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EBRD moderates sub-Saharan Africa outlook despite resilient economic performance

By
Kehinde Victor
-

Regional growth forecast revised to 4.8 per cent for 2026 and 4.7 per cent for 2027

  • Growth reached 5.1 per cent in the first half of 2026, supported by services, agriculture and commodity exports
  • Progress on reforms and sovereign rating upgrades have strengthened investor confidence in several economies
  • Higher energy prices, rising inflation, trade disruptions and El Niño-related risks to agricultural output and food prices continue to weigh on the outlook

In its latest Regional Economic Prospects report, the European Bank for Reconstruction and Development (EBRD) has revised down its forecast for the Bank’s sub-Saharan Africa (SSA) economies from 5.1 per cent in the first half of 2026 to 4.8 per cent for 2026, before moderating it slightly to 4.7 per cent in 2027.

Economic activity remained resilient in the first half of 2026, supported by services, agriculture and commodity exports. However, the external environment has become more challenging; higher oil prices and disruptions to global trade routes linked to the conflict in the Middle East have driven up costs across the region, while fiscal vulnerabilities, El Niño-related risks and weaker cocoa prices continue to weigh on prospects in several markets.

Progress on reforms has strengthened confidence in a number of economies. Benin, Côte d’Ivoire and Ghana completed International Monetary Fund (IMF)-supported programmes in 2026, while Benin, Kenya, Ghana and Nigeria received sovereign rating upgrades during the year. However, high debt-servicing costs continue to constrain fiscal space in several countries.

In the near term, growth is expected to remain supported by agriculture, manufacturing, services and commodity production, although momentum is projected to soften as commodity windfalls fade.

The SSA economies in detail

Benin

Benin’s economy is forecast to grow 7.0 per cent in 2026, before easing slightly to 6.7 per cent in 2027.

Benin successfully completed its IMF-supported programme in February 2026 and, in August, Moody’s upgraded the country’s sovereign rating by two notches to Ba3, citing fiscal consolidation and improved debt management.

Growth is expected to be supported by expanding agricultural and industrial activity, as well as continued investment in the Glo-Djigbé Industrial Zone. Risks stem from sustained high oil and fertiliser prices, insecurity in the north, the continued closure of the Benin-Niger border and El Niño-related shocks.

Côte d’Ivoire

Economic growth in Côte d’Ivoire is forecast at 6.1 per cent in 2026 before accelerating to 6.5 per cent in 2027.

Growth moderated in early 2026 as weaker industrial and construction activity offset stronger household consumption, trade and agricultural activity. The country completed its IMF-supported programme in June 2026 and successfully issued a US$ 1.3 billion Eurobond, reflecting strong market confidence.

The outlook remains favourable, supported by stronger hydrocarbon and mining production, expanding manufacturing activity and resilient domestic demand. Lower cocoa prices, higher fuel and fertiliser costs, adverse weather conditions and security risks in the wider Sahel region remain downside risks.

Ghana

Ghana’s economic growth is expected at 5.0 per cent in 2026 and 2027, down from 6.4 per cent in the first half of 2026.

Economic activity remained strong in early 2026, supported by investment and consumption. Inflation remained relatively contained despite higher fuel costs, while the fiscal deficit narrowed significantly and public debt fell to 40.6 per cent of gross domestic product (GDP) from 62 per cent in 2024.

The IMF completed the final review of Ghana’s Extended Credit Facility programme in July 2026, while improvements in sovereign credit metrics supported investor confidence. Growth is expected to be increasingly driven by investment in oil, gas and transport infrastructure, although challenges in the cocoa sector and climate-related risks remain.

Kenya

Kenya’s economy is forecast to grow 4.7 per cent in 2026 and 4.6 per cent in 2027. Higher freight costs linked to trade disruptions have affected exports and contributed to renewed inflationary pressures.

Rising oil prices, trade disruptions and El Niño related risks continue to pose risks to growth, while sovereign rating upgrades and discussions on a new IMF-supported programme have bolstered investor confidence. Agriculture, financial services and real estate are expected to remain the key drivers of economic activity,

Nigeria

Nigeria’s economic growth is forecast to hold at 4.2 per cent for 2026, before moderating slightly to 4.0 per cent in 2027.

Growth is expected to be sustained by economic reforms, investment activity and improved external balances. While growth remains resilient, higher energy prices, trade disruptions and climate-related risks continue to weigh on the outlook and moderate momentum.

Senegal

Real GDP growth decelerated from 5.2 per cent in the first quarter of 2026 to 2.5 per cent for the whole of 2026 as the initial boost from the start of production at the Sangomar oil field has faded. At the same time, non-hydrocarbon sectors, particularly services, have strengthened, while inflation has remained low and external balances have improved.

Fiscal vulnerabilities remain significant. Central government debt stood at around 120 per cent of GDP at the end of 2025 and Senegal received a further sovereign downgrade in August 2026. On 1 September 2026, the authorities and the IMF reached a staff-level agreement on a new US$ 2.2 billion Extended Credit Facility programme.

Higher food and energy prices, El Niño-related shocks and limited fiscal space continue to weigh on the outlook, although successful implementation of reforms could help improve financing conditions and market sentiment.

Growth is expected to pick up slightly to 2.7 per cent in 2027.

Afam unit leads power generation fleet with 99% load factor

Afam unit leads power generation fleet with 99% load factor

By
Kehinde Victor
-

KEY POINTS

  • Grid connected plants recorded average available capacity of 4,758 MW during the month.
  • Average utilisation stood at 4,102 MW.
  • Afam_2 recorded the highest load factor at 99 per cent.
  • Kainji_1 and Egbin_1 followed with load factors of 98 per cent and 96 per cent respectively.

MAIN STORY

Grid connected power plants recorded an average available capacity of 4,758 megawatts (MW) during the month, while average utilisation stood at 4,102 MW, according to operational data released by the commission.

Afam_2 recorded the highest load factor among the major generating units, operating at 99 per cent during the period.

Kainji_1 followed with a 98 per cent load factor, while Egbin_1 recorded 96 per cent.

The figures indicate that the three generating units operated close to their respective available capacities throughout the month.

The commission said the operational data provides an assessment of the performance and utilisation of the generating fleet connected to the national grid.

THE ISSUES

  1. The average available capacity of 4,758 MW represents the capacity that the generating plants had available for operation during the month, while actual average utilisation stood at 4,102 MW.
  2. The load factor figures show the extent to which individual generating units operated relative to their available capacity during the period.
  3. Afam_2, Kainji_1 and Egbin_1 recorded load factors of at least 96 per cent, indicating relatively high utilisation of their available capacity during the month.

WHAT’S NEXT

The commission’s operational data will continue to provide an assessment of the performance and utilisation of grid connected generating units.

BOTTOM LINE

Grid connected plants recorded 4,758 MW in average available capacity and 4,102 MW in average utilisation during the month. Afam_2 posted the highest load factor at 99 per cent, followed by Kainji_1 and Egbin_1.

Shettima urges diaspora to deepen economic ties with Nigeria

Access Bank redeems $500m Eurobond at maturity

By
Kehinde Victor
-

KEY POINTS

• Access Bank Plc has redeemed its $500 million senior unsecured Eurobond that matured on September 21, 2026.

• The bank funded the repayment entirely from its own foreign currency liquidity resources.

• The five year bond was issued in September 2021 at a coupon rate of 6.125 per cent.

• Access Bank said the maturity had been incorporated into its liquidity planning and had no adverse effect on operations or regulatory liquidity requirements.

MAIN STORY

Access Bank Plc has settled its $500 million senior unsecured Eurobond at maturity, using its own foreign currency liquidity resources to meet the repayment obligation.

Access Holdings Plc announced the redemption in a statement dated September 21, 2026, five years after the debt instrument was issued.

The Eurobond, issued in September 2021, carried a coupon rate of 6.125 per cent. Access Bank said it also met all semi annual coupon payments due to investors throughout the five year tenor.

According to Access Holdings, the bond maturity had been incorporated into the bank’s liquidity management plans, with repayment provided for in advance through its asset liability management framework.

The company said settling the debt from the bank’s own foreign currency resources had no adverse impact on its operations or regulatory liquidity requirements.

The redemption brings the five year Eurobond to full settlement and discharges Access Bank’s obligations under the instrument.

Roosevelt Ogbonna, Managing Director and Chief Executive Officer of Access Bank Plc, said the repayment reflected the bank’s approach to managing its funding, capital and liquidity.

He said meeting the maturity from the bank’s own balance sheet demonstrated the strength of its funding position and its approach to managing its financial resources.

Access Bank said it would continue to maintain a strong and diversified funding base as it pursues sustainable growth across its markets.

The bank said the funding strategy would continue to support its customers, investors, regulators and other stakeholders.

THE ISSUES

  1. The redemption removes the $500 million Eurobond obligation from Access Bank’s outstanding commitments under the instrument, following the completion of the five year tenor.
  2. Funding the repayment from the bank’s own foreign currency liquidity means the maturity was settled without reliance on external refinancing at the point of repayment.
  3. Access Bank said the maturity had been incorporated into its liquidity planning, with the repayment scheduled through its asset liability management framework ahead of the due date.
  4. The bank said the transaction did not adversely affect its operations or regulatory liquidity requirements, while maintaining its commitment to a diversified funding base.

WHAT’S BEING SAID

“This redemption reflects the strength of Access Bank’s franchise, the discipline of our balance sheet management, and our continued commitment to meeting obligations to investors and stakeholders in a timely and transparent manner.” – Roosevelt Ogbonna, Managing Director and Chief Executive Officer, Access Bank Plc

WHAT’S NEXT

Access Bank said it would continue to maintain a diversified funding base as it pursues sustainable growth across its markets and supports its customers, investors, regulators and other stakeholders.

BOTTOM LINE

Access Bank has fully redeemed its $500 million Eurobond at maturity using its own foreign currency liquidity resources. The bank said the repayment was planned through its liquidity management framework and did not adversely affect its operations or regulatory liquidity requirements.

Kenya approves transfer of Access Bank unit to NBK

Kenya approves transfer of Access Bank unit to NBK

By
Kehinde Victor
-

KEY POINTS

• The Central Bank of Kenya has approved the transfer of Access Bank Kenya’s business, assets and liabilities to National Bank of Kenya.

• The transaction received CBK approval on August 17, 2026, followed by approval from Kenya’s Cabinet Secretary for the National Treasury and Economic Planning on September 21.

• Access Bank entered Kenya in 2020 through the acquisition of Transnational Bank, while its parent later acquired NBK in 2025.

• CBK said the transaction would support stability, strengthen the resilience of Kenya’s banking sector and promote competition.

MAIN STORY

The Central Bank of Kenya has approved the transfer of the business, assets and liabilities of Access Bank (Kenya) Plc to National Bank of Kenya Limited, altering the structure of the Nigerian lender’s operations in the Kenyan banking market.

CBK said it approved the transaction on August 17, 2026, under Section 13(4) of the Banking Act. The transaction subsequently received the required approval from Kenya’s Cabinet Secretary for the National Treasury and Economic Planning on September 21, pursuant to Section 9(1) of the Act.

According to the regulator, the transfer will become effective once the transaction is completed in accordance with the Business and Assets Transfer Agreement between the two parties.

The development follows a series of regulatory actions involving banking operations across African markets, including a recent directive by the Central Bank of The Gambia requiring commercial banks to begin a phased replacement of non Gambian employees with suitably qualified Gambian nationals.

Access Bank Kenya was established after Access Bank entered the Kenyan market in February 2020 through the acquisition of Transnational Bank Plc, which was later renamed Access Bank (Kenya) Plc.

Transnational Bank had commenced operations in 1985.

National Bank of Kenya, meanwhile, was established in 1968 as a wholly owned government institution to expand access to credit and support Kenya’s economic development after independence.

KCB Group Plc acquired the bank in September 2019 before Access Bank Plc acquired 100 per cent of NBK’s issued share capital from KCB Group in May 2025.

CBK said it welcomed the transfer, stating that the transaction would contribute to the stability and resilience of Kenya’s banking sector while promoting competition.

Access Bank has operations across several African markets, including The Gambia, Ghana, Guinea, Sierra Leone, South Africa, Zambia, Rwanda, Mozambique, Botswana, Cameroon and the Democratic Republic of Congo.

The Nigerian lender also has operations in the United Kingdom, a branch in the United Arab Emirates and representative offices in China, India and Lebanon.

Access Bank’s spokesperson did not respond to requests for comment on the development as of the time of filing the report.

THE ISSUES

  1. The transfer changes the structure of Access Bank’s presence in Kenya, following the lender’s acquisition of NBK in 2025 and its earlier entry into the market through Transnational Bank.
  2. Regulatory approval is a key stage in the transaction, with CBK approval followed by the required approval from Kenya’s Cabinet Secretary for the National Treasury and Economic Planning. The transfer itself will take effect after completion of the transaction under the agreed terms.
  3. The transaction is taking place within a wider African banking environment in which regulators are addressing issues around sector stability, competition and local participation.
  4. Access Bank’s operations across multiple African markets mean regulatory developments in individual countries can affect the structure and management of its wider continental banking business.

WHAT’S BEING SAID

“The Central Bank of Kenya announces the transfer of all assets and liabilities of Access Bank (Kenya) Plc to National Bank of Kenya Limited (NBK).” – Central Bank of Kenya

“CBK welcomes this transaction as it will ensure continued stability and enhance resilience of the Kenyan banking sector and promote competition.” – Central Bank of Kenya

WHAT’S NEXT

The transfer will take effect upon completion of the transaction in line with the terms of the Business and Assets Transfer Agreement between Access Bank Kenya and NBK.

BOTTOM LINE

Kenya has approved the transfer of Access Bank Kenya’s business, assets and liabilities to NBK, following regulatory approvals in August and September 2026. The CBK said the transaction would support stability, resilience and competition in the Kenyan banking sector.

WTO warns trade fragmentation could cut global GDP

WTO warns trade fragmentation could cut global GDP

By
Kehinde Victor
-
Global Trade Expected To Drop By 18.5 percent In Q2 - WTO
Global Trade Expected To Drop By 18.5 percent In Q2 - WTO

KEY POINTS

• The WTO says geopolitical rivalry, economic policy differences and rising security concerns are putting sustained pressure on the global trading system.

• The organisation estimates that a fragmented trading system could leave global GDP 5.1 per cent below baseline by 2050.

• Global trade has expanded significantly under the multilateral system, with WTO membership now covering about 98 per cent of global trade.

• The WTO says the system needs to adapt to a more multipolar economy rather than be abandoned.

MAIN STORY

The World Trade Organization has warned that further fragmentation of the global trading system could impose significant long term costs on the world economy as geopolitical rivalry and economic security concerns increasingly influence trade policy.

The warning is contained in the World Trade Report 2026, examined in a September 23 blog by WTO Chief Economist Robert Staiger titled A critical juncture for the world trading system: what the evidence tells us.

The WTO’s simulations show that the economic consequences could vary substantially depending on the future direction of international cooperation. Under a scenario of geopolitical fragmentation, global GDP would be 5.1 per cent below the baseline and global exports 18.6 per cent lower by 2050.

A scenario in which multilateral cooperation is strengthened produces a different outcome, with global GDP 2.9 per cent above the baseline and exports 17.9 per cent higher by 2050.

The organisation also modelled a world in which the WTO system is replaced by a network of preferential free trade agreements. In that scenario, global GDP would be 6.9 per cent lower and exports 26.9 per cent lower by 2050.

The WTO stressed that the scenarios are not forecasts, but simulations intended to demonstrate the economic effects associated with different levels of international cooperation. It estimates that the gap between stronger cooperation and substantial erosion of the existing system could amount to between 5 per cent and 10 per cent of global real GDP by 2050.

The warning comes against the background of a trading system that the WTO says has delivered substantial gains since its establishment. World merchandise trade has expanded almost 50 fold since the system was created, while WTO and GATT membership is estimated to have increased trade between members by about 140 per cent.

The organisation currently has 166 members, accounting for about 98 per cent of global trade, while around 72 per cent of global merchandise trade continues to take place under most favoured nation tariff terms.

The report also cites research estimating that WTO membership generated about $855 billion in additional global prosperity, equivalent to an average gain of about 4.5 per cent of GDP per member. It further notes that real per capita income increased globally by about 65 per cent between 1995 and 2023, while almost tripling in low and middle income economies.

However, the WTO acknowledges that the gains have not been evenly distributed. Least developed countries account for less than 1 per cent of global trade and face manufacturing and services trade costs about 50 per cent higher than those of high income economies.

It said domestic policies remain necessary to help people and regions participate in international trade, adjust to changes and benefit from increased economic activity.

The report identifies four structural changes putting additional pressure on the trading system: the redistribution of economic power, differences in economic systems and government intervention, the changing composition of international trade, and growing geopolitical rivalry.

Low and middle income economies accounted for 23 per cent of global merchandise trade in 1995 but now account for 45 per cent. The WTO said this shift has created new opportunities for developing economies while also making traditional trade negotiations more difficult.

Government intervention has also become more prominent. Discussions at the WTO General Council concerning different economic systems and industrial policy were roughly ten times more frequent between 2020 and 2025 than between 1995 and 2000.

At the same time, international commerce is moving beyond traditional goods. Digitally delivered services have grown more than fivefold since 2005 and now account for about 55 per cent of global services exports, increasing the importance of regulatory issues involving data, privacy, cybersecurity, competition and artificial intelligence.

Geopolitical rivalry is creating another layer of pressure as governments pay greater attention to supply chain concentration, critical technologies, strategic inputs and national security.

The WTO said measures adopted by one country to reduce its own vulnerability could increase another country’s perception of vulnerability, potentially triggering further restrictions and creating a cycle of fragmentation.

Despite these challenges, the organisation said the economic case for cooperation had not weakened. Instead, deeper global integration has increased the potential gains from cooperation because policy decisions increasingly affect economies beyond national borders.

The WTO said its existing architecture, including most favoured nation treatment, tariff bindings, transparency and dispute settlement, remains important for maintaining predictable trade relations.

It also acknowledged weaknesses within the system, including failures by members to meet some notification requirements, the continued inability of the Appellate Body to hear appeals and difficulties reaching consensus in trade negotiations.

The organisation said flexibility was necessary because its members have different economic needs and capacities, but warned that such flexibility must not gradually weaken the predictability of the trading system.

The WTO therefore frames the challenge as one of adaptation rather than abandonment. It said the system must respond to changes in economic power, technology, trade patterns, regulatory regimes and national security concerns while preserving the mechanisms that continue to support international commerce.

THE ISSUES

  1. A more fragmented trading environment could affect global economic output and trade volumes significantly. The WTO’s simulations show substantially different outcomes depending on whether countries strengthen multilateral cooperation or move towards geopolitical and preferential trading blocs.
  2. The changing distribution of economic power is altering the basis of global trade negotiations. Developing economies now account for a much larger share of merchandise trade than they did in 1995, creating both new negotiating opportunities and difficulties within the existing framework.
  3. Trade policy is increasingly being shaped by issues beyond tariffs. Industrial subsidies, domestic regulations, digital services, artificial intelligence, cybersecurity, environmental standards and national security measures can all affect cross border commerce.
  4. The benefits of globalisation remain uneven. Least developed countries continue to have a very small share of global trade and face substantially higher trade costs, meaning greater international integration alone does not guarantee broad based economic gains.
  5. The report also highlights the importance of predictable trade rules during periods of disruption. The WTO says businesses and economies were able to redirect trade towards alternative markets and suppliers during the global financial crisis, the COVID 19 pandemic and the war in Ukraine.

WHAT’S NEXT

The WTO says members face the task of adapting the trading system to a more multipolar and economically integrated world. The organisation said this means repairing weaknesses, updating outdated mechanisms, preserving effective rules and adjusting international cooperation to new economic realities.

BOTTOM LINE

The WTO says fragmentation of the global trading system could impose substantial economic costs by 2050, particularly on smaller and poorer economies. Its assessment calls for adaptation of multilateral trade rules to current economic realities rather than abandoning international cooperation.

Nigeria, China reaffirm ties as trade hits $18bn

Nigeria, China reaffirm ties as trade hits $18bn

By
Kehinde Victor
-
China Prepared To Support Nigeria In Boosting Export, Industrialization, Says Envoy

KEY POINTS

• Nigeria and China have pledged to deepen cooperation in trade, investment, industrialisation, energy, technology and people to people exchanges.

• China Nigeria bilateral trade reached $18 billion in the first half of 2026, according to Chinese Ambassador Yu Dunhai.

• Chinese imports from Nigeria rose by 81 per cent during the period, while China’s imports from Africa increased by 24 per cent in May and June.

• Nigeria said China’s zero tariff policy for 53 African countries could create opportunities for Nigerian producers and exporters.

MAIN STORY

Nigeria and China have reaffirmed their commitment to expanding bilateral cooperation, with both countries highlighting trade, investment, industrialisation, energy, technology and cultural exchanges as key areas of collaboration.

The commitment was made on Wednesday in Abuja at a reception marking the 77th National Day of the People’s Republic of China.

Chinese Ambassador to Nigeria, Mr Yu Dunhai, said bilateral relations had moved into a new phase of practical cooperation, supported by what he described as mutual respect and shared development interests.

He said the relationship was expanding across economic, political and cultural areas, while pointing to China’s trade measures and growing commercial exchanges with Nigeria and the wider African continent.

Yu said China’s zero tariff treatment for 53 African countries, which began on May 1, was opening additional opportunities for African exports and industrial development.

He said China’s imports from Africa increased by 24 per cent in May and June, adding that the policy could help African countries convert their resource advantages into greater industrial capacity and support the objectives of the African Continental Free Trade Area.

The ambassador also identified artificial intelligence, digital payments and renewable energy as emerging areas of China Africa cooperation, saying Chinese innovations in these fields were contributing to efforts to address development challenges and strengthen digital cooperation.

He said 2026 marked 55 years of diplomatic relations between China and Nigeria, with the partnership having expanded over the period.

Yu put bilateral trade at $18 billion in the first half of 2026, representing a 35 per cent increase, while Chinese imports from Nigeria rose by 81 per cent.

He said recent agreements covering economic partnership and aquatic exports would further support trade between the two countries.

The ambassador also announced the introduction of Chinese language broadcasts on the Federal Radio Corporation of Nigeria and the Voice of Nigeria as part of efforts to deepen cultural understanding and people to people relations.

He said China remained committed to aligning its 15th Five Year Plan with Nigeria’s development priorities, particularly industrialisation, digital development and the green and blue economies.

Yu also invited Nigeria to join the World Artificial Intelligence Cooperation Organisation to strengthen collaboration in technological development.

Representing President Bola Tinubu, Mr Joseph Tegbe, Minister of Power and Director General of the Nigeria China Comprehensive Strategic Partnership, conveyed the President’s congratulations and goodwill to President Xi Jinping and the Chinese government and people.

Tegbe said Nigeria valued China’s experience in manufacturing, science and technology, infrastructure and economic transformation.

He recalled that diplomatic relations between both countries were established in 1971 and had since expanded into areas including infrastructure, healthcare, technical training, trade, energy and people to people exchanges.

He acknowledged China’s role in Nigerian infrastructure projects, citing investment, financing and engineering support for Lekki Port, railway modernisation and the Zungeru Hydro Power Station.

Tegbe said China’s zero tariff programme presented an opportunity for Nigerian producers, but stressed that market access would need to translate into stronger domestic production and exports.

He also identified the agreement on aquatic product exports to China as an avenue for expanding and diversifying Nigeria’s export base.

Power sector cooperation, he said, remained important, particularly in reliable electricity, renewable energy and local production of power equipment.

Tegbe added that the gains from bilateral cooperation could be increased if investments also strengthened Nigerian businesses and built the capacity of local engineers and technicians to operate and maintain infrastructure.

He reaffirmed Nigeria’s commitment to the One China Principle and said the Nigerian government recognised the Government of the People’s Republic of China as the sole legal government representing China.

The reception also featured cultural performances by the Hunan Art Troupe, highlighting the cultural component of Nigeria China relations.

THE ISSUES

  1. China’s zero tariff treatment for 53 African countries creates a wider market access opportunity for Nigerian producers, but Nigeria’s ability to benefit depends on translating that access into increased domestic production and exports.
  2. The rise in bilateral trade and Chinese imports from Nigeria points to expanding commercial activity between both countries, while recent economic partnership and aquatic export agreements could provide additional channels for trade.
  3. Cooperation is extending beyond traditional infrastructure and trade into artificial intelligence, digital payments, renewable energy and local manufacture of power equipment.
  4. Nigeria is also seeking greater domestic value from Chinese investment by linking infrastructure projects and other investments to the development of Nigerian enterprises and technical capacity.

WHAT’S BEING SAID

“Our relationship has entered the fast lane, as both countries continue to expand cooperation across economic, political and cultural spheres.” – Chinese Ambassador to Nigeria, Mr Yu Dunhai

“Most importantly, China’s zero tariff programme offers great opportunities for Nigerian producers and this is highly commendable.” – Mr Joseph Tegbe, Minister of Power

“Our particular promise is deep cooperation on achieving reliable electricity, renewable energy, and the manufacture of power equipment in Nigeria, with our cooperation with China.” – Mr Joseph Tegbe, Minister of Power

WHAT’S NEXT

The two countries are expected to continue cooperation around trade, industrialisation, energy, technology and cultural exchanges, while Nigeria seeks to convert expanded access to the Chinese market into greater domestic production and exports.

BOTTOM LINE

Nigeria and China are expanding cooperation across trade, investment, infrastructure, energy and emerging technologies, with bilateral trade reaching $18 billion in the first half of 2026. Nigeria is also looking to use expanded Chinese market access and investment to strengthen domestic production, exports and technical capacity.

Health leaders seek country led AI adoption to fight malaria

Nigeria, Italy back $5bn global education financing campaign

By
Kehinde Victor
-

KEY POINTS

• Nigeria and Italy are strengthening cooperation around a proposed Global Partnership for Education financing campaign seeking to raise $5 billion.

• President Bola Tinubu said the GPE campaign aligns with Nigeria’s focus on improving education through wider access and stronger teacher capacity.

• Vice President Kashim Shettima said Nigeria is expanding education financing through domestic resources and innovative funding channels.

• Italy pledged €50 million to GPE programmes and interventions, while governments and donors made wider commitments expected to support at least 370 million children globally.

MAIN STORY

Nigeria and Italy have strengthened cooperation around efforts to mobilise $5 billion for global education financing through the proposed Global Partnership for Education campaign.

President Bola Tinubu said the initiative was consistent with Nigeria’s education agenda, particularly its focus on expanding access and building the capacity of teachers.

Tinubu spoke in a video message on Wednesday in New York during the Multiply Possibility High level event, held on the margins of the 81st Session of the United Nations General Assembly.

The event, tagged “A New Era for Education Financing”, brought together government leaders, development partners and other stakeholders to discuss ways of closing the financing gap in education.

Vice President Kashim Shettima said Nigeria regarded education as an investment in economic productivity, national prosperity and stability rather than a peripheral item in its development plans.

He said the administration had increased resources for education since Tinubu assumed office in 2023, alongside reforms aimed at strengthening basic education financing, improving foundational learning and widening access to tertiary and technical education.

Shettima also pointed to the Nigerian Education Loan Fund as part of efforts to expand access to higher education while strengthening connections between education, skills, employment and enterprise.

Beyond conventional budgetary allocations, he said the Federal Government was exploring other lawful domestic sources of funding.

According to Shettima, Tinubu had directed that funds recovered by the Economic and Financial Crimes Commission, once legally cleared and no longer subject to litigation, should be channelled to the Nigerian Education Loan Fund.

He added that the Federal Executive Council had recently approved consideration of unclaimed dividends and dormant funds for the same purpose, subject to applicable legal requirements.

Shettima said the approach reflected Nigeria’s position that education financing should draw on every responsible and lawful domestic source available.

He cited Nigeria’s partnerships with the World Bank and GPE through HOPE EDU, saying the programme was expected to reach about 29 million children and 500,000 teachers across the country.

The vice president said international financing should build on, rather than replace, domestic investment in education.

He also urged participants to use the financing campaign to create a broader commitment to human capital development rather than treat it solely as a fundraising effort.

Italy’s Prime Minister, Giorgia Meloni, in a video presentation, praised Tinubu’s leadership and Nigeria’s efforts to improve educational outcomes across all levels.

Meloni also called for stronger commitment from partners in the global alliance to address declining education outcomes in developing countries.

UN Deputy Secretary General, Dr Amina Mohammed, thanked partners for their interest in improving education financing in developing countries and said change should begin with government choices.

She called on international financial institutions to support countries that are committed to improving educational outcomes by helping create the fiscal space needed for such investments, including teacher capacity building.

Chair of the GPE Board of Directors, Dr Jakaya Kikwete, also called for faster action on education financing, noting that education remained central to human rights, security and peace.

He said the GPE campaign was being driven by declining development assistance for education at a time when the financing gap was widening.

Girls’ education activist Malala Yousafzai called for greater collaboration in ideas and resources, arguing that global partnerships could deliver stronger results than isolated country interventions.

She also urged multilateral organisations and governments to increase resources and efforts directed at gender equality in education.

The high level meeting ended with financial commitments from governments and donors towards the education of at least 370 million children globally. Italy pledged €50 million for GPE programmes and interventions.

THE ISSUES

  1. The proposed $5 billion campaign is intended to mobilise additional resources for education globally as development assistance declines and financing needs widen.
  2. Nigeria’s position places domestic financing at the centre of education investment, with development assistance, concessional finance, philanthropy and innovative financing expected to complement national resources.
  3. The government is also looking at additional lawful domestic funding sources for education, including recovered funds and unclaimed dividends and dormant funds, subject to legal requirements.
  4. The scale of the HOPE EDU programme means financing is linked directly to access to education and teacher capacity, with about 29 million children and 500,000 teachers expected to be reached in Nigeria.

WHAT’S BEING SAID

“It is an investment in our economic future, national productivity, and the prosperity and stability of our people.” – Vice President Kashim Shettima

“GPE does not replace national investment; it multiplies it.” – Vice President Kashim Shettima

“Domestic resources must remain the anchor, complemented by development assistance, concessional finance, philanthropy and innovative financing.” – Vice President Kashim Shettima

WHAT’S NEXT

The proposed GPE campaign will seek to mobilise $5 billion in financing, while participating governments, donors and development partners continue efforts to expand education funding. Italy has already committed €50 million to GPE programmes and interventions.

BOTTOM LINE

Nigeria and Italy are backing a global effort to raise $5 billion for education, with Nigeria stressing domestic financing as the foundation for additional international support. The campaign is also receiving financial commitments from governments and donors, including Italy’s €50 million pledge.

NGX urges stronger Nigeria US investment ties

Health leaders seek country led AI adoption to fight malaria

By
Kehinde Victor
-
Malaria

KEY POINTS

  • Health leaders and development partners call for country led adoption of AI and other technologies to support disease elimination.
  • Participants say AI could improve surveillance, decision making and targeting of health interventions.
  • GLIDE announces new AI training programmes for public health leaders and national programme managers.
  • GLIDE and the RBM Partnership to End Malaria sign an agreement to strengthen country led malaria control and elimination.

MAIN STORY

Health leaders, development partners and diagnostics experts have called for countries to take the lead in adopting artificial intelligence (AI) and other technologies to improve malaria elimination efforts and make better use of limited health resources.

The call was made at a high level event, “Smarter Investment, Greater Impact: Harnessing AI to Accelerate Disease Elimination”, held on the margins of the 81st session of the United Nations General Assembly in New York.

The event was co hosted by the Global Institute for Disease Elimination (GLIDE), the RBM Partnership to End Malaria and Nigeria, with discussions focused on using AI to improve health investments at a time of shrinking donor budgets and continued pressure on development and humanitarian financing.

Participants examined how technology could strengthen disease surveillance, support decision making and allow health interventions to be deployed more precisely against preventable diseases, including malaria, polio and neglected tropical diseases.

Delivering the keynote remarks, the Coordinating Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, said countries should determine how emerging technologies are integrated into their health systems.

Pate, represented by Dr Michael Adekunle Charles, Chief Executive Officer of the RBM Partnership to End Malaria, said countries affected by malaria were best placed to understand the circumstances and needs of communities living with the disease.

“Malaria-endemic countries must be in the driving seat, whether determining how artificial intelligence and new technologies are applied or strengthening manufacturing and resilient supply chains,” he said.

The minister said the RBM Partnership’s “Big Push against Malaria” was bringing partners together around country priorities while connecting countries with expertise, data, resources and other support required for action.

He said the collaboration between RBM and GLIDE would help turn shared knowledge and innovation into practical action led by affected countries.

Nigeria accounts for the largest share of the global malaria burden and is implementing the Health Sector Renewal Investment Initiative to strengthen primary healthcare and domestic financing.

Earlier, Dr Farida Hosani, Chief Executive Officer of GLIDE, said malaria elimination would depend on countries being able to convert global knowledge and innovation into practical capabilities.

Hosani said the partnership with RBM would connect technical capacity building with a wider network of partners supporting country led action.

She said the collaboration would provide national programmes and public health leaders with tools, knowledge and partnerships to advance disease elimination according to their respective priorities and circumstances.

A panel discussion chaired by Mr Sam Macintosh, Co Founder of Metli, examined the investment and implementation requirements for expanding AI enabled health programmes.

The panel included Priya Basu, Executive Head of the Pandemic Fund; Joanna Sickler, Vice President for Health Policy and External Affairs at Roche Diagnostics; and Spencer Knoll, Director of U.S. Policy and Advocacy at Malaria No More US.

The panelists stressed the need to connect available capital with viable opportunities while ensuring that data infrastructure, workforce capacity and health system integration were in place to support sustainable implementation.

GLIDE also announced new AI training programmes targeting national programme managers and public health leaders.

The programmes include the GLIDE Leadership Excellence in AI for Health (GLIDE_LEAH), aimed at senior decision makers, and AI for All, developed by the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) and tailored with GLIDE for public health professionals worldwide.

According to GLIDE, the programmes are intended to give health leaders the knowledge, confidence and safeguards needed to apply AI in strengthening health systems and accelerating disease elimination.

The event concluded with the signing of a Letter of Mutual Understanding between GLIDE and the RBM Partnership to End Malaria.

The agreement formalises cooperation between the two organisations to put countries most affected by malaria at the centre of malaria control and elimination efforts.

It also establishes a framework for linking global expertise, AI and technical innovation, and capacity building with the priorities of national malaria control programmes and affected communities.

The partnership aligns with the World Health Organisation’s Global Technical Strategy for Malaria and supports efforts to provide countries with learning, expertise and practical resources for malaria control and elimination.

THE ISSUES

  1. Country ownership is central to the approach discussed at the event, with malaria affected countries expected to determine how AI and other emerging technologies fit into their health systems.
  2. AI is being considered as a tool for improving disease surveillance, decision making and the targeting of interventions at a time when health programmes face pressure from limited development and humanitarian financing.
  3. Effective use of AI in public health also depends on supporting infrastructure, including data systems, workforce capacity and integration with existing health systems.
  4. Local capacity building is being strengthened through the new GLIDE training programmes, which are designed to give public health leaders and programme managers practical knowledge and safeguards for applying AI.

WHAT’S BEING SAID

“Malaria-endemic countries must be in the driving seat, whether determining how artificial intelligence and new technologies are applied or strengthening manufacturing and resilient supply chains.” – Prof. Muhammad Ali Pate, Coordinating Minister of Health and Social Welfare

WHAT’S NEXT

GLIDE and the RBM Partnership to End Malaria will work under their new Letter of Mutual Understanding to connect technical expertise, AI innovation and capacity building with the priorities of national malaria programmes and affected communities.

GLIDE will also roll out its new AI training programmes for senior decision makers, national programme managers and public health professionals.

BOTTOM LINE

Health leaders are calling for AI adoption to be driven by the countries that face malaria and other preventable diseases, rather than imposed externally. The approach combines technology with stronger local capacity, health systems and access to relevant expertise and resources.

Thursday Chronicles: The “Synthetic Juice” Panic

Shettima urges diaspora to deepen economic ties with Nigeria

By
Kehinde Victor
-

KEY POINTS

  • Shettima says diaspora remittances are strengthening Nigeria’s external position.
  • Nigerians abroad remit about $20 billion annually, according to the Vice President.
  • He says rising reserves and economic growth point to improving economic conditions.
  • The Vice President urges the diaspora to turn its expertise and achievements into stronger partnerships with Nigeria.

MAIN STORY

Vice President Kashim Shettima has urged Nigerians living abroad to deepen their economic participation in Nigeria, saying diaspora remittances, expertise and business connections can play a greater role in the country’s development.

Shettima made the call on Wednesday at a diaspora town hall meeting at Nigeria House in New York, where he highlighted the financial contribution of Nigerians abroad to the domestic economy.

“Your remittances are showing,” he told members of the Nigerian community.

According to the Vice President, Nigerians in the diaspora remit about $20 billion annually, with the inflows contributing to Nigeria’s external position and supporting household incomes.

Official remittances stood at about $20.93 billion in 2024, while the country’s gross external reserves have risen to $55.25 billion, according to the figures cited at the meeting.

Shettima, who is representing President Bola Tinubu at the 81st United Nations General Assembly, said the diaspora should go beyond remittances by using its professional, educational and entrepreneurial capabilities to build stronger economic links with Nigeria.

He also called for national unity, saying the country’s diversity should not prevent citizens from working towards common development goals.

“What binds us together supersedes whatever divides us,” he said.

The Vice President defended the Tinubu administration’s approach to the economic and security challenges it inherited, saying the President chose to address them rather than blame his predecessor.

“He never makes excuses. He never made one negative remark against his predecessor,” Shettima said.

“He said he had to inherit the assets and liabilities of his predecessor. And instead of him complaining, he rolled up his sleeves.”

Shettima acknowledged that Nigerians still face serious difficulties, including insecurity and inadequate electricity supply, but said the government was working to address the challenges.

“We have challenges, but we never deny that,” he said.

He pointed to recent economic indicators as evidence of progress, including real GDP growth of 4.43 per cent year on year in the second quarter of 2026, compared with 3.89 per cent in the preceding quarter.

“The economy grew last quarter by 4.4 per cent,” Shettima said.

“I can assure you, my brothers and sisters, that we are working day and night to reposition the Nigerian nation.”

“We have crossed the Rubicon; we are on the path to economic progress.”

He also cited the Lagos Calabar Coastal Highway and Sokoto Badagry Superhighway as major infrastructure projects expected to improve connectivity and economic activity.

The Vice President pointed to private sector investments as another indication of Nigeria’s business capacity, commending Aliko Dangote for the development of the Dangote Refinery and other industrial investments across Africa.

He also highlighted the growing presence of Nigerian owned financial institutions and businesses across the continent.

Shettima reserved particular recognition for Nigerians in the United States, citing their educational and professional achievements as a source of national pride.

He said Nigerian immigrants were among the most highly educated immigrant communities in the United States. The Migration Policy Institute’s analysis of 2024 U.S. Census data found that 67 per cent of Nigerian immigrants aged 25 and above had at least a bachelor’s degree.

The Vice President urged the diaspora to convert such educational, professional and entrepreneurial strengths into deeper partnerships with Nigeria.

He also encouraged Nigerians to recognise the country’s progress while acknowledging its problems, arguing that national challenges should not become the only measure of Nigeria’s story.

The town hall provided an opportunity for members of the Nigerian community to engage the Vice President on national development and the role of Nigerians abroad.

THE ISSUES

  1. Diaspora remittances remain an important source of foreign exchange and household support, with Shettima putting annual inflows from Nigerians abroad at about $20 billion.
  2. The Vice President is seeking a broader contribution from the diaspora beyond financial transfers, particularly through professional expertise, entrepreneurship, investment and international business networks.
  3. Shettima acknowledged continuing challenges around insecurity and electricity supply while pointing to economic growth, rising reserves and infrastructure projects as indicators of progress.
  4. Nigeria’s diaspora in the United States represents a significant pool of educational and professional expertise, which the government is seeking to connect more closely with national development.

WHAT’S BEING SAID

“Your remittances are showing.” – Vice President Kashim Shettima

“What binds us together supersedes whatever divides us.” – Vice President Kashim Shettima

“I can assure you, my brothers and sisters, that we are working day and night to reposition the Nigerian nation.” – Vice President Kashim Shettima

WHAT’S NEXT

Shettima is scheduled to deliver Nigeria’s national statement at the 81st UN General Assembly on Thursday. During the high level week, he is also scheduled to hold bilateral meetings focused on investment, multilateral reforms, development financing, security and Africa’s economic priorities.

BOTTOM LINE

Shettima is calling on Nigerians abroad to build on their financial, professional and entrepreneurial contributions to deepen economic ties with Nigeria. He said stronger diaspora participation should complement efforts to address the country’s economic and infrastructure challenges.

NGX urges stronger Nigeria US investment ties

Thursday Chronicles: The “Synthetic Juice” Panic

By
Omotoke Ayomide
-

Hello, my fellow Ingredient-Label Forensics, Kitchen-Table Auditors, and Beverage Detectives. Welcome back to our weekly sanctuary! Today is Thursday, September 24, 2026. If you spent your week staring suspiciously at a glass of cold orange juice in your fridge—trying to figure out whether you are drinking liquid sunshine or a chemical cocktail brewed with industrial dye and tap water—pull up an ergonomic plastic chair. You are in the safest room on the internet.

Forget national road construction warnings, corporate boundary wars, or viral social media arguments; today, we are auditing the single most alarming, hilarious, and universally discussed consumer safety story sweeping across Lagos, Ogun, and major urban centers: The Great “Barkas Juice” Factory Bust and The Mystery of Fake NAFDAC Numbers.

Earlier this week, officers of the Nigeria Security and Civil Defence Corps (NSCDC) in Lagos uncovered an illicit, unhygienic factory operating in Aradagun, Badagry.
The facility was caught producing and distributing a popular branded fruit drink using zero actual fruit—just water, synthetic colorants, industrial sweeteners, and a completely fabricated NAFDAC registration number! 

Let’s break down the explicit details, hilarious street realities, and consumer survival physics behind our daily food safety scares. 

To understand why kitchen-table economists and parents are losing their minds over this story, look at how the drink was actually manufactured.

According to NSCDC investigators, the factory operated behind closed doors for days under surveillance. When security operatives finally moved in, they didn’t find oranges, mangoes, pineapples, or apples. They found drums of water, industrial dye, synthetic flavorings, gas cylinders, and chemical preservatives!

The street commentary across WhatsApp groups and X timelines as the news broke was peak survival humor.

In 2026, buying packaged fruit juice in the market is a game of Russian Roulette! You drink one glass of ‘100% Natural Orange Juice,’ and instead of getting Vitamin C, your tongue turns neon green for three days and your stomach starts singing national anthems!

Where the story moves from criminal investigation to pure Nollywood drama is the defense statement offered by the facility’s operator.

When paraded before journalists, the owner didn’t deny that the factory lacked approved NAFDAC clearance. Instead, she explained that the business was originally established by her grandmother nearly twenty years ago as a small bottled water unit, and she was simply “expanding the family legacy” into fruit drinks while awaiting official approval!

The human interest element is peak comedy mixed with real horror. Thousands of families realized they had been serving “Grandmother’s Special Chemistry Mix” to guests at birthday parties and Sunday afternoon lunches! 

Behind the hilarious memes and viral headlines lies a critical, educational lesson for everyone shopping in Nigerian markets in 2026: Fake products are becoming sophisticated, and basic consumer vigilance is your first line of defense. 

1. Verify NAFDAC Numbers Digitally: Never rely on the mere presence of numbers printed on a plastic bottle. Use the official NAFDAC Green Book portal or SMS verification codes to check whether a product is legitimately registered. 

2. Watch for Price Anomaly Traps: If a 1-liter bottle of “pure natural fruit juice” is being sold for ₦400 while a single fresh orange costs ₦200 at the market stand, the math doesn’t work! Real fruit processing carries production costs; ridiculously cheap juice is usually liquid sugar and food dye. 

3. Report Unsanitary Neighborhood Hubs: The Badagry factory was uncovered because local residents noticed unusual chemical smell trends and unmarked delivery trucks operating at odd hours. Community vigilance protects public health. 

Consumer Survival Protocols for the Week

Check the Label Details: Look for manufacturing addresses, batch numbers, expiry dates, and full ingredient lists. Legitimate brands state the percentage of real fruit juice concentrates. 

Squeeze Your Own Fruit: Whenever possible, buy fresh oranges, pineapples, or watermelons directly from local vendors and blend them at home for 100% guaranteed safety. 

Report Fake Products: If a drink smells like paint thinner, tastes unnaturally chemical, or stains your glass permanently, stop drinking it immediately and notify health authorities. 

See you next Thursday—hopefully with real fruit juice, verified labels, clean kitchens, and zero timeline drama!

Thursday Chronicles: The 14-Hour Kara Bridge Traffic Standstill

NGX urges stronger Nigeria US investment ties

By
Kehinde Victor
-

KEY POINTS

  • NGX Group calls for stronger investment and commercial ties between Nigeria and the U.S.
  • Group Chairman Umaru Kwairanga says deeper capital market links can support business expansion and long term investment.
  • He identifies technology, financial services, infrastructure, energy and manufacturing among areas with investment potential.
  • NGX says stronger institutions, transparency and market integrity are essential to attracting capital.

MAIN STORY

The Nigerian Exchange Group (NGX Group) has called for stronger commercial and investment ties between Nigeria and the United States, saying deeper private sector collaboration could increase capital flows and support economic growth.

Group Chairman, Dr Umaru Kwairanga, made the call at the U.S. Nigeria Council Breakfast in New York on Wednesday, where he said the relationship between both countries offered opportunities for wider trade, investment and business partnerships.

Kwairanga identified financial services, technology, consumer markets, energy, infrastructure, agriculture and manufacturing as sectors with significant opportunities in Nigeria.

He said converting those opportunities into economic value would require capital, effective institutions and partnerships that could support businesses through different stages of growth.

According to him, the capital market has a key role in connecting available capital with investment opportunities by providing businesses with access to funding while giving domestic and international investors a transparent framework for participation.

Kwairanga described the U.S. as an important source of capital, technology, expertise and business networks, but said Nigeria’s engagement with American businesses should extend beyond individual investment transactions.

He advocated longer term relationships between Nigerian and American businesses, investors and institutions, with partnerships focused on areas of commercial alignment.

Such relationships, he said, could allow U.S. companies to participate more deeply in Nigeria’s market while enabling Nigerian businesses to gain access to capital, technology, expertise and international networks.

The NGX chairman said investors also consider market infrastructure, corporate governance, transparency, regulation and the efficiency of capital flows when assessing investment destinations.

He said Nigeria’s financial ecosystem was continuing to develop in these areas, with NGX Group working to strengthen investment infrastructure and improve market accessibility.

Kwairanga said the private sector would be central to deepening economic relations between Nigeria and the U.S., noting that governments could establish the framework while businesses, investors and financial institutions turn those relationships into actual transactions and investments.

“At NGX Group, our role is fundamentally about connecting capital with opportunity.

“We provide the infrastructure through which businesses can raise capital and investors can participate in the growth of Nigerian enterprises,” he said.

He said meetings such as the breakfast could help shift discussions about Nigeria’s economic potential towards actual investment opportunities by identifying projects, developing business cases, determining funding requirements and connecting appropriate partners.

Kwairanga also stressed the importance of trust in building lasting investment relationships, linking investor confidence to predictable institutions, credible governance, transparency, sound regulation and market integrity.

Beyond conventional investment flows, he identified technology, financial services, infrastructure, sports, entertainment, creative industries and professional services as areas where Nigeria and the U.S. could deepen commercial engagement.

He said achieving the level of investment required by Nigeria would depend on cooperation among government, regulators, investors, businesses, financial institutions and international partners.

Kwairanga reaffirmed NGX Group’s commitment to providing an efficient platform through which Nigerian businesses could access capital and investors could participate in the country’s economic growth.

He commended the U.S. Nigeria Council for convening the breakfast and providing a platform for stakeholders from both countries to deepen engagement.

THE ISSUES

  1. Stronger Nigeria U.S. commercial relationships could create opportunities for businesses in both countries to develop partnerships beyond individual investment transactions.
  2. Access to capital remains central to converting opportunities across sectors such as technology, energy, infrastructure, agriculture and manufacturing into business activity.
  3. Investor considerations extend beyond available opportunities to include market infrastructure, corporate governance, transparency, regulation and the efficiency of capital flows.
  4. The proposed broader engagement covers sectors beyond traditional investment, including sports, entertainment, creative industries and professional services.

WHAT’S BEING SAID

“Governments can establish the framework for engagement, while businesses, investors and financial institutions create the transactions, partnerships and investments that give that relationship substance.” – Dr Umaru Kwairanga, Group Chairman, NGX Group

“At NGX Group, our role is fundamentally about connecting capital with opportunity.” – Dr Umaru Kwairanga, Group Chairman, NGX Group

“We provide the infrastructure through which businesses can raise capital and investors can participate in the growth of Nigerian enterprises.” – Dr Umaru Kwairanga, Group Chairman, NGX Group

WHAT’S NEXT

NGX Group says it will continue working to strengthen investment infrastructure and market accessibility, while deeper Nigeria U.S. engagement will require collaboration among government, regulators, investors, businesses, financial institutions and international partners.

BOTTOM LINE

NGX Group is seeking deeper Nigeria U.S. commercial ties that can connect businesses with capital, technology and international expertise. Kwairanga said stronger institutions, transparency and market integrity would be important to building lasting investment relationships.

Global markets gain as AI stocks drive investor momentum

Global markets gain as AI stocks drive investor momentum

By
Boluwatife Oshadiya
-

By Kehinde Victor | September 24, 2026

Key Points

  • Nasdaq 100 rises 0.45% as renewed investor interest in AI lifts technology stocks
  • S&P 500 ends broadly flat after financial stocks fall nearly 2% on AI disruption concerns
  • Asian markets turn mixed as Chinese technology shares weaken ahead of US-China developments

Main Story

Global equities traded with a mixed but generally constructive tone on Wednesday as technology and artificial intelligence stocks supported sentiment, while investors monitored geopolitical developments, central-bank signals and upcoming economic data.

The Nasdaq 100 gained 0.45%, supported by renewed enthusiasm around Meta’s newly launched Muse personal AI agent. Meta introduced Muse on September 8 as an agent designed to perform tasks for users, including sending emails, booking travel and working across connected applications.

The broader S&P 500 was approximately flat as gains in technology stocks were offset by a near-2% decline in financials. Market concerns about the potential disruption of consumer-facing financial services by increasingly capable AI agents weighed on banks and insurers.

European markets were similarly mixed. The Euro Stoxx 50 gained 0.10%, while the FTSE 100 declined 0.29%, with technology gains partly offset by weakness in financial stocks.

In Asia, the Hang Seng Index fell 0.76%, while Tencent declined 2.61% in Hong Kong. The weakness came as investors assessed regulatory and data-security concerns surrounding Chinese AI developers and remained cautious ahead of further US-China engagement.

The Johannesburg Stock Exchange closed higher on Tuesday, with the All Share Index rising 0.21% to 113,349 points and the Top 40 gaining 0.26% to 105,618. Naspers and Prosus rose 4.59% and 4.38%, respectively, following strength in Tencent.

The Issues

The latest market moves underline the growing influence of AI expectations on equity valuations. Investors are increasingly assessing not only which companies are spending heavily on AI, but also whether those investments can create new revenue streams or disrupt established business models.

The financial sector has become a particular focus because AI agents capable of handling shopping, payments, scheduling and other consumer tasks could alter how customers interact with banks and insurers.

At the same time, geopolitical and monetary-policy uncertainty continues to limit the breadth of the market rally. Investors are balancing optimism around technology against concerns about interest rates, commodity prices and the sustainability of elevated technology valuations.

What’s Being Said

“Muse is a personal AI agent. It doesn’t just answer questions, it actually does the work.” Meta, in its September 8 announcement introducing Muse.

“I think it’s a game changer.” Dan Ives, technology analyst, discussing Meta’s Muse and its potential impact on the company and investor sentiment.

What’s Next

  • Investors will monitor flash Purchasing Managers’ Index readings from Europe and the United States for fresh signals on economic activity
  • Meta’s annual Connect conference is taking place on September 23–24, with CEO Mark Zuckerberg scheduled to deliver the keynote on September 23
  • Asian and South African markets will continue to react to movements in Tencent, commodity prices and the direction of global technology stocks

The Bottom Line:

AI remains a major driver of equity-market sentiment, but Wednesday’s mixed performance shows that enthusiasm is not lifting every sector equally. Technology continues to attract capital on expectations of new AI-driven growth, while financial stocks face increasing questions about how quickly the same technology could reshape their business models.

NMDPRA threatens licence revocation over fuel under dispensing

Nigerian equities gain ₦374bn as rally reaches tenth session

By
Boluwatife Oshadiya
-
Stock Exchange Closes Trading Week With N30bn Gain

By Annette Ikponmwonba | September 24, 2026

Key Points

  • NGX All-Share Index rises 0.23% to 251,191.02 points in tenth straight positive session
  • Market capitalisation gains ₦374.14 billion to reach ₦163.06 trillion
  • ETERNA leads gainers with a 10.00% rise as 43 stocks advance against 20 decliners

Main Story

Nigerian equities extended their rally on Wednesday as the NGX All-Share Index rose 0.23% to 251,191.02 points, lifting total market capitalisation by ₦374.14 billion to ₦163.06 trillion.

The gain extended the market’s positive run to ten consecutive sessions. The index added 576.36 points from Tuesday’s close of 250,614.66, while trading volume rose sharply to about 1.59 billion shares.

Market breadth remained positive, with 43 stocks gaining against 20 decliners. ETERNA led the gainers, rising 10.00%, followed by Thomas Wyatt Nigeria at 9.88%, Critical Minerals Financing Corporation at 9.76%, Haldane McCall at 9.70% and Omatek Ventures at 9.63%.

On the activity side, the market recorded about 49,736 deals, while the value of transactions stood at approximately ₦45.82 billion. FTGINSURE accounted for the largest share of traded volume, while GTCO led the value chart.

Sector performance was broadly positive. Insurance gained 1.08%, Banking rose 0.85%, Consumer Goods advanced 0.17% and Oil & Gas increased 0.06%. Industrial Goods was the only major sector to decline, falling 0.15%.

The session followed the Central Bank of Nigeria’s recent 350-basis-point reduction in the Monetary Policy Rate to 23.00%, which Proshare identified as an operational realignment with market rates.

The Issues

The latest advance extends an already significant recovery in Nigerian equities, but the distribution of gains remains important. The positive market breadth shows participation across a wider group of stocks, while strong activity in selected mid-cap and banking names continues to support the index.

The rally is also taking place against a changing monetary-policy environment. The CBN’s recent rate reduction changes the interest-rate backdrop for equities, although the effect on asset allocation will depend on how investors reassess returns across equities, fixed income and money-market instruments.

Trading volume is another factor to watch. Wednesday’s roughly 1.59 billion shares represented a substantial increase from the previous session, indicating stronger market participation even as the benchmark index recorded a relatively modest daily gain.

What’s Being Said

NGX’s published market information confirms continued trading activity across listed equities, with individual securities recording significant price movements during Wednesday’s session. NGX’s market-data platform provides real-time and historical equity information for investors and market participants.

“The Line Holds.” TRW Stockbrokers, in its September 23 market report, described 251,218 points as a key resistance level after the index closed at 251,191.02 points.

What’s Next

  • Investors will assess whether the NGX All-Share Index can sustain its tenth-session advance in the next trading session
  • Market participants will continue evaluating the effect of the CBN’s 350-basis-point policy-rate reduction on equities and fixed-income positioning
  • Investors will monitor whether elevated trading volume broadens participation across sectors or remains concentrated in selected counters

The Bottom Line:

The NGX rally is becoming a sustained market trend rather than a single-session move, with the index now supported by ten consecutive positive sessions and broader participation. The combination of strong trading activity, positive breadth and a lower policy-rate environment will be important in determining whether the current momentum can be maintained.

NMDPRA threatens licence revocation over fuel under dispensing

Naira weakens as dollar liquidity pressure widens fx gap

By
Boluwatife Oshadiya
-

By Kehinde Victor | September 24, 2026

Key Points

  • The naira closed at ₦1,328.50 per dollar at the Nigerian Foreign Exchange Market, down 0.05%
  • The parallel-market rate weakened 0.51% to ₦1,387, widening the gap between the two markets to ₦59
  • External reserves remained above $54 billion while Brent crude rose above $102 a barrel amid Middle East supply concerns

Main Story

The naira weakened against the US dollar across Nigeria’s major foreign-exchange markets on Wednesday as the currency adjusted after the CBN’s 350-basis-point reduction in its policy rate.

The local currency closed at ₦1,328.50/$ at the Nigerian Foreign Exchange Market, a 0.05% decline from the previous session, according to CBN-linked market data. In the parallel market, the naira fell 0.51% to ₦1,387/$, widening the gap between the two rates to ₦59 from ₦52.

The naira nevertheless strengthened against the pound and euro at the official window, with rates at ₦1,762.92/£ and ₦1,514.89/€, respectively.

The move came a day after the CBN reset its MPR to 23% from 26.5%. Governor Olayemi Cardoso said the adjustment was aimed at improving the transmission of monetary policy after the previous benchmark had become disconnected from prevailing market rates.

External-market conditions added another layer of pressure. AIICO Capital reported Brent crude at $102.54 a barrel, up 2.16%, while gold fell 0.84% to $4,327.15 an ounce as expectations of renewed US-Iran talks reduced demand for the traditional safe-haven asset.

The Issues

The latest movement illustrates the competing forces facing the naira after the CBN’s policy reset. Stronger external reserves and elevated oil prices provide support for Nigeria’s foreign-exchange position, but changes in interest-rate differentials and dollar demand can still produce short-term pressure.

The official-parallel market spread is also an important indicator. The ₦59 difference recorded on Wednesday was wider than the previous day’s ₦52 gap, suggesting that pricing conditions were less uniform across the two segments.

Nigeria’s latest headline inflation rate was 15.39% in August, while the CBN’s September MPC communiqué said gross external reserves stood at $55.25 billion on September 18.

What’s Being Said

“We are of the firm opinion that our transmission mechanism is not working as effectively as it should,” said Olayemi Cardoso, Governor, Central Bank of Nigeria, while explaining the rationale for the policy reset.

AIICO Capital’s September 23 market report recorded a 0.05% decline in the naira at NAFEM and a 0.51% decline in the parallel market, while noting that reserves remained around $55.25 billion.

What’s Next

  • Traders will monitor whether the ₦59 official-parallel market gap narrows or widens in subsequent sessions
  • The naira’s performance will remain sensitive to dollar demand, domestic liquidity conditions and global oil prices
  • Investors will also assess how the new 23% MPR affects foreign portfolio flows and the relative attractiveness of naira-denominated assets

Bottom Line

The Bottom Line: The naira’s Wednesday decline shows that the CBN’s rate reset does not remove short-term FX pressures, even with stronger external reserves and elevated oil prices. The size and persistence of the official-parallel market gap will remain an important indicator of underlying dollar liquidity conditions.

Trump defends Iran war in UN address, threatens further action

Nigerian Treasury bill rates fall below 16% after CBN rate reset

By
Boluwatife Oshadiya
-

By Kehinde Victor| September 24, 2026

Key Points

  • Treasury bill stop rates fell to 15.50%, 15.80% and 15.89% across the 91-day, 182-day and 364-day tenors
  • Investors submitted about ₦4.2 trillion in bids against the ₦500 billion offered at the auction
  • The average secondary-market Treasury bill yield fell 43 basis points to 18.38% after the CBN reset its MPR to 23%

Main Story

Nigerian Treasury bill rates fell below 16% across all three standard tenors on Wednesday after the Central Bank of Nigeria reset its Monetary Policy Rate to 23% from 26.5%.

The Debt Management Office, acting through the CBN, offered ₦500 billion in Treasury bills across 91-day, 182-day and 364-day maturities. The auction attracted about ₦4.2 trillion in subscriptions, with approximately ₦497.6 billion allotted to investors.

The 91-day bill cleared at 15.50%, down 80 basis points from the previous auction. The 182-day tenor fell 70 basis points to 15.80%, while the 364-day bill declined 73 basis points to 15.89%.

The repricing followed the MPC’s 350-basis-point reduction in the MPR at its September 21–22 meeting. The CBN described the decision as an operational realignment intended to restore the MPR as the principal signal for interest rates and improve monetary-policy transmission.

Secondary-market activity also strengthened after the policy announcement. AIICO Capital reported that the average Treasury bill yield declined to 18.38%, while rates on the 180-day and 365-day instruments also moved lower.

The Issues

The repricing highlights how quickly changes in the policy-rate framework can transmit into Nigeria’s fixed-income market. Treasury bill yields had already been trending lower before the September MPC meeting, with the final Q3 auction coming after two earlier September auctions that had also recorded lower stop rates.

The size of investor demand is also significant. The auction’s roughly ₦4.2 trillion subscription level was more than eight times the amount offered, indicating strong demand for government securities even as clearing yields moved lower.

At the same time, August headline inflation stood at 15.39%, meaning the new short-term Treasury bill rates are now close to the prevailing inflation rate rather than providing the wide nominal spread seen earlier in the rate cycle.

What’s Being Said

“The Committee decided as follows: reset the monetary policy rate at 23 per cent,” said Olayemi Cardoso, Governor, Central Bank of Nigeria.

AIICO Capital’s September 23 market report said the rate cut pulled Treasury bill yields lower, with the 91-day, 180-day and 365-day segments recording declines while the average yield settled at 18.38%.

What’s Next

  • Successful bidders are expected to receive their allotment letters on September 24, with payment due by 11:00 a.m. that day.
  • Investors will monitor subsequent secondary-market yields for evidence of whether the lower auction rates become the new market reference points
  • The next monetary-policy decisions will be closely watched for signs of whether the September MPR reset translates into a broader easing cycle or primarily serves as an operational realignment

Bottom Line

The Bottom Line: The Treasury bill market has immediately repriced around the CBN’s new 23% policy benchmark, while strong demand has allowed the government to borrow at materially lower rates. The key market question now is whether this lower-yield environment becomes sustained as monetary-policy transmission improves.

Trump defends Iran war in UN address, threatens further action

UN launches mineral support mechanism for Nigeria, five others

By
Boluwatife Oshadiya
-

By Annette Ikponmwonba | September 24, 2026

Key Points

  • The UN has selected Nigeria, Guinea, Indonesia, Madagascar, Zambia and Zimbabwe as the first countries for its new Critical Energy Transition Minerals support mechanism
  • The initiative will provide technical and capacity-building assistance aimed at helping resource-rich countries develop domestic value chains, jobs and industrial capacity
  • UN Secretary-General António Guterres said rising mineral demand could create economic opportunities but warned that weak governance could deepen commodity dependence and environmental risks

Main Story

The United Nations has launched a new support mechanism to help Nigeria and five other resource-rich developing countries turn critical mineral wealth into jobs, industrial development and broader economic benefits.

UN Secretary-General António Guterres announced the Country Support Mechanism on Critical Energy Transition Minerals on Wednesday, naming Nigeria, Guinea, Indonesia, Madagascar, Zambia and Zimbabwe as its first participating countries.

The initiative is designed to provide coordinated technical and capacity-building support to countries seeking to build sustainable and resilient mineral value chains.

“With Nigeria, Guinea, Indonesia, Madagascar, Zambia and Zimbabwe as our first partners, the Country Support Mechanism puts equity and justice into practice to turn mineral wealth into jobs and prosperity at home,” António Guterres, UN Secretary-General, said.

The UN said critical minerals including copper, lithium, nickel, cobalt and rare earth elements are essential to technologies such as wind turbines, solar panels, electric vehicles and battery storage.

According to Guterres, demand for critical minerals is expected to almost triple by 2030 as countries pursue the transition from fossil fuels to renewable energy.

He said the increase in demand presents resource-rich developing countries with opportunities to diversify their economies, increase local value addition and expand industrial development.

The mechanism will be led by the UN Development Programme and the UN Development Coordination Office, which will coordinate expertise across the UN system.

The broader UN Task Force on Critical Energy Transition Minerals is co-led by the UN Development Programme, the UN Conference on Trade and Development and the UN Environment Programme.

The Issues

The initiative addresses a longstanding challenge for resource-rich developing economies: extracting minerals without capturing enough value from processing, manufacturing and related industrial activity.

Guterres said poorly governed extraction could leave countries dependent on commodities while exposing communities to environmental and human costs without receiving a proportionate share of the economic benefits.

For Nigeria, the mechanism places mineral development within a broader industrial policy context. The potential economic benefit will depend not only on mineral extraction, but also on governance, investment, infrastructure, environmental safeguards and the ability to develop domestic value chains.

What’s Being Said

“For developing countries endowed with these natural resources, rising demand presents an opportunity to diversify economies, strengthen value addition and industrial development, and create jobs,” António Guterres, UN Secretary-General, said.

“Critical minerals can help countries diversify and transform their economies. However, to turn mineral wealth into a true driver of development, countries need value creation, environmental protection and good governance to advance together,” Alexander de Croo, Administrator of the United Nations Development Programme, said.

The supplied source material does not include an independent private-sector or academic assessment of the mechanism.

What’s Next

  • The UN system will coordinate technical and capacity-building support for the six initial countries
  • UNDP, UNCTAD and UNEP will continue coordinating implementation through the wider Critical Energy Transition Minerals Task Force
  • Participating countries are expected to use the support to strengthen value addition, industrial development and responsible mineral management

Bottom Line

The Bottom Line: The UN initiative shifts part of the critical-minerals debate from resource extraction toward value creation, governance and industrial capacity. For Nigeria, the significance will depend on how effectively mineral resources can be linked to domestic processing, investment and employment rather than remaining primarily an export opportunity.

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Chelle demands strong start as Super Eagles open AFCON qualifiers

By
Boluwatife Oshadiya
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Eric Chelle, coach of Nigeria during the CAF 2024 African Nations Championship CHAN Nigeria Press Conference in Dar es Salaam on 18 August 2025 ©Loveness Bernard/BackpagePix

By Annette Ikponmwonba | September 24, 2026

Key Points

  • Nigeria host Madagascar in Uyo on Friday as the Super Eagles begin their 2027 Africa Cup of Nations qualifying campaign
  • Coach Éric Chelle wants Nigeria to establish its intent immediately and avoid the late pressure experienced during the World Cup qualifying campaign
  • Nigeria have recalled Ola Aina, Benjamin Fredricks and Taiwo Awoniyi, with Maduka Okoye and Stanley Nwabali competing for the starting goalkeeper role

Main Story

Super Eagles Head Coach Éric Chelle has called for a strong start to Nigeria’s 2027 Africa Cup of Nations qualifying campaign ahead of Friday’s opening match against Madagascar in Uyo.

Nigeria will face Madagascar at the Godswill Akpabio Stadium before travelling to Guinea-Bissau for their second qualifying fixture on Tuesday, with Chelle stressing the importance of collecting points from the outset.

“We have to show everyone from Day One that we want it,” Éric Chelle, Super Eagles Head Coach, said.

Chelle said Nigeria must approach the qualifying campaign with determination and avoid the uncertainty that characterised parts of the team’s recent World Cup qualifying campaign.

The Super Eagles have recalled defender Ola Aina, youngster Benjamin Fredricks and forward Taiwo Awoniyi for the two fixtures. Awoniyi was added to the squad following the forced absence of regular striker Victor Osimhen.

Chelle also has a decision to make in goal, with Maduka Okoye and Stanley Nwabali both available for the Madagascar fixture.

Nigeria’s defensive options include Calvin Bassey, Semi Ajayi, Bruno Onyemaechi and Bright Osayi-Samuel, while the attacking group features Moses Simon, Ademola Lookman and Samuel Chukwueze.

George Ilenikhena, Akor Adams, Tolu Arokodare, Awoniyi and Moses Usor are also available for selection.

The Super Eagles have won their previous two AFCON qualifying meetings with Madagascar, recording 2-0 victories in Calabar and Antananarivo during the 2010 and 2011 qualifying campaigns.

Madagascar, however, defeated Nigeria 2-0 in Alexandria during the 2019 Africa Cup of Nations. Nigeria had already secured qualification for the knockout stage before that match.

The Issues

The immediate issue for Nigeria is to convert squad depth into a positive opening result. The team enters the qualifiers with several established attacking and defensive options but must settle key selection decisions, particularly in goal.

The wider concern is consistency across a qualifying campaign. Chelle’s warning against a slow or uncertain start reflects the pressure created when points are dropped early and qualification is left to later fixtures.

Madagascar’s 2019 victory also provides recent competitive evidence that previous head-to-head results do not guarantee the outcome of Friday’s fixture.

What’s Being Said

“We have to show everyone from Day One that we want it,” Éric Chelle, Super Eagles Head Coach, said.

Chelle also said Nigeria must pursue points “without any hesitation” as the team begins its qualifying campaign.

The supplied source material does not include an independent response from Madagascar or an external analyst.

What’s Next

  • Nigeria will host Madagascar at the Godswill Akpabio Stadium, Uyo, on Friday
  • The Super Eagles will travel to Guinea-Bissau for their second qualifier on Tuesday
  • Chelle must decide his starting goalkeeper and final match-day selection from the expanded squad

Bottom Line

The Bottom Line: Nigeria’s opening two fixtures will establish the early trajectory of its 2027 AFCON qualifying campaign. Chelle’s emphasis on an immediate response reflects the importance of avoiding another qualifying campaign in which late results create unnecessary pressure.

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MAN welcomes 350bp MPR cut, lists 13 measures to turn cheaper borrowing into real relief for manufacturers

By
Emmanuel Ogbonnaya
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Key points

  • Rate cut welcomed. MAN says the MPC’s 350-basis-point cut in the MPR, to 23.0 per cent from 26.5 per cent, will lower borrowing costs and improve manufacturers’ capacity to fund inventory, raw materials, equipment and expansion.
  • CRR could blunt the benefit. With the Cash Reserve Requirement held at 45 per cent for deposit money banks and 16 per cent for merchant banks, MAN warns that less money will be available for lending to the real sector. It adds that high power, logistics and infrastructure costs will limit the gains, and it wants more rate cuts.
  • 13-point agenda. MAN asks government to review the CRR, create a dedicated FX window for manufacturers, and operationalise the N1 trillion Manufacturing Stabilisation Fund at 9 per cent. It also wants development finance for manufacturing SMEs at 5 per cent, plus measures on energy, logistics and credit guarantees.

The Manufacturers Association of Nigeria (MAN) has welcomed the Central Bank of Nigeria’s 350-basis-point cut to the Monetary Policy Rate (MPR). It says the move will ease borrowing costs for manufacturers, but that the benefit will be limited unless banks lend more and government deals with the structural costs of production.

In a statement to the media, signed by Director General Segun Ajayi-Kadir, the association set out 13 policy measures for the government’s consideration.

What the MPC did

At its 307th meeting on September 21-22, 2026, the Monetary Policy Committee (MPC) cut the MPR to 23.0 per cent from 26.5 per cent. It also adjusted the Standing Facilities Corridor to +50/-300 basis points around the MPR. The Cash Reserve Requirement (CRR) stays at 45 per cent for deposit money banks and 16 per cent for merchant banks, and at 75 per cent for non-Treasury Single Account (TSA) public-sector deposits. The Liquidity Ratio is unchanged at 30 per cent.

The decision comes as headline inflation eased to 15.39 per cent in August from 15.43 per cent in July, according to the National Bureau of Statistics. Gross external reserves stood at about $55.25 billion as of September 18, according to the MPC communique.

MAN’s assessment

MAN says the cut is a significant easing of policy and matches its own forecast that easing should follow a period of stabilisation. It describes the move as a gradual shift away from the tight conditions that, in its view, have contributed to poor performance in manufacturing.

The CBN, however, described the move as an operational realignment meant to strengthen policy transmission and reinforce the MPR as its main policy signal, not a change in its underlying stance.

The association expects lower rates to improve manufacturers’ capacity to finance inventory, raw materials, production cycles, equipment purchases and expansion. It also says the revised corridor should improve liquidity management in the banking system and support more efficient pricing of short-term funds.

The CRR problem

MAN’s main reservation is the unchanged CRR. It argues that with such a large share of deposits held as reserves, banks will have less to lend to productive sectors, and that the gains from the rate cut may not be fully realised if credit to the real sector stays constrained.

The association also expects the cut to push down yields on short-term government securities, including Treasury bills and Open Market Operations (OMO) instruments. That would reduce the Federal Government’s debt-servicing costs and slightly narrow the yield spread for foreign portfolio investors.

MAN says how much manufacturers gain will depend on how quickly and strongly the cut reaches actual lending rates. It also depends on complementary action on electricity supply, logistics costs, road infrastructure and ease of doing business. It wants further rate cuts and calls for closer coordination between monetary and fiscal authorities.

MAN’s 13 proposals

  1. Expand access to concessionary, single-digit financing for manufacturers, especially small and medium industries (SMIs) and firms in strategic sectors.
  2. Progressively review the high CRR for deposit money banks, where macroeconomic conditions permit, to create more lending capacity while safeguarding financial stability.
  3. Work with deposit money banks and the Bankers’ Committee so the 350bp cut translates directly into lower prime and maximum lending rates for local manufacturers.
  4. Address structural production constraints, including electricity costs, transport and logistics expenses, infrastructure deficits and insecurity.
  5. Cut industrial energy costs through better electricity supply, greater domestic gas utilisation and incentives for alternative and renewable energy.
  6. Accelerate implementation of the Nigeria First Policy to strengthen domestic value chains, promote local sourcing of raw materials and reduce import dependence.
  7. Fully implement the recent Memorandum of Understanding between the Ministry of Finance and the CBN, with measurable gains in policy coordination, investor confidence and business predictability.
  8. Use the growing external reserves buffer to create a dedicated, transparent FX window for legitimate manufacturers importing capital equipment and raw materials not available locally, reducing reliance on parallel market premiums.
  9. Strengthen the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) and similar credit guarantee funds to cover industrial SME risk, so banks lend without demanding exorbitant collateral.
  10. Re-energise low-interest intervention windows at the Bank of Industry (BOI) and Development Bank of Nigeria (DBN), offering single-digit or low double-digit long-term loans strictly for raw material processing, machinery imports and local equipment fabrication.
  11. Operationalise the N1 trillion Manufacturing Stabilisation Fund at 9 per cent through BOI, with transparent eligibility criteria and timely disbursement.
  12. Provide development finance for manufacturing SMEs at 5 per cent, with tenors and repayment structures that match production and investment cycles.
  13. Make future MPC meetings focus heavily on assessing the MPR’s impact on manufacturing and other productive sectors, with accelerating productivity as the critical issue.

What’s Being Said

MAN says “more cuts are needed to achieve meaningful impact” and that “lower interest rates alone cannot resolve the structural constraints” that raise production costs. It closes by encouraging the MPC to keep calibrating policy to balance macroeconomic stability with the need to stimulate investment, industrialisation and job creation.

Bottom line

MAN backs the direction of policy but not yet its reach. Its case is that the MPR cut will do little for factories until banks pass it on, the CRR eases and power and logistics costs come down.

NGX launches WhatsApp channel for public offer subscriptions

By
Kehinde Victor
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KEY POINTS

  • NGX Group has added WhatsApp access to its NGX Invest platform.
  • Investors can start the subscription process by sending “Invest” to the official NGX Invest WhatsApp number.
  • Applications will be processed through stockbrokers selected by investors.
  • NGX says the move is intended to reduce barriers to participation in Nigeria’s primary market.

MAIN STORY

The Nigerian Exchange Group (NGX Group) has added WhatsApp as a new channel for investors to access public offers through its NGX Invest platform.

In a statement on Wednesday, the group said investors can begin the subscription process by sending “Invest” to the official NGX Invest WhatsApp number, +234 812 731 9521.

The new channel allows investors to view eligible offers and complete the required subscription process without downloading a separate application.

Investors will still be required to select a stockbroker through whom their applications will be processed, meaning the new digital channel does not remove the role of stockbrokers from the investment process.

NGX Group said the WhatsApp integration is part of efforts to make participation in Nigeria’s primary market more accessible, while giving issuers another route to reach prospective investors and raise capital.

The group said NGX Invest already connects issuers with investors through more than 100 distribution channels, including stockbrokers, banks, fintech companies, mobile network operators and other financial institutions through Application Programming Interface connectivity.

It said subscriptions initiated through WhatsApp would continue to be handled through the regulated infrastructure of NGX Invest.

NGX Group said the wider distribution network has helped connect issuers with a broader pool of investors and simplify access to public offers.

NGX Invest is a Securities and Exchange Commission approved electronic offering platform for public offers, rights issues and initial public offerings.

Since its launch in 2024, the platform has facilitated more than 23 primary market transactions and supported capital raising of more than N3 trillion.

THE ISSUES

  1. The WhatsApp channel gives investors another way to access eligible public offers without installing a separate application, potentially making the subscription process more accessible to existing WhatsApp users.
  2. The introduction of WhatsApp does not replace stockbrokers. Investors will continue to select a stockbroker through whom their applications are processed.
  3. NGX Group is extending the distribution network around NGX Invest, which already uses more than 100 channels across stockbrokers, banks, fintech companies, mobile network operators and other financial institutions.
  4. The move also creates another digital route through which issuers can reach prospective investors as they seek to raise capital through Nigeria’s primary market.

WHAT’S BEING SAID

“Subscriptions through WhatsApp would be processed through NGX Invest’s regulated infrastructure.” – Nigerian Exchange Group

WHAT’S NEXT

Investors seeking to use the new channel are expected to interact only with the official NGX Invest WhatsApp number. NGX Group has warned investors not to share passwords, Personal Identification Numbers, One Time Passwords or other sensitive credentials with third parties.

BOTTOM LINE

NGX Group is adding WhatsApp to NGX Invest as another route for investors to participate in public offers. The initiative keeps stockbrokers within the application process while expanding the digital channels available to investors and issuers.

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Davido joins Dangote at Times Square refinery display

By
Kehinde Victor
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KEY POINTS

  • Davido appeared alongside Aliko Dangote at New York’s Times Square.
  • A digital billboard featured the Dangote Petroleum Refinery and its public offer.
  • The display carried the message, “Made in Nigeria. Built for the World.”
  • The refinery has a stated nameplate capacity of 700,000 barrels per day.

MAIN STORY

Afrobeats artiste David Adeleke, popularly known as Davido, appeared alongside business mogul Aliko Dangote at New York’s Times Square as a digital billboard featured the Dangote Petroleum Refinery.

Davido shared a video of the encounter on social media, showing himself and Dangote standing beneath the billboard, which displayed the message, “Made in Nigeria. Built for the World.”

The display featured the refinery in Lagos and formed part of publicity around its public offer.

The appearance brought together figures associated with two different aspects of Nigeria’s international profile, with Davido representing the country’s global music reach and the refinery representing its large scale industrial investment.

The Dangote Petroleum Refinery has a stated nameplate capacity of 700,000 barrels per day. Its appearance on the digital billboard placed the Nigerian industrial project in Times Square, one of New York’s major commercial locations.

Information provided on the refinery’s public offer website describes the exercise as “The IPO for the People”. The platform provides details on the offer, including the prospectus, eligibility requirements, subscription process and approved channels for participation.

The website advises prospective investors to read the prospectus and obtain independent professional advice before making an investment decision. It also states that subscriptions should only be made through the approved channels listed on the platform.

The Times Square appearance has attracted attention online, particularly around the meeting of Davido and Dangote and the presentation of a Nigerian industrial project at an international commercial location.

THE ISSUES

  1. The Times Square display links publicity for the Dangote Petroleum Refinery’s public offer with a highly visible international advertising location.
  2. Davido’s appearance alongside Dangote adds a prominent Nigerian entertainment figure to the publicity around the refinery, bringing together the country’s creative and industrial sectors in the public presentation.
  3. The public offer website directs prospective investors to review the prospectus, understand the eligibility requirements and use only approved subscription channels before participating.

WHAT’S BEING SAID

“Made in Nigeria. Built for the World.” – Message displayed on the Times Square billboard

“The IPO for the People” – Dangote Petroleum Refinery public offer website

WHAT’S NEXT

Prospective investors in the Dangote Petroleum Refinery public offer are expected to use the information provided on the offer website, including the prospectus and approved subscription channels, when considering participation.

BOTTOM LINE

The Times Square appearance brought Davido and Aliko Dangote together as the Dangote Petroleum Refinery featured on a digital billboard promoting its public offer. The display has drawn online attention to the refinery and the public offer.

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