Nigeria Economy news

Investors lost N1.811 trillion on Monday as widespread profit-taking in major equities dragged the stock market into negative territory on the first trading day of June.The decline came as the market began trading under the newly introduced T+1 settlement cycle.The cycle marks a significant milestone in the ongoing efforts to enhance efficiency and competitiveness in the capital market.Heavy profit-taking in BUA Cement, Trans-nationwide Express, John Holt, Red Star Express and Deap Capital Mana

By Efe Onodjae The Nigerian Safety Investigation Bureau, NSIB, has commenced investigation into the collision involving container vessel, MV Maersk Valparaiso, and oil tanker, MT Lady Martina, at Bonny Anchorage in Rivers State.The incident, which occurred on May 20, 2026, has been classified by the Bureau as a “Very Serious Marine Casualty.”In a statement issued yesterday by the Director, Public Affairs and Family Assistance of NSIB, Mrs Funke Adebayo-Arowojobe, the

….Accuses Customs, NAFDAC, SON of enforcement failureBy Cynthia AloDespite the retention of vegetable oil on the Federal Government’s prohibition list under the 2026 fiscal policy measures, the National Chairman of the Vegetable/Edible Oil Producers Association of Nigeria (VEOPAN), Okey Ikoro, said the local market is still dominated by more than 100 imported oil brands, warning this threatens investments and discourages backward integration in the sector.Speaking on Arise New

By Yinka KolawoleThe Federal Road Safety Corps (FRSC) has commended Dangote Cement Plc for delivering measurable and transformative improvements in road safety, noting a significant decline in articulated truck crashes across Nigeria following the introduction of innovative transport safety policies and operational reforms.The Corps described Dangote Cement as a benchmark for transport management and road safety practices, not only in Nigeria but across Africa.Speaking during a visit to th

By Emma Ujah, Abuja Bureau Chief The Central Bank of Nigeria (CBN) has extended the deadline for enforcement of its Point of Sale (PoS) terminal geo-fencing framework to July 31, giving more room for compliance.This was disclosed in a circular issued by the CBN Director of the Payments System Supervision Department, Rakiya Yusur.The CBN had directed that all PoS terminals in the country be geo-tagged to curb the use of POS for fraud and robbery.The directive requires all players in Ni

By Peter Egwuatu The Nigerian stock market sustained its bullish momentum in May 2026 as investors gained over N4.514 trillion during the month.Meanwhile, Week-on-Week, WoW, the market, last week, also recovered from the losses it recorded previous week to post a N431 billion gain at close of trading last Friday.In the month of May, the NGX market capitalisation, which represents the total value of stocks listed on the Exchange, surged to N160.077 trillion from N155.994 trillion recor

•Education-related travel gulps $2.84bn   •Foreign airlines dominate travel tickets   •This highlights systemic failures – expertsBy Babajide Komolafe, Economy Editor & Dickson OmobolaNigerians spent $5.996 billion on airline tickets for foreign travels in 2025, a 32 per cent rise, year-on-year, YoY, amid increases in education related travels and a surge in international business engagements.Other increases are in connection with medi