with an exchange rate of about N1,500 to the US dollar, according to projections from Afrinvest, a leading investment and financial advisory firm. The projection underscores both the scale of the country’s economic aspirations and the structural hurdles that must be overcome to realize this target. Afrinvest’s report highlighted that while the $1 trillion target set by the Federal Government is feasible in theory, the reality on the ground points to significant challenges. Nigeria’s current economic growth…
REX Insurance has announced the appointment of Mr. Hardy as a non-executive director, a move seen as part of its broader strategy to deepen corporate governance, enhance oversight, and drive long-term growth in Nigeria’s evolving insurance market. The company, which has been expanding its retail and corporate insurance offerings, described the appointment as a significant step toward reinforcing its board with experienced professionals capable of guiding the firm through both industry challenges and emerging opportunities. According to a statement from the company, Hardy’s appointment comes at a time when the Nigerian insurance industry is undergoing rapid transformation, with regulatory reforms,…
Nigeria’s oil sector is facing renewed concerns as fresh figures reveal that crude oil earnings declined by a staggering ₦3.18 trillion, even as production volumes recorded a notable surge. This paradox, industry experts say, underscores the structural weaknesses in Nigeria’s revenue model, which relies heavily on oil exports but remains vulnerable to global price volatility and fiscal leakages. According to the latest petroleum market data, crude oil output rose steadily in recent months, driven by improved security in oil-producing regions and sustained efforts by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to tackle theft and pipeline vandalism. Production levels, which…
A widespread power outage has hit Akwa Ibom State and parts of Rivers following the collapse of the Aba–Itu 132kV transmission line, cutting electricity supply to millions and disrupting daily life in affected communities.The Transmission Company of Nigeria (TCN) confirmed that the outage resulted from a fault that led to the failure of the key 132 kilovolt line serving the corridor. Affected areas include major commercial and residential hubs in Akwa Ibom as well as parts of Port Harcourt in Rivers State. Reports say residents in Uyo, Eket, Itu, and Ekim were plunged into darkness, causing heavy losses for businesses…
Dangote Petroleum Refinery has taken a major step toward transforming Nigeria’s downstream petroleum sector by deploying 1,000 of the 4,000 planned compressed natural gas-powered fuel distribution trucks. The deployment is part of its direct-to-market strategy aimed at supplying fuel to marketers, large industries, telecoms firms, and aviation users. Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has thrown its weight behind the initiative, even as concerns persist over market disruption and job implications for tanker drivers. The refinery had initially announced that this ambitious roll-out would occur by August 15, 2025. Its plan involves using a fleet of 4,000…
A new economic report has projected that Nigeria’s inflation rate may continue on its downward trajectory in the coming months if the relative stability being witnessed in the foreign exchange market is sustained. The analysis, which reviewed recent macroeconomic indicators, highlighted how improved foreign exchange liquidity, reduced volatility in the naira, and stronger monetary policy coordination are already easing cost pressures across key sectors of the economy. The report comes shortly after the National Bureau of Statistics (NBS) announced that headline inflation dropped for the fifth consecutive month, driven largely by moderating food and core inflation. According to analysts, one…
Fidelity Bank has emphasized the critical role of financial technology in deepening trade relations between the United States and Africa, highlighting how digital solutions can dismantle barriers, improve efficiency, and foster greater collaboration between businesses on both continents. Speaking at a recent international trade and investment forum, the bank noted that fintech innovations are redefining cross-border transactions, opening opportunities for African businesses to participate more actively in the global marketplace. According to the bank, traditional trade finance models have often been hampered by lengthy documentation processes, high transaction costs, and limited access to credit, particularly for small and medium-sized enterprises…
Nigeria’s inflation rate has recorded its fifth consecutive monthly decline, according to the latest data released by the National Bureau of Statistics (NBS). This development has been welcomed as a positive sign for Africa’s largest economy, which has been battling persistent price pressures over the past three years. The moderation in inflation is being seen as a reflection of ongoing fiscal and monetary measures targeted at stabilising the economy, enhancing food supply, and improving exchange rate liquidity. The NBS report indicated that headline inflation, which has been a major concern for households, businesses, and policymakers, eased once again in August…
Jaiz Bank Plc, Nigeria’s pioneer non-interest bank, has been named the “Most Progressive Islamic Bank 2025” by the Global Islamic Finance Awards (GIFA), a recognition of its outstanding achievements in Islamic financial services. The award, announced by the GIFA Awards Committee chairman, Prof. Humayon Dar, follows a rigorous evaluation of several banks in this category according to GIFA’s assessment methodology. In responding to the honour, Dr. Haruna Musa, Managing Director and CEO of Jaiz Bank, dedicated the recognition to the bank’s staff, customers, and stakeholders. He stressed that the accolade is not only a validation of the bank’s past performance…
Craigwal Petroshore, in partnership with the Nigerian National Petroleum Company Limited (NNPC), has launched an intensive training programme aimed at enhancing safety standards in Nigeria’s oil and gas industry. The initiative, which brings together industry experts, regulators, and professionals, is designed to address persistent concerns about workplace safety, environmental protection, and compliance with international best practices across petroleum operations. The collaboration comes at a time when safety lapses in the sector have drawn heightened scrutiny, particularly with increasing emphasis on sustainable energy practices and the need to reduce risks associated with exploration, refining, and transportation. The oil and gas industry,…