Wema Bank Plc has successfully completed its recapitalisation exercise, achieving a capital position that exceeds the Central Bank of Nigeria’s (CBN) minimum capital requirement by 32 percent. The milestone positions the bank among the first financial institutions in Nigeria to fully comply with the apex bank’s revised capital directive ahead of schedule. The bank’s management, in a statement, said the recapitalisation exercise reflects Wema’s strong financial resilience, investor confidence, and commitment to sustaining long-term growth and stability. The achievement also underscores the institution’s strategic vision of deepening its market presence and enhancing its role as a leading player in Nigeria’s…
Author: Temitope Nlewemchi
The Manufacturers Association of Nigeria (MAN), in partnership with the United Nations Industrial Development Organisation (UNIDO), has launched a renewed campaign to promote the patronage of locally manufactured goods as part of efforts to strengthen Nigeria’s industrial base and drive economic sustainability. The initiative, unveiled in Lagos, aims to boost the visibility, competitiveness, and acceptability of Nigerian-made products both within the country and in international markets. The collaboration between MAN and UNIDO underscores a shared commitment to advancing Nigeria’s manufacturing sector through policy advocacy, industrial innovation, and public sensitization on the importance of consuming locally made goods. The campaign is…
The Standards Organisation of Nigeria (SON) has introduced a new certification scheme aimed at improving the quality of Nigerian goods and enhancing the country’s competitiveness in international markets. The initiative, launched in Abuja, is part of SON’s strategic effort to strengthen export standards, reduce product rejection rates abroad, and promote Nigeria’s participation in global trade. According to SON Director-General, Dr. Ifeanyi Okeke, the new certification framework — known as the “National Export Quality Certification Scheme (NEQCS)” — will serve as a benchmark for verifying that Nigerian products meet global regulatory and safety requirements before being shipped overseas. He said the…
The Dangote Petroleum Refinery, Africa’s largest single-train refinery, has reportedly reduced its crude oil intake in recent weeks as part of an operational adjustment to optimize production efficiency and manage feedstock supply challenges. The move comes amid fluctuations in global oil prices and logistics issues affecting crude delivery from both local and international suppliers. According to industry sources, the refinery, which began production earlier this year, scaled down crude processing volumes temporarily to recalibrate its production systems and align output with market demand and refinery capacity optimization goals. The decision, analysts say, is strategic rather than a sign of operational…
Nigeria appears to be making progress toward its goal of reducing inflation to 15 percent, as recent data from the National Bureau of Statistics (NBS) show a sustained moderation in price pressures across key sectors of the economy. The development has been met with cautious optimism among economists, who acknowledge the government’s progress but warn that structural challenges could still hinder long-term price stability. According to the NBS September 2025 report, Nigeria’s headline inflation rate slowed for the third consecutive month, dropping to 18.02 percent from 18.64 percent recorded in August. This marks the lowest level since early 2023 and…
Nigeria’s crude oil production has reached 454 million barrels within the first nine months of 2025, according to a new report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The report highlights a steady recovery in output following years of disruptions caused by oil theft, pipeline vandalism, and operational inefficiencies across key producing regions. Data from the NUPRC show that the country’s average daily production during the period stood at approximately 1.67 million barrels per day (mbpd), including condensates. This marks a moderate improvement compared to the same period in 2024, when production averaged around 1.45 mbpd. The growth reflects…
The Central Bank of Nigeria (CBN) has announced plans to relaunch its currency trade scheme as part of efforts to stabilize the foreign exchange (FX) market and strengthen the naira after months of volatility and mixed results from earlier policy interventions. The scheme, which initially faced operational challenges and policy bottlenecks, is being redesigned to improve transparency, increase liquidity, and attract greater participation from both local and international investors. Speaking in Abuja, CBN Governor Dr. Olayemi Cardoso revealed that the bank has completed a comprehensive review of the earlier version of the currency trade initiative and identified critical areas for…
The International Monetary Fund (IMF) has released its latest economic outlook for Africa, highlighting several countries that are projected to record strong growth in 2025 — but notably, Nigeria, the continent’s largest economy, is missing from the list. The omission has sparked fresh conversations among analysts about the structural challenges weighing on Nigeria’s economic performance despite recent policy reforms. According to the IMF’s World Economic Outlook Report released this week, economies such as Niger, Senegal, Ivory Coast, Ethiopia, and Rwanda are expected to lead Africa’s growth in 2025, with GDP expansion rates projected between 6.5% and 10%. The report attributes…
The Central Bank of Nigeria (CBN) and the National Bank of Angola have entered into a strategic agreement aimed at strengthening bilateral financial cooperation and fostering closer economic ties between the two African nations. The landmark pact, signed this week in Luanda, underscores both countries’ commitment to enhancing collaboration in monetary policy, banking supervision, payment systems, and financial stability. According to a statement from the CBN, the memorandum of understanding (MoU) seeks to facilitate knowledge sharing and technical cooperation between the Nigerian and Angolan financial systems. The agreement is expected to open new pathways for trade and investment flows, support…
Nigeria’s oil and gas sector is poised for a major boost as new investments by local and international energy companies are projected to add about 600,000 barrels of crude oil and 2.0 billion standard cubic feet of gas per day to national production capacity. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed this, saying the development marks a turning point in the country’s quest to restore its position as Africa’s leading hydrocarbon producer. According to the Commission, several upstream projects that have reached advanced stages of development are expected to come onstream between late 2025 and 2026. These include a…
The National Pension Commission (PenCom) has announced that its newly introduced Personal Pension Plan (PPP) will revolutionise Nigeria’s pension landscape by democratising voluntary retirement savings and expanding access to self-employed individuals, freelancers, and informal sector workers. The Commission stated that the initiative is designed to give every Nigerian the opportunity to build a secure financial future, regardless of their employment type. In a recent statement, PenCom explained that the Personal Pension Plan marks a major step toward inclusive financial security, aligning with the government’s broader vision to deepen pension penetration across the country. The plan allows Nigerians outside the formal…
Nigeria’s young and tech-savvy population is leading a surge in foreign exchange (FX) trading across Africa, according to global online trading firm, FXTM. The company said the continent’s booming digital economy, increased smartphone penetration, and access to trading education are fuelling a new generation of retail traders, with Nigeria standing at the forefront of this transformation. In a recent market outlook report, FXTM highlighted that Nigeria’s youth demographic—comprising over 60 percent of the country’s population—has become increasingly active in global financial markets. The report noted that more young Nigerians are engaging in forex and contracts-for-difference (CFD) trading, driven by the…
The House of Representatives has launched an investigation into the $35 million modular refinery project initiated by the Federal Government, following concerns over transparency, funding irregularities, and the project’s stalled progress. Lawmakers expressed dissatisfaction with the handling of the initiative, which was intended to boost local refining capacity and reduce the nation’s heavy dependence on imported petroleum products. During a plenary session in Abuja, members of the House Committee on Petroleum Resources (Downstream) resolved to summon key government agencies and stakeholders involved in the project, including the Ministry of Petroleum Resources, the Nigerian Content Development and Monitoring Board (NCDMB), and…
Sterling Bank Plc has reiterated its commitment to advancing food security across Africa through strategic investments, partnerships, and innovative financing models aimed at boosting agricultural productivity and sustainability. The bank emphasized that transforming the continent’s agricultural landscape is central to achieving economic growth, reducing poverty, and ensuring long-term stability. Speaking at a recent agribusiness summit in Lagos, the Managing Director and Chief Executive Officer of Sterling Bank, Abubakar Suleiman, said the institution remains steadfast in supporting agribusinesses across the value chain — from production and processing to distribution and export. He highlighted agriculture as one of the bank’s key focus…
Seplat Energy Plc is set to strengthen its position as one of Nigeria’s leading indigenous oil and gas producers following the progress of its planned acquisition of Mobil Producing Nigeria Unlimited (MPNU) assets. The company, which has long pursued the deal as part of its expansion strategy, says the move will significantly boost its output capacity and reinforce its role in driving Nigeria’s energy security and upstream growth. The acquisition, valued at over $1.2 billion, is one of the most anticipated transactions in Nigeria’s oil and gas sector. It involves Seplat purchasing ExxonMobil’s onshore and shallow water assets in the…
The Nigerian naira continued its downward trajectory on Tuesday, weakening for the third consecutive day against the U.S. dollar at the official foreign exchange market. According to data from the FMDQ Securities Exchange, which oversees official FX trading, the naira closed at N1,473.29 per dollar, down from N1,468.99 recorded on Monday.The local currency’s continued depreciation has been attributed to increased dollar demand from importers, manufacturers, and investors seeking to meet foreign obligations. Market analysts say the rising pressure in the official market reflects the combination of persistent foreign exchange scarcity and speculative activities by traders hedging against further depreciation. At…
The World Bank has entered into a strategic partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to accelerate efforts aimed at reducing greenhouse gas emissions within Nigeria’s oil and gas industry. The collaboration is part of the global lender’s broader initiative to support developing nations in achieving energy transition goals while maintaining economic stability and sustainable growth. The partnership focuses on promoting best practices in carbon management, ending routine gas flaring, and fostering the adoption of cleaner technologies in upstream oil operations. Officials from both organizations say the move underscores a shared commitment to tackling climate change and aligning…
The House of Representatives has initiated a thorough investigation into several oil companies operating in Nigeria for alleged violations of the Local Content Act and the Petroleum Industry Act (PIA). The move follows mounting concerns over non-compliance with key provisions designed to promote indigenous participation and ensure accountability in the nation’s oil and gas sector. The probe, led by the House Committee on Local Content, aims to examine how multinational and indigenous oil companies have adhered to the laws that mandate prioritization of Nigerian expertise, materials, and services in the oil and gas value chain. Lawmakers have expressed dissatisfaction over…
The Nigerian Exchange Limited (NGX) extended its bullish momentum on Tuesday as renewed investor confidence pushed the equities market to new heights, lifting total market capitalization to N93.8 trillion. The continued uptrend marks one of the longest positive streaks in recent months, driven by sustained buying interest in high-cap stocks and improved investor sentiment following upbeat macroeconomic indicators. At the close of trading, the All-Share Index (ASI) advanced by 0.32 percent to settle at 165,784.62 points, compared to 165,256.11 points recorded in the previous session. The growth added approximately N302 billion to investors’ wealth, extending a rally that has dominated…
APM Terminals Apapa has recorded a major safety milestone, marking 440 consecutive days without a Lost Time Injury (LTI), underscoring the company’s commitment to workplace safety, operational excellence, and the wellbeing of its workforce. The achievement, celebrated at a brief ceremony held at the terminal in Lagos, reflects the firm’s culture of safety awareness and continuous improvement in occupational health practices. The company, which operates Nigeria’s busiest container terminal, said the feat was the result of deliberate safety strategies, employee training, and adherence to global operational standards. APM Terminals noted that the achievement demonstrates its resolve to maintain a world-class…