The Nigerian equities market on Monday witnessed a significant dip as profit-taking activities among investors dragged the overall performance of the Nigerian Exchange Limited (NGX). The bearish trend resulted in a loss of about N325 billion in market capitalization, signaling a pullback after weeks of sustained rallies that had pushed the stock market to new highs. Analysts attributed the downturn to cautious sentiment among investors who sought to lock in gains amid ongoing economic uncertainties. Data from the NGX showed that the All-Share Index (ASI) slipped by 0.57 percent, closing at 98,552.76 basis points, compared to the previous trading session’s…
Author: Temitope N.
The Central Bank of Nigeria (CBN) has directed that all Point of Sale (PoS) terminals across the country be geo-tagged as part of renewed efforts to combat the increasing wave of electronic fraud. The policy, which is set to take effect in collaboration with banks, fintech operators, and payment service providers, aims to improve the monitoring of transaction points, enhance transparency in payment systems, and strengthen consumer protection. According to the CBN, the rise in electronic payment adoption has been accompanied by a surge in fraudulent activities, especially those perpetrated through PoS terminals. Criminal syndicates have taken advantage of weak…
The Nigerian Economic Summit Group (NESG) has urged the federal government to strengthen its reform momentum and prioritize economic stabilization strategies that will not only safeguard current gains but also set the stage for sustainable long-term growth. Speaking at the mid-year Private Sector Forum for 2025, the policy advocacy group outlined three key pillars that it believes are critical for Nigeria’s future: business continuity, improved productivity and job creation, and expanded social protection systems for vulnerable households. According to NESG, recent reforms have helped the country recover from years of volatility, with modest improvements recorded across various economic indicators. Reforms…
Nigeria has been ranked 116th in the 2025 edition of the Good Governance Index, underscoring the country’s ongoing struggles with governance challenges, economic instability, and institutional inefficiencies. The latest global ranking, which assesses the performance of 193 countries across key governance pillars, revealed that Nigeria fell short of making Africa’s top five despite being the continent’s largest economy and most populous nation. The Good Governance Index evaluates countries based on factors such as political stability, rule of law, economic management, institutional quality, transparency, human rights protection, public service delivery, and accountability. While Nigeria made slight improvements in a few categories…
China has announced a donation of $1 million to Nigeria to support ongoing efforts to assist victims of recent floods that have devastated several communities across the country. The donation, made through the Chinese government, underscores the growing ties between Nigeria and China, particularly in humanitarian cooperation, and aims to provide urgent relief for families affected by one of the most severe flooding incidents in recent years. The flooding, which has been worsened by heavy rains and overflowing rivers across multiple states, has displaced thousands of people, destroyed farmlands, and damaged critical infrastructure. Homes, schools, and healthcare facilities have been…
Nigeria’s capital market has posted a remarkable turnaround under President Bola Tinubu’s reform agenda, with the volume and value of transactions nearly tripling in just two years, according to the Chairman of the Nigerian Exchange Group (NGX), Umaru Kwairanga. Speaking during a diplomatic visit to Brazil, Kwairanga credited Tinubu’s wide-ranging interventions—particularly in the oil and gas sector, foreign exchange policy, and tax administration—for restoring stability and investor confidence in the financial markets. He described the surge in activity as a direct outcome of bold reforms that have positively transformed both the economy and the capital market. Building on his remarks,…
Dangote Group, Africa’s largest conglomerate led by Nigerian billionaire Aliko Dangote, has signed a landmark $2.5 billion deal with the Ethiopian government to construct a state-of-the-art fertilizer plant in the East African nation. The agreement, which represents one of the largest single private investments in Ethiopia’s history, underscores Dangote’s strategic vision of expanding beyond cement into other critical sectors that support Africa’s agricultural and industrial development. The project, expected to significantly boost Ethiopia’s agricultural productivity, will involve the establishment of a fertilizer manufacturing complex with the capacity to produce millions of tonnes of fertilizer annually. Ethiopia, a country with an…
Heirs Energies, one of Nigeria’s leading integrated energy companies, is preparing to showcase its growth plans at a major international gathering in South Africa, further positioning itself as a key player in the African energy landscape. The move underscores the company’s ambition to strengthen its footprint across the continent while reinforcing its vision of delivering sustainable and impactful energy solutions that align with Africa’s development priorities. The company, which has in recent years accelerated investments in oil, gas, and power, is expected to use the platform in South Africa to highlight its operational achievements and outline new strategies aimed at…
Nigeria’s foreign exchange reserves have recorded a significant boost, gaining about $900 million within a three-day period, marking one of the fastest short-term increases seen in recent times. The surge, according to financial analysts and market watchers, reflects a combination of improved inflows from crude oil sales, increased investor confidence, and recent monetary and fiscal policy adjustments by the federal government. Central Bank of Nigeria (CBN) data and market intelligence suggest that the sharp rise is largely attributed to higher oil earnings following improved global crude oil prices and enhanced domestic production. Nigeria, as Africa’s largest oil exporter, depends heavily…
The National Pension Commission (PenCom) is preparing to revise its investment guidelines by raising the allowable limit for pension fund contributions channeled into infrastructure and equity markets. This move is aimed at unlocking more capital to support Nigeria’s economic growth, particularly in critical sectors that can drive sustainable development and create long-term value for contributors. Industry sources indicate that PenCom has been reviewing the current regulatory framework to accommodate larger allocations of pension assets into productive investments while maintaining strong risk management measures. The Commission is working closely with key stakeholders, including Pension Fund Administrators (PFAs) and institutional investors, to…
Nigeria has exported crude oil valued at $1.88 billion to the United States in the first half of the year, even as overall demand for the commodity from the world’s largest economy shows signs of decline. The latest trade figures reveal that while the U.S. remains one of Nigeria’s key crude destinations, the volume of shipments has dropped compared to previous years due to changing dynamics in global energy consumption and increasing domestic production within America. According to industry analysts, the U.S. imported an estimated 50 million barrels of Nigerian crude in the first six months of the year, representing…
Stanbic IBTC Bank, a member of Stanbic IBTC Holdings, has officially unveiled the second season of its highly successful Reward4Saving promo, aimed at encouraging Nigerians to imbibe a strong savings culture while rewarding loyal customers for maintaining consistent deposits. The initiative, which gained wide traction in its maiden edition, is designed to empower customers financially while promoting disciplined savings habits across different segments of the population. According to the bank’s management, the second season of the promo will span 12 months and is open to both new and existing individual customers who operate savings accounts with Stanbic IBTC Bank. To…
The Federal Airports Authority of Nigeria (FAAN) has rolled out a new initiative aimed at improving accessibility and travel comfort for passengers with disabilities, the elderly, and other individuals with mobility challenges across airports in the country. The move is part of FAAN’s broader commitment to enhancing customer service and aligning Nigeria’s aviation sector with global best practices. According to FAAN management, the wheelchair support programme will be available at major airports nationwide, providing dedicated assistance for passengers who require mobility support from the terminal entrance to the aircraft and vice versa. The service is designed to ensure that individuals…
The Nigerian equities market continued its upward momentum on Wednesday, recording another session of impressive gains as investor sentiment remained bullish across major sectors. Market capitalisation surged by N203 billion at the close of trading, reflecting growing investor appetite for blue-chip stocks and optimism over improved macroeconomic fundamentals. According to trading data from the Nigerian Exchange Limited (NGX), the market capitalisation increased from N56.03 trillion on Tuesday to N56.23 trillion, driven by renewed interest in key sectors such as banking, consumer goods, industrials, and energy. The All-Share Index (ASI), a benchmark indicator of market performance, also rose by 0.36 percent…
The Nigerian Civil Aviation Authority (NCAA) has officially unveiled its first SERVICOM charter, aimed at significantly improving service delivery across the country’s aviation industry. The move aligns with the federal government’s broader agenda of enhancing efficiency, accountability, and customer satisfaction in public institutions. By adopting the SERVICOM framework, the NCAA is committing to higher operational standards, better responsiveness to stakeholders, and greater transparency in its dealings with the aviation community and the general public. During the launch ceremony held in Lagos, NCAA Director-General Captain Chris Najomo emphasized that the charter was designed to institutionalize a customer-centric culture within the authority…
The International Monetary Fund (IMF) has called on governments worldwide, including Nigeria, to improve fiscal transparency and strengthen governance structures as a means of reducing borrowing costs and sustaining investor confidence. According to the global financial institution, countries with higher levels of transparency and accountability tend to enjoy lower debt-servicing costs and greater access to financing, even during periods of global economic volatility. In a recent policy briefing, the IMF stressed that lack of clarity in public financial management often leads to increased risk perception among investors, thereby driving up interest rates on government bonds and other debt instruments. The…
The Federal Government of Nigeria has successfully raised N136 billion through the issuance of medium-term bonds as part of its domestic borrowing strategy to finance the 2025 budget and support ongoing infrastructure development projects. The Debt Management Office (DMO), which oversees the issuance and management of the country’s debt instruments, confirmed that the latest bond auction attracted strong participation from both local and foreign investors, underscoring confidence in the Nigerian capital market despite global economic uncertainties. According to market reports, the bonds were issued across multiple tenors, with investors showing high demand for maturities in the five, ten, and twenty-year…
Schneider Electric has introduced a suite of new energy management and power solutions aimed at boosting the efficiency and growth potential of small and medium-sized enterprises (SMEs) across Africa. The initiative reflects the company’s ongoing commitment to addressing the continent’s persistent energy access challenges while empowering local businesses to become more competitive in an increasingly technology-driven global economy. Announcing the new solutions at a regional event, Schneider Electric executives emphasized that inadequate and unreliable electricity supply remains one of the biggest hurdles for African entrepreneurs. Many small businesses spend a significant portion of their operating costs on alternative energy sources…
President Bola Ahmed Tinubu’s recent diplomatic engagement in Brazil has paved the way for a new milestone in Nigeria’s aviation sector, with plans underway to commence a direct flight route between Lagos and São Paulo operated by Air Peace. The development follows high-level discussions between Nigerian and Brazilian authorities as part of efforts to deepen bilateral ties, expand trade, and enhance people-to-people connectivity between the two countries. During his visit to São Paulo for economic and trade discussions, President Tinubu highlighted Nigeria’s commitment to improving transportation links as a catalyst for economic growth and foreign investment. He noted that the…
The Rotary Club of Ikate has officially inaugurated Rotarian Chukwuma Ofoegbu as its new president for the 2025/2026 Rotary year, with a renewed commitment to expand humanitarian services and deepen community development initiatives. The installation ceremony, which took place in Lagos, attracted dignitaries, Rotarians from other clubs, business leaders, and community stakeholders, reflecting the high expectations placed on the club’s leadership to deliver impactful projects. In his acceptance speech, Ofoegbu expressed gratitude for the confidence reposed in him and vowed to build on the solid foundation laid by his predecessors. He outlined a comprehensive action plan that aligns with Rotary…