Economy
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Nigerian banks may raise N1.7trn amid CBN’s 20% HoldCo buffer, says RenCap
Renaissance Capital (RenCap) has warned that Nigerian banks could be required to raise more than N1.7 trillion in fresh capital and undertake major restructuring of their group operations if the Central Bank of Nigeria (CBN) proceeds with its proposed Financial Holding Company (FHC) framework. In a report titled “Nigerian Banks: More Capital, Declining Returns” published on July 16, 2026 and…
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Nigeria pursuing reforms to boost sovereign credit rating, FG says
The federal government on Thursday said it is pursuing wide-ranging fiscal and economic reforms aimed at improving Nigeria’s sovereign credit rating, attracting investment and supporting long-term economic growth. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this at the High-Level Debriefing Meeting on the Credit Ratings Needs Assessment Mission for Nigeria in Abuja. Represented by…
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At $51.9bn, Nigeria’s external reserves highest peak since 2009
Nigeria’s external reserves have climbed to $51.9 billion, marking their highest level in more than 17 years and surpassing the Central Bank of Nigeria’s (CBN) projection for the year. Data from the CBN revealed that the country’s gross foreign reserves stood at $51.9 billion as of Tuesday, July 14, 2026, extending a strong upward trend that has gathered pace in…
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FAAC shares ₦2.551tn June revenue among FG, states, LGs
The Federation Account Allocation Committee (FAAC) has shared a total of ₦2.551 trillion as Federation Account revenue for June 2026 among the Federal Government, the 36 states and the 774 local government councils. The allocation was approved at FAAC’s July 2026 meeting held in Abuja and chaired by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.…
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Dangote Refinery shields Nigeria from external price shocks, says S&P
S&P Global Commodity Insights has said Dangote Petroleum Refinery & Petrochemicals has continued to shield the Nigerian market from external price shocks by maintaining relatively stable domestic fuel prices despite rising international gasoline prices and increasing freight costs, The global rating agency disclosed this in its latest market intelligence report, noting that fuel importers supplying the Nigerian market are becoming…
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Nigeria’s economy on steady growth path, Tinubu tells Deloitte
President Bola Tinubu on Wednesday said Nigeria’s economy is on a steady growth path, declaring that the financial and fiscal reforms introduced by his administration over the past three years have begun to stabilise the economy and lay a stronger foundation for future development. The President spoke at the State House in Abuja while receiving a delegation from Deloitte Africa…
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FG approves enhanced tax incentive to unlock $20bn Shell deepwater oil project
The Federal Government has approved an enhanced production-linked tax credit of $11.50 per barrel for Shell Plc’s Bonga Southwest Aparo deepwater oil project, a move expected to unlock billions of dollars in fresh investment into Nigeria’s oil and gas sector. President Bola Tinubu first approved the gazetting of investment-linked incentives for the project on January 22, 2026, as part of…
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Nigeria’s inflation eases to 15.91% in June 2026, says NBS
The National Bureau of Statistics (NBS) on Wednesday said Nigeria’s headline inflation rate edged lower to 15.91per cent in June 2026, compared to 15.93per cent recorded in May, according to the latest Consumer Price Index (CPI) report. According to the report by NBS, the June 2026 inflation rate was significantly lower than the 25.29per cent recorded in June 2025, reflecting…
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Business confidence slips in June 2026 amid rising operational costs, says CBN survey
The Central Bank of Nigeria (CBN) has revealed that business confidence among Nigerian firms moderated in June 2026 as rising operational costs and macroeconomic pressures weighed on sentiment. The survey showed that the Business Confidence Index (BCI) declined to 7.2 points in June from 7.9 points recorded in May, reflecting a slight deterioration in business sentiment despite continued optimism about…
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FG inaugurates ministerial advisory committee to drive economic reforms
The federal government has inaugurated a Ministerial Advisory Committee (MAC) to provide independent expert advice on Nigeria’s fiscal and macroeconomic reforms, as it seeks to deepen ongoing economic reforms and accelerate inclusive growth. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, inaugurated the committee in Abuja on Tuesday, describing it as a strategic platform to strengthen…
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