FG, World Bank Cancel $717.7 Million Power Sector Loan as Tariff Deficits Worsen
The Federal Government and the World Bank have agreed to cancel approximately $717.7 million in undisbursed funding under the Power…
Month: May 2026
VFD Group Eyes Pan-African Expansion After ₦50.67bn Rights Issue Boost
VFD Group has announced plans to deepen its footprint across Africa as it pursues a carefully structured expansion strategy aimed…
Nigeria Receives $187.3m US Aid as Washington Tightens Funding Conditions
Nigeria has received a total of $187.3 million in US foreign assistance in 2026, according to new data published by…
Nigeria Private Sector Credit Declines by N14 Trillion Despite CBN Rate Cut
Nigeria’s private sector has recorded a sharp contraction in lending, with credit falling by over N14 trillion within just two…
Alaoji Power Plant Restored: NDPHC Revives 450MW Facility Amid Nigeria Electricity Recovery Push
Nigeria’s power sector received a major boost as the Niger Delta Power Holding Company (NDPHC) announced the restoration of the…
Digital Switch-Over: NBC Says N605.2 Trillion Advertising Market Set to Be Unlocked in Nigeria
The National Broadcasting Commission (NBC) has projected that Nigeria’s upcoming Digital Switch-Over (DSO) will unlock a massive N605.2 billion advertising…
Microsoft’s new responsible tech lead on how to humanize high-speed AI development
Microsoft’s responsible AI development is facing the ultimate test: how to build cutting-edge technology at speed without losing sight of…
South Korea Kospi Hits Record High as Asian Markets Trade Mixed on Iran Peace Hopes
South Korea’s benchmark Kospi index surged to a fresh record high on Tuesday, leading gains across Asian markets as trading…
NGX ETF Turnover Drops 31% to N815.90m as Investor Activity Weakens Across Major Funds
Trading activity on the Nigerian Exchange (NGX) Exchange Traded Fund (ETF) segment slowed sharply in the week ended May 22,…
Capital Markets Urged to Fund Africa’s Creative Economy — Kwairanga Pushes for New Investment Class
African capital markets have been urged to expand their investment focus beyond traditional sectors such as oil, banking, and manufacturing,…
Oil Prices Rise as US Strikes in Iran Stall Peace Deal Hopes, Global Stocks Turn Mixed
Global oil prices climbed on Tuesday while stock markets showed mixed performance, as renewed U.S. military strikes in southern Iran…
UK Exempts Nigeria from Russian Fuel Sanctions Tightening Amid Global Energy Shift
The United Kingdom has exempted Nigeria from stricter compliance checks under its updated sanctions regime targeting fuel products refined from…
Nigeria’s Refinery Struggles Deepen as Fuel Import Bill Hits ₦46.17 Trillion Amid Calls for Local Production Reform
Nigeria’s dependence on imported fuel continues to spark debate as industry experts warn that local refineries are still struggling with…
CBN Injects N9.71 Trillion Through OMO Bills as Naira Gains N19.67 Against Dollar in April
Nigeria’s foreign exchange market showed signs of renewed stability in April 2026, with the naira appreciating by N19.67 against the…
Nigeria, Turkey Seal Mining Partnership to Boost Investment and Solid Minerals Development
Nigeria has taken another step toward attracting foreign investment into its mining industry after signing a landmark memorandum of understanding…
Dangote faces price war as NNPC backs fuel imports
Nigeria’s downstream petroleum sector is heading for another major showdown as the Nigerian National Petroleum Company Limited (NNPC) and fuel…
FG Cancels $717.7 Million World Bank Power Loan as Nigeria’s Electricity Crisis Deepens
Nigeria’s efforts to revive its struggling electricity sector suffered a major setback after the Federal Government cancelled $717.7 million in…
Foreign Investors, Banks Target Nigerian Insurance Firms as Recapitalisation Deadline Nears
As Nigeria’s insurance industry races against the clock to meet new capital requirements, foreign investors and local banks are increasingly…
Nigeria’s Oil Sector Contributes 3.92% to GDP in Q1 2026 Despite Improved Growth Performance
Nigeria’s oil sector accounted for 3.92% of the country’s real Gross Domestic Product (GDP) in the first quarter of 2026,…
Nigeria’s GDP Grows 3.89% in Q1 2026 as Agriculture and Services Power Economic Expansion
Nigeria’s economy began 2026 on a stronger footing, with the country’s Gross Domestic Product (GDP) expanding by 3.89% year-on-year in…
NGX Boss Urges CBN to Integrate Capital Market Development into Monetary Policy for Stronger Economic Growth
The Group Managing Director and Chief Executive Officer of the Nigerian Exchange Group (NGX Group), Temi Popoola, has urged the…
Naira Weakens to N1,375/$ Amid Rising FX Pressure Despite $48.72bn External Reserves
The Naira weakened to N1,375.46 per dollar in the official market last week, marking a 0.32% decline as pressure from…
Capital market awards spotlight rising investor participation
Nigeria’s capital market is once again taking centre stage as preparations begin for the second edition of the Capital Market…
MPC Holds Interest Rate at 26.5% as Inflation Pressures Rise: What It Means for Nigeria’s Economy
At its 305th meeting, Nigeria’s Monetary Policy Committee (MPC) chose to keep the Monetary Policy Rate (MPR) unchanged at 26.5%,…
Nigeria’s Economic Pulse: NBS GDP Report, AfDB Meetings, Dangote Refinery IPO and Key Business Moves to Watch This Week
Nigeria and the wider African business landscape are set for a packed week of economic signals and high-level policy discussions,…
Nigerian Stock Market Rally Faces Overbought Signals Despite Strong Valuations and Bullish Outlook
The Nigerian Exchange Group (NGX) is riding one of its strongest bull runs in history, with the All-Share Index (ASI)…
Oil Prices May Crash as Iran–US Peace Talks Signal Possible Reopening of Strait of Hormuz
Global oil markets may be heading for a major shake-up as renewed Iran–US peace talks raise hopes of reopening the…
Cooking Gas Crisis in Nigeria: Prices Hit ₦1,500/kg as Marketers Warn of Scarcity and Economic Shock
Nigeria’s cooking gas market is under fresh pressure as marketers raise alarm over worsening scarcity and a sharp increase in…
Google Faces AI Security Scrutiny as Experts Warn Businesses Against Emerging Threats
As businesses race to adopt artificial intelligence, experts are warning that security can no longer be treated as an afterthought.…
CPPE Defends Dangote Refinery, Rejects Monopoly Claims and Calls for Stronger Local Refining Support
The Centre for the Promotion of Private Enterprise (CPPE) has rejected allegations that the Dangote Refinery poses a monopolistic threat…