Economy
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Foreign reserves surge $7.09bn YtD to hit $52.66bn
Nigeria’s foreign reserves have grown by $7.09 billion since the beginning of 2026, reaching $52.66 billion as of August 19, according to latest figures from the Central Bank of Nigeria (CBN). The growth represents a 15.6per cent expansion in less than eight months, up from $45.57 billion recorded on January 2, 2026. This development strengthens the central bank’s external buffer,…
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NNPC, partners seal deal to unlock $21bn Bonga Southwest/Aparo project
The Nigerian National Petroleum Company Limited (NNPC Ltd) and partners in the OML 118 project have signed key agreements to move the Bonga Southwest/Aparo (BSWAp) deepwater project closer to development. The agreements, signed on Monday in Abuja, cover addenda to the Production Sharing Contract (PSC) and Dispute Settlement Agreement (DSA), and are expected to pave the way for the project’s…
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Restoring petrol subsidy will reverse economic gains, says information minister
The Minister of Information and National Orientation, Mohammed Idris, has cautioned against calls to restore petrol subsidy, warning that such a move could undermine Nigeria’s improving fiscal position, weaken investor confidence and reverse gains from the economic reforms of President Bola Tinubu’s administration. Idris stated this in a statement issued by his special assistant on media, Rabiu Ibrahim, in reaction…
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Fuel subsidy reversal unthinkable, says CPPE boss
The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, has described any attempt to reverse the removal of petrol subsidy as unthinkable, arguing that the policy is critical to Nigeria’s economic recovery. Yusuf said President Bola Tinubu’s decision to end subsidy payments had helped correct longstanding distortions in the economy and reduce leakages…
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NGX transactions up by 38% to N2.37trn in July 2026
Trading activity on Nigerian Exchange Limited (NGX) rose significantly in July 2026, with total transactions increasing to N2.37 trillion, representing a 38.17 per cent increase from the N1.71 trillion recorded in June. The July performance also represented a 30.45 per cent increase from the N1.82 trillion recorded in the corresponding period of 2025, according to the latest Domestic and Foreign…
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Nigerians stock market correction offers fresh price discovery after 53.81% YtD rally
The correction in Nigerian equities is shifting the market from broad-based momentum towards more selective price discovery after a rally that lifted the NGX All-Share Index by 53.81 per cent year-to-date. The ASI declined 1.35per cent in the week ended August 21, 2026, closing at 239,351.16, while equity market capitalisation closed at N154.53 trillion. Despite the decline, the market remains…
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Oyo TUC Chairman Olabiyi-Agoro named PENGASSAN president
By Adejayan Gbenga Chairman of the Trade Union Congress, TUC, Oyo State Council, Comrade Bosun Olabiyi-Agoro, has emerged as the National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN. Olabiyi-Agoro emerged unopposed at the association’s first Quadrennial Delegates Conference held in Abuja on Saturday, succeeding Festus Osifo, who previously led the association. Osifo is the…
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Hamzat advises young workers to live with parents or share rent
By Adeola Ogunrinde Lagos State Deputy Governor, Obafemi Hamzat, on Thursday advised young workers against feeling pressured to immediately rent expensive apartments, urging them to consider living with their parents, relatives or sharing accommodation while building their finances. Hamzat gave the advice during a question-and-answer session with Nigeria Info FM, while responding to concerns about how young workers earning low…
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AFRACA-NIRSAL builds financial institutions’ capacity for climate, AI-driven agricultural finance
The African Rural and Agricultural Credit Association (AFRACA), in collaboration with NIRSAL Plc and other partners, has convened finance-sector professionals from across Africa in Lagos for the AFRACA Masterclass on Inclusive Finance for Climate Resilience and Artificial Intelligence for Financial Services and Agricultural Finance. The week-long programme brings together participants from Uganda, Ghana, Tanzania, the Democratic Republic of Congo, Kenya,…
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NALDA to plant one million economic trees across Nigeria
By Mosunmola Ayobami, Ilorin The National Agricultural Land Development Authority (NALDA) has commenced plans to plant at least one million economic trees across Nigeria’s six geopolitical zones to tackle climate change, restore degraded ecosystems and improve rural livelihoods. The initiative, under the authority’s Green Hope Project and Youth Agroforestry and Climate Action Campaign, has so far seen 5,000 trees planted…
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