Nigeria’s economy is beginning to feel the early impact of the Central Bank of Nigeria’s (CBN) sweeping reforms, as recent indicators suggest progress in the fight against inflation and the restoration of confidence in the financial system. The CBN, under the leadership of Governor Olayemi Cardoso, has introduced a series of policy measures aimed at stabilizing the naira, tightening monetary control, and addressing structural imbalances that have fueled price increases over the past two years. Inflation has remained one of the country’s most pressing economic challenges, with food and energy prices biting deep into household incomes. For months, Nigerians have…
Author: Temitope N.
Stanbic IBTC Bank has joined forces with the Chinese General Chamber of Commerce-Nigeria to organize a major badminton competition, bringing together sports enthusiasts, business leaders, and the Chinese community in Nigeria. The collaboration is designed not only to promote physical fitness and cultural exchange but also to strengthen bilateral relations between Nigeria and China through the unifying power of sports. The tournament, which is scheduled to hold in Lagos, has already generated significant attention from stakeholders in both the sporting and business communities. According to the organizers, the event aims to foster friendship, mutual respect, and collaboration while encouraging healthy…
MTN Nigeria has committed ₦100 million to its Cloud Accelerator Program, an initiative designed to empower startups across Africa with funding, mentorship, and access to its technological infrastructure. The company announced that the programme will provide early- and growth-stage entrepreneurs with the resources needed to scale their operations more effectively in Nigeria’s rapidly expanding digital economy. The Cloud Accelerator is structured as a 12-week hybrid programme targeting startups that are delivering innovative solutions in fintech, health tech, agritech, AI and data infrastructure, cybersecurity, e-commerce, and digital identity, among other areas. Beyond funding, MTN will provide participants with access to its…
Vice President Kashim Shettima on Wednesday departed Abuja for New York to represent Nigeria at the 80th session of the United Nations General Assembly (UNGA). His trip underscores Nigeria’s active engagement in global diplomacy, at a time when the country faces pressing domestic challenges while seeking to strengthen its voice in international affairs. The UNGA, which convenes world leaders annually, is one of the most important platforms for discussing global issues, including security, climate change, development financing, energy transition, and international cooperation. This year’s edition comes at a critical moment for both Nigeria and Africa, as countries across the continent…
Nigeria’s oil output in August 2025 fell short of the Organization of Petroleum Exporting Countries (OPEC) quota, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirming that an unscheduled maintenance exercise at a key oil facility was the major reason behind the decline. The country, which had consistently met or slightly exceeded its quota in previous months, recorded an average of about 1.43 million barrels per day (bpd) in August, compared to the 1.5 million bpd target set by OPEC. According to the NUPRC, the shortfall was largely due to just one day of unexpected operational downtime, which was enough…
Nigeria has recorded a significant boost in its foreign earnings after generating about $2.21 billion from crude oil exports to the United States, marking one of the strongest revenue flows in recent years from its transatlantic trade. The development comes amid shifting global energy dynamics and renewed efforts by Nigeria to consolidate its market share among traditional buyers while also seeking new destinations for its crude. According to industry data, the volume of crude supplied to the United States has grown steadily in 2024, with improved compliance to production quotas and lower crude theft bolstering output levels. Analysts note that…
PenCom has announced a renewed focus on the informal sector as it moves to expand pension coverage and boost financial inclusion through a redesigned micro pension plan. The initiative is aimed at addressing one of the most critical gaps in Nigeria’s retirement savings structure—the exclusion of millions of workers in the informal economy from any form of social security. According to the National Pension Commission, the redesigned scheme is structured to be flexible, technology-driven, and accessible to artisans, traders, transport workers, and other self-employed Nigerians who make up the bulk of the country’s workforce but remain outside formal retirement schemes.…
The Crude Oil Refiners Association of Nigeria (CORAN) has warned that the recent wave of protests targeting refinery operations across the country could derail Nigeria’s fragile economic progress and undermine investor confidence in the oil and gas sector. According to the association, the disruptions risk reversing gains already made in expanding local refining capacity and could aggravate inflationary pressures, increase import dependence, and threaten energy security. CORAN explained that refineries, both government-owned and privately operated, are strategic national assets whose stability directly affects the nation’s economy. With the emergence of large-scale projects such as the 650,000-barrel-per-day Dangote Refinery and ongoing…
Kenyon Energy, a fast-rising indigenous oil and gas company, has unveiled plans to channel significant investments into Nigeria’s brownfield development projects, marking a strategic shift aimed at revitalizing aging oilfields and boosting national crude output. The move underscores the growing role of local players in the energy sector, particularly at a time when Nigeria is under pressure to increase production and meet revenue targets. Brownfield development refers to the rehabilitation and optimization of existing oil and gas fields that still hold untapped reserves but require technical intervention and capital to maximize output. Unlike greenfield exploration, which involves developing new fields…
Schneider Electric has projected that the rapid growth of artificial intelligence (AI) worldwide will significantly increase demand for smarter, more efficient power solutions. The global energy management and automation company noted that as industries adopt AI technologies at an unprecedented pace, the strain on existing power systems is becoming more evident, creating a strong need for advanced infrastructure capable of handling higher energy loads while maintaining reliability and sustainability. Speaking on the development, Schneider Electric explained that the rise of AI-driven innovations, particularly in data centers, cloud computing, and industrial automation, is accelerating electricity consumption globally. Data centers, for instance,…
The Nigerian Civil Aviation Authority (NCAA) has issued a stern warning to Qatar Airways and other international carriers over alleged violations of passenger rights in the country. The regulator stressed that it would not hesitate to impose sanctions on any airline that continues to flout Nigeria’s aviation regulations and undermine consumer protection laws. According to the NCAA, the number of complaints lodged by Nigerian passengers against international airlines has grown significantly in recent months. These grievances cover a wide range of issues, including flight delays, cancellations without proper notification or compensation, refusal to process refunds, poor handling of passengers during…
The World Bank has unveiled a $510 million investment package designed to stimulate economic growth, support private sector development, and strengthen Nigeria’s investment climate. The new deal comes at a critical time as Africa’s largest economy pushes forward with reforms to attract foreign capital, diversify revenue sources, and stabilize its macroeconomic environment. According to officials familiar with the development, the $510 million financing will be deployed across key sectors, with a strong focus on infrastructure, access to finance for small and medium-sized enterprises (SMEs), and policy reforms that promote transparency and accountability. The move underscores the World Bank’s renewed commitment…
Nigeria’s crude oil production reached a major milestone in August 2025, as the country achieved 96 percent of its Organization of Petroleum Exporting Countries (OPEC) production quota. This marks one of the strongest outputs in recent months and highlights the government’s ongoing efforts to stabilize production, curb theft, and restore confidence in the oil sector. Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicated that daily crude oil production averaged around 1.5 million barrels per day (bpd) in August, bringing the country close to its OPEC allocation of 1.55 million bpd. This improvement comes after years of underperformance, largely…
The Nigerian Exchange (NGX) experienced a notable decline in trading activity in August 2025, as combined foreign and domestic investors’ transactions dropped to ₦908 billion. This marks a slowdown in capital market activity compared to July, reflecting cautious investor sentiment amid macroeconomic pressures, global uncertainties, and profit-taking strategies. According to market data, both foreign portfolio investors and local institutional and retail investors reduced their trading volumes, underscoring the prevailing volatility in the equities market. Analysts link this to a combination of factors, including currency fluctuations, high interest rates, and inflationary concerns that have continued to shape investment decisions. The NGX…
Sterling Bank Plc has announced the first set of beneficiaries under its ₦2 billion scholarship scheme, a landmark initiative aimed at supporting students across Nigeria in their pursuit of quality education. The programme, which was launched earlier this year, is part of the bank’s broader commitment to advancing human capital development and addressing the financial barriers faced by many young Nigerians. According to the bank, the first batch of beneficiaries was selected following a rigorous screening and evaluation process that prioritized merit, need, and regional representation. Thousands of applicants from across the country submitted entries, reflecting the high demand for…
The Dangote Petroleum Refinery has announced that it will resume gantry self-collection sales to registered oil marketers beginning Tuesday, a development that is expected to boost fuel availability and efficiency in Nigeria’s downstream oil sector. The decision comes after a brief suspension that allowed the refinery to address operational adjustments and strengthen compliance with regulatory standards. The refinery, Africa’s largest, has positioned itself as a pivotal player in Nigeria’s energy landscape. Since beginning operations, its activities have been closely monitored by industry stakeholders, policymakers, and the general public, given its potential to drastically reduce the country’s reliance on imported petroleum…
The African Development Bank (AfDB) has announced a $25 million equity investment into The Currency Exchange Fund (TCX), a global development finance initiative designed to provide local currency hedging solutions for emerging and frontier markets. This latest move is aimed at boosting Africa’s financial stability, reducing foreign exchange risks, and supporting sustainable development projects across the continent. The decision underscores AfDB’s growing commitment to addressing the chronic mismatch between revenue earned in local currencies and debts serviced in foreign currencies, a challenge that has long undermined businesses, governments, and infrastructure projects across Africa. By supporting TCX, AfDB hopes to encourage…
The Dangote Petroleum Refinery has announced that it will no longer sell refined petroleum products to unregistered and unlicensed marketers, reinforcing its compliance with regulatory standards and commitment to transparency in the downstream sector. The move, which was confirmed by the management of the $18 billion facility, comes amid ongoing debates over product pricing, distribution challenges, and clashes with oil marketing associations. According to the company, only marketers who have been duly accredited by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and meet the industry’s regulatory requirements will continue to have access to the refinery’s supplies. The development…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has issued a stern warning to Nigerians over the abuse of the naira, cautioning that practices such as spraying notes at parties, hawking mint notes at events, and mutilating the national currency will no longer be tolerated. The apex bank, he said, will strengthen enforcement of existing laws to ensure that offenders face appropriate penalties. Speaking during a sensitisation programme on currency management, Cardoso described the naira as a symbol of sovereignty that must be respected by all citizens. He lamented that the frequency of abuse has reached troubling…
Union Bank of Nigeria has successfully redeemed its ₦6.3 billion Series 2 bond, including both principal and coupon payments, marking a significant milestone in its ongoing commitment to investor confidence and financial discipline. The redemption, which took place on September 3, 2025, underscores the bank’s capacity to meet its debt obligations despite the challenging macroeconomic environment. The bond, issued under the bank’s ₦100 billion Debt Issuance Programme, carried a coupon rate of 15.75%. Fully subscribed at the time of issuance, the instrument represented an important financing tool for Union Bank, providing liquidity to support its strategic operations. By redeeming the…