Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has warned that the escalating conflict in the Middle East could complicate Nigeria’s monetary policy outlook, particularly plans around interest rate adjustments. Speaking in an interview with the Financial Times, Cardoso said tensions involving the United States, Israel, and Iran pose significant risks to inflation and could influence future decisions on borrowing costs. According to him, geopolitical shocks are most likely to impact Nigeria through rising energy prices and shifts in global financial conditions—two critical variables closely monitored by policymakers. Higher oil prices, he noted, present a mixed outcome for…
Author: Elvis Eromosele
Nigeria has secured a £746 million financing agreement from the United Kingdom to upgrade its key seaports in Lagos, in a move aimed at boosting trade efficiency and strengthening the country’s maritime sector. Adegboyega Oyetola, Minister of Marine and Blue Economy, disclosed that the deal will fund the modernisation of the Apapa and Tin Can Island ports, Nigeria’s busiest and most critical maritime gateways. The agreement, backed by UK Export Finance (UKEF), is scheduled to be formally signed on March 18 and 19 at Windsor Castle, where President Bola Tinubu is expected to be hosted by King Charles III. The…
Nigerian artists recorded a major milestone in 2025, generating over 30 billion streams on Spotify and raking in an estimated ₦60 billion in revenue, according to the platform’s latest Loud & Clear report. The figures highlight the growing global appeal of Nigerian music as well as the expanding economic opportunities for artists within the industry. The report shows that Nigerian artists generated 1.6 billion listening hours on Spotify in 2025, reflecting strong audience engagement both locally and internationally. They were also discovered by new listeners more than 1.3 billion times, representing a 26 per cent increase compared to 2024, an…
Nigeria’s food import bill surged to a four-year high in 2025, driven largely by the Federal Government’s import waiver policy introduced to curb rising food prices. Data from the National Bureau of Statistics (NBS) show that the country spent ₦7.65 trillion on food and beverage imports in 2025, up sharply from ₦2.86 trillion in 2022 and ₦3.83 trillion in 2023. The spike has been linked to the 2024 import waiver policy, which was introduced to tackle soaring food inflation that had climbed above 40 per cent at its peak. While the policy helped ease food price pressures, it has also significantly…
Saudi Aramco has resumed operations at its flagship Ras Tanura refinery, helping to ease oil supply concerns across the Middle East following weeks of disruption triggered by regional tensions. The refinery, Saudi Arabia’s largest, with a capacity of about 550,000 barrels per day, was temporarily shut down on March 2 as a precaution after a nearby drone incident, according to reports cited by Bloomberg. Saudi authorities had earlier confirmed that operations were halted after two drones were intercepted near the facility amid heightened geopolitical tensions in the Gulf. The shutdown came during a period of escalating conflict involving Iran, the…
The Federal Government of Nigeria has declared Thursday, March 19, and Friday, March 20, 2026, as public holidays to mark Eid al-Fitr, the festival that signals the end of the Muslim holy month of Ramadan. The announcement was made in a statement issued by Magdalene Ajani, the Permanent Secretary of the Ministry of Interior Nigeria, on behalf of Olubunmi Tunji-Ojo. the Minister of Interior. In his message, the minister congratulated Muslim faithful on the successful completion of the Ramadan fast and urged them to uphold the values of love, generosity, peace, tolerance, and sacrifice cultivated during the period. Tunji-Ojo also…
Coronation Merchant Bank has successfully completed its recapitalisation programme, raising its paid-up capital to ₦50.26 billion, thereby meeting the ₦50 billion minimum capital requirement set by the Central Bank of Nigeria (CBN) for merchant banks. The capital raise was executed through a combined rights issue and private placement, which generated more than ₦32.09 billion in new equity capital, significantly strengthening the bank’s balance sheet and positioning it for stronger operational resilience and growth. According to the bank, the recapitalisation exercise received strong backing from existing shareholders and strategic investors, reflecting confidence in the institution’s long-term strategy and market positioning. Commenting…
Nigeria’s capital market regulators have begun a review of free-float requirements for listed companies in a move aimed at improving liquidity, strengthening market transparency, and attracting more investors to the equity market. The development was confirmed on Monday by Nigerian Exchange Group (NGX Group), which said it is working with the Securities and Exchange Commission (SEC) to reassess existing rules governing publicly tradable shares. The review follows concerns that low levels of publicly available shares in some listed firms are limiting trading activity and increasing the risk of sharp price volatility in the market. Under the current framework on the…
Nigeria’s headline inflation rate moderated marginally to 15.06 per cent in February 2026, down from 15.10 percent recorded in January 2026, according to the latest figures released by the National Bureau of Statistics (NBS). The data show that while inflation slowed slightly on a year-on-year basis, price pressures increased on a month-on-month basis, suggesting that short-term cost pressures remain in the economy. The NBS report indicated that the Consumer Price Index (CPI), which measures changes in the average prices of goods and services, rose to 130.0 in February, up from 127.4 in January 2026. According to the report, the latest…
MTN Group has returned to profitability and announced a higher-than-expected dividend, buoyed by a gradual easing of the currency pressures that weighed heavily on the telecom giant’s earnings in the previous year. The Africa-focused mobile operator said the improved performance reflects stabilising exchange rates across several of its key markets, which had earlier suffered sharp currency devaluations that significantly impacted the company’s financial results. The stronger outlook enabled the group to declare a dividend that exceeded analysts’ expectations, signalling renewed confidence in its earnings trajectory and its ability to generate value for shareholders. Currency volatility had previously posed a major…