Economy
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Nigeria’s capital market leads Africa with transition to t+1 settlement cycle
The Nigerian capital market on Monday achieved a historic milestone with the successful transition to a T+1 settlement cycle, becoming the first market in Africa to implement the shortened settlement framework designed to enhance efficiency, reduce risk, and improve global competitiveness. Speaking at the T+1 Settlement Cycle Transition Ceremony in Lagos, the Director-General of the Securities and Exchange Commission (SEC),…
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First Abu Dhabi Bank, Etihad Airways set to launch operations in Nigeria
First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates (UAE), and Etihad Airways are set to launch operations in Nigeria as both countries strengthen economic and commercial relations. The UAE Ambassador to Nigeria, Salem Saeed Al-Shamsi, disclosed this during a meeting with the Minister of State for Foreign Affairs, Bianca Odumegwu-Ojukwu, in Abuja, stating that FAB…
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NNPC records 37% surge in crude sales, posts N481bn profit in April
The Nigerian National Petroleum Company (NNPC) Limited recorded a 36.9 per cent increase in crude oil and condensate sales in April 2026, while profit after tax rose to N481 billion during the same period. According to the company’s latest monthly operational report, crude oil and condensate sales climbed to 23.65 million barrels in April from 17.27 million barrels recorded in…
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FG unveils N3.6bn scheme for Nigerian artisans, pledges industry’s upgrade
By Boye Oyeyemi The Director-General of the Industrial Training Fund, Dr Afiz Oluwatoyin Ogun, has said that artisans will play a key role in driving President Bola Tinubu’s Renewed Hope Agenda, especially as the current administration has accorded the sector unprecedented recognition. Ogun made the remark on Saturday in Akure, Ondo State, during the inauguration of the Nigeria Artisans for…
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Oyedele: Economic volatility from subsidy removal, FX reforms was unavoidable
Minister of Finance, Taiwo Oyedele, has said the economic volatility that followed the removal of petrol subsidies and foreign exchange reforms was inevitable, describing the disruptions as a necessary consequence of correcting long-standing distortions in Nigeria’s economy. Speaking in an interview with The African Report published on Friday, Oyedele said the government anticipated a period of instability as it moved…
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Fuel subsidy removal saved Nigeria from bankruptcy, says Tinubu
President Bola Tinubu says the removal of fuel subsidy by his administration saved Nigeria from imminent bankruptcy and has begun to stabilise the economy. He made the statement on Friday while hosting state governors who visited him in Lagos to celebrate Sallah and mark the third anniversary of his administration. Tinubu said the policy, though painful, was necessary after years…
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FG spent N3.41trn on debt servicing in Q3 2025, says Budget office
The budget office of the federation revealed that the Federal Government spent an estimated N3.41 trillion on debt servicing in the third quarter (Q3) of 2025. In its recent 2025 Q3 macroeconomics & financial analysis report, the office said the figure represents N171.9 billion or 4.8 percent below the projected N3.58 trillion for the period. “Total Debt Service in the…
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CBN shifts PoS geo-fencing enforcement to August 1
The Central Bank of Nigeria (CBN) has postponed the enforcement of its mandatory Point of Sale (PoS) terminal geo-fencing framework to August 1, 2026, while significantly expanding the permitted geo-fence radius for operators. This was according to a circular dated May 29, 2026 and signed by the Director of the Payments System Supervision Department, Dr Rakiya O. Yusuf. According to…
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FG pledges support for electric vehicle industry growth in Nigeria
The federal government has restated its commitment to supporting the development of the electric vehicle (EV) industry in Nigeria through policies aimed at strengthening local content, innovation, technology transfer and industrial growth. The Minister of Science and Technology, Kingsley Udeh, gave the assurance at the inaugural meeting of the Electric Vehicle Assemblers and Manufacturers Association of Nigeria (EVAMAN) in Abuja.…
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ICAO tightens rules on travellers’ use of power banks over safety concerns
The International Civil Aviation Organisation (ICAO) has introduced stricter global regulations on portable power banks, as aviation authorities respond to a rise in fire-related incidents involving lithium battery devices on aircraft. Under the new guidelines issued in March, passengers are limited to carrying a maximum of two power banks, while in-flight charging is prohibited. The organisation also banned power banks…
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