Nigeria’s private sector has posted its most significant expansion in employment in almost two years, signaling cautious optimism in the economy despite persistent challenges of inflation, high borrowing costs, and foreign exchange instability. The latest data released through business activity surveys and industry assessments revealed that hiring surged across multiple industries in August 2025, marking the strongest job creation in 23 months. According to findings from the latest Purchasing Managers’ Index (PMI) compiled by market analysts, the employment index rose sharply as businesses responded to improved demand and expansion in output. Companies across manufacturing, services, agriculture, and construction reported increases…
Author: Temitope Nlewemchi
Nigeria’s ambitions to develop its blue economy—a sector that encompasses maritime resources, fisheries, shipping, ports, and ocean-based tourism—are being stifled by chronic underfunding, according to the Permanent Secretary in the Ministry of Marine and Blue Economy. Speaking during a stakeholders’ forum in Lagos, the top official lamented that despite the sector’s vast potential to contribute significantly to national revenue, employment, and food security, it continues to suffer neglect in terms of budgetary allocations and long-term investment. The Permanent Secretary emphasized that the blue economy is not just a futuristic concept but a present-day opportunity capable of diversifying Nigeria’s economy beyond…
President Bola Ahmed Tinubu has urged the Central Bank of Nigeria (CBN) to take a lead role in funding the newly created endowment scheme for the National Arts Theatre, Iganmu, Lagos, as part of efforts to secure long-term financing for the preservation and promotion of Nigeria’s cultural heritage. The president made the call during the unveiling of the renovated National Theatre, where he stressed the importance of sustainable investment in arts and culture as a driver of national unity, creativity, and economic growth. Tinubu, who officially inaugurated the refurbished facility, noted that the endowment would serve as a critical financial…
Nigeria’s mounting debt obligations have once again come into sharp focus as the Central Bank of Nigeria (CBN) disclosed that the country spent $2.86 billion on debt service between January and August 2025. The revelation underscores growing concerns about the burden of external debt repayments on the nation’s fragile foreign reserves and overall economic stability. According to figures released by the apex bank, the bulk of the payments went toward meeting obligations on Eurobonds and multilateral loans, with additional settlements for bilateral arrangements and commercial borrowings. The CBN’s data showed that Nigeria’s debt service payments have continued to climb in…
A fresh round of tensions has erupted between Dangote Industries Limited and labour unions in Nigeria, as the company accused union leaders of being more concerned about collecting check-off dues than addressing the genuine welfare of workers. The development marks the latest twist in the ongoing industrial disputes between the conglomerate and various labour groups, particularly in its refinery and cement operations. In a statement released over the weekend, Dangote Industries faulted the approach of some union leaders, arguing that their agitation was not rooted in improving staff conditions but rather in securing steady streams of dues from employees’ salaries.…
The Pension Transitional Arrangement Directorate (PTAD) has officially begun the implementation of long-awaited pension increments for federal retirees, bringing relief to thousands of senior citizens who have been anticipating adjustments in their monthly stipends. The move follows months of preparation and consultations between PTAD, the National Salaries, Incomes and Wages Commission, and the Federal Government to ensure compliance with constitutional provisions that mandate periodic pension reviews in line with wage adjustments for serving workers. The increments, which cover retirees under the Defined Benefit Scheme (DBS), are expected to take effect immediately, with many pensioners set to notice changes in their…
Nigeria’s banking sector has witnessed a dramatic shift in liquidity management, as fresh data reveal that commercial banks’ deposits with the Central Bank of Nigeria (CBN) soared by 568 percent in the first nine months of 2025, hitting an unprecedented N146.13 trillion. The spike reflects a combination of regulatory tightening by the apex bank, adjustments in monetary policy, and banks’ growing reliance on the CBN’s standing deposit facility as a safe haven for excess funds. The figures, which cover the period from January to September, highlight how the CBN’s aggressive liquidity management measures have reshaped financial flows within the sector.…
The Standards Organisation of Nigeria (SON) has officially launched the adoption of ISO 37003, a global standard designed to strengthen fraud control mechanisms in both public and private institutions across the country. The new framework, unveiled at a stakeholders’ forum in Abuja, represents a significant step in Nigeria’s ongoing battle against corruption, financial malpractice, and organizational fraud, which have long hampered development and weakened public confidence in institutions. According to SON, the ISO 37003 standard offers organizations a structured approach to identify, assess, and mitigate fraud risks while fostering a culture of transparency and accountability. It provides guidelines for establishing…
Long queues have resurfaced at filling stations across major Nigerian cities as tensions between the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Dangote Refinery intensify, fueling concerns about another round of nationwide scarcity. Motorists in Lagos, Abuja, and several state capitals spent hours at petrol stations over the weekend, while some outlets were forced to shut down entirely due to limited supply. The development has reignited anxiety over fuel stability barely months after Nigerians were promised improved domestic refining capacity. The crisis stems from an ongoing face-off between Dangote Refinery management and PENGASSAN, which represents senior…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has introduced a new annual economic lecture series designed to bring together policymakers, academics, business leaders, and civil society to strengthen national discussions on monetary policy and economic development. The initiative, which debuts on October 3, 2025, at the Lagos Business School, Pan-Atlantic University, will focus on the theme “Next Generation Leadership in Monetary Policy and Nation Building.” The lecture series is part of the CBN’s broader Knowledge Acceleration & Thought Leadership Initiative, a flagship effort aimed at promoting dialogue and fostering innovation within Nigeria’s economic landscape. It is…
Investor demand for Nigeria’s sovereign debt instruments surged in September as the Federal Government’s bond auction attracted more than ₦1.26 trillion in total subscriptions, far exceeding the amount offered. The remarkable oversubscription highlights continued confidence in government-backed securities despite persistent economic headwinds. According to the Debt Management Office (DMO), the auction offered multiple bond tenors, but demand significantly outpaced supply, with bids flooding in from institutional and retail investors alike. The result underscores the enduring appeal of FGN bonds, which are considered relatively safe investment vehicles in the country’s financial landscape. Analysts say that several factors combined to drive the…
Investor confidence surged in Nigeria’s equities market as the Nigerian Exchange (NGX) recorded a massive gain of ₦178 billion, driven largely by strong performances in key sectors including banking, oil & gas, and consumer goods. The rally speaks to renewed appetite for risk assets in a climate still burdened by macroeconomic uncertainty, and it underscores how much sentiment now underpins market movements. By the end of the trading session, the NGX All-Share Index extended its upward trajectory, pushing market capitalization higher and swelling investor wealth by the reported ₦178 billion. The advance comes after several days of sideways trading that…
The House of Representatives’ Committee on Safety Standards and Regulations has praised the Niger Delta Power Holding Company (NDPHC) for maintaining high safety standards at the 565-megawatt Calabar Power Plant located in Odukpani, Cross River State. The commendation came after lawmakers conducted an on-the-spot inspection of the facility on Monday, September 29, 2025, noting marked improvements since their previous visit in 2018. Leading the inspection was Hon. David Idris Zacharias, Chairman of the Safety Standards Committee, accompanied by colleagues including Harrison Anozie Nwadike, Suleiman Abubakar Gumi, Kalejaiye Paul Adeboye, El-Rasheed Abdullahi, and Emmanuel Effiong Udo. After touring the plant, they…
In a bold move timed with Nigeria’s 65th Independence Day celebrations, Sterling Bank has announced that it will eliminate account maintenance fees on all personal bank accounts. The bank described the decision as a “gift” to its customers, positioning it as part of a broader push to enhance fairness and reduce transactional barriers in the retail banking sector. According to a statement issued by Sterling Bank, the new policy abolishing the fees takes effect immediately. The bank said the removal of account maintenance charges aligns with a customer-centric philosophy, complementing earlier measures such as its decision in April 2025 to…
The Federal Government of Nigeria has listed new bonds worth ₦200 billion on the Nigerian Exchange (NGX) for the month of September, reinforcing its commitment to raising capital through the domestic debt market while providing investors with secure, long-term instruments. The move is part of the government’s wider debt management strategy aimed at stabilizing public finances, bridging budget deficits, and deepening the capital market. The fresh listings comprise multiple tenors under the Federal Government of Nigeria (FGN) bonds program, with maturities stretching up to 10 and 30 years. According to the Debt Management Office (DMO), the bonds carry coupon rates…
Nigeria has set its sights on achieving a 7 percent annual economic growth rate, a bold ambition outlined by Vice President Kashim Shettima during his engagements at the 80th United Nations General Assembly (UNGA) in New York. Representing President Bola Tinubu, Shettima told global leaders, investors, and development partners that Nigeria is determined to reposition its economy, restore stability, and ensure sustainable prosperity for its citizens. According to Shettima, the growth target is not a hollow projection but one rooted in the reforms that the Nigerian government has embarked upon since mid-2023. He explained that measures such as the unification…
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 Federal Government is preparing to issue a bond worth about ₦758 billion before the first week of October, aimed specifically at resolving long-standing pension liabilities, according to the National Pension Commission (PenCom). The move is intended to clear arrears owed to retirees and public sector pensioners, assuring them of relief after years of delay in payments. PenCom revealed in a recent statement that this proposed bond issuance is part of broader government efforts to stabilise the pension system and restore trust among retirees. The acceleration toward issuing the bond reflects increasing public concern over how pension obligations have piled…
Bombardier Inc., the Canadian aerospace company, has publicly commended Dangote Petroleum Refinery, describing it as a world-class facility and a transformative force in the aviation fuel supply chain. This endorsement came during a recent visit by Bombardier’s senior leadership to the refinery in Lekki. Pierre Beaudoin, Chairman of Bombardier’s Board, along with other top executives, expressed admiration for the refinery’s capacity, design, and adherence to international specifications. The Bombardier delegation included regional vice presidents and senior operations officers, who toured the refinery under the guidance of Dangote Group’s management. They emphasized that the facility’s ability to produce jet fuel meeting…