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AfCFTA selects Nigeria as West Africa pilot for simplified trade regime to boost MSMEs

By
Kehinde Victor
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KEY POINTS

  • The AfCFTA Secretariat has officially selected Nigeria as the pilot country for the Simplified Trade Regime (STR) in West Africa.
  • A high-level delegation led by Pedro Estevao met with the Nigeria Customs Service (NCS) in Abuja to align the STR with national customs protocols.
  • The regime targets small-scale cross-border traders, women, and MSMEs by reducing paperwork and accelerating clearance for low-value goods.
  • Nigeria’s Customs CG, Bashir Adeniyi, confirmed that a new Standard Operating Procedure (SOP) is being finalized to digitize declarations and implement risk-based controls.

MAIN STORY

Nigeria has been positioned at the forefront of regional trade integration following its selection by the AfCFTA Secretariat to pilot the Simplified Trade Regime (STR). During a strategic engagement at the Nigeria Customs Service (NCS) headquarters, AfCFTA lead Pedro Estevao noted that Nigeria’s status as the region’s largest market makes it the logical engine for driving inclusive growth.

 The STR is specifically designed to transition informal cross-border trade into the formal economy by stripping away the bureaucratic hurdles that typically stall small-scale merchants.

The NCS, represented by Deputy Comptroller-General Caroline Niagwan, presented a draft Standard Operating Procedure (SOP) during the session. This roadmap introduces digital declaration systems for passenger baggage and low-value e-commerce transactions.

By adopting “de minimis” thresholds—which allow low-value goods to pass with minimal or no duties—the NCS aims to make regional trade more transparent and accessible. This pilot phase marks a significant shift in customs operations, moving from traditional heavy-duty enforcement to a trade facilitation model that supports the continent’s “Renewed Hope” for economic unity.

THE ISSUE

The primary challenge addressed is the “Informality Trap.” Millions of dollars in trade currently move across West African borders through informal channels because the “Formal Documentation Gap” is too costly for small traders. While the STR provides a technical solution, the “Operational Alignment” between national laws and continental frameworks remains a hurdle.

Both parties admit that refining these strategies is necessary to prevent the simplified system from being exploited, while ensuring that women and small business owners aren’t squeezed out by the transition to digital-only platforms.

WHAT’S BEING SAID

  • “Nigeria is strategically positioned to drive inclusive trade and regional economic growth,” stated Pedro Estevao, AfCFTA Secretariat Lead.
  • “The engagement aims to make trade easier, more transparent and inclusive for small-scale traders,” noted DCG Caroline Niagwan, representing the Customs C-G.
  • “Nigeria Customs is committed to facilitating trade and supporting MSMEs through simplified and transparent processes,” affirmed C-G Bashir Adeniyi via a formal statement.
  • “The STR framework is designed to ease cross-border trade by reducing documentation and facilitating faster clearance,” added NCS Spokesperson Abdullahi Maiwada.

WHAT’S NEXT

  • The NCS will move to refine its Standard Operating Procedure to ensure 100% alignment with the broader AfCFTA framework.
  • Sustained meetings between AfCFTA and NCS technical teams will continue throughout 2026 to address live operational challenges.
  • : A pilot digital platform for “low-value e-commerce” declarations is expected to be tested at select land borders in the coming months.
  • The government plans to launch awareness campaigns targeting MSMEs and women-led trade groups to explain how to utilize the new STR benefits.

BOTTOM LINE

The Bottom Line is that Nigeria is becoming the laboratory for Africa’s “Border-Free” future. By piloting the STR, the country is attempting to prove that simplifying customs is not a risk to national security, but an invitation to economic prosperity. If successful, the Nigeria pilot will serve as the blueprint for the rest of West Africa, turning every small-scale trader into a legitimate player in the global market.

CBN approves full forex repatriation for oil firms

NERC and state regulators inaugurate FONER to harmonize Nigeria’s multi-level power market

By
Kehinde Victor
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KEY POINTS

  • The Nigerian Electricity Regulatory Commission (NERC) has officially inaugurated the Forum of Nigerian Electricity Regulators (FONER) in Lagos.
  • The forum aims to bridge regulatory gaps between federal and State Electricity Regulators (SERs) following the decentralization of the power sector under the Electricity Act 2023.
  • NERC Chairman Dr. Musiliu Oseni will lead the forum, supported by Engr. Chijioke Okonkwo of Enugu State (ESERC) as Vice Chairman.
  • Primary objectives include harmonizing tariff settings, protecting consumers, and preventing “regulatory arbitrage” by power assets and operators.

MAIN STORY

Nigeria has taken a major step toward stabilizing its decentralized power sector with the formal inauguration of the Forum of Nigerian Electricity Regulators (FONER). Speaking at the first quarter 2026 Regulatory Meeting in Lagos, NERC Chairman Dr. Musiliu Oseni described the forum as a mechanical necessity for Nigeria’s transition to a multi-level electricity market.

The initiative is designed to ensure that as states begin to exercise their constitutional right to regulate their own electricity markets, they do so within a unified national framework that prevents chaos.

The inauguration, performed pursuant to Section 230(9) of the Electricity Act 2023, marks the birth of a consultative platform where federal and state officials can align on market reforms. By signing the FONER Charter, regulators committed to a shared vision of transparency and accountability.

The meeting also served as a review of the 2025 action log, ensuring that the transition from a monolithic federal grid to a diverse, state-led ecosystem does not result in a drop in service standards or investment certainty.

THE ISSUE

The primary challenge addressed by FONER is “Regulatory Arbitrage.” Without a harmonized forum, electricity operators could exploit loopholes between federal and state laws to bypass consumer protection or tariff benchmarks. This “Jurisdictional Friction” has been a major concern for investors looking for policy consistency across Nigeria’s 36 states.

By establishing a peer-learning and capacity-building hub, FONER seeks to eliminate these loopholes, ensuring that whether a consumer is in Enugu or Lagos, the quality of regulation and the fairness of pricing remain globally competitive.

WHAT’S BEING SAID

  • “We must work collaboratively to avoid regulatory arbitrage by operators… I charge all of us to carry out this mandate with the highest sense of responsibility,” stated Dr. Musiliu Oseni, NERC Chairman.
  • “Pursuant to Section 230(9) of the Electricity Act 2023, I hereby declare the Forum of Nigerian Electricity Regulators duly inaugurated,” Oseni added during the official ceremony.
  • “The forum addresses one of our country’s most pressing challenges—power, the backbone of industrialisation,” noted an NSE observer present at the Lagos summit.

WHAT’S NEXT

  • Members will begin operationalizing the FONER Charter to set the first unified national benchmarks for state-level tariff modeling.
  • The forum will reconvene in Q2 2026 to track the progress of state regulators who have recently taken over oversight from NERC.
  • A series of peer-learning workshops is slated for mid-2026 to train state officials on technical grid management and consumer complaint resolution.
  • FONER will act as the primary advisory body for upcoming legislative reviews concerning the transition of Distribution Companies (DisCos) to state oversight.

BOTTOM LINE

The Bottom Line is that Nigeria is building a “United States of Electricity.” By creating FONER, NERC and state regulators are acknowledging that while the power market is now decentralized, the rules must be synchronized to attract the billions in investment needed to light up the country. For the Nigerian consumer, this forum is the ultimate watchdog, ensuring that state-led electricity markets deliver on the promise of reliable power rather than just new layers of bureaucracy.

Iran rejects Trump peace plan, demands Hormuz control

FG declares state police imperative, advances reform framework under Renewed Hope Agenda

By
Emmanuel Ogbonnaya
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L-R: Minister of Police Affairs, Senator Ibrahim Gaidam, Professor Oku Oginsaki (Ret. IGP) , CP Bode Ojajuni, the Secretary of the Committee, CP Emmanuel Ojukwu RTD, who represents Retired Police officers, Special Adviser (HM) Goni Kuwata and DCP Sulyman Gulma during the committee engagement with Minister at the Headquarters of the Ministry in Abuja.

Key Points

• Minister of Police Affairs Senator Ibrahim Gaidam declares state policing no longer optional — calling it a national security imperative

• Steering Committee on State Police Establishment Framework holds high-level meeting with the ministry in Abuja

• Inspector General of Police Tunji Disu commended for swift implementation of policing reform directives

• Committee developing comprehensive framework to guide a community-oriented, accountable state police architecture

Main Story

The Federal Government has declared the establishment of state police a security imperative, restating its commitment to decentralising Nigeria’s policing structure in line with the Tinubu administration’s Renewed Hope Agenda.

Minister of Police Affairs Senator Ibrahim Gaidam made the declaration on Tuesday, March 25, 2026, while receiving a delegation from the Steering Committee on the State Police Establishment Framework at the ministry’s Abuja headquarters. The committee was constituted under the Inspector General of Police.

Gaidam said decentralising policing would bring law enforcement closer to communities, significantly improving responsiveness, intelligence gathering, and effectiveness in tackling security threats at the grassroots level.

Framework in Development

The Steering Committee is chaired by Prof. Olu Ogunsakin, who outlined ongoing efforts to build a comprehensive and practical framework to guide the rollout of state police systems across the country. Ogunsakin described the initiative as designed to deliver stronger public safety and restore trust in law enforcement institutions.

He assured the minister of full support from Inspector General of Police Tunji Disu toward establishing a modern, resilient, and community-oriented security architecture capable of addressing both current and emerging challenges.

Gaidam commended Disu for his swift response to policy directives aimed at improving national policing efficiency, describing the IGP’s approach as evidence of a shared resolve to safeguard lives and property across Nigeria.

Members of the Steering Committee at the meeting included CP Bode Ojajuni, Secretary to the Committee; CP Emmanuel Ojukwu (Rtd), representing retired police officers; DCP Sulyman Gulma; and ACP Ike Okafor.

What’s Being Said

“The dynamic nature of today’s security landscape demands innovative and localised solutions. State policing is no longer optional — it is imperative.”

— Senator Ibrahim Gaidam, Minister of Police Affairs

What’s Next

The Steering Committee will continue refining its operational framework for state police, with emphasis on building a system that is efficient, accountable, and responsive to the distinct security needs of communities across Nigeria.

The ministry’s engagement with the committee marks a significant milestone in the Federal Government’s broader police reform agenda, signalling a shift from policy intent to active structural planning.

Bottom Line

With a ministerial declaration of urgency and a dedicated steering committee already at work, the push for state police in Nigeria is advancing from rhetoric to framework. For businesses and communities operating amid persistent security pressures, how quickly this architecture is formalised and how accountability is built into it, will determine whether the reform delivers on its promise.

Interswitch, experts drive conversations on compliance and growth at Nigeria Revenue Summit Lagos

By
Partners Posts
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Business leaders and tax experts have called for accelerated readiness among Nigerian companies as the country moves closer to implementing the e-invoicing system, describing the shift as both a regulatory requirement and a strategic opportunity for businesses. The call was made at the recently concluded Nigeria Revenue Summit, organized by Interswitch Group with the theme, “Winning in Nigeria’s New Tax Landscape”.  

The event brought together stakeholders across finance, regulatory, and technology to examine the implications of Nigeria’s evolving tax environment. Discussions at the event centered on the growing urgency for businesses to move beyond awareness and begin practical implementation, as e-invoicing introduces a shift from periodic reporting to real-time transaction validation and monitoring.

Speaking about the 2nd edition of the Nigeria Revenue Summit (NRS) in Lagos, Muyiwa Asagba, Managing Director, Commercial Inclusion (Interswitch Inclusio), said the transition to the e-invoicing system marks a defining moment in Nigeria’s economic and digital transformation journey.

“The introduction of the E-invoicing system represents a pivotal moment in Nigeria’s journey toward a more transparent and digitally enabled economy.

At Interswitch, we see this not just as a compliance requirement, but as an opportunity for businesses to strengthen their operational efficiency and build resilience. Our focus is on providing the infrastructure and support that allow organisations to integrate seamlessly, comply confidently, and ultimately unlock greater value from their systems,” he said.

Delivering the opening address, Chinomnso Nwachukwu, Chief Financial Officer, Interswitch, spoke on “Redefining Finance in a Real-Time, Data-Driven Economy,” highlighting the growing importance of agility, data integration, and real-time financial visibility in helping organisations navigate regulatory changes and drive strategic decision-making.

In the keynote address, Dr. Zacch Adedeji, Executive Chairman of the Nigeria Revenue Service (NRS), represented by Sunday Okeowo, Group Director, Policy Advisory Group, emphasised the broader economic significance of Nigeria’s tax reforms. He noted that the reforms present a critical opportunity to not only enhance revenue generation but also address key socio-economic challenges such as inflation, unemployment, and poverty. He described the evolving tax regime as “a bridge to a Nigeria that is a regional, continental and global hub for business and commerce,” adding that effective implementation would deliver shared prosperity for all Nigerians.

A panel session moderated by Titilayo Akinseye, Divisional Head, Tax Management at Interswitch, brought together industry experts including Osasere Atohengbe, VP, Sales & Account Management, Interswitch; Temitayo Ilori, CFO, Overland Airways; Kenneth Erikume, Partner, Tax Reporting and Strategy, PwC; and Adeola Adesanya, Executive Director/Partner, PML Professional Services.

They identified integration complexity, internal alignment across departments, and delayed decision-making as key barriers, warning that slow adoption could expose businesses to transaction disruptions, increased audit scrutiny, and inefficiencies in financial reporting. At the same time, they noted that early adopters stand to benefit from improved transparency, automation, and operational efficiency.

A technical fireside chat at the summit focused on the practical realities of implementation, breaking down how system integrators, access points, and APIs enable seamless connectivity between businesses and tax authorities. The session highlighted how e-invoicing can be embedded into existing enterprise systems, allowing invoices to be validated in real time without disrupting business operations.

Speakers also addressed concerns around cost, system compatibility, and data security, noting that modern infrastructure solutions are designed to scale with business needs while ensuring compliance with regulatory requirements. Businesses were encouraged to begin with a clear assessment of their current systems and engage trusted partners to support integration and deployment.

Throughout the summit, Interswitch Group reiterated its role as an infrastructure and enablement partner, supporting organisations with the technology and connectivity required to transition smoothly into the e-invoicing ecosystem.

As Nigeria advances its digital tax agenda, stakeholders at the summit agreed that preparedness and collaboration will be critical to successful adoption. The Abuja edition of the Nigeria Revenue Summit is scheduled for April 1, 2026, where discussions will continue with a focus on policy alignment and nationwide implementation.

FX gap widens as Naira weakens across markets

MTN, GTCO lead NGX rally as market nears ₦129tn

By
Boluwatife Oshadiya
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Capital Market Goes Green Ahead Of 2022 Corporate Earnings

By Boluwatife Oshadiya | March 26, 2026

Key Points

  • NGX market capitalisation rises to ₦128.98 trillion on buying interest
  • MTN Nigeria and GTCO drive gains among large-cap stocks
  • Trading volume and value decline sharply despite market uptick

Main Story

The Nigerian Exchange (NGX) extended its upward momentum on Wednesday, with market capitalisation approaching ₦129 trillion as investors increased positions in key large-cap stocks.

The benchmark All-Share Index rose by 219.87 basis points to close at 200,925.75, representing a 0.11% gain. Market capitalisation similarly increased by ₦141.14 billion to ₦128.98 trillion, reflecting sustained investor confidence in select equities.

Gains were primarily driven by MTN Nigeria, which advanced 2.41%, and GTCO, which rose 3.2%, alongside broader interest in medium- and large-cap stocks across sectors.

However, trading activity weakened significantly, with total volume and value declining by 55.31% and 55.91%, respectively. A total of 537.99 million shares worth ₦25.39 billion were traded across 45,641 deals.

Wema Bank led volume activity, accounting for over 20% of total shares traded, while MTN Nigeria dominated value trades with 16.86%. On the gainers’ chart, Legend Internet rose 10%, followed by Zichis and Premier Paints, while Fidson Healthcare led losers with a 9.97% decline.

Sectoral performance was mixed, with gains recorded in insurance, consumer goods, and oil and gas, while banking and industrial goods indices closed lower.

What’s Being Said

“The market’s resilience reflects continued institutional interest in fundamentally strong stocks,” said a Lagos-based stockbroker.

“However, declining volumes suggest cautious positioning rather than broad-based bullish sentiment,” the broker added.

What’s Next

  • Investors are expected to track earnings releases and dividend announcements
  • Sector rotation may continue as portfolio managers rebalance holdings
  • Market direction will depend on liquidity flows and macroeconomic signals

The Bottom Line: The NGX rally remains narrowly driven by large-cap stocks, indicating selective confidence rather than a broad market surge — a pattern that could limit sustained upside without stronger participation.

NSE president calls for “political decoupling” to reboot Nigeria’s power sector

FX gap widens as Naira weakens across markets

By
Boluwatife Oshadiya
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No Plan To Covert Forex In Dom Accounts, CBN Assures
No Plan To Covert Forex In Dom Accounts, CBN Assures

By Boluwatife Oshadiya | March 26, 2026

Key Points

  • Naira weakens to ₦1,386.70/$ at official market, ₦1,415/$ parallel rate
  • FX gap widens to ₦28.30 amid reduced central bank dollar supply
  • Stronger U.S. dollar and rising yields intensify pressure on emerging currencies

Main Story

The gap between Nigeria’s official and parallel foreign exchange markets widened to ₦28.30 on Wednesday, reflecting renewed pressure on the naira amid constrained dollar liquidity.

Data from the Central Bank of Nigeria (CBN) showed the official rate weakening to ₦1,386.70 per dollar from ₦1,382.68 in the previous session. Intraday trading saw the currency fluctuate between ₦1,376 and ₦1,391.50, signalling persistent volatility in the Nigerian Foreign Exchange Market (NFEM).

In the parallel market, the naira depreciated further to ₦1,415 per dollar, driven largely by reduced foreign exchange interventions. Market participants attributed the widening spread to limited dollar sales to Bureau de Change operators, who typically access up to $150,000 weekly.

Externally, a strengthening U.S. dollar has compounded pressures. The Dollar Index has risen approximately 1.8% in March, supported by higher U.S. interest rates and safe-haven demand linked to geopolitical tensions. The index peaked near 100.50 earlier in the month and remains above key technical support levels.

Analysts note that most G10 currencies have weakened against the dollar in recent weeks, underscoring broader global currency realignments.

What’s Being Said

“Liquidity remains the dominant driver of the naira’s movement across both windows,” said a Lagos-based currency analyst.

“Without sustained FX supply from the central bank, the spread will likely persist or widen further,” the analyst added.

What’s Next

  • Market participants will monitor CBN intervention patterns and FX auction activity
  • Global dollar strength and U.S. rate outlook remain key external drivers
  • Short-term volatility is expected to persist as liquidity conditions tighten

The Bottom Line: Nigeria’s widening FX spread highlights persistent structural imbalances in dollar supply, reinforcing concerns about market efficiency and price discovery across the country’s dual exchange rate system.

LCCI urges strategic market stabilisation over price suppression as fuel costs surge

Iran rejects Trump peace plan, demands Hormuz control

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | March 26, 2026

Key Points

  • Iran rejects U.S. 15-point ceasefire proposal delivered via Pakistan
  • Tehran demands sovereignty over Strait of Hormuz and war reparations
  • Maritime tensions continue to disrupt roughly one-fifth of global energy flows

Main Story

Iran has formally rejected a 15-point ceasefire proposal advanced by the administration of U.S. President Donald Trump, escalating tensions in an already volatile Middle East conflict.

The proposal, reportedly transmitted through Pakistan as part of indirect diplomatic efforts, aimed to halt hostilities between Iran and its regional adversaries. However, Iranian officials dismissed the framework as unrealistic, arguing it failed to reflect battlefield conditions and regional power dynamics.

Instead, Tehran issued a counterproposal demanding international recognition of its sovereignty over the Strait of Hormuz — a critical global shipping corridor — alongside war reparations, security guarantees against future attacks, and an end to hostilities targeting Iran and its allied groups.

The rejection comes as Iran tightens control over maritime transit in the strait, imposing stricter regulations and tolls on vessels. The development has intensified a broader standoff that continues to disrupt nearly 20% of global oil and gas shipments, raising fresh concerns in energy markets.

Military tensions also remain elevated, with Iran continuing strikes against Israel, while Washington has reportedly increased troop deployments to the region. Iranian lawmakers are now considering legislation to formalise new Hormuz transit rules, including restrictions on countries aligned with U.S. sanctions.

What’s Being Said

“The proposal presented is excessive and detached from realities on the ground,” an Iranian foreign ministry official said.

“Any resolution must respect Iran’s sovereignty and security interests, particularly in strategic waterways,” the official added.

Pakistani Prime Minister Shehbaz Sharif, who has offered to mediate talks, stated: “We remain committed to facilitating dialogue, but all parties must demonstrate flexibility.”

What’s Next

  • Regional mediators, including Pakistan, Turkey, and Egypt, are expected to continue shuttle diplomacy efforts
  • Iran’s parliament may vote on new Strait of Hormuz regulations in the coming weeks
  • Further U.S. military positioning in the region could shape the next phase of negotiations
UK leads as Nigeria’s capital importation hits $6.44bn

CBN approves full forex repatriation for oil firms

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | March 26, 2026

Key Points

  • CBN allows oil firms to repatriate 100% of export proceeds
  • New policy replaces 2024 rule limiting immediate access to 50%
  • Move aims to boost forex liquidity and deepen FX market

Main Story

The Central Bank of Nigeria has approved full repatriation of export proceeds for International Oil Companies (IOCs), granting them unrestricted access to 100 per cent of their foreign exchange earnings.

The directive, issued via a circular from the apex bank’s Trade and Exchange Department, marks a significant shift from its 2024 policy, which restricted immediate repatriation to 50 per cent, with the balance held for 90 days.

Under the new framework, oil firms can now repatriate their entire export proceeds through authorised dealer banks, subject to documentation and reporting requirements.

The CBN said the move is part of broader reforms aimed at improving liquidity and enhancing efficiency in Nigeria’s foreign exchange market.

The previous policy also required regulatory approval for cash pooling arrangements and imposed compliance conditions on expenditure reporting. These constraints have now been removed, with the latest directive superseding all earlier guidelines.

The change is expected to ease operational bottlenecks faced by multinational oil companies and improve capital mobility within the sector.

What’s Being Said

“To further liberalise and deepen the market in line with current realities, IOCs are hereby granted unfettered access to their repatriated export proceeds,” said Dr Musa Nakorji, Director, Trade and Exchange Department, CBN.

Energy economist Dolapo Oni commented: “This is a strong signal to foreign investors that Nigeria is serious about FX market reforms, especially in the oil and gas sector.”

What’s Next

  • Immediate implementation by authorised dealer banks
  • Potential increase in FX market liquidity in coming months
  • Investors to watch impact on naira stability and capital flows

The Bottom Line:
The policy reversal removes a key friction point for oil majors and could improve forex inflows. Its success, however, will depend on broader FX market stability and investor confidence.

TraceX Labs launches AI-powered cybersecurity services to secure Nigeria’s digital economy

UK leads as Nigeria’s capital importation hits $6.44bn

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | March 26, 2026

Key Points

  • Nigeria records $6.44bn capital inflow in Q4 2025, up 26.61% YoY
  • United Kingdom accounts for nearly 58% of total inflows
  • Portfolio investment dominates, signalling preference for short-term assets

Main Story

Nigeria’s capital importation rose to $6.44 billion in the fourth quarter of 2025, driven largely by inflows from the United Kingdom, according to new data from the National Bureau of Statistics (NBS).

The figure represents a 26.61 per cent increase from $5.09 billion recorded in the same period of 2024, and a 7.13 per cent rise from $6.01 billion in the preceding quarter, indicating sustained recovery in foreign capital inflows.

Portfolio investment accounted for the bulk of inflows at $5.49 billion, representing 85.14 per cent of total capital imported. Foreign direct investment (FDI) contributed $357.80 million, while other investments stood at $599.65 million.

Within portfolio flows, money market instruments led with $3.08 billion, followed by bonds at $1.97 billion, highlighting investor preference for liquid, short-term securities.

Sectoral analysis showed that the banking sector attracted the largest share of inflows at $3.85 billion, or 59.75 per cent, followed by financing activities with $1.94 billion.

By source, the UK contributed $3.73 billion, far ahead of the United States ($837.91 million) and South Africa ($516.96 million).

Among financial intermediaries, Stanbic IBTC Bank led with $2.23 billion in inflows, followed by Standard Chartered Bank Nigeria and Citibank Nigeria.

What’s Being Said

“In Q4 2025, total capital importation into Nigeria stood at $6.44bn… indicating an increase of 26.61 per cent on a year-on-year basis,” the NBS said in its report.

Economic analyst Bismarck Rewane noted: “The dominance of portfolio flows shows confidence in yields, but weak FDI signals lingering structural concerns in the real sector.”

What’s Next

  • Investors to monitor FX stability and interest rate direction in 2026
  • Potential policy adjustments to attract long-term FDI inflows
  • Next capital importation report expected in Q1 2026 release cycle

The Bottom Line:
Nigeria is attracting capital again—but mostly short-term money. Until structural reforms boost foreign direct investment, the economy remains exposed to volatile portfolio flows.

NSE president calls for “political decoupling” to reboot Nigeria’s power sector

CBN reviews court ruling, says Union Bank remains stable

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | March 26, 2026

Key Points

  • CBN says it will review Federal High Court ruling on Union Bank board dissolution
  • Court nullified regulator’s 2024 intervention and ordered reinstatement
  • Apex bank insists Union Bank remains stable and fully operational

Main Story

The Central Bank of Nigeria (CBN) says it is reviewing a Federal High Court judgment that nullified its 2024 regulatory intervention in Union Bank of Nigeria, while maintaining that the lender remains financially stable.

In a statement issued Wednesday, the apex bank confirmed that the ruling, delivered on March 25, 2026, relates to its dissolution of Union Bank’s board and management in January 2024 over alleged regulatory breaches.

The CBN said it is currently obtaining the Certified True Copy of the judgment and will assess its legal implications before determining its next steps.

The ruling, delivered by Justice Chukwujekwu Aneke of the Federal High Court in Lagos, held that the regulator acted beyond its statutory powers. The court ordered the reinstatement of the bank’s former board and management and restrained the CBN from further intervention actions, including recapitalisation directives.

Despite the judgment, the apex bank moved quickly to reassure stakeholders, stating that Union Bank remains fully capable of meeting its obligations to depositors and counterparties, with no disruption to operations.

The case was initiated by core shareholders, including Titan Trust Bank, Luxis International, and Magna International, challenging the legality of the CBN’s intervention.

What’s Being Said

“The Bank is currently obtaining the Certified True Copy of the judgment and will review it carefully, reaffirming its unwavering commitment to the rule of law,” said Hakama Sidi-Ali, Acting Director of Corporate Communications, CBN.

An independent banking analyst, Kunle Adeyemi, noted: “This ruling raises important questions about the limits of regulatory authority, particularly in crisis interventions within Nigeria’s banking sector.”

What’s Next

  • CBN expected to decide on possible appeal after reviewing judgment
  • Legal clarity on regulatory powers may emerge in appellate courts
  • Market participants to monitor potential governance changes at Union Bank

The Bottom Line:
The ruling challenges the scope of the CBN’s intervention powers, but immediate financial stability risks appear contained. The real impact will depend on whether the regulator escalates the case or recalibrates its supervisory approach.

LCCI urges strategic market stabilisation over price suppression as fuel costs surge

By
Kehinde Victor
-
LCCI Hints On Tech Disruptions

KEY POINTS

  • The Lagos Chamber of Commerce and Industry (LCCI) has advised the Federal Government to prioritize strategic market stabilisation over administrative price suppression to manage rising fuel costs.
  • Director-General Dr. Chinyere Almona noted that global crude prices hitting $112 per barrel and the Dangote Refinery gantry price reaching ₦1,245 per litre are driving severe inflationary shocks.
  • Nigeria’s daily petrol demand of 50–53 million litres continues to outpace domestic refining capacity, creating a structural supply deficit.
  • The Chamber called for the urgent enforcement of Domestic Crude Supply Obligations, ensuring at least 300,000 barrels per day are allocated to local refineries in Naira.

MAIN STORY

The Lagos Chamber of Commerce and Industry (LCCI) has warned that Nigeria’s current fuel affordability crisis is a structural issue that cannot be solved by “price suppression” or “administrative controls.”

 In a statement released on Tuesday, Dr. Chinyere Almona pointed out that the recent spike in global crude oil and the upward review of refinery gantry prices are transmitting massive cost-push inflation into transportation, agriculture, and industrial production.

She argued that while higher oil prices usually offer a fiscal upside for Nigeria, these benefits are currently being eroded by production limitations and high energy costs.

To mitigate these shocks, the LCCI is advocating for a shift toward “strategic market stabilisation.” This includes providing targeted, time-bound support for SMEs and the transport sector while avoiding the return of inefficient blanket subsidies.

Central to this strategy is the stabilization of the Naira and the rigorous enforcement of the Petroleum Industry Act (PIA), which mandates that a significant portion of Nigeria’s crude production be sold to local refineries like Dangote and various modular units to reduce foreign exchange exposure and lower logistics costs.

THE ISSUE

The primary conflict is the “Deregulated Pricing vs. Purchasing Power” dilemma. While the government has moved toward a deregulated market, the “Exchange-Rate Pass-Through” means that any fluctuation in the Naira or global oil prices immediately hits the Nigerian consumer.

 The LCCI identifies a “Concentration Risk” where the market relies too heavily on a single major refiner. To resolve this, the Chamber is pushing for the rapid operationalisation of licensed modular refineries and a rules-based pricing framework by the NMDPRA that prevents the abuse of market dominance without returning to the era of price caps.

WHAT’S BEING SAID

  • “Government intervention must be anchored on strategic market stabilisation rather than price suppression,” stated Dr. Chinyere Almona, DG of LCCI.
  • “Nigeria’s daily petrol demand of over 50–53 million litres continues to outpace effective domestic refining capacity,” Almona noted regarding the supply gap.
  • “The Federal Government and NNPCL must urgently enforce domestic crude supply obligations… ensuring allocation of more than 300,000 barrels per day to local refineries,” she added.
  • “Energy costs will continue to erode business margins and dampen economic expansion, reinforcing broader macroeconomic vulnerabilities,” the LCCI DG concluded.

WHAT’S NEXT

  • The NMDPRA is expected to come under pressure to implement a more transparent, rules-based pricing framework that reflects verifiable costs.
  • Analysts are looking for a more scalable “Naira-for-crude” framework to be finalized between the NNPCL and local refiners to stabilize domestic output.
  • The government may accelerate licensing and support for modular refineries to diversify the supply base and reduce concentration risk.
  • The Chamber will likely continue to push for policy coordination between the CBN and fiscal authorities to improve FX liquidity, which is critical for fuel price moderation.

BOTTOM LINE

The Bottom Line is that cheap fuel in Nigeria is a “Supply” problem, not a “Price” problem. By calling for the enforcement of crude supply obligations and a move away from “blanket subsidies,” the LCCI is telling the government that the only way to lower prices is to increase local refining competition and stabilize the Naira. Until the 53-million-liter daily gap is closed by domestic production, the Nigerian economy will remain at the mercy of global oil volatility.

FG pushes education reform, seeks private sector funding support

NSE president calls for “political decoupling” to reboot Nigeria’s power sector

By
Kehinde Victor
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KEY POINTS

  • Nigerian Society of Engineers (NSE) President, Ali Rabiu, has called for a holistic, innovation-driven approach to solving Nigeria’s persistent electricity challenges.
  • Speaking at an NSE Board of Fellows webinar, Rabiu attributed the sector’s decline to long-standing political interference in policy and regulation.
  • Experts at the event, including Dr. Meyen Etukudo, criticized the nation’s “over-reliance” on polluting thermal gas plants and advocated for a transition to solar and wind energy.
  • Engineers are demanding a seat at the political table, questioning why no seasoned power engineer has served as Minister of Power since independence.

MAIN STORY

The Nigerian Society of Engineers (NSE) has launched a high-level advocacy campaign to reclaim its role in the management of the nation’s power sector.

At a webinar titled “Rebooting Nigeria’s Power Sector for Sustainable Development,” NSE President Ali Rabiu asserted that the “politics of energy” has become too intertwined with technical operations. He argued that the sector’s recovery depends on a management structure that prioritizes engineering expertise over political patronage, particularly in the operationalization of relevant federal agencies.

Adding a technical perspective, Dr. Meyen Etukudo, Special Adviser on Energy to the Akwa Ibom Governor, warned that Nigeria’s current energy mix is dangerously skewed toward gas-fired thermal generation.

He noted that this reliance not only causes environmental degradation but also leaves the grid vulnerable to gas supply shocks. Etukudo urged Nigerian engineers to lead the charge in domesticating renewable energy solutions, lamenting that critical projects are often outsourced to foreign experts and local artisans while qualified engineers remain sidelined in policy advisory roles.

THE ISSUE

The primary challenge identified is the “Technical-Political Disconnect.” While engineers possess the solutions for grid stability and renewable integration, the decision-making power remains in the hands of political actors who may not prioritize long-term infrastructure health.

This has led to the “Marginalization of Local Talent,” where Nigerian engineers are relegated to the background of major projects. To “reboot” the sector, the NSE is pushing for “Policy Proactivity,” encouraging its members to enter elective politics and regulatory governance to ensure that demand management and energy efficiency are driven by data rather than political expediency.

WHAT’S BEING SAID

  • “Addressing the challenges within our energy sector requires a holistic approach that embraces innovation, collaboration and visionary leadership,” stated Ali Rabiu, NSE President.
  • “The problems in the power sector are not only technical but also political,” noted Dr. Meyen Etukudo.
  • “Nigerian engineers must participate in elective politics and influence policy decisions to drive meaningful change,” Etukudo added, questioning the historical exclusion of engineers from the Ministry of Power leadership.
  • “As engineers, we are committed to guiding the Federal Government in properly constituting the management structure of all relevant agencies,” Rabiu concluded.

WHAT’S NEXT

  • The NSE Board of Fellows is expected to submit a formal position paper to the Ministry of Power outlining a roadmap for management restructuring.
  • Engineers will focus on capacity building in Solar and Hydropower to take advantage of Nigeria’s tropical climate and reduce thermal dependency.
  • The NSE may launch a “Engineers in Governance” initiative to support members seeking roles in regulation, governance, and elective offices ahead of the next cycle.
  • Efforts will be made to strengthen partnerships with international experts to facilitate technology transfer and develop local solutions for grid maintenance.

BOTTOM LINE

The Bottom Line is that Nigeria’s power crisis is as much about “People” as it is about “Pipes and Wires.” By demanding an end to political interference and a shift toward a diversified energy mix, the NSE is positioning its members as the necessary “system reboot” for the national grid. For the country to achieve sustainable development, the engineers who build the infrastructure must be the ones empowered to lead it.

Naira gains at official market as reserves extend decline

FG partners with Fidelity Bank to drive investment through digital fiscal transparency

By
Kehinde Victor
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Fidelity Bank Notifies Public Of Change On Board Of Directors

KEY POINTS

  • The Federal Government has reaffirmed its commitment to international collaboration and governance transparency to boost Nigeria’s global investment appeal.
  • Speaking at a Fidelity Bank webinar, Minister of State for Foreign Affairs, Mrs. Bianca Udumegwu-Ojukwu, highlighted digital reforms as central to the Renewed Hope Agenda.
  • The initiative focuses on sub-national opportunities, urging state governments to adopt transparent fiscal policies to attract international partners.
  • Key reforms cited include the Treasury Single Account (TSA), PEBEC business ease measures, and the digitalization of public finance management.

MAIN STORY

The Federal Government is leveraging digital transparency to unlock new investment frontiers at the state and local levels. During a high-level webinar hosted by Fidelity Bank Plc on Tuesday, titled “Digital Fiscal Transparency: Unlocking Sub-national Opportunities for International Partners,” Minister of State for Foreign Affairs, Mrs. Bianca Udumegwu-Ojukwu, emphasized that accountability is Nigeria’s primary tool for attracting foreign capital.

 Represented by Mr. Abdulqadir Olanrewaju, the Minister noted that aligning trade policies with global standards through the WTO and AfCFTA remains a top priority.

Fidelity Bank’s CEO, Dr. Nneka Onyeali-Ikpe, reinforced this by calling for technology-driven financial systems that build trust between governments and investors. She noted that the bank is already facilitating this through compliant digital platforms that streamline revenue collection and foreign currency transactions.

 Experts at the event pointed to Kaduna State as a success story, where reforms in land administration and infrastructure have significantly improved regional competitiveness, serving as a blueprint for other sub-nationals to become engines of economic growth.

THE ISSUE

The primary hurdle identified is the “Sub-national Transparency Gap.” While the Federal Government has made strides with the TSA and anti-corruption agencies like the EFCC, many investors remain wary of the regulatory “bottlenecks” at the state level. The “Ease of Doing Business” is often inconsistent across borders, leading to fragmented growth. To resolve this, the government is pushing for a uniform “Digital Fiscal Roadmap” that ensures state-level financial data is accessible and secure, effectively removing internal trade barriers that have historically deterred long-term international partnerships.

WHAT’S BEING SAID

  • “Digital fiscal transparency is key to unlocking sub-national opportunities for international partners,” stated Mrs. Bianca Udumegwu-Ojukwu.
  • “Building trust through secure, technology-driven financial systems is critical to attracting domestic and foreign investments,” noted Dr. Nneka Onyeali-Ikpe, CEO of Fidelity Bank.
  • “Investors are influenced by conditions at state and local levels, including infrastructure and regulatory efficiency,” added Mr. Akpotor Justice of the Ministry of Industry, Trade, and Investment.
  • “The reforms have led to faster business registration and increased digitisation of government services,” Olanrewaju concluded on behalf of the Foreign Ministry.

WHAT’S NEXT

  • The Nigerian Investment Promotion Commission (NIPC) is expected to intensify its assessment of state-level investment readiness.
  • Fidelity Bank plans to scale its digital collection platforms to more states to enhance fiscal accountability and revenue tracking.
  • A series of workshops will be held to help SMEs at the sub-national level align their products with AfCFTA trade standards.
  • PEBEC will continue working with state governors to simplify land titles and business licensing to mirror the success seen in Kaduna.

BOTTOM LINE

The Bottom Line is that Nigeria’s economic growth is now a “State-by-State” mission. By moving fiscal data into the digital sunlight, the Federal Government and Fidelity Bank are telling international investors that the “Renewed Hope” agenda extends beyond Abuja. For Nigeria to be truly competitive, every sub-national unit must function as a transparent, digital-ready gateway for global capital.

Power supply to improve within two weeks, Adelabu says

TraceX Labs launches AI-powered cybersecurity services to secure Nigeria’s digital economy

By
Kehinde Victor
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KEY POINTS

  • TraceX Labs, a global cybersecurity firm, has officially launched its operations in Nigeria to strengthen the country’s digital resilience.
  • The startup is deploying TraceX Guard, an AI-driven security app designed to detect malware, phishing, and ransomware in real time.
  • A core feature of the rollout is deepfake detection technology to help organizations identify AI-generated fraudulent images and audio.
  • Services include 24/7 SOC monitoring and vulnerability assessments for government and private sector institutions.

MAIN STORY

TraceX Labs has entered the Nigerian market to provide a high-tech shield against the rising tide of sophisticated cyber threats. Founded by researchers Santhosh Kumar and Kiran Singh noted for identifying critical vulnerabilities in global products like IBM, the firm is focusing on securing Nigeria’s rapidly expanding digital economy.

As more Nigerian businesses move to the cloud, the demand for real-time threat detection has surged, creating a landscape that TraceX Labs aims to protect with its specialized AI-powered platforms.

The centerpiece of their offering, TraceX Guard, utilizes behavioral analysis to spot malicious activity on mobile devices, including QR code scams and spyware. Beyond mobile security, the firm is introducing enterprise-grade solutions like URL monitoring and dark web surveillance.

These tools are specifically designed to help Nigerian banks, healthcare providers, and government agencies proactively identify and mitigate data breaches before they can cause widespread operational disruption.

THE ISSUE

The primary challenge is the “AI Arms Race” currently occurring within Nigeria’s cyberspace. As local hackers adopt AI to automate phishing and create convincing deepfakes, traditional security measures are becoming obsolete. While TraceX Labs provides the technical “fix” through its detection algorithms, the “Implementation Gap” remains a concern.

Many Nigerian organizations lack the specialized staff to manage these advanced AI co-pilots, meaning the success of this launch will depend on how effectively TraceX can train local teams to move from reactive “firefighting” to proactive threat hunting.

WHAT’S BEING SAID

  • “Nigeria represents a key market in Africa’s rapidly expanding digital landscape, and securing its cyber infrastructure is essential for economic growth,” stated TraceX Labs during the launch.
  • “TraceX Guard uses artificial intelligence to identify unusual activity and alert users before potential damage occurs,” the company added.
  • “Securing autonomous systems and AI-driven processes is no longer optional in 2026; it is the new baseline for survival,” noted a Deloitte Nigeria analyst regarding the current threat landscape.

WHAT’S NEXT

  • TraceX Labs will begin onboarding its first wave of Nigerian corporate clients into its 24/7 Security Operations Center this quarter.
  • The startup is planning workshops for Nigerian financial institutions to help staff identify AI-generated “voice-cloning” fraud used in unauthorized transfers.
  • The firm will release a localized “Nigeria Cyber-Risk Index” in June to provide data-driven insights for policy makers.
  • The TraceX Guard app will be made available for wider public download on the Google Play Store for Nigerian users by next month.

BOTTOM LINE

The Bottom Line is that TraceX Labs is bringing “Military-Grade” AI defense to Nigeria’s doorstep. As cyber-attacks evolve from basic emails to deepfake-driven identity theft, the arrival of a research-focused firm provides a vital layer of protection for Nigeria’s digital sovereignty. For the “Renewed Hope” digital agenda to succeed, the infrastructure must be as secure as it is fast.

Lagos faces worsening blackouts as Ikeja Electric cites National Grid collapse

How Study AI is helping Nigerian students pass JAMB, WAEC, and NECO

By
Grace Johnson
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Key Points

. Study AI provides personalized learning for students preparing for JAMB, WAEC, and NECO

. The platform uses AI to identify weak areas and give instant feedback

. Realistic mock exams help students prepare for real test conditions

. Gamification features improve consistency and motivation

. Schools and parents can track student performance and progress

Main Story

Nigeria’s examination system remains one of the most important gateways to higher education. Every year, over 1.5 million students sit for JAMB, while millions more prepare for WAEC and NECO. Despite this effort, many candidates fail to meet the required scores for admission.

The problem is not a lack of intelligence or ambition. Instead, many students lack proper guidance, structured study plans, and timely feedback. This gap is what Study AI aims to fill.

Study AI is a web-based platform designed to help senior secondary school students prepare effectively for major exams. Built around the Nigerian curriculum, it uses artificial intelligence to guide students throughout their study journey.

When a student joins the platform, it first analyzes their academic performance across different subjects. Based on this analysis, it creates a personalized study plan that focuses on areas where the student needs improvement. This helps students avoid wasting time and instead concentrate on mastering difficult topics. Another key feature of Study AI is its instant feedback system. Students no longer have to wait to understand their mistakes. The platform provides immediate explanations in simple language after each question. It also includes an AI assistant that acts like a tutor, available anytime to answer questions and explain concepts.

To prepare students for real exam conditions, Study AI offers mock tests that closely resemble actual JAMB, WAEC, and NECO exams. These tests are timed and structured to simulate real-life pressure. After each test, students receive detailed performance reports showing their strengths, weaknesses, and time management patterns.

The platform also focuses on keeping students motivated. Through gamification features like study streaks, rewards, and leaderboards, students are encouraged to stay consistent. These tools turn studying into a more engaging and rewarding experience. In addition, Study AI promotes collaborative learning. Students can join group study sessions, discuss topics, and participate in academic challenges. This interaction helps improve understanding and builds confidence.

Beyond students, the platform also supports parents and schools. Parents can monitor their child’s progress, while schools and tutorial centers can access performance data to identify learning gaps and improve teaching strategies.

The Issues

A major challenge in Nigeria’s education system is the lack of personalized learning and timely feedback. Many students rely on outdated study methods that do not address their individual weaknesses.

Large class sizes and limited resources make it difficult for teachers to give one-on-one attention. As a result, students often prepare for exams without fully understanding key concepts. Another issue is exam anxiety. Many students are unfamiliar with the structure and pressure of standardized tests, leading to poor performance even when they are well-prepared.

These challenges contribute to low success rates and limit access to higher education opportunities.

What’s Being Said

Developers of Study AI say the platform is designed to support, not replace, traditional teaching. According to the team, the goal is to make learning more structured, interactive, and accessible. They emphasize that the platform acts as a digital study companion, guiding students step by step.

Educators also see value in the platform’s data-driven approach. With access to performance analytics, schools can better understand student challenges and provide targeted support. Parents, on the other hand, appreciate the transparency it offers. Being able to track progress gives them confidence that their children are on the right path.

What’s Next Study AI plans to expand its reach to more students across Nigeria. The platform aims to support over 50,000 students in its early stage, with the capacity to scale to 500,000 users and beyond. Future updates may include more advanced features, improved analytics, and wider access for schools and institutions. As digital learning continues to grow, platforms like Study AI are expected to play a bigger role in education.

Bottom Line

Study AI represents a shift toward smarter, data-driven learning in Nigeria. By combining personalized study plans, instant feedback, and realistic exam practice, it addresses some of the biggest challenges students face.

If widely adopted, it could significantly improve exam performance and increase access to higher education. In a system where success often depends on preparation, Study AI offers students the tools they need to succeed.

Zenith Bank strengthens management with appointment of Kennedy Okwudili as Executive Director

By
Kehinde Victor
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KEY POINTS

  • Zenith Bank Plc has officially appointed Mr. Kennedy Okwudili as an Executive Director, effective May 1, 2026.
  • The bank announced the move via a corporate disclosure to the Nigerian Exchange (NGX) on Tuesday.
  • The appointment is rooted in Zenith Bank’s long-standing succession strategy of promoting proven leaders from within its internal ranks.
  • Okwudili brings over 25 years of multi-disciplinary banking experience, covering credit, treasury, compliance, and operations.

MAIN STORY

Zenith Bank Plc is reinforcing its top-tier management structure with the promotion of high-performing internal talent. In a strategic move announced on Tuesday, the bank named Mr. Kennedy Okwudili as its newest Executive Director.

This transition, which officially begins in May, aligns with the Tier-1 lender’s reputation for maintaining a stable leadership pipeline by “grooming leaders from within its system.”

Okwudili’s career trajectory is a testament to academic and professional rigor. An alumnus of the University of Maiduguri and Ahmadu Bello University, he has built a quarter-century of expertise across the most critical functions of modern banking.

His deep background in compliance and treasury is particularly relevant as the Nigerian banking sector navigates a high-interest rate environment and stricter regulatory oversight from the Central Bank of Nigeria (CBN).

THE ISSUE

The primary challenge for major Nigerian banks in 2026 is maintaining “Leadership Continuity” amidst a rapidly evolving financial landscape. As the CBN pushes for higher capital requirements and digital transformation, banks like Zenith are prioritizing “Internal Succession” to ensure that institutional knowledge isn’t lost during executive transitions.

By appointing a veteran like Okwudili, who is a Fellow of both ICAN and CIBN, Zenith Bank is hedging against the “External Hire Risk,” ensuring that its compliance and credit strategies remain seamless and risk-averse during a period of macroeconomic volatility.

WHAT’S BEING SAID

  • “The appointment aligned with [Zenith’s] tradition and succession strategy of grooming leaders from within its system,” the bank stated in its NGX disclosure.
  • “The development would further strengthen its executive management team,” the corporate statement added.
  • Market analysts noted that Okwudili’s triple threat of Accounting, Taxation, and Banking fellowships makes him a “technically fortified” addition to the board.

WHAT’S NEXT

  • Mr. Okwudili will formally assume his new responsibilities on May 1, 2026.
  • The bank will complete the final administrative filings with the Central Bank of Nigeria and the Securities and Exchange Commission (SEC) to formalize the board seat.
  • Following the May 1 start date, Zenith is expected to announce any subsequent shifts in the departmental oversight of its Executive Directors.
  • Investors will be watching the bank’s Q2 2026 financial results for the first signals of the strengthened executive team’s impact on operational efficiency and compliance metrics.

BOTTOM LINE

The Bottom Line is that Zenith Bank is doubling down on its “Homegrown” excellence. At a time when the Nigerian banking industry is facing intense competition and regulatory pressure, appointing a 25-year veteran like Kennedy Okwudili is a signal of stability to the markets. It confirms that the bank’s future growth is being steered by those who deeply understand its DNA.

FG pushes education reform, seeks private sector funding support

Power supply to improve within two weeks, Adelabu says

By
Boluwatife Oshadiya
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By Boluwatife Oshadiya | March 25, 2026

Key Points

  • Power Minister promises improved electricity supply within two weeks
  • Gas supply disruptions identified as primary cause of outages
  • Nigeria targets 6,000MW generation before end of 2026

Main Story

Nigeria’s Minister of Power, Adebayo Adelabu, has assured citizens that electricity supply will improve within two weeks, citing ongoing efforts to resolve gas supply disruptions affecting power generation.

Speaking in Abuja on Tuesday, Adelabu said repairs on critical gas pipelines, particularly those linked to major suppliers, are nearing completion and will restore generation capacity across the grid.

He attributed the current power shortages to inadequate gas supply, noting that approximately 75% of Nigeria’s power plants depend on gas-fired generation, leaving the system vulnerable to supply shocks.

The minister apologised to Nigerians for the ongoing outages, acknowledging the impact on households, businesses, and institutions, particularly during the peak dry season when energy demand rises significantly.

Adelabu added that improved coordination between the government and gas suppliers, alongside timely payments, would incentivise increased supply to power generation companies. He also disclosed that the sector has attracted over $3 billion in private investment in the past two years.

What’s Being Said

“Within two weeks, we should start seeing improvements in power supply as gas line repairs are completed,” said Adebayo Adelabu, Minister of Power.

“Timely payments and enforcement of domestic supply obligations will stabilise generation,” he added.

What’s Next

  • Completion of gas pipeline repairs is expected within two weeks
  • Government to enforce domestic gas supply obligations for power plants
  • Nigeria aims to reach 6,000MW generation capacity before end-2026

The Bottom Line: Nigeria’s power recovery hinges on resolving gas supply constraints—without structural fixes, short-term improvements may prove difficult to sustain.

Nigerian Shippers’ Council orders MSC to suspend new shipping tariffs

Airtel Africa drives NGX rebound as investors gain ₦1.09tn

By
Boluwatife Oshadiya
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Stock Exchange Closes Trading Week With N30bn Gain

By Boluwatife Oshadiya| March 25, 2026

Key Points

  • Airtel Africa jumps 10% to lead market rally on NGX
  • Investors recover ₦1.09 trillion after early-week selloffs
  • NGX All-Share Index rises 0.85% to 200,705.88 points

Main Story

The Nigerian Exchange (NGX) rebounded on Tuesday as Airtel Africa led a broad-based rally, lifting investors’ wealth by ₦1.09 trillion following sharp losses recorded at the start of the week.

Market data shows the NGX All-Share Index (ASI) climbed 0.85% to close at 200,705.88 points, pushing the year-to-date return to 28.98%. Market capitalisation rose correspondingly to ₦128.84 trillion, reflecting renewed buying interest across key sectors.

Airtel Africa recorded a 10% gain, alongside other top advancers including Conhall Plc, John Holt, Legend Internet, and Zichis. Market breadth remained positive at 1.6x, with 36 gainers outperforming 23 decliners. On the downside, NPF Microfinance Bank, Royal Exchange, CWG, Veritas Kapital, and UPDC posted the steepest losses.

Trading activity strengthened significantly, with total volume rising to 1.29 billion shares valued at ₦65.33 billion. However, the number of deals dropped to 89,949 from 139,458 recorded in the previous session. GTCO emerged as the most actively traded stock, accounting for 184.38 million shares worth ₦19.39 billion.

Sectoral performance was largely positive, with insurance, consumer goods, banking, and commodity indices closing higher, reflecting renewed investor confidence amid bargain hunting.

What’s Being Said

“The rebound reflects bargain hunting after early-week selloffs, particularly in fundamentally strong stocks,” said a Lagos-based equity analyst.

“Airtel Africa’s rally signals continued investor confidence in telecom fundamentals despite broader market volatility,” noted an institutional trader at a Tier-1 brokerage firm.

What’s Next

  • Investors are expected to monitor corporate earnings releases for Q1 2026
  • Market participants will track foreign portfolio inflows for liquidity signals
  • The next trading sessions will test the sustainability of the current rally

The Bottom Line: The NGX rebound underscores the market’s resilience, but sustained gains will depend on earnings strength and continued institutional participation.

UK Bond Yields Surge Past 5% as Energy Crisis Deepens

Naira gains at official market as reserves extend decline

By
Boluwatife Oshadiya
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CBN Clarifies Rumours On New Naira Notes

By Boluwatife Oshadiya | March 25, 2026

Key Points

  • Naira appreciates to ₦1,382.63/$ at official window
  • Parallel market weakens to ₦1,400/$
  • External reserves fall to $49.61 billion after sustained outflows

Main Story

The naira strengthened against the US dollar at the official foreign exchange market on Tuesday, supported by improved FX supply, even as Nigeria’s external reserves extended their downward trend.

Data from the Central Bank showed the currency appreciated by 0.42% to ₦1,382.63 per dollar at the Nigerian Foreign Exchange Market (NFEM), driven by increased inflows from foreign portfolio investors and non-bank corporates.

In contrast, the parallel market reflected continued pressure, with the naira weakening to approximately ₦1,400 per dollar, highlighting persistent liquidity fragmentation between official and informal segments.

Meanwhile, Nigeria’s gross external reserves declined for the sixth consecutive session, falling to $49.606 billion. Analysts attribute the decline to sustained outflows despite elevated global oil prices, which typically support FX buffers for oil-exporting countries.

Global market sentiment remains volatile amid escalating geopolitical tensions in the Middle East. Oil prices rebounded following renewed hostilities involving Iran and Israel, while uncertainty surrounding US diplomatic efforts has kept investors cautious.

Currency markets globally also reflected mixed movements, with the euro trading near recent highs against the dollar, supported by shifting risk sentiment and ongoing geopolitical developments.

What’s Being Said

“The naira’s appreciation reflects improved short-term FX liquidity, but underlying structural pressures remain,” said a currency analyst at a Lagos-based investment firm.

“The divergence between official and parallel market rates shows that supply constraints are still unresolved,” noted a financial markets strategist.

What’s Next

  • The Central Bank is expected to sustain FX interventions to stabilise the naira
  • Investors will monitor external reserves for signals on currency sustainability
  • Global oil price movements will remain a key driver of FX inflows

The Bottom Line: While short-term FX inflows are supporting the naira, declining reserves and structural imbalances continue to pose downside risks.

UK Bond Yields Surge Past 5% as Energy Crisis Deepens

FG pushes education reform, seeks private sector funding support

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | March 25, 2026

Key Points

  • Federal Government advances Nigeria Education Sector Renewal Initiative (NESRI) to improve access, quality, and financing
  • Education Minister Tunji Alausa outlines six reform priorities including STEM and vocational training expansion
  • Nigeria eyes up to $500 million support through Global Partnership for Education matching fund mechanism

Main Story

The Federal Government has reaffirmed its commitment to overhauling Nigeria’s education system through the Nigeria Education Sector Renewal Initiative (NESRI), with a renewed call for private sector investment to scale impact and funding.

Speaking at a high-level stakeholder engagement in Lagos, Minister of Education Tunji Alausa said the reform programme is designed to reposition Nigeria’s education sector for global competitiveness, while addressing systemic challenges in access, quality, governance, and financing.

Alausa outlined six strategic priorities under NESRI, including the expansion of Technical and Vocational Education and Training (TVET), promotion of Science, Technology, Engineering and Mathematics (STEM), and aggressive reduction of out-of-school children. He added that reforms will also focus on strengthening education data systems, digital infrastructure, and institutional governance through collaboration with subnational governments, private enterprises, and civil society organisations.

Central to the funding strategy is Nigeria’s partnership with the Global Partnership for Education (GPE), which offers a matching fund model. Under this structure, every dollar raised by private sector stakeholders is matched one-for-one by GPE, effectively doubling available financing for education interventions.

“Every dollar mobilised by the private sector is matched one-for-one by GPE, doubling available resources for impactful education interventions,” Alausa said.

He noted that Nigeria could unlock up to $500 million in funding, depending on outcomes from GPE’s Replenishment Summit scheduled for June 2026 in Rome, which aims to raise $5 billion globally.

The minister disclosed that more than one million out-of-school children have already been reintegrated into classrooms through targeted investments in infrastructure, teacher development, and digital tracking platforms.

Minister of State for Education Suwaiba Ahmad, who convened the CEO Breakfast session, emphasised the need for shared responsibility in achieving sustainable education reform.

“No nation can achieve sustainable growth without a strong, inclusive and forward-looking education system,” Ahmad said.

She added that NESRI aligns with the broader human capital development agenda of President Bola Tinubu, noting early signs of progress including increased private sector interest and policy momentum.

What’s Being Said

“This presents a major opportunity for the private sector to play a catalytic role in advancing education and unlocking resources at scale,” said Tunji Alausa, Minister of Education.

“We are deepening engagement to encourage innovative partnerships and collaborative solutions to accelerate sector transformation,” said Suwaiba Ahmad, Minister of State for Education.

“We are creating conditions for smarter investment by ensuring accountability and measurable impact across Nigeria’s education system,” said Jim Ovia, Chairman of Zenith Bank.

What’s Next

  • GPE Replenishment Summit scheduled for June 2026 in Rome will determine Nigeria’s funding envelope
  • Federal Government to scale private sector engagement through structured financing frameworks under NESRI
  • Continued rollout of digital tracking systems and teacher development programmes to sustain gains in school enrolment

The Bottom Line: Nigeria’s education reform strategy is increasingly shifting toward blended financing, where public policy meets private capital. The success of NESRI will depend less on policy articulation and more on execution—particularly the government’s ability to attract credible private investment and deliver measurable outcomes at scale.

Denmark heads to polls as Frederiksen seeks third term amid Greenland tensions
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