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The Nigerian Naira opened the second week of March 2026 with a show of resilience, trading at 1,391.58 per dollar in the official Nigerian Foreign Exchange Market (NFEM) on Monday, March 9, 2026. This represents a slight appreciation from the 1,398.00 closing rate recorded last Friday. Market transparency remains at an all-time high as the…
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has dismissed fears of a fiscal collapse, describing Nigeria’s current economic turbulence as a necessary “fiscal correction.” In a detailed brief released on Friday, Edun argued that the administration is prioritising long-term sustainability over “short-term illusion.” The document, aimed at deepening public understanding…
The Central Bank of Nigeria (CBN) has confirmed that 30 banks have successfully met the new minimum capital thresholds ahead of the March 31 deadline. Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications, disclosed on Friday that 33 lenders have raised fresh capital through rights issues, private placements, and initial public offerings. The…
Nigeria’s Federal Government has reaffirmed that food security sits at the heart of the country’s economic stabilisation strategy, poverty reduction agenda and national sovereignty, with senior ministers using a high-level quarterly engagement forum in Abuja to outline the administration’s agricultural reform efforts and stress the importance of citizen participation in governance. The declaration came…
The Nigeria Export Promotion Council (NEPC) has warned that the widening gap in Niger State’s mining sector is bleeding the national economy. Executive Director Nonye Ayeni told a workshop in Minna on Thursday that illegal and uncoordinated mining remains a persistent rot in the industry. The Council is now pressuring the state government and local…
Nigeria’s pension industry has opened 2026 with a formidable expansion, as total assets hit N28.04 trillion by the end of January. This represents a 22.64% increase from the N22.86 trillion recorded the previous year. The industry added N580 billion in value in a single month, a growth spurt driven by both consistent contributions and robust…
Nigeria is attempting to pivot from a raw materials exporter to a value-adding industrial power. Delivering a keynote address at the Nigeria–German Economic Forum in Dortmund this week (March 3–5, 2026), Steel Development Minister Shuaibu Abubakar Audu said the country needs European partners to fix its broken industrial chain. The government wants to stop shipping…
The Dangote Petroleum Refinery has pledged to prioritise the Nigerian market as a surge in Middle Eastern hostilities sends global energy prices into a tailspin. In a statement released this week, the firm confirmed it is absorbing a portion of rising costs to shield domestic consumers from the full impact of the crisis. While benchmark…
Nigeria’s foreign reserves received a notable addition as the Central Bank of Nigeria incorporated responsibly sourced gold refined to international standards, elevating its total gold holdings to $3.5 billion and advancing efforts to diversify away from traditional assets amid global economic shifts. The move, part of an ongoing reserve diversification strategy, involves gold aggregated…
NIPCO Gas Limited, one of Nigeria’s foremost downstream gas companies, has announced an ambitious infrastructure programme that includes the construction of 20 compressed natural gas stations across the country, two major compression hubs in Lagos State and Ogun State, an 80-kilometre natural gas pipeline linking Sagamu to Ibadan, and additional gas distribution infrastructure connecting…
