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…
Author: Temitope N.
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…
Dangote Cement Plc, Africa’s largest cement producer, has reaffirmed its commitment to youth development by rolling out a series of empowerment initiatives to mark the 2025 International Youth Day. The company’s leadership emphasized that young people remain central to Nigeria’s economic future, and Dangote Cement is positioning itself as a key partner in harnessing their potential through entrepreneurship, education, and skills acquisition. During events held across several of its operational sites, Dangote Cement organized workshops, career talks, and entrepreneurship clinics tailored to young Nigerians in both urban and rural communities. According to the company, the initiatives align with this year’s…
The Lagos State Government has announced plans to reconstruct and modernize the Obafemi Awolowo Technology Mall in Ikeja, as part of its wider strategy to position the state as a hub for innovation, digital commerce and economic growth. Governor Babajide Sanwo-Olu revealed that the project is intended to transform the aging mall, popularly known as the Awolowo Market, into a state-of-the-art technology and retail center that will serve the needs of traders, startups, and technology-driven businesses. Speaking through the Commissioner for Physical Planning and Urban Development, Oluyinka Olumide, the government explained that the redevelopment is aimed at revitalizing the Ikeja…
The Lagos Chamber of Commerce and Industry (LCCI) has renewed its call to global investors to take advantage of Nigeria’s growing investment opportunities, stressing that ongoing economic reforms and the country’s expanding market make it a prime destination for foreign capital. Speaking at recent engagements with international business communities ahead of upcoming trade missions and investment forums, LCCI President Gabriel Idahosa and Director-General Dr. Chinyere Almona emphasized that Nigeria’s economic diversification efforts are beginning to yield encouraging results despite lingering challenges. According to Idahosa, Nigeria’s strategic location in West Africa, its population of over 200 million, and its role as…
A brewing dispute is unfolding in Kano State’s power sector as local manufacturers move to bypass their existing electricity distribution company and purchase power directly from generation sources. This development, according to industry insiders, signals a significant shift in the electricity market and could reshape how industries in Nigeria access energy for production. The Manufacturers Association of Nigeria (MAN) in Kano has expressed deep concerns over the unreliable and expensive electricity supply from the Kano Electricity Distribution Company (KEDCO), noting that persistent outages and high tariffs have continued to cripple production and threaten jobs across the state. Kano, which hosts…
The Rotary Club of Lagos has issued a powerful call to action, urging both Nigerians and global stakeholders to embrace a culture of service and generosity. As the organization marks its latest efforts to uplift communities and foster social impact, its leaders highlighted the transformative power of selfless action in driving sustainable change. At a recent engagement, Metro Lagos Rotarians emphasized that Rotary’s mission extends far beyond charitable initiatives—it represents a lifelong commitment to serving others. Club officials encouraged individuals from all sectors of society, including international actors, to adopt Rotary’s ethos of compassion and civic responsibility. This call reflects…
The Central Bank of Nigeria (CBN) has issued a directive to all financial institutions in the country, mandating them to complete the upgrade of their payment systems by October 31, 2025. The apex bank emphasized that this move is crucial to enhance the resilience, security, and efficiency of the nation’s financial infrastructure as part of ongoing reforms to modernize Nigeria’s banking sector. According to senior officials of the CBN, the upgrade will cover a range of critical areas including cybersecurity enhancements, infrastructure modernization, fraud prevention measures, and improved customer service delivery. The directive affects all deposit money banks, payment service…
President Bola Tinubu has commended the remarkable growth and resilience of Nigeria’s capital market, highlighting its pivotal role in driving economic expansion and attracting investments into the country. The President made the remarks during a high-level meeting with key stakeholders of the Nigerian capital market, including leaders of the Nigerian Exchange Group (NGX) and the Securities and Exchange Commission (SEC), on the sidelines of his visit to Brazil for an international economic summit. Tinubu applauded the NGX and SEC chiefs for their contributions to the market’s recent gains, stating that their efforts have bolstered investor confidence and strengthened the country’s…
The Nigeria Customs Service (NCS), Federal Operations Unit Zone A, Ikeja, has handed over three truckloads of expired pharmaceutical products valued at N3.7 billion to the National Agency for Food and Drug Administration and Control (NAFDAC) for proper disposal. The event, which took place at the NCS office in Ikeja, Lagos, underscores the growing collaboration between regulatory agencies in tackling the circulation of harmful and substandard medicines in the country. Comptroller Mohammed Shu’aibu, Controller of the Federal Operations Unit Zone A, while handing over the items, said the seizures were made following intelligence-led operations carried out by his officers. He…