Economy
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Fitch projects drop in Nigeria’s foreign reserves to $47bn in 2026
Fitch Ratings has projected that Nigeria’s foreign exchange reserves will decline to $47 billion by the end of 2026, despite ongoing reforms aimed at stabilising the economy. The rating agency in a report affirmed Nigeria’s Long-Term Foreign Currency Issuer Default Rating (IDR) at ‘B’ with a Stable Outlook. Fitch said the rating reflects Nigeria’s large economy, liquid domestic debt market,…
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Dangote Refinery targets $5bn Africa IPO record
Nigeria’s biggest local investor, Aliko Dangote, is moving ahead with plans to launch what could become Africa’s largest initial public offering, as Dangote Petroleum Refinery & Petrochemicals prepares to raise up to $5 billion from investors. The share sale is expected to open as early as May, with analysts valuing the company between $40 billion and $50 billion, making it…
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FG pushes for global support amid inflation pressures
The Minister of Finance, Wale Edun, is ramping up the push for global support as Nigeria navigates the dual impact of rising oil revenues and mounting inflation pressures triggered by the ongoing Middle East conflict. In a media brief released ahead of the IMF/World Bank Spring Meetings 2026 in Washington DC, Edun outlined three core policy messages that will shape…
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Coronation Insurance, others seek approval to raise N100bn
Coronation Insurance Plc, among others insurance companies are concluding arrangements to raise about N100 billion in the first cluster of the industry’s recapitalisation plan. Nigerian Insurance Industry Reform Act (NIIRA) 2025 increased the minimum capital for life insurance businesses from N2 billion to N10 billion, non-life insurance firms from N3 billion to N15 billion and reinsurance companies from N10 billion…
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CBN imposes N1.95bn sanction on Zenith Bank
The Central Bank of Nigeria (CBN) in the 2025 financial year imposed N1.95 billion sanction on Zenith Bank for failing to comply with banking sector’s regulations. From the audited result and accounts for full year ended December 31, 2025, the lender disclosed that it was sanctioned N1.4 billion relating to non-compliance to CBN policy on intervention facility and N300 million…
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Oyedele refutes admitting errors in new tax laws
The Minister of State for Finance and Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, has dismissed reports that he has “finally admitted errors in the new tax laws.” According to a statement by the Presidential Fiscal Policy and Tax Reforms Committee, the publications misrepresent the minister’s statements, falsely alleging that he urged Nigerians to await the…
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FG, NCDC collaborate to develop solid minerals sector in North Central
The Federal Government and the North Central Development Commission (NCDC) have strengthened collaboration to develop the solid minerals sector in the North Central region and boost job creation through mineral processing. Minister of Solid Minerals Development, Dele Alake, disclosed this while receiving the management team of the commission, noting that the partnership is aimed at strengthening the sector and integrating…
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Dangote Cement, 19 other companies to reward shareholders with N2.8trn as dividend
Shareholders of Dangote Cement Plc and 19 others listed companies listed on the Nigerian Exchange Limited (NGX) are set to receive a combined dividend payout of not less than N2.8 trillion for the 2025 financial year amid impressive corporate earnings. The dividend distribution, compiled from company filings and corporate disclosures, highlights robust profitability across key sectors, including banking, cement, consumer…
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AfDB backs Nigeria with $200m for broadband expansion, job creation
The African Development Bank Group has approved a $200 million loan to support the expansion of Nigeria’s digital infrastructure and drive job creation across the country. The funding will be deployed under the Digital Value Chain Infrastructure for Boosting Employment (D-VIBE) Project, a major initiative aimed at improving connectivity and strengthening the nation’s digital economy. According to the bank, the…
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Ondo grants licenses to two firms in ongoing power improvement efforts
By Boye Oyeyemi The Ondo State Government has issued power generation and distribution licenses to Ore Power Limited and ASB Valiant Electricity Limited in a move aimed at improving electricity supply across the state. The licences were granted through the Ondo State Electricity Regulatory Bureau under the Ondo State Electricity Law, 2020, at a ceremony held in Akure. The Commissioner…
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