Nigeria’s foreign exchange (forex) market recorded a significant turnover of ₦23.9 trillion, driven by heightened investor activity. The surge in transactions is attributed to increased participation by domestic and foreign investors seeking opportunities within the country’s evolving forex landscape. According to industry data, the sharp increase in market turnover reflects efforts by market players to adapt to regulatory adjustments and global economic trends. Analysts believe that recent policy changes by the Central Bank of Nigeria (CBN) aimed at liberalizing the forex market have encouraged more activity, despite ongoing liquidity challenges. The ₦23.9 trillion turnover highlights the robust demand for forex…
Author: Temitope N.
A former president of the Chartered Institute of Bankers of Nigeria (CIBN) has called on Nigerians to embrace entrepreneurship as a means of navigating the country’s challenging economic climate. Speaking at a recent economic forum, the ex-CIBN leader highlighted the critical role of small and medium enterprises (SMEs) in fostering economic resilience, creating jobs, and driving innovation. In his remarks, the former president emphasized that while the current economic situation poses significant challenges—such as high inflation, unemployment, and dwindling purchasing power—entrepreneurship offers a viable path to self-sufficiency and economic recovery. “Entrepreneurship is not only a solution for individual economic empowerment…
The Federal Government has reaffirmed its commitment to leveraging free trade zones (FTZs) to enhance Nigeria’s export capacity and drive economic growth. During a recent meeting with key stakeholders in the manufacturing sector, government officials highlighted the strategic role of FTZs in promoting industrialization, attracting foreign investment, and increasing the competitiveness of Nigerian-made goods in international markets. The government explained that free trade zones provide manufacturers with numerous incentives, including tax exemptions, duty-free imports of raw materials, and access to world-class infrastructure. These benefits are designed to reduce production costs, encourage innovation, and create an enabling environment for businesses to…
A recent report has disclosed that ₦18 billion has been expended on agricultural road and rural electrification projects across Nigeria. The investment, which is part of broader efforts to improve rural infrastructure, aims to boost agricultural productivity, enhance access to markets, and improve the quality of life in underserved communities. The projects include the construction and rehabilitation of farm access roads as well as the installation of electrification systems in rural areas. These initiatives are expected to address long-standing challenges such as poor road connectivity, which often leads to high post-harvest losses, and the lack of electricity, which limits economic…
The African Development Bank (AfDB) has revealed that African countries, including Nigeria, are losing an estimated $1.6 billion daily due to illicit financial flows (IFFs). These outflows, which include illegal tax evasion, corrupt practices, and the movement of illicit funds across borders, have detrimental effects on the continent’s economic stability, development prospects, and efforts to combat poverty. According to the AfDB, these illicit flows are primarily driven by activities in sectors such as mining, oil, and gas, where companies and individuals often exploit loopholes in financial systems and evade taxes. The report highlights that Nigeria, as Africa’s largest economy, bears…
The Central Bank of Nigeria (CBN) has attributed the significant decline in the country’s oil revenues to the deterioration of the nation’s ageing oil pipelines. According to the CBN, the continued degradation of critical infrastructure has led to frequent oil theft, pipeline vandalism, and a reduction in production capacity, all of which have significantly impacted Nigeria’s oil exports and, by extension, its revenue generation. In a recent statement, the CBN emphasized that while global oil prices have remained relatively stable, the country’s oil sector has struggled with consistent underperformance. The CBN’s report pointed out that the persistent issues with pipeline…
The Central Bank of Nigeria (CBN) has granted approval for Sterling Holding Company (Sterling HoldCo) to raise an additional N75 billion in capital, further strengthening the financial position of the company. This approval comes as part of the CBN’s ongoing efforts to ensure that banks and financial institutions have adequate capital buffers to support economic growth and enhance financial stability in Nigeria. Sterling HoldCo, which operates a diverse portfolio in banking, asset management, and insurance, will use the newly approved funds to expand its operations, improve service delivery, and increase its capacity to provide financial solutions across various sectors. The…
China and Nigeria have successfully renewed their $2 billion currency-swap agreement, a move aimed at boosting trade and stabilizing the naira amid ongoing economic challenges. The deal, which was originally signed in 2018, allows both countries to exchange their currencies directly, bypassing the need for third-party currencies like the US dollar in trade transactions. This initiative is expected to enhance bilateral trade, reduce currency volatility, and provide greater financial flexibility for businesses in both nations. Under the terms of the renewed agreement, Nigeria will continue to use the Chinese yuan to settle trade and business transactions with China, while China…
Zinox Group, a leading technology company, has urged young entrepreneurs to steer clear of corporate blackmail as a means of advancing their business interests. The advice was given during a recent entrepreneurship seminar where Zinox executives emphasized the importance of ethical conduct in building sustainable businesses and fostering long-term success. The company expressed concerns over a growing trend where some individuals and businesses resort to unscrupulous tactics, including disseminating false claims or leveraging undue pressure to gain advantage in competitive markets. Such practices, Zinox warned, not only harm the reputation of the perpetrators but also undermine trust within the broader…
A recent report has disclosed a 12% decline in total transactions on the Nigerian Exchange (NGX), amounting to ₦422 billion for the review period. This downturn underscores reduced trading activity in both domestic and foreign investor segments, raising concerns about market sentiment and economic conditions. The report indicates that the decrease was driven by a combination of factors, including macroeconomic uncertainties, inflationary pressures, and subdued foreign investor participation. Analysts suggest that the persistent depreciation of the naira and high-interest rates have made the equities market less attractive compared to fixed-income instruments, leading to a shift in investor preferences. Domestic investors…