Nigeria’s recent liberalisation of its foreign exchange (forex) market has been hailed as a turning point in the country’s quest to restore investor confidence, attract foreign capital, and strengthen its macroeconomic position. The wide-ranging reforms, spearheaded by the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso, aim to reduce market distortions, improve transparency, and create a stable environment conducive to long-term investments. The forex market liberalisation involved the unification of multiple exchange rate windows into a single market-driven rate. Previously, the existence of disparate exchange rates—ranging from the official rate to the widely-used parallel market—led to arbitrage, discouraged foreign…
Author: Temitope Nlewemchi
In a major policy move aimed at reforming revenue collection in Nigeria’s electricity sector, the Nigerian Electricity Regulatory Commission (NERC) has introduced new guidelines for the registration and engagement of third-party collection service providers. The directive, which took effect on May 27, 2025, was signed by NERC Chairman Sanusi Garba and is part of efforts to standardize and digitize electricity bill payment processes across the country. The framework is anchored on Section 226 of the Electricity Act, 2023, and is designed to eliminate cash-based collections, streamline revenue channels, reduce losses due to untracked payments, and improve accountability. It also aligns…
The Nigerian Communications Commission has issued a stern warning to telecom subscribers and internet users nationwide to exercise heightened caution against cybercriminal activities, amid a rise in digital fraud, phishing attacks and identity theft. The regulator emphasised that as Nigeria deepens its adoption of digital services, the risks associated with cybercrime are increasing, requiring proactive measures from both consumers and service providers. According to the NCC, cybercriminals have become more sophisticated, employing tactics such as fake banking alerts, fraudulent online transactions, social engineering scams and malware attacks to exploit unsuspecting individuals and businesses. The regulator noted that these criminal schemes…
Nigeria’s crude oil output averaged about 1.46 million barrels per day, remaining below the production benchmark allocated by the Organisation of the Petroleum Exporting Countries, according to recent industry data. The shortfall highlights persistent operational and structural challenges in the country’s upstream oil sector, despite ongoing efforts to boost production and meet OPEC targets. The OPEC benchmark for Nigeria is higher than the current production level, and consistently falling short of this quota has raised concerns among policymakers and industry stakeholders. Crude oil remains Nigeria’s largest source of export revenue and foreign exchange earnings, making production levels critical to fiscal…
Nigeria recorded a rebound in foreign direct investment in the third quarter, attracting about $720 million in capital inflows, signalling renewed investor interest amid ongoing macroeconomic and structural reforms. The improvement marks a positive shift after periods of subdued investment driven by policy uncertainty, foreign exchange constraints and global economic headwinds. According to official data, the increase in FDI reflects growing confidence in Nigeria’s reform trajectory, particularly in the foreign exchange market, fiscal management and key productive sectors. Analysts note that while inflows remain below long-term potential, the Q3 performance suggests that investors are beginning to reassess opportunities in Africa’s…
The World Bank has urged countries, particularly developing economies, to strengthen trade standards as a critical pathway to boosting economic growth, improving competitiveness and expanding access to global markets. The multilateral lender said weak standards and regulatory gaps continue to limit trade potential and undermine industrial development in many emerging economies. According to the World Bank, trade standards play a central role in determining the quality, safety and acceptability of goods and services in international markets. Countries that fail to align with global standards, the bank noted, often struggle to integrate effectively into global value chains, resulting in lost export…
The Nigerian National Petroleum Company Limited has reported a profit of ₦502 billion for November, even as the country’s crude oil production declined during the period. The performance highlights the company’s improved financial position following ongoing reforms in the oil and gas sector, despite operational challenges affecting upstream output. According to the national oil company, the profit was recorded in November operations, reflecting stronger revenue management, improved trading margins and increased efficiency across its business units. The result underscores NNPCL’s transition into a commercially driven entity under the Petroleum Industry Act, which mandates transparency and profitability. Crude oil production during…
Nigeria’s Minister of Power, Chief Adebayo Adelabu, has announced that state governors in collaboration with local and international investors have jointly mobilised over $500 million to boost solar panel manufacturing and renewable energy production across the country. The initiative, he said, is part of the Federal Government’s drive to achieve energy security, reduce dependence on fossil fuels, and promote sustainable industrial growth. Speaking in Abuja at the Nigeria Energy Transition and Investment Summit, Adelabu disclosed that the fund would support the establishment and expansion of solar component manufacturing plants in various parts of the country, particularly in states with strong…
The Corporate Affairs Commission (CAC) has reiterated its unwavering commitment to transparency, accountability, and due process in the execution of its regulatory duties, while warning individuals and groups against orchestrating smear campaigns aimed at undermining its integrity and reform agenda. Registrar-General and Chief Executive Officer of the Commission, Hussaini Ishaq Magaji (SAN), made the declaration in Abuja while addressing journalists following recent allegations and online misinformation targeting the CAC’s operations. Magaji stated that the Commission remains focused on promoting corporate compliance and improving Nigeria’s ease of doing business, stressing that false narratives would not derail its mandate. He explained that…
The House of Representatives has commenced a comprehensive probe into what it described as excessive and unregulated tax deductions, illegal bank charges, and multiple levies imposed on customers by commercial banks across Nigeria. This move follows growing complaints from individuals, small businesses, and corporate bodies over what they consider exploitative financial practices by banks. Lawmakers expressed concern that despite the Central Bank of Nigeria’s (CBN) guidelines on permissible bank charges, many financial institutions continue to impose multiple, unexplained deductions on customers’ accounts. These deductions, they said, often occur under the guise of Value Added Tax (VAT), stamp duties, electronic money…
The Nigerian Exchange Group (NGX Group) has recorded a remarkable surge in its market capitalisation, which rose by 37.7% to reach ₦141.75 trillion, reflecting renewed investor confidence and sustained momentum across key sectors of the equities market. The impressive growth underscores the resilience of Nigeria’s capital market amid global economic challenges and policy shifts in the domestic financial landscape. According to market data released by the NGX, the growth in market capitalisation was driven by strong performances in the financial, energy, industrial, and consumer goods sectors, as well as increased participation from institutional and retail investors. Analysts attribute the surge…
Calls have intensified for the Central Bank of Nigeria (CBN) to introduce higher denominations — specifically N10,000 and N20,000 single notes — as part of efforts to address the rising cost of living, inflationary pressures, and transactional inefficiencies in the country’s cash-based economy. Economists, financial analysts, and business operators have argued that the value of the naira has depreciated significantly in recent years, making existing denominations, particularly the N1,000 note, increasingly inadequate for large transactions. They said the introduction of higher-value notes would reflect the true state of the economy and reduce the strain on cash circulation. Dr. Muda Yusuf,…
The Nigerian stock market closed on a bearish note on Monday as sustained sell pressure in blue-chip and banking stocks wiped off about N371 billion from investors’ wealth. The downturn came after several weeks of mixed trading, reflecting growing investor caution amid macroeconomic uncertainties and profit-taking in key equities. According to data from the Nigerian Exchange Limited (NGX), the All-Share Index (ASI) declined by 0.26% to close at 99,320.45 points, down from 99,578.38 points recorded in the previous session. Consequently, the market capitalisation fell from ₦142.12 trillion to ₦141.75 trillion, representing a loss of ₦371 billion in a single trading…
Africa’s richest man and President of Dangote Industries Limited, Alhaji Aliko Dangote, has categorically dismissed suggestions that he is interested in purchasing or taking over any of the Nigerian National Petroleum Company Limited (NNPCL) refineries, describing such reports as false and misleading. He also took a swipe at the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) over recent remarks concerning operations at the Dangote Refinery, calling them “uninformed and unnecessary provocations”. Dangote, while speaking at a media parley in Lagos, said he has no plans to acquire any of the state-owned refineries, noting that his company’s focus remains…
The World Bank has projected that global commodity prices will decline sharply in 2025, reaching their lowest levels in six years, driven largely by an oversupply in the oil market and weakening demand across major economies. In its latest Commodity Markets Outlook report, the Bank warned that oil prices could fall below $70 per barrel as global production outpaces consumption, while other commodities such as natural gas, metals, and agricultural products are also expected to face downward pressure. According to the report, the anticipated oil surplus stems from increased production by key exporters, including the United States, Brazil, and Canada,…
The Federal Government has issued a stern warning to electricity distribution companies (DisCos) that have failed to meet operational and financial obligations, stating that it will no longer tolerate inefficiency, indebtedness, or poor service delivery within the power sector. The government said that it is ready to revoke the licenses of non-performing DisCos and replace them with capable investors who can drive stable electricity distribution across the country. Minister of Power, Chief Adebayo Adelabu, made this known during a stakeholders’ meeting in Abuja, where he lamented the persistent liquidity crisis, poor metering coverage, and mounting debts owed to the Nigerian…
Dangote Cement Plc, Africa’s leading cement producer, has reaffirmed its commitment to youth empowerment in Nigeria through a series of community-driven initiatives focusing on sports development, education, and skills acquisition. The company said the initiatives are part of its broader corporate social responsibility (CSR) agenda aimed at fostering sustainable development, creating opportunities for young people, and promoting social inclusion across its host communities. In a statement released by the company, Dangote Cement emphasized that empowering Nigerian youths remains central to its mission of contributing to national growth beyond industrial operations. The company disclosed that it has continued to invest significantly…
The National Inland Waterways Authority (NIWA) has expressed concern over the poor utilisation of Nigeria’s waterways, despite the significant financial investments made to develop and modernise the sector. The agency said that the country’s inland water transport system remains largely untapped, even though billions of naira have been committed to dredging, infrastructure development, and safety enhancement projects over the years. Speaking during a press briefing in Abuja, NIWA’s Managing Director, Bola Oyebamiji, lamented that Nigeria continues to rely excessively on road transport for the movement of goods and passengers, while the waterways — which offer a cheaper and more environmentally…
Nigeria’s manufacturing sector has continued to face mounting challenges as credit to manufacturers dropped sharply by N7.72 trillion between January and September 2025, resulting in fragile growth across key industrial segments. Despite government efforts to stimulate local production and ease credit conditions, rising interest rates, exchange rate volatility, and persistent inflation have combined to strain the financial health of manufacturers nationwide. According to data obtained from the Central Bank of Nigeria (CBN) and insights from the Manufacturers Association of Nigeria (MAN), credit to the manufacturing sector fell from N14.62 trillion in December 2024 to N6.9 trillion by the third quarter…
The National Insurance Commission (NAICOM) and the Federal Road Safety Corps (FRSC) have announced a new strategic collaboration aimed at improving compliance and enforcement of third-party motor insurance across Nigeria. The partnership, which was formally unveiled in Abuja, seeks to curb the rising cases of uninsured vehicles on Nigerian roads, enhance road safety, and promote financial protection for motorists and accident victims. Speaking during the official launch of the initiative, the Commissioner for Insurance, Mr. Olusegun Omosehin, said the move marks a significant milestone in the country’s effort to integrate technology and regulatory enforcement in the motor insurance ecosystem. He…