Aero Contractors, one of Nigeria’s oldest airlines, has unveiled its newly upgraded Maintenance, Repair, and Overhaul (MRO) facility at the Aviation Africa Summit held in Kigali, Rwanda. The move underscores the carrier’s ambition to become a leading player in Africa’s aviation maintenance sector while reducing the region’s dependence on overseas facilities for critical aircraft services. The announcement was made during the high-profile summit, which brought together aviation leaders, policymakers, and stakeholders from across the continent to deliberate on the future of African aviation. Aero Contractors used the platform to showcase the upgrades to its Lagos-based MRO centre, positioning it as…
Author: Temitope Nlewemchi
The Nigerian Exchange (NGX) witnessed a sharp downturn on Thursday, losing about N71 billion in market capitalization as bearish sentiment gripped the trading floor. This development marked a reversal of recent gains, as investors resorted to profit-taking across key sectors, dampening the market’s momentum. At the close of trading, the market capitalization of listed equities fell from ₦89.02 trillion to ₦88.95 trillion, representing a 0.08% decline. Similarly, the All-Share Index (ASI) dropped by 126.51 points to settle at 161,307.45 points compared to the previous day’s 161,433.96 points. The negative outing reflects a cautious mood among investors amid persistent macroeconomic concerns,…
Dangote Industries Limited is aggressively positioning itself at the forefront of the global fertiliser market, aiming to transform Africa from a net importer of fertilisers into a self-sufficient exporter within the next 40 months. Group Chairman Aliko Dangote recently revealed that, under this plan, his $2.5 billion urea fertiliser plant near Lagos will more than double capacity from its current 3 million metric tonnes annually, targeting leadership beyond traditional giants in the space. Speaking at a recent event in Abuja, Dangote declared that the continent will no longer depend on imported fertiliser by mid-2028, citing infrastructure upgrades, export corridors, and…
The Central Bank of Nigeria (CBN) has reiterated its determination to safeguard economic stability and strengthen the financial sector, with Governor Olayemi Cardoso assuring Nigerians that ongoing reforms are already yielding positive results. Speaking at an event in Kano, Cardoso stressed that the apex bank remains focused on restoring confidence in the financial system, stabilising the naira, and keeping inflation under control while supporting growth. Cardoso explained that the CBN’s recent measures, including monetary tightening, improved foreign exchange management, and banking recapitalisation, are central to ensuring macroeconomic stability. According to him, the banking system must be resilient enough to withstand…
The Central Bank of Nigeria (CBN) has issued a new directive requiring Domestic Systemically Important Banks (DSIBs) to formally plan leadership transitions well in advance. Under the policy, successor managing directors or chief executive officers must be approved by the regulator at least six months before the incumbent’s term ends, and publicly announced at least three months prior to the handover. Signed by Dr. Rita Sike, Director of Financial Policy and Regulation at the CBN, the circular is aimed at minimising disruptions in Nigeria’s banking sector and ensuring orderly transitions at its most critical institutions. The regulation applies to banks…
Nigeria’s auto import sector has witnessed a dramatic surge, with the National Bureau of Statistics (NBS) reporting a 90 percent jump in vehicle imports, largely attributed to recent improvements in foreign exchange (FX) stability. The development marks one of the clearest signs yet that currency reforms and steady inflows are beginning to ease pressures on international trade, particularly in the automotive industry. For years, importers of cars and spare parts in Nigeria have grappled with currency volatility, fluctuating exchange rates, and limited access to foreign exchange. This situation had driven up costs, suppressed demand, and forced many dealers to scale…
Global trading and investment platform FXTM has announced a significant expansion of its trading options in Nigeria, reinforcing its commitment to one of Africa’s fastest-growing financial markets. The move comes at a time when Nigeria is witnessing increasing interest in digital finance and online trading, driven largely by a youthful, tech-savvy population eager to explore alternative investment opportunities. FXTM stated that the expansion will provide Nigerian traders with broader access to global financial instruments, ranging from foreign exchange pairs and equities to indices, commodities, energy products, and cryptocurrencies. This development is expected to open up new opportunities for retail investors…
United Bank for Africa (UBA) has pledged $150 million to support Kenya’s Roads Annuity and Levy Securitisation Programme, a strategic infrastructure initiative aimed at accelerating road development and improving connectivity across the country. The commitment was announced as part of UBA’s broader push to strengthen its footprint in East Africa and reinforce its role in financing critical projects that drive regional integration and economic growth. The securitisation programme, championed by Kenya’s government, is designed to leverage revenues from the Roads Maintenance Levy Fund to raise capital for the construction and rehabilitation of major highways. By committing funds to the project,…
The Securities and Exchange Commission (SEC) has announced plans to formally adopt international sustainability standards as part of its ongoing reforms to strengthen Nigeria’s capital market and align with global best practices. This move comes at a time when regulators worldwide are prioritising environmental, social, and governance (ESG) principles to drive sustainable finance, improve transparency, and ensure accountability in corporate reporting. According to the SEC, the adoption of global sustainability standards will provide a uniform framework for Nigerian companies to disclose climate-related and sustainability information in line with international benchmarks. This is expected to enhance investors’ confidence, attract more foreign…
Nigeria’s foreign exchange market recorded a notable development as the naira appreciated to around ₦1,497 per dollar at the official window, marking one of its strongest performances in recent months. The improvement was attributed to a combination of factors, including increased foreign exchange inflows, a rise in external reserves, and strategic interventions that have helped stabilise the local currency amid ongoing economic reforms. For months, Nigerians have been grappling with the volatility of the naira as foreign exchange scarcity, high demand, and speculative trading weakened the local unit against the dollar. The recent gains, however, are seen as an early…
Dangote Industries Limited has entered into a strategic partnership with the Abuja Chamber of Commerce and Industry (ACCI) to strengthen intra-African trade and promote investment via the upcoming Abuja International Trade Fair. The collaboration is expected to spotlight Dangote’s diverse product lines, enhance regional commerce links, and provide a platform for Nigerian manufacturers and exporters to reach new African markets. The company recently announced that it will be a major sponsor of the 2025 Abuja International Trade Fair, which opens on September 25 in the nation’s capital. Through this partnership, Dangote aims to leverage the trade-fair platform to showcase not…
The Federal Government has announced the suspension of the controversial 4 percent Free-on-Board (FOB) import duty levy earlier imposed by the Nigeria Customs Service on imported goods. The directive, issued by the Ministry of Finance, came after weeks of outcry from importers, trade associations, and business stakeholders who argued that the charge would worsen inflation and cripple trade activities across the country. The 4% FOB levy, introduced in August under provisions of the Customs Act, was meant to replace existing charges and provide sustainable funding for Customs operations and trade supervision. However, importers and clearing agents quickly raised concerns that…
The Federal Inland Revenue Service (FIRS) and the Nigeria Deposit Insurance Corporation (NDIC) are set to place the spotlight on the country’s rapidly expanding digital economy at the 2025 Finance Correspondents Association of Nigeria (FICAN) summit, a gathering that has become one of the most influential platforms for policy engagement between regulators, financial institutions, and the media. The summit, scheduled to hold in Lagos later this month, will focus on how Nigeria can harness digital transformation to strengthen revenue mobilisation, deepen financial inclusion, and build resilience in the banking sector. For the FIRS, led by Executive Chairman Zacch Adedeji, the…
Aliko Dangote, chairman of Dangote Group, has reaffirmed his commitment to ensuring that the Lekki refinery remains impervious to efforts by entrenched “oil mafia” interests seeking to sabotage its success. Speaking recently at an investor forum in Lagos, Dangote urged stakeholders to support reforms that enable the refinery to operate without obstruction, insisting that despite resistance, the facility will succeed fully. Dangote has repeatedly raised alarm over attempts by individuals and groups who benefit from importing refined petroleum products to undermine domestic refining. He claims these actors, both local and foreign, have stood to lose vast profits with the commissioning…
Dangote Petroleum Refinery has firmly denied allegations that it sells petrol at lower prices in Togo than within Nigeria, calling such claims misleading and part of a broader attempt by some oil marketers to undermine its free distribution initiative. The controversy has prompted responses from several stakeholder groups, and Dangote says it is committed to ensuring its pricing practices are transparent and fair. The issue came to light after the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) and some petroleum depot owners claimed that petrol supplied to international traders via Lomé, Togo, was being sold at a cost…
Residents of the Federal Capital Territory (FCT) have raised concerns over the persistent surge in fish prices, which they say is straining household budgets and pushing a staple protein source beyond the reach of many families. The development comes at a time when food inflation remains one of the country’s most pressing economic challenges, despite recent reports of marginal improvements in headline inflation. In several markets across Abuja, including Wuse, Garki, and Nyanya, fish sellers confirmed that prices have nearly doubled in the past six months. A kilogram of frozen mackerel, popularly known as “Titus,” which sold for between ₦1,200…
The Federal Inland Revenue Service (FIRS) has highlighted the benefits of the ongoing tax reforms being rolled out to modernize Nigeria’s revenue system, improve compliance, and expand the tax base. The reforms, which align with the Federal Government’s push for fiscal sustainability, are part of a broader effort to reduce dependence on oil revenues while improving efficiency in tax administration. According to FIRS, the reforms are designed to simplify the tax system, close revenue leakages, and enhance the ease of doing business in the country. One of the major gains identified is the automation of tax processes through technology, which…
Nigeria’s ambition to achieve a $1 trillion economy by the end of the decade will require a minimum of 21.9% annual economic growth, with an exchange rate of about N1,500 to the US dollar, according to projections from Afrinvest, a leading investment and financial advisory firm. The projection underscores both the scale of the country’s economic aspirations and the structural hurdles that must be overcome to realize this target. Afrinvest’s report highlighted that while the $1 trillion target set by the Federal Government is feasible in theory, the reality on the ground points to significant challenges. Nigeria’s current economic growth…
REX Insurance has announced the appointment of Mr. Hardy as a non-executive director, a move seen as part of its broader strategy to deepen corporate governance, enhance oversight, and drive long-term growth in Nigeria’s evolving insurance market. The company, which has been expanding its retail and corporate insurance offerings, described the appointment as a significant step toward reinforcing its board with experienced professionals capable of guiding the firm through both industry challenges and emerging opportunities. According to a statement from the company, Hardy’s appointment comes at a time when the Nigerian insurance industry is undergoing rapid transformation, with regulatory reforms,…
Nigeria’s oil sector is facing renewed concerns as fresh figures reveal that crude oil earnings declined by a staggering ₦3.18 trillion, even as production volumes recorded a notable surge. This paradox, industry experts say, underscores the structural weaknesses in Nigeria’s revenue model, which relies heavily on oil exports but remains vulnerable to global price volatility and fiscal leakages. According to the latest petroleum market data, crude oil output rose steadily in recent months, driven by improved security in oil-producing regions and sustained efforts by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to tackle theft and pipeline vandalism. Production levels, which…