Nigeria Economy news

Insurance Meets Tech (IMT) has secured Leadway Assurance as Official Insurer, CubeCover as Official Digital Insurer and Vitse Technologies as Official Technology Partner for its upcoming fifth edition.
IMT is West Africa’s premier platform for dialogue between the insurance and technology sectors.
The early commitment from these organisations, secured ahead of the conference scheduled for Friday, September 18, 2026, in Ikeja, Lagos, reflects the increasingly interconnected nature of Nigeri

From Paul Orude, Bauchi
The Bauchi State Government has secured a US$91.6 million financing facility from the ECOWAS Bank for Investment and Development (EBID) to fund the construction and rehabilitation of 24 critical roads and bridge projects across the state.
The financing agreement was formally signed on Wednesday at the headquarters of EBID in Lomé, Togo, where Governor Bala Mohammed led a high-powered delegation representing the Bauchi State Government.
The governor was accompanied

Stanbic IBTC has reaffirmed its commitment to strengthening investor confidence and advancing Nigeria’s capital market, marking a major milestone in its custody services business with a Closing Gong ceremony at The Nigerian Exchange (NGX). The milestone reflects the institution’s longstanding contribution to investor confidence and the continued development of Nigeria’s capital market.
In a remark, the Chief Executive Officer of NGX, Jude Chiemeka, welcomed Stanbic IBTC to The

Bauchi State has attracted investment commitments valued at more than $5.7 billion from Saudi Arabian partners as part of efforts to accelerate economic development across strategic sectors.
Governor Bala Mohammed announced this on Tuesday while hosting a delegation from Saudi Arabia’s Golden Group, led by its Chief Executive Officer, Muhammad Faisal Al-Harbi, at the Government House in Bauchi.
The governor said his administration is committed to making Bauchi an attractive destination for

By Ediri EjohThe Federal Government’s (FG) crude oil export earnings fell 14.41 percent to $31.54 billion in 2025 from $36.85 billion recorded in the corresponding period of 2024.The drop was attributed to lower international crude oil prices arising from a global supply glut in the review period.The Central Bank of Nigeria, CBN, made this disclosure in its 2025 Annual report and statement of account released yesterday.The report stated: “Crude oil export earnings fell by 14.41

•Slams N1.69bn penalties on banks’ breachesBy Babajide KomolafeBank customers lodged 23,129 complaints against financial institutions in 2025, representing 11 per cent increase over the previous year, prompting the Central Bank of Nigeria, CBN, to order refunds totaling N19.12 billion and $329.3 million to affected consumers.The apex bank also imposed N1.69 billion in penalties on financial institutions for regulatory breaches, poor complaint handling and failure to comply with

By Chinwendu Obienyi
The Central Bank of Nigeria (CBN) has dismissed concerns over the apparent scarcity of coins and lower-denomination banknotes, clarifying that they have not been withdrawn from circulation.Instead, the apex bank said their declining visibility reflects Nigerians’ growing preference for digital and electronic payment channels, rather than any policy to phase them out.Fielding questions from newsmen after the 306th Monetary Policy Committee (MPC) meeting, Cardoso while s

FCMB Group Plc has reported a 99 per cent year-on-year increase in profit before tax (PBT) to N157.3 billion for the half-year ended June 30, 2026, driven by strong growth across its banking and non-banking businesses.
The unaudited financial results released on the Nigerian Exchange (NGX) on Monday showed that the Group’s PBT rose from N79.1 billion recorded in the corresponding period of 2025.
The Group also posted a 27.8 per cent increase in gross earnings to N676.2 billion, up from N52

The Chartered Institute of Bankers of Nigeria (CIBN) and the Association of Corporate Communications and Marketing Professionals in Banks (ACAMB) have pledged to strengthen collaboration to promote financial inclusion, women empowerment and sustainable growth in Nigeria’s banking industry.
The commitment was made during a courtesy visit by ACAMB’s leadership to the newly inaugurated 24th President and Chairman of Council of CIBN, Dr Dele Alabi, where both organisations agreed to work

…Foreign firms got 65% of ordersThe Central Bank of Nigeria (CBN) approved the printing of 5.71 billion banknotes in 2025, a 20.5 per cent increase from the 4.74 billion notes approved in 2024, as it moved to meet rising demand for cash across the country.
The figures are contained in the apex bank’s 2025 Annual Report and Statement of Accounts, which also showed that foreign printing firms handled the larger share of the production programme.
According to the report, the Nigerian S

From Adanna Nnamani, AbujaNigeria’s outstanding consumer credit dropped to N3.78 trillion in 2025, marking its first decline in six years as high interest rates discouraged borrowing, according to the Central Bank of Nigeria (CBN).
The apex bank disclosed this in its 2025 Annual Report and Statement of Accounts, revealing that consumer credit fell by 19.89 per cent from N4.72 trillion recorded in 2024.
According to the CBN, the contraction was largely driven by a sharp decline in personal

Nigeria’s drive to achieve its 2026 oil production and revenue targets has suffered a fresh setback following the declaration of force majeure by Esso Exploration & Production Nigeria Limited (EEPNL), an affiliate of ExxonMobil, on crude exports from its Erha deepwater field. The development has threatened production of about 200,000 barrels of oil per day.
The disruption comes at a critical time for the Federal Government, which is banking on higher crude oil production to boost reven

Globacom, in partnership with Samsung, has held another masterclass session at the Gloworld, Opebi, Lagos where both companies showcased the new Galaxy Z Fold8 Ultra and Galaxy Z Fold8 and the benefits available to customers.
The new Galaxy Z Fold8 Ultra and Galaxy Z Fold8, another step forward in smartphone innovation, are powered by the Snapdragon 8 Elite Gen 5 for Galaxy processor, delivering faster performance, enhanced Galaxy AI features and improved multitasking.
The event featured live de

The Nigerian Ports Authority (NPA) has called for increased operational support from the Nigerian Navy, particularly in the Eastern Zone, as part of efforts to strengthen port security, improve trade facilitation and enhance the competitiveness of Nigeria’s seaports.
The Managing Director of NPA, Dr Abubakar Dantsoho, made the call while receiving the Flag Officer Commanding (FOC), Western Naval Command, Rear Admiral Abubakar Mustapha, during a courtesy visit to the Authority’s headq

                                     For many manufacturers, insurance has long been regarded as little more than a regulatory obligation rather than a strategic business asset. It often becomes a priority only after a major disruption, a factory fire, cargo loss, machinery damage or delays to investment projects caused by inadequate insurance cover.
Manufacturers also contend with rising insurance cos

Chairman, Alliance for Economic Research and Ethics (AERE), Dele Oye, has raised the alarm that an estimated eight million micro, small and medium enterprises (MSMEs) shut down across Nigeria between January 2023 and June 2024, representing about 20 per cent of the country’s estimated 40 million SMEs.
He also warned that the scale of the collapse exposes a deepening crisis in the sector, describing it as an existential threat to Nigeria’s economic foundation.
He disclosed the figures

Experts have identified innovation, stronger collaboration, digital transformation and supportive government policies as critical to unlocking the vast growth potential of Nigeria’s paint industry.
They made the call at the 33rd Annual General Meeting of the Paint Manufacturers Association of Nigeria (PMA), themed, “Future of Nigeria’s Paint Industry: Strategy for Growth and Sustainability.”
Chairman of PMA and Group Managing Director of Chemstar Industries Limited, Adeda

From Adline Elechi, Abuja
The Pink Fleur Foundation says it has empowered more than one million women across Nigeria with financial knowledge, entrepreneurial skills and access to opportunities aimed at helping them build wealth and achieve long-term financial security.
Speaking during a recent women empowerment campaign in Abuja, the Founder of the foundation, Zainab Salihijo, said the organisation was established to address the economic challenges facing women, particularly those in underserve

More than 76,000 jobs have been cut by the world’s biggest technology companies in the first seven months of 2026.
This comes as firms accelerate restructuring efforts driven by artificial intelligence, cost optimisation and changing business priorities.
A report by Nairametrics showed that the 10 largest technology layoffs announced globally this year affected more than 76,000 employees, with industry giants including Oracle, Amazon, Dell Technologies, Meta, Microsoft, Cisco, Intuit, Atl

From Adanna Nnamani
The Central Bank of Nigeria (CBN) has said Nigeria’s recent monetary and foreign exchange reforms demonstrate that economic recovery is achievable when difficult policy decisions are implemented consistently, but warned that such reforms alone cannot deliver Africa’s long-term growth ambitions.
Speaking at the opening of the 7th Africa Emerging Markets Forum in Abuja on Wednesday, the CBN’s Deputy Governor for Corporate Services, Muhammad Abdullahi, said Afr

 …Honoured for safety, growth, COVID-19 managementThe Executive Chairman of United Nigeria Airlines (UNA), Prof. Obiora Okonkwo, has been conferred with a gold medal award by the Institute of Nigerian Aeronautical Engineers (INAE), in recognition of the airline’s safety culture, capacity building and rapid growth despite a turbulent economic climate.The award, presented by the national president of INAE, Dr. Ebitei Charles at the International Conference Fellowship Conferment w

Sterling Financial Holdings Company Plc has reported a 20.4 per cent increase in profit after tax for the first half of 2026, driven by strong growth in lending, customer deposits and interest income as the financial services group continued to strengthen its balance sheet and expand its operations.
The unaudited results released by the company on Wednesday showed that profit after tax rose to N50.3 billion in the six months ended June 30, 2026, from the corresponding period of 2025, while profi

Africa Prudential Plc has posted a strong financial performance for the first half of 2026, with profit after tax rising by 18 per cent to N1.59 billion, as the company intensified its digital transformation strategy and diversified its revenue sources to sustain growth.
The company disclosed this during its H1 2026 Investor Call held on Tuesday, where it engaged institutional investors, shareholders, analysts, regulators and other stakeholders on its financial performance, strategic direction a

LASACO Assurance Plc has received the Securities and Exchange Commission’s (SEC) no-objection approval for the allotment of 9.24 billion ordinary shares, marking a major milestone in its recapitalisation programme aimed at meeting the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The approval covers the allotment of 9,236,321,546 ordinary shares of 50 kobo each at N2.00 per share and brings the insurer closer to completing its capital-raisi

Nigeria’s drive to achieve its 2026 oil production and revenue targets has suffered a fresh setback following the declaration of force majeure by Esso Exploration & Production Nigeria Limited (EEPNL), an affiliate of ExxonMobil, on crude exports from its Erha deepwater field. The development threatens production of about 200,000 barrels of oil per day.
The disruption comes at a critical time for the Federal Government, which is banking on higher crude oil production to boost revenue, s

Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has urged African governments to make bold investments in artificial intelligence (AI), renewable energy, and critical mineral value chains, warning that the continent risks falling behind in an increasingly technology-driven global economy.
Speaking at the 7th Africa Emerging Markets Forum in Abuja on Wednesday, Okonjo-Iweala said Africa could no longer depend on exporting raw commodities while other regions reap the b

World Trade Organisation (WTO) Director-General Ngozi Okonjo-Iweala has called for greater participation of women in leadership and economic decision-making, saying Africa cannot achieve its full development potential without harnessing the talents of its female population.
Speaking during a fireside conversation with the Governor of the Central Bank of Nigeria, Olayemi Cardoso, at the 7th African Caucus Meeting in Abuja, Okonjo-Iweala said women have a critical role to play in driving economic

‎Ahead of the commencement of its new regional services to Bamako, Conakry, Douala and Libreville on August 1, 2026, Air Peace, West and Central Africa’s largest airline, hosted a Travel Agency Forum reaffirming its commitment to strengthening collaboration with the travel agency community and expanding regional connectivity across Africa.
The forum brought together travel partners and industry stakeholders to showcase the airline’s regional expansion plans, highlight new commerc

The Central Bank of Nigeria (CBN) has said Nigeria’s recent monetary and foreign exchange reforms demonstrate that economic recovery is achievable when difficult policy decisions are implemented consistently, but warned that such reforms alone cannot deliver Africa’s long-term growth ambitions.
Speaking at the opening of the 7th Africa Emerging Markets Forum in Abuja on Wednesday, the CBN’s Deputy Governor for Corporate Services, Muhammad Sani Abdullahi, said African countries

The Rivers State High Court has ordered the Nigerian Ports Authority (NPA) and International Container Terminal Services Nigeria Limited (ICTSI Nigeria Limited) to halt all activities relating to Berth 12 at the Federal Ocean Terminal, Onne Port Complex, pending the determination of applications before the court.
The order was made on 17 July 2026 by the High Court sitting in Port Harcourt in Suit No. NHC/1/CS/2025, filed by Deep Offshore Services Nigeria Limited against the NPA and ICTSI Nigeri

By Henry Uche
The National Insurance Commission (NAICOM) has restated its commitment to nurturing the growth of Takaful and microinsurance in Nigeria, positioning them as vital tools for financial inclusion.During a courtesy visit by the Board and Management of Noor Takaful led by the Chairman of the Company,  Amb. Shuaibu Ahmad, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin commended the company’s progress and urged greater ambition in expanding market reach, driving prod

By Peter EgwuatuAVA Capital Plc, an integrated financial services group with operations in investment banking, asset management, securities trading and trusteeship, is set to list on the Nigerian Exchange Limited (NGX) by way of Listing by Introduction on Friday.According to a statement made available to Vanguard, the listing is a strategic transition into the public market aimed at strengthening the Group’s institutional profile rather than raising fresh capital.Managing Director of

By Godwin OritseMembers of the Association of Nigerian Licensed Customs Agents (ANLCA) have threatened to stage a protest over the alleged manipulation of ship manifests by some shipping companies, warning that they will expose those responsible if urgent action is not taken.  The agents said the practice could disrupt port operations and further weaken the country’s fragile economy.Former ANLCA Vice President, Kayode Farinto, accused the Mediterranean Shipping Company (MSC) and

•Urges more predictable regulatory environmentBy Yinka Kolawole The Lagos Chamber of  Commerce and Industry, LCCI, has warned that Nigeria risks losing its position as Africa’s leading technology hub unless the government accelerates policy reforms, expands digital infrastructure and creates a more predictable regulatory environment to attract investment.Speaking at the opening of the 12th ICTEL Expo 2026 in Lagos, yesterday, LCCI President, Engr. Leye Kupoluyi, said althou

•Expert blames weak power market, poor gas monetisation incentives By Ediri EjohDespite the Federal Government’s gas flaring penalties and efforts to curb the practice, Nigeria lost an estimated 62,400 gigawatt-hours (GWh) of potential electricity generation from flared gas between 2024 and 2025, representing an 18.6 per cent increase from 50,800 GWh recorded during 2022 and 2023.The losses come as the global oil and gas industry shifts from flaring associated gas to captur

By Peter EgwuatuThe National Assembly has commended the Securities and Exchange Commission (SEC) for strengthening its fiscal sustainability through improved revenue generation and prudent cost management.Deputy Chairman of the House of Representatives Committee on Finance, Hon. Saeed Musa Abdullahi, gave the commendation during the 2026 Revenue Monitoring Exercise with the Commission in Abuja.Addressing the SEC management, Abdullahi said: “DG, you have done significantly well. We ha

•Move to deepen Africa’s debt markets, boost credit transparencyBy Babajide KomolafeS&P Global has agreed to acquire a majority stake in Agusto & Company Limited, a leading Pan-African credit rating agency, in a move aimed at strengthening its presence in Africa’s domestic debt markets and enhancing credit transparency across the continent.The transaction, which is subject to regulatory approvals, will support the expansion strategy of S&P Global Ratings in Afr

By Udeme AkpanPetrol depot prices declined across major supply centres  yesterday  as marketers implemented fresh price cuts, signalling increased competition in the downstream petroleum market.An analysis of the mid-day depot price report showed that most major depots in Lagos, Warri, Calabar and Port Harcourt either reduced their prices or maintained existing rates, with no depot recording an increase in the price.In Lagos, the Dangote Petroleum Refinery retained its ex-depot p

By Babajide KomolafeNigeria has lost nearly half of its dollar millionaires over the past decade, with the population of high-net-worth individuals falling by 47 per cent between 2015 and 2025, according to the 2025 Africa Wealth Report by Henley & Partners in collaboration with New World Wealth.Despite the sharp erosion in private wealth, Nigeria retained its position as Africa’s fourth-largest hub for dollar millionaires, with 7,200 millionaires, 20 centi-millionaires (individu

Nigeria is attracting more foreign investment than it did a year ago, but economists are warning that much of the money flowing into the country can leave just as quickly, making the economy more vulnerable to global financial shocks.
This warning came from Quest Merchant Bank, which said Nigeria’s growing dependence on foreign portfolio investments, often referred to as “hot money”, is increasing the country’s exposure to external risks, even as efforts to stabilise the

From Godwin Tsa, AbujaThe Nigeria Customs Service (NCS) has released the final list of successful candidates in its 2024/2025 recruitment exercise for the rank of Assistant Superintendent of Customs II (ASC II), with the next stage of the process uploading medical certificates of fitness set to begin Wednesday.
According to a statement issued Monday by the Service’s National Public Relations Officer, Deputy Comptroller of Customs Abdullahi Maiwada, successful candidates have been advised t

The Managing Director/Chief Executive Officer of the Oil and Gas Free Zones Authority (OGFZA), Usman Bamanga Jada, will chair the 2026 Annual Conference of the Maritime Correspondents’ Organisation of Nigeria (MARCON), where stakeholders will explore the role of Special Economic Zones (SEZs) in advancing Nigeria’s blue economy.
The conference, scheduled for Thursday, July 30, 2026, will focus on the theme, “Special Economic Zones as Catalysts to Sustainable Blue Economy.”

CANAL+ Africa has paid tribute to the Chief Executive Officer of MultiChoice Group Rest of Africa, Fhulu Badugela, as she prepares to exit the company at the end of this month after more than two decades of service.
The company, in a statement on Tuesday, described Badugela as one of its most respected leaders, noting that she played a key role in the growth and transformation of the business across the African continent.
It said that as CEO of MultiChoice Group Rest of Africa, Badugela led oper

From Isaac Anumihe and Adline Elechi, AbujaThe Federal Government has decried the spate of building collapses in Nigeria, lamenting that since 1974 Nigeria has recorded more than 650 building collapses and over 1,600 deaths.
This is as it said that the real estate sector alone accounts for about 13.4 per cent of Nigeria’s Gross Domestic Product (GDP), at about N41 trillion, the third largest sector, ahead of telecommunications and the oil sector.Speaking at the Stakeholders’ Validati

Nigeria’s oil and gas sector has found itself at the centre of an intense public debate in recent weeks, with a flurry of open letters and opinion articles questioning the direction of reforms under President Bola Tinubu’s administration and the management of the Nigerian National Petroleum Company Limited (NNPC Ltd). While robust public scrutiny remains essential in a democratic society, much of the criticism has focused on speculation rather than verifiable industry data, creating

•Experts list solutions
 
From Adanna Nnamani, Abuja and Henry UcheA worrisome paradox has played out in Nigeria for decades. There has been a spike in natural and man-made disasters without a corresponding increase in the number of insurance subscribers.
Most Nigerians are weathering the storm on their own, totally subbing insurance to shoulder their worries.Today, floods, fires, building collapses, road crashes and other disasters are destroying lives and assets across the country, y

Insurance operators have called on the federal government to make insurance a central component of Nigeria’s housing policy, warning that the country’s drive to bridge its housing deficit and attract investment into the real estate sector will remain vulnerable unless homes and critical infrastructure are adequately protected against risks.
The experts argued that while governments at all levels have intensified efforts to close Nigeria’s estimated housing deficit through incre

Last Friday, the United States imposed fresh tariffs of between 10 and 12.5 per cent on imports from more than 80 countries, including Nigeria, citing concerns over the use of forced labour in global supply chains.
The new tariffs replace the blanket 10 per cent duty introduced earlier by President Donald Trump and took effect at midnight on Friday following the announcement.
According to the Office of the U.S. Trade Representative (USTR), the measures followed a five-month investigation into th

Former Acting National President of the Association of Nigerian Licensed Customs Agents (ANLCA), Dr. Kayode Farinto, has said that the increasing dominance of foreign players in the freight forwarding business is swelling the unemployment crisis, encouraging capital flight and posing serious national security risks.
He, therefore, called on the National Assembly to urgently initiate legislation that would reserve critical aspects of Nigeria’s freight forwarding and customs brokerage busine

Lekki Port has strengthened its position as a major gateway for international trade following the maiden call of the HMM–ONE Alliance service at the Lekki Deep Seaport recently.
The development marks another milestone in the port’s integration into global shipping networks and is expected to enhance Nigeria’s connectivity to key international trade routes.
The maiden vessel call follows the launch of the Mediterranean West Africa Service (MA2), a new container service jointly o