Muhammad Abdullahi, a member of Nigeria’s Central Bank Monetary Policy Committee (MPC), highlighted the challenges posed by imported inflation on the nation’s price stability. Imported inflation, especially concerning food products, remains a significant hurdle for the government’s efforts to control inflation, which reached 34.80% in January 2025. Abdullahi emphasized Nigeria’s reliance on imported goods, which […]
Year: 2025
CBN postpones February MPC meeting as NBS delays rebased CPI report
The Central Bank of Nigeria (CBN) has delayed its first Monetary Policy Committee (MPC) meeting for 2025 until March due to the delayed release of the rebased Consumer Price Index (CPI) report. Initially set for February 17-18, the meeting was postponed as policymakers wait for updated inflation data. Sources within the CBN stated that the […]
Naira Rebound: Investors favour 364-day bonds, Treasury Bills
As the Nigerian naira strengthens, there has been a surge in demand for long-term fixed-income instruments. Investors are increasingly favouring 364-day bonds and Treasury bills due to their stability and attractive yields. This shift highlights investor confidence in the Central Bank of Nigeria’s (CBN) monetary policies. With the naira’s appreciation, investors are positioning themselves to […]
The Future of Borrowing; Fintech’s Challenge to Traditional Banks
In 2021, Joe Michael turned to his bank for a personal loan but was discouraged by the extensive documentation and long approval process. Unable to meet the requirements, he sought an alternative via a loan app, where the process was faster and more straightforward. He completed his registration the same day and received the loan […]
FCCPC Floors MTN As Court Upholds Its Regulatory Authority In Telecommunications Sector
The Federal Competition and Consumer Protection Commission (FCCPC) achieved a significant legal win against MTN Nigeria, as a Federal High Court ruling upheld the FCCPC’s jurisdiction over consumer protection and competition in the telecommunications industry. The court, led by Justice F.N. Ogazi, dismissed a challenge filed by MTN shareholder Emeka Nnubia, affirming that the FCCPC […]
Fintech Surge: Nigerians Shift to Digital Payments as Banks Struggle with Outages
In 2024, fintech companies like Opay and PalmPay saw significant growth as they became the go-to alternatives for financial transactions, particularly in a year when traditional banks faced frequent network outages. The rise of fintech companies has been particularly evident with mobile money transactions reaching N79.55 trillion in 2024, a dramatic 69.58% increase from the […]
Nigeria’s data privacy breaches surge amid regulatory pressure
Nigeria is experiencing a significant rise in data privacy breaches despite increased regulatory oversight by the Nigeria Data Protection Commission (NDPC). The country has seen escalating incidents of unauthorized data access, identity theft, and non-compliant mobile app practices. These breaches persist even as data protection laws, particularly the Nigeria Data Protection Act of 2023, are […]
Nigerian Manufacturers Face N666bn Cost Surge Amid Inflation and Economic Challenges”
In 2024, the cost of sales for 10 major manufacturing and consumer goods companies in Nigeria surged to N665.95bn, marking a 72.47% increase from N386.16bn in 2023. This sharp rise highlights the mounting financial pressures on the sector, driven by inflation, foreign exchange volatility, and escalating production costs. The companies involved, listed on the Nigeria […]
Equity market gains N884bn in one week
The Nigerian equity market experienced significant growth last week, with the All-Share Index climbing by 1.38% to close at 105,933.03 points. This rally translated into an impressive gain of N884 billion, pushing the market capitalization up by 1.37% to N65.592 trillion. The market’s positive performance was evident in the trading volume and value, indicating investor […]
IBM Shifts African Operations to MIBB, Exiting Key Markets in Nigeria and Ghana
IBM, the American tech giant, is reportedly set to exit Nigeria, Ghana, and other significant African markets. This shift in strategy comes as part of IBM’s new operating model, which will see its regional operations transferred to MIBB, a subsidiary of the Midis Group. Effective from April 1, 2025, MIBB will take charge of IBM’s […]
Nigeria’s GDP Growth May Fall to 0.8% in 2025, Warns Rand Merchant Bank
Nigeria’s economic growth could significantly slow down in 2025, with projections suggesting a possible dip to 0.8% growth, a rate last seen in 2021, according to a new report by Rand Merchant Bank (RMB). The report outlines several scenarios, with the most optimistic being a 3.8% GDP growth if crude oil prices remain around $72 […]
Excessive govt spending undermining monetary policy – MPC member
A member of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC), Murtala Sagagi, has raised concerns over excessive government spending, arguing that it poses a significant challenge to the effectiveness of Nigeria’s monetary policy. In a personal statement following the 298th MPC meeting, Sagagi highlighted that unchecked fiscal expenditure is undermining efforts to […]
UAC Nigeria Reports 109% Profit Growth in 2024, Driven by Strategic Market Initiatives
UAC Nigeria PLC, a diversified holding company, reported impressive financial results for the year 2024, showing a significant 109% increase in profit. According to unaudited financial statements submitted to the Nigerian Exchange (NGX), the company posted a revenue of N198 billion, marking a 64% growth compared to the previous year. The profit for the year […]
Bulls persist at NGX as equities investors earn N332.2bn
The Nigerian stock market maintained a positive trajectory, as the All-Share Index (ASI) gained 0.51%, closing at 105,324.89 points. This growth was primarily driven by strong performances in key banking stocks, including First Bank of Nigeria Holdings, Guaranty Trust Holding Company, and Access Holdings, which saw substantial increases in their share prices. These gains were […]
Mahama Nominates Thomas Nyarko Ampem as Deputy Finance Minister-GHANA
In a significant move to strengthen the country’s economic management, President John Dramani Mahama has nominated Thomas Nyarko Ampem, the Member of Parliament for Asuogyaman, as Deputy Minister-Designate for Finance. Nyarko Ampem’s appointment comes at a time when Ghana is facing major economic challenges, including high inflation, a mounting debt burden, and structural fiscal constraints. […]
Ghana National Gas Company Faces Growing Debt Crisis Amid VRA Payment Struggles
The Ghana National Gas Company Limited (GNGLC) is grappling with a deepening financial crisis, largely stemming from the inability of the Volta River Authority (VRA) to fulfill its debt obligations. By June 30, 2024, GNGLC’s debt to the Ghana National Petroleum Corporation (GNPC) had soared above $626 million, marking a troubling 12.1% increase compared to […]
FG plans new national shipping line
The Nigerian Ministry of Marine and Blue Economy has launched a strategic initiative to establish a national flag carrier through a public-private partnership. Minister Adegboyega Oyetola, in a recent address at a stakeholders’ forum in Lagos, emphasized that this initiative aims to rejuvenate the country’s maritime sector, create employment, and generate sustainable revenue streams for […]
TTP Integrates CBN’s NXP System with Ètò Electronic Call-Up to Streamline Nigeria’s Export Process
Trucks Transit Parks Ltd (TTP) has announced the successful integration of the Central Bank of Nigeria’s (CBN) Nigeria Export Proceeds (NXP) system into its Ètò electronic call-up platform, effective from January 3, 2025. This strategic collaboration involves key stakeholders, including TTP, the Nigerian Ports Authority (NPA), and CBN, aimed at modernizing Nigeria’s export processes and […]
FG must bolster domestic industries to achieve $1trn economy –NESG
The Nigerian Economic Summit Group (NESG) has called on the Federal Government to prioritize the support of local industries to ensure sustainable economic growth and reach the ambitious goal of a $1 trillion economy. This appeal was made during a visit to the Dangote Fertilizer and Dangote Petroleum Refinery & Petrochemicals in Lagos, where the […]
Edun Highlights Nigeria’s Economic Growth to Investors, Turkish Delegation
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, presented the country’s economic transformation over the past 18 months during a meeting with a delegation from First Abu Dhabi Bank and Turkish Embassy representatives. The group, led by the bank’s Group Head of Investment Banking, Martin Tricaud, explored investment opportunities and […]
Report: GenAI Flaws Could Negatively Impact Organisation’s Cybersecurity Strategies
A recent report by Sophos, a leader in cybersecurity solutions, highlights both the potential and the risks of Generative Artificial Intelligence (GenAI) in cybersecurity. The survey, which involved 400 IT leaders, revealed that while 65% of organizations have adopted GenAI, 89% of IT leaders are concerned about flaws in these AI tools that could jeopardize […]
Tinubu Proposes N54.6 Trillion Budget for 2025: Implications for Nigeria’s Economy and Growth
On February 6, 2025, President Bola Tinubu proposed a budget increase for Nigeria, raising the 2025 budget from N49.7 trillion to N54.6 trillion. This 9.77% rise seeks to stimulate economic growth through increased government spending. While expansionary budgets can promote growth, experts caution that without careful management, they can also lead to inflation. The additional […]
Naira’s Parallel Market Approaches Official Exchange Rate Amid CBN Reforms
The Nigerian naira has been steadily appreciating in the parallel market, narrowing the gap with the official foreign exchange (FX) rate following a series of reforms implemented by the Central Bank of Nigeria (CBN). On Wednesday, the naira appreciated to N1,585 per dollar, crossing the psychological threshold of N1,600 in the black market. The official […]
Trump’s Tariffs and Shale Oil Boom Pose Risks to Naira’s Recovery
Donald Trump’s imposition of strategic tariffs on imports from key trade partners, including China, Canada, and Mexico, is expected to impact global economies, including Nigeria. While the tariffs have led to projected higher prices and slower economic growth in the U.S., their ripple effects could present significant challenges for Nigeria’s recent economic recovery. Analysts are […]
U.S. Bill Could Ban Deepseek Over Security Concerns”
A new bill proposed by Republican Senator Josh Hawley aims to ban technology developed in China, such as the Chinese AI app Deepseek, in the United States. The law would impose heavy fines and jail time for violations, including up to 20 years in prison and fines up to $1 million for individuals and $100 […]
Equity market booms as NGX gains N332bn
The Nigerian Stock Exchange (NGX) experienced a significant rally on February 5, 2025, as the equity market gained NGN 332 billion, driven by increased investor activity and trading volumes. On this day, a total of 1,057,239,989 shares were traded across 15,080 transactions, with a market turnover of NGN 28.81 billion. This represented a 124% increase […]
Six companies record N255bn FX loss
Six companies listed on the Nigerian Exchange Limited reported a combined foreign exchange (FX) loss of N255.72 billion for the year ending December 31, 2024. These losses were mainly due to the depreciation of the naira and ongoing volatility in the foreign exchange market. The companies affected include BUA Foods, Caverton Offshore Support Group, Honeywell […]
FG seeks fresh $580m W’Bank loans
Nigeria is in discussions with the World Bank to secure two new loans totaling $580 million, with approval expected in March 2025. The funding will support initiatives aimed at improving education and nutrition across the country. According to the World Bank’s project pipeline, the HOPE for Quality Basic Education for All and Accelerating Nutrition Results […]
CBN Sets $25,000 Weekly Limit on BDC Forex Purchases to Stabilize Naira
The Central Bank of Nigeria (CBN) has announced new forex restrictions, limiting Bureau de Change (BDC) operators to purchasing a maximum of $25,000 per week from a single authorised dealer bank. The directive, issued in a circular signed by Dr. W. J. Kanya of the Trade and Exchange Department, aims to enhance transparency and regulate […]
NAICOM Releases New Regulation on Annuity Business Underwriting
The National Insurance Commission (NAICOM) has introduced new regulatory requirements for life insurance companies underwriting annuity policies. This move aims to curb mismanagement in the industry and establish best practices to protect retirees who depend on annuities for lifetime income. The new regulations, effective from February 1, 2025, mandate stricter financial and operational oversight for […]