Iran’s Ambassador to Nigeria, Mahdavi Raja, warned that Gulf nations hosting U.S. military bases could face retaliation if those facilities are used for attacks on Iranian soil.
Tehran is invoking Article 51 of the UN Charter, claiming a right to self-defense following a massive U.S.-Israeli military campaign that began on February 28.
Ambassador Raja emphasized that while Iran respects its neighbors, any base used for operations against its territory becomes a “legitimate military target.”
The warning specifically mentioned countries including Kuwait, Saudi Arabia, the United Arab Emirates, and Bahrain, which host significant American military assets.
MAIN STORY
At a high-stakes press conference in Abuja on Thursday, Iran’s Ambassador to Nigeria, Mahdavi Raja, delivered a stern warning to Middle Eastern nations currently hosting United States military forces. The envoy stated that Tehran would no longer differentiate between the “aggressor” and the “host” if foreign military facilities are utilized to launch operations against Iranian territory. Raja categorized such installations as part of the active “military equation” in the ongoing conflict.
Ambassador Raja maintained that Iran’s current missile and drone responses are “defensive and lawful,” strictly targeting military infrastructure while sparing civilian areas in neighboring countries. He described the joint U.S.-Israeli strikes—codenamed Operation Epic Fury and Operation Roaring Lion—as unprovoked violations of international norms that occurred despite ongoing diplomatic channels. According to Raja, the escalation has fundamentally undermined the trust required for any future negotiations.
The envoy’s remarks follow reports of widespread Iranian strikes targeting U.S. assets across the Gulf region between March 3 and March 5. These include reported hits on the Al-Udeid Air Base in Qatar and uncrewed aerial vehicle (UAV) attacks near U.S. diplomatic missions in Riyadh and Dubai. Raja urged the United Nations and the international community to condemn the “deliberate military aggression” of the U.S. and Israel to prevent a further unraveling of regional stability and global order.
WHAT’S BEING SAID
“From those bases now they are doing military operations against our country… So this is our legitimate right, to defend ourselves and to attack those bases,” stated Ambassador Mahdavi Raja.
“Our actions are defensive and lawful, focused on military targets only.”
“Targeting children in a school is not a wartime accident; it is an unmistakable war crime,” Raja added, referring to reported civilian casualties in Minab.
WHAT’S NEXT
Diplomatic pressure on Gulf Arab states is expected to mount as they balance their security partnerships with the U.S. against the threat of direct Iranian strikes.
The United Nations Security Council may convene for an emergency session to address the widening regionalization of the conflict.
International oil markets are bracing for potential volatility if Iranian threats to energy infrastructure in Saudi Arabia and the UAE materialize further.
BOTTOM LINE
The Bottom Line is that Iran is attempting to isolate the U.S. and Israel by holding their regional hosts accountable for any strikes launched from Gulf soil. By invoking self-defense under the UN Charter, Tehran is signaling that the conflict is no longer a bilateral affair but a regional war involving any nation providing a platform for “aggression.”
The Federal Airports Authority of Nigeria (FAAN) has reverted to a temporary hybrid payment system (cash and digital) at airport toll gates.
The move follows a directive from President Bola Tinubu to ease traffic gridlocks caused by the sudden enforcement of a 100% cashless policy on March 1.
FAAN Managing Director Mrs. Olubunmi Kuku stated that the “status quo” will remain while the authority refines the technology and onboards more users.
Over 100,000 users have been enrolled on the digital platform since October 2025, with a 99% success rate recorded for the cashless cards.
MAIN STORY
Following significant travel disruptions and severe traffic congestion at major airports in Lagos and Abuja, the Federal Government has ordered a temporary suspension of the mandatory cashless toll policy. FAAN Managing Director, Mrs. Olubunmi Kuku, announced on Thursday that the authority has shifted to a hybrid model, allowing for both cash and digital transactions at all airport entrances. This presidential intervention aims to prevent passengers from missing flights due to processing delays at the gates.
Kuku admitted that the initial rollout lacked a comprehensive pilot phase due to the pressure of meeting the March deadline. The “window” provided by the President will now serve as an extended trial period to enhance public enlightenment and improve the underlying technology. Despite the gridlock, Kuku highlighted that the digital system itself is robust, with four payment options already available and over 60,000 new users registered in the three days leading up to the deadline alone.
During this interim period, FAAN intends to onboard more private technology partners to streamline options such as e-tags and smart cards. The authority is also strengthening internal checks and balances to ensure that cash transactions are properly accounted for and remitted to the federal government without leakages. There is currently no fixed date for a return to a 100% cashless system, as the focus has shifted to ensuring a seamless and inclusive implementation process.
WHAT’S BEING SAID
“He saw the traffic gridlock we were having… and directed us to revert temporarily to the status quo using a hybrid approach. That is what we are doing now, and it is a win for the industry,” stated Mrs. Olubunmi Kuku, MD of FAAN.
“The President has given us time to go back and refine the process… and ensure that we have more users onboarded.”
“At least for now, we can accommodate cash payments while people continue to obtain and activate their cards.”
WHAT’S NEXT
FAAN will launch an enhanced public awareness campaign to educate commuters on the four existing digital payment options.
Technical teams will work on integrating additional private-sector technology partners to offer more e-tag and smart card solutions.
Commuters are still encouraged to obtain their FAAN cards during this hybrid phase to avoid future delays when the digital system eventually becomes mandatory again.
BOTTOM LINE
The Bottom Line is that the “cashless” mandate has been paused to prioritize traveler convenience over rapid digital adoption. While FAAN maintains that the technology works, the presidential directive ensures that commuters will not be stranded at the gates while the authority refines its user onboarding process.
Iran utilized ballistic missiles equipped with cluster warheads in its latest bombardment of Tel Aviv on Thursday night, causing significant material damage and fires.
Israel’s Channel 12 reported that missile fragments and unexploded submunitions were scattered across central Israel, sparking fires in at least three residential locations.
The attack is part of “Operation True Promise IV,” Tehran’s retaliatory campaign following the February 28 assassination of Supreme Leader Ayatollah Ali Khamenei.
While the IDF reported multiple interceptions, the use of cluster munitions has raised alarms regarding long-term risks to civilians from unexploded “bomblets.”
MAIN STORY
The conflict between Iran and the U.S.-Israeli alliance reached a new level of intensity on Thursday as Tehran deployed cluster munitions in a heavy missile barrage targeting Tel Aviv. Israeli media and eyewitnesses reported two near-simultaneous waves of explosions that lit up the night sky over central Israel. According to Channel 12, the attack resulted in a large fire at a residential building on the outskirts of Tel Aviv, forcing immediate evacuations.
The use of cluster warheads represents a strategic shift in Iran’s tactics. Unlike standard high-explosive warheads, cluster missiles release hundreds of smaller submunitions over a wide area, designed to maximize damage to infrastructure and saturate air defense systems. Israeli police confirmed they are currently handling multiple scenes involving fallen projectiles and submunitions, warning residents to stay away from debris due to the high risk of unexploded ordnance.
Tehran has maintained that these strikes—which began on February 28—are a direct response to a joint U.S.-Israeli “decapitation strike” that killed Supreme Leader Ayatollah Ali Khamenei and several top military officials in Tehran. Since the start of this month, Iran has launched hundreds of drones and missiles not only at Israel but also at U.S. military assets in Qatar, the UAE, and Bahrain. As the regional war enters its second week, the humanitarian toll is mounting, with casualties reported in previous strikes on Beit Shemesh and significant damage to civilian ports and residential hubs across the Middle East.
INCIDENT SUMMARY: TEL AVIV BARRAGE (MARCH 5)
Weaponry Used: Ballistic missiles with cluster warheads and long-range drones.
Impact Zones: At least three confirmed locations in and around Tel Aviv and Netanya.
Casualties: No immediate fatalities reported from Thursday’s specific barrage; medics treated several for shock and minor injuries.
Material Damage: Major fires in residential buildings and damage to commercial infrastructure.
Defense Response: IDF intercepted a “handful” of missiles; sirens sounded across central Israel.
WHAT’S BEING SAID
“This great crime will never go unanswered… the pure blood of this eminent leader will flow like a roaring spring,” stated a representative of the Iranian Supreme National Security Council following Khamenei’s death.
“We are currently handling scenes involving fallen projectiles in central Israel… damage has been caused,” reported Israeli Police on Thursday night.
“Iran used cluster missiles during its latest bombardment of Tel Aviv… causing major damage,” according to Israel’s Channel 12.
WHAT’S NEXT
The IDF is expected to conduct retaliatory strikes against Iranian missile launch sites, which have reportedly been moved to resilient, partially underground facilities.
Regional neighbors, including the UAE and Qatar, remain on high alert as Iran continues to target “U.S. presence” within their borders.
Human rights organizations are likely to investigate the use of cluster munitions in civilian-populated areas like Tel Aviv, citing international laws regarding indiscriminate weaponry.
BOTTOM LINE
The Bottom Line is that the war has entered a dangerous phase where “decapitation” strikes are being met with indiscriminate weaponry. With Ayatollah Khamenei dead and Tehran deploying cluster missiles in residential centers, the conflict is rapidly evolving into a total war with no immediate diplomatic exit in sight.
System liquidity opens at ₦5.84 trillion surplus following Treasury bill maturities
Funding costs rise slightly as overnight lending rate climbs to 22.28%
Main Story
Deposit Money Banks (DMBs) significantly increased their placements at the Central Bank of Nigeria’s Standing Deposit Facility (SDF) window, pushing total deposits close to ₦6 trillion as excess liquidity continued to build within the financial system.
The sharp increase reflects weak appetite for new lending by banks amid unsettled macroeconomic conditions and rising credit risk concerns across several sectors of the economy.
According to market data compiled by AIICO Capital Limited, system liquidity opened Thursday with a strong surplus of ₦5.84 trillion, representing an increase of ₦622.34 billion compared with the previous trading session.
The increase was driven largely by a ₦596.05 billion rise in banks’ deposits at the CBN’s SDF window, bringing total placements to approximately ₦5.94 trillion.
Additional liquidity was injected into the system through inflows of ₦799.13 billion from matured Treasury bills. However, part of that inflow was offset by a ₦1.01 trillion settlement tied to the March 4, 2026 Treasury bills auction.
Despite the elevated liquidity conditions, short-term funding costs edged higher in the money market. The average funding rate rose by four basis points to 22.14%.
Money market indicators showed mixed movements. The Overnight lending rate increased by seven basis points to 22.28%, while the Open Repo rate remained unchanged at 22.00%.
Analysts note that rising non-performing loans in the banking sector have also contributed to lenders’ cautious stance toward credit expansion. Several industry reports indicated that non-performing loans rose above prudential thresholds during the fourth quarter following the withdrawal of regulatory forbearance by the central bank.
As a result, banks have become more selective in extending credit, with lending focused primarily on sectors considered less risky.
What’s Being Said
“The strong system liquidity suggests banks currently prefer risk-free placements at the CBN rather than expanding credit aggressively,” analysts at AIICO Capital said in a market note.
What’s Next
Analysts expect funding costs to ease slightly if liquidity levels remain elevated and no major liquidity-draining operations occur.
Market participants will watch upcoming Treasury bill auctions and central bank liquidity management actions for signals on money market direction.
Banking sector credit growth trends will also be closely monitored as lenders adjust risk exposure amid macroeconomic uncertainty.
Nigeria’s EV ecosystem now spans local manufacturers, assemblers, financiers, and global brands entering through partnerships
Indigenous firms such as NEV Electric, EMVC, Jet Motor Company, and Innoson are assembling or producing electric cars, buses, and tricycles locally
International brands including BYD and Hyundai are entering Nigeria through distributors like LOXEA and Stallion Motors
Battery swapping, solar charging stations, and EV financing models are emerging to address infrastructure gaps
EV adoption is accelerating after petrol subsidy removal reshaped Nigeria’s transport economics
Main Story
Nigeria’s electric vehicle (EV) market is no longer theoretical. As of 2026, the country hosts a growing network of manufacturers, assemblers, mobility startups, battery infrastructure operators, and global automotive brands positioning for a share of Africa’s evolving clean transport sector.
While Nigeria remains a small player in the global EV market—currently dominated by China, the United States, and Europe—the domestic ecosystem is expanding steadily, driven by high fuel costs, subsidy removal, climate commitments, and private-sector innovation.
Below is a comprehensive list of electric vehicle companies currently providing products or services in Nigeria.
1. Spiro (Equitane Group)
Backed by Equitane Group, Spiro is one of Africa’s largest electric motorcycle providers. Headquartered operationally in Nairobi, the company launched operations in Nigeria in 2024 and is building a $40 million assembly plant in Ogun State.
Spiro operates a battery-swapping model—motorcycles are sold without batteries, and riders rent swappable battery packs through a network of swap stations. The model reduces upfront costs and eliminates long charging times. The company has already deployed thousands of bikes across multiple African markets and plans to scale Nigerian production significantly from 2025 onward.
2. MAX (Metro Africa Xpress)
Founded in 2015 by Adetayo Bamiduro and Chinedu Azodoh, MAX transitioned from logistics and ride-hailing into electric mobility in 2021. The company’s flagship MAX M3 electric motorcycle delivers between 80 and 110 kilometres per charge with a 3.6 kWh battery.
MAX’s strength lies in financing. Through rent-to-own and subscription models, the company has enabled over 45,000 riders to acquire vehicles. Charging and battery-swap infrastructure form part of its vertically integrated ecosystem, which now spans Nigeria, Ghana, and Cameroon.
3. Jet Motor Company
Founded in 2018 by Chidi Ajaere, Jet Motor Company manufactures commercial EVs from its Lekki facility in Lagos. Its Jet Mover bus—described as one of Nigeria’s first fully electric buses—features a high-capacity lithium iron phosphate battery and 600 Nm torque.
The company has supplied electric vans and buses to GIG Logistics and various state governments. Its electric cargo van reportedly delivers up to 300 kilometres on a single charge.
4. Innoson Vehicle Manufacturing (IVM)
Nigeria’s first indigenous automaker entered the EV space in 2024. Based in Nnewi, Anambra State, Innoson now produces models including the IVM EX02, EX01, and IVM Link.
The EX02, a subcompact electric hatchback, offers a range of approximately 330–400 kilometres per charge and launched at a price point of ₦38.4 million. The company continues to produce petrol, CNG, and electric models concurrently.
5. Saglev Electromobility
Operating from Ikorodu, Lagos, Saglev assembles electric sedans, SUVs, pickups, and luxury vehicles under brands including Voyah and Nammi (Dongfeng Motor Corporation).
Models such as the Voyah Chasing Light deliver up to 680 kilometres range and semi-autonomous features. Saglev has positioned itself in both premium and budget EV segments.
6. Electric Motor Vehicle Company (EMVC)
Founded by Prince Mustapha Audu, EMVC operates from Idu Industrial Area, Abuja. Its lineup includes the Adoja M1, Adoja M2, and Igwe three-wheeler.
The Igwe electric tricycle delivers between 125 and 200 kilometres range, while the Adoja M2 offers up to 250 kilometres. EMVC focuses on affordable, locally assembled electric mobility solutions.
Founded by Tolu Williams, Siltech manufactures electric motorcycles, tricycles, quad bikes, and EV batteries. Its Falcon three-wheeler delivers up to 300 kilometres range.
Siltech operates solar charging stations across Lagos and has partnered with delivery platform Glovo for electric-powered deliveries.
8. Trekk
Trekk operates Africa’s first electric scooter-sharing platform. Active in universities including Lagos State University and Pan-Atlantic University, the scooters are geo-fenced and accessed via QR codes. The company focuses on micro-mobility for short intra-community trips.
9. Possible EVs
Founded by Mosope Olaosebikan, Possible EVs launched Nigeria’s electric taxi service with an initial fleet of 30 vehicles in Abuja. Each vehicle offers up to 400 kilometres range, with expansion planned into Lagos and Akwa Ibom.
10. Wuling Motors Nigeria
Wuling assembles electric vehicles in Lagos, including the Wuling Bingo. In partnership with local transport operators, the company supports electric taxi deployment in Abuja.
11. Nord Motors
Founded by Oluwatobi Ajayi, Nord Motors collaborates with University of Lagos engineering students and has provided electric tricycles in Kano under empowerment initiatives.
12. Roxettes Motors
With facilities in Enugu and expansion plans in Abia State, Roxettes assembles electric pickups, SUVs, and hatchbacks, including the Blaze-X and Volta X models.
13. NEV Electric
Abuja-based NEV Electric focuses on electric cars and buses designed to foster a local sustainable mobility ecosystem.
14. BYD (via LOXEA Nigeria)
Chinese EV giant BYD entered Nigeria through LOXEA, a subsidiary of CFAO Mobility. Models such as the Atto 3 and Dolphin are now available through official distribution and service channels in Lagos.
The Issues
Nigeria’s EV sector faces structural hurdles.
First, electricity reliability remains inconsistent. However, many EV operators deploy hybrid solar-public charging stations to mitigate grid instability.
Second, battery costs account for nearly 50 percent of EV production costs. Battery swapping models now address affordability by separating vehicle ownership from battery ownership.
Third, technician capacity is limited. Industry leaders argue Nigeria needs structured EV engineering training programs to support scaling.
Finally, policy remains evolving. A draft national EV transition plan exists, but full implementation—including fiscal incentives and import duty clarity—remains pending.
What’s Being Said
“Electric mobility is no longer optional for Nigeria. It is an economic response to subsidy removal and a climate necessity,” said Adetayo Bamiduro, CEO, MAX.
“Battery swapping eliminates the charging delay problem entirely. Riders can swap in minutes and continue working,” said a Spiro Nigeria representative during its Ogun rollout.
Tope Ojo, CEO, Autogig International Resources Limited, has argued publicly that infrastructure gaps remain significant, warning that technician training and grid stability must improve before mass EV adoption.
What’s Next
Spiro’s Ogun assembly plant is expected to scale production through 2026
Federal lawmakers continue deliberations on EV transition frameworks
More global brands are reportedly exploring Nigerian distribution partnerships
State governments are assessing EV fleet conversion for public transport systems
The Bottom Line:
Nigeria’s electric vehicle market is no longer experimental. It is early-stage but real. The companies listed above represent the foundation of what could become West Africa’s most significant EV ecosystem—if infrastructure, financing, and policy alignment keep pace with entrepreneurial momentum.
Nigeria’s electric vehicle (EV) ecosystem is expanding rapidly, driven by subsidy removal, rising fuel costs, and private-sector innovation
Local manufacturers including Innoson Vehicle Manufacturing, Saglev Electromobility, Jet Motor Company and Electric Motor Vehicle Company are assembling electric cars, buses, and tricycles locally
International brands such as BYD have entered the Nigerian market through distribution partnerships with LOXEA Nigeria
Battery swapping systems and solar-powered charging stations are emerging as practical solutions to infrastructure constraints
Main Story
Nigeria’s electric vehicle market, once dismissed as premature for a country grappling with unreliable power supply and limited auto manufacturing capacity, is steadily taking shape as one of the most dynamic emerging sectors in the country’s transport ecosystem.
As of 2026, a growing mix of indigenous startups, established local automakers, and global EV giants are assembling, importing, financing, and deploying electric motorcycles, tricycles, taxis, vans, and passenger vehicles across Nigeria.
The catalyst has been economic as much as environmental. The removal of petrol subsidies in 2023 dramatically increased fuel costs, forcing transport operators and fleet owners to seek cheaper energy alternatives. Electric mobility — once viewed as aspirational — is increasingly becoming a cost-management strategy.
From Lagos to Abuja to Ogun State, new factories, assembly plants, and battery swap stations are quietly altering the narrative.
The Companies Powering Nigeria’s EV Transition
1. Innoson Vehicle Manufacturing (IVM)
Founded in 2007 by Innocent Chukwuma, Innoson is Nigeria’s first indigenous automaker. In 2024, the company formally unveiled its electric lineup, including the IVM EX02, EX01, and IVM Link.
The EX02 — a five-seater electric hatchback — sells for approximately ₦38.4 million and delivers a range of 330–400 kilometres per charge. Production takes place at its Nnewi facility, positioning it as one of the few four-wheeled EV manufacturers operating within Nigeria. The move into EVs marks a strategic pivot for a company historically known for petrol, diesel, and CNG vehicles.
2. Saglev Electromobility
Operating from Ikorodu, Lagos, Saglev assembles electric vehicles under multiple brands, including luxury EVs from Dongfeng’s Voyah division and the budget-friendly Nammi 01.
The Voyah Chasing Light, a luxury electric sedan assembled locally, boasts a 680km range and advanced semi-autonomous features, positioning it within Nigeria’s emerging high-end EV market. Saglev’s strategy combines SKD/CKD assembly with a broader ambition: positioning Nigeria as a West African EV assembly hub.
3. Jet Motor Company
Founded by Chidi Ajaere, Jet Motor Company produces electric buses, vans, and commercial fleet vehicles from its Lekki facility. Its flagship Jet Mover bus — a 13-seater electric vehicle with a lithium iron phosphate battery — has been deployed by GIG Mobility and several state governments.
Commercial fleet electrification is emerging as one of Nigeria’s strongest EV entry points, particularly for logistics and public-sector transport.
4. Electric Motor Vehicle Company (EMVC)
Founded by Prince Mustapha Audu, EMVC focuses on affordable mobility solutions. Its three-wheeled “Igwe” EV and Adoja M1/M2 models target the mass-market and commercial segments.
The Igwe tricycle, priced around ₦3.5 million, offers up to 200km per charge and is positioned as a cleaner alternative to petrol-powered “keke” tricycles. By focusing on three-wheelers and smaller urban EVs, EMVC addresses a crucial gap: affordable electrification for Nigeria’s informal transport economy.
5. MAX
Originally a logistics and ride-hailing company, MAX pivoted into EV financing in 2021. It now deploys electric motorcycles and tricycles under rent-to-own and subscription models. Its MAX M3 motorcycle travels up to 110km per charge and operates within a growing battery swap ecosystem. According to company data, over 45,000 drivers have accessed vehicles through its platform. By pairing financing with infrastructure, MAX has made EV ownership accessible to transport workers previously excluded by high upfront costs.
6. Spiro
Backed by Equitane Group, Spiro has become one of Africa’s largest electric motorcycle providers. In Nigeria, it is building a $40 million assembly plant in Ogun State with plans to scale local production. Spiro’s battery-swapping model — developed in partnership with Horwin — allows riders to purchase bikes without batteries and rent swappable units, dramatically lowering entry costs.
7. BYD via LOXEA Nigeria
Chinese EV giant BYD officially entered Nigeria through LOXEA Nigeria, a subsidiary of CFAO Mobility. Models such as the Atto 3 and Dolphin are now available locally, accompanied by charging infrastructure rollouts in Lagos. While manufacturing remains overseas, the partnership signals Nigeria’s growing relevance in the global EV supply chain.
The Issues
Despite visible growth, Nigeria’s EV ecosystem remains nascent.
First is infrastructure. Public charging networks are limited, though private operators increasingly deploy hybrid solar-powered stations to mitigate unreliable grid supply.
Second is technician capacity. EV maintenance requires specialised training that Nigeria’s automotive workforce is only beginning to develop.
Third is financing scale. While startups have secured millions in funding, global EV leaders such as Tesla scaled through billions in investment and government subsidies — capital levels Nigeria has yet to match.
Still, market dynamics are shifting. Battery swapping, home charging, solar integration, and fleet-first strategies are neutralising many early objections about feasibility.
What’s Being Said
Industry leaders argue that economics now favour electrification.
“Charging an electric motorcycle costs less than half what riders spend daily on petrol. Once drivers experience the savings, adoption becomes inevitable,” said a senior executive at MAX.
However, critics remain cautious.
Tope Ojo, CEO of Autogig International Resources Limited, has argued publicly that Nigeria must first resolve infrastructure and technical gaps before large-scale EV penetration becomes viable.
Meanwhile, policymakers are reviewing a national EV action plan, and the Senate has passed a bill transitioning Nigeria toward electric mobility for second reading.
What’s Next
Ogun State’s EV assembly initiatives are expected to begin scaled production in 2025–2026
Additional battery swap stations are being rolled out in Lagos and Abuja
Federal authorities are reviewing regulatory frameworks for EV incentives and local manufacturing support
Private fleet operators are testing electric buses and taxis in Abuja, Lagos, and Akwa Ibom
Bottom Line
Nigeria’s electric vehicle market is no longer speculative — it is operational. While structural constraints remain, local manufacturing, battery swapping innovation, and rising fuel costs are converging to accelerate adoption. The next five years will determine whether Nigeria becomes merely a consumer of imported EVs — or a credible assembly and manufacturing hub for West Africa’s electric future.
Naira depreciates at both official and parallel markets amid tight dollar liquidity
Official exchange rate weakens to ₦1,387.45 per dollar, extending 12-day decline
Nigeria’s external reserves increase to $49.883 billion following new gold additions
Main Story
The Nigerian naira depreciated across both the official and parallel foreign exchange markets as dollar liquidity remained tight, even as the country’s external reserves climbed to nearly $50 billion.
Daily foreign exchange data released by the Central Bank of Nigeria (CBN) showed the naira weakened by 0.03 percent at the official market, closing at ₦1,387.45 per US dollar.
The decline marks the local currency’s twelfth consecutive day of depreciation amid limited intervention by the apex bank during the first quarter of 2026.
In the parallel market, the naira also weakened by 0.27 percent to trade at around ₦1,385 per dollar, reflecting persistent pressure across both regulated and informal segments of the currency market.
Analysts say demand for foreign exchange continues to outpace supply, with foreign payments rising faster than dollar inflows. Key sources of FX supply include foreign portfolio investors, exporters, corporate inflows and retail market participants.
Meanwhile, Nigeria’s gross external reserves rose to $49.883 billion as of March 3, 2026, up from $49.693 billion previously, according to data published on the Central Bank’s website.
The increase partly reflects the apex bank’s strategy to diversify the composition of the country’s reserves through domestically sourced gold purchases.
What’s Being Said
“The Central Bank of Nigeria has taken delivery of responsibly sourced gold refined to London Bullion Market Association Good Delivery standards into its foreign reserves,” the apex bank said in a statement.
“The latest receipt brings the CBN’s total gold holdings to about $3.5 billion, marking a significant step in its reserve diversification strategy.”
The CBN said the gold was sourced locally and aggregated by the Solid Minerals Development Fund through the National Gold Purchase Programme.
What’s Next
Market participants will watch whether the CBN increases foreign exchange interventions if the naira’s depreciation trend persists.
Analysts also expect global oil price movements and geopolitical tensions to influence Nigeria’s FX liquidity and reserve levels in the coming months.
Nigerian stock market adds ₦221 billion in value as benchmark index rises 0.18 percent
All-Share Index closes at 196,807.15 points, pushing year-to-date return to 26.47 percent
Banking stocks lead gains while insurance sector records the steepest losses
Main Story
Equity investors on the Nigerian Exchange (NGX) gained roughly ₦221 billion in market value as trading rebounded after the previous session’s sell-off in mid- and large-capitalisation stocks.
Market data showed the NGX All-Share Index advanced by 0.18 percent to close at 196,807.15 points. The latest performance lifted the market’s year-to-date return to 26.47 percent.
Total market capitalisation also rose by 0.18 percent, increasing by ₦220.75 billion to reach ₦126.3 trillion at the close of trading.
Despite the market’s overall gain, breadth remained negative, with declining stocks outnumbering gainers. A total of 38 stocks recorded losses compared with 33 gainers during the session.
Top-performing equities included Eterna, NPFMCRFBK, PREMPAINTS, Custodian, and FTGINSURE. On the losing side, Tripple Gee, Multiverse Mining, Sovereign Insurance, Jaiz Bank, and Dangote Sugar Refinery posted the largest declines.
Sectoral performance was mixed. Banking stocks recorded the strongest gains, advancing 0.51 percent, followed by consumer goods stocks which rose 0.10 percent. Industrial stocks also edged up by 0.03 percent.
However, the insurance and oil and gas sectors declined by 1.63 percent and 0.16 percent respectively, while the commodity sector closed unchanged.
Trading activity slowed across major indicators during the session. Share volume dropped by 21.27 percent to 634.01 million units, while the number of deals fell by 7.05 percent to 66,286 transactions. Transaction value also declined by 24.24 percent to ₦29.11 billion.
What’s Being Said
Market analysts note that intermittent profit-taking has become common after the strong rally that pushed Nigerian equities to one of the best year-to-date performances among emerging markets.
“The market continues to show resilience despite short-term profit taking, as investors remain attracted by strong earnings outlooks and relatively high dividend yields in several sectors,” a Lagos-based investment analyst said.
What’s Next
Investors are expected to closely watch corporate earnings releases and dividend announcements expected over the coming weeks.
Market participants will also monitor macroeconomic indicators, including inflation data and monetary policy signals from the Central Bank of Nigeria.
Dangote Refinery increases petrol ex-depot price by ₦100 per litre following surge in crude costs
Landing cost of crude rises to between $88 and $91 per barrel from about $68
Refinery says Middle East conflict and global supply disruptions are driving higher energy prices
Main Story
Dangote Petroleum Refinery has increased the ex-depot price of Premium Motor Spirit (PMS) by ₦100 per litre after a sharp rise in global crude oil prices pushed its crude landing cost to as high as $91 per barrel.
The refinery announced the price adjustment in a statement on Thursday, attributing the move to escalating tensions in the Middle East, which it said have disrupted refinery operations and shipping routes across global oil markets.
According to the company, benchmark Brent crude prices have climbed roughly 26 percent within a short period to above $84 per barrel, while overall crude landing costs for the refinery have risen by about 33 percent — from approximately $68 per barrel previously to between $88 and $91 per barrel.
The refinery said the latest adjustment represents about a 12 percent increase in its ex-depot petrol price but noted it has absorbed roughly 20 percent of the total cost escalation to limit the impact on domestic fuel consumers.
Nigeria’s largest refinery also highlighted structural supply constraints in crude procurement, stating that local upstream producers have not met supply requirements outlined in the Petroleum Industry Act (PIA), forcing the facility to rely partly on international crude traders.
What’s Being Said
“The conflict has driven global crude and freight prices sharply higher, with benchmark Brent prices rising by about 26 percent within a short period to above $84 per barrel,” Dangote Petroleum Refinery said in a statement.
“After adding a $3.50 per barrel freight charge, crude oil will land in our tanks between $88 and $91 per barrel. For context, crude oil was landing in the refinery tanks at about $68 per barrel when the ex-depot price was ₦774 per litre.”
The company also disclosed that although it receives around five crude cargoes monthly from the Nigerian National Petroleum Company (NNPC), priced in naira, the supply falls short of the 13 cargoes required to sustain domestic sales.
“We therefore end up procuring foreign exchange at open market rates to pay for crude cargoes purchased from local and international traders,” the refinery said.
What’s Next
Dangote Refinery plans to begin deploying compressed natural gas-powered trucks this month to reduce logistics costs and improve nationwide fuel distribution.
The company says increased domestic refining capacity will continue to shield Nigeria from severe petroleum supply shocks during periods of global market instability.
NGX All-Share Index rises 18 basis points as Nestlé Nigeria and Stanbic IBTC rally
Market breadth remains negative with 32 gainers versus 37 decliners
Total trading volume falls 21.3% to 634 million shares as market activity weakens
Main Story
The Nigerian Exchange (NGX) closed Thursday’s trading session on a positive note, with the benchmark All-Share Index (ASI) advancing by 18 basis points as gains in heavyweight stocks such as Nestlé Nigeria, Stanbic IBTC Holdings and MTN Nigeria lifted the market.
Nestlé Nigeria rose 4.84%, Stanbic IBTC climbed 5.56%, while MTN Nigeria gained 0.63%, helping offset losses recorded by Dangote Sugar, which declined 7.10%, and Jaiz Bank, which fell 7.41%.
Despite the overall market uptick, investor sentiment remained mixed as market breadth closed negative. The session recorded 32 gainers compared with 37 decliners, resulting in a breadth ratio of 0.84.
Among the day’s strongest performers, Eterna Plc and NPF Microfinance Bank both surged by 10%, topping the gainers’ chart. On the losing side, Tripple Gee & Company Plc recorded the steepest decline, falling 9.94%.
Trading activity weakened during the session. Total volume traded dropped by 21.3% to 634 million shares, while total transaction value fell 24.2% to ₦29.1 billion.
Jaiz Bank led the volume chart with 137.3 million shares traded, accounting for 21.7% of total market volume. Guaranty Trust Holding Company (GTCO) topped the value chart with ₦5.4 billion worth of shares traded, representing 18.6% of total market turnover.
Sectoral performance was largely positive. The Banking Index rose 51 basis points, supported by gains in Stanbic IBTC (+5.56%), Zenith Bank (+1.2%), FCMB Group (+0.39%), and United Bank for Africa (+0.11%). However, Fidelity Bank declined 1% while Wema Bank dropped 2.7%.
The Consumer Goods Index edged up 10 basis points as Nestlé Nigeria, Vitafoam Nigeria (+3.91%), Cadbury Nigeria (+0.29%), and Champion Breweries (+0.29%) recorded gains. Losses were recorded in International Breweries, McNichols, Guinness Nigeria, Dangote Sugar and Honeywell Flour Mills.
Meanwhile, the Oil and Gas Index declined 16 basis points due largely to a 4% drop in Oando shares, although Japaul Gold gained 2.63% and Eterna jumped 10%.
The Industrial Goods Index recorded a marginal increase of three basis points, supported by gains in CAP Plc (+8.72%) and Dangote Cement (+0.01%), while Cutix and Tripple Gee posted losses.
What’s Being Said
“The market’s positive close was largely driven by selective buying in large-capitalisation stocks, although overall sentiment remains cautious as investors continue to rotate portfolios,” stockbrokers at a Lagos-based brokerage firm said in a market update.
What’s Next
Investors will closely monitor institutional portfolio repositioning ahead of upcoming corporate earnings releases.
Market analysts expect continued volatility as investors rebalance holdings across banking and consumer goods stocks.
Trading sentiment may also be influenced by liquidity levels and broader macroeconomic indicators affecting investor confidence.
Hello, my fellow Survivors of the Struggle! Welcome back to the weekly gathering of the “I-Thought-This-Week-Would-Be-Productive” support group. Grab a cold drink, or a warm one if the office AC is currently trying to turn you into a frozen chicken, and let’s gist.
There is a specific brand of delusion that hits a Nigerian on Sunday night. You’ll be there, smelling like fresh laundry and hope, telling yourself, “This week, I will be a Corporate Titan. I will reply to emails in 0.5 seconds. I will meal prep. I will exercise.” By Monday morning, the 3rd Mainland Bridge (or your local equivalent of purgatory) has already insulted your plans. By Tuesday, your “meal prep” is actually just gala and a dream. And by Thursday? Thursday is when we stop pretending and start wondering if we can retire at 26 with three thousand naira in our savings account.
Living here is basically a PhD program in managing disappointment. You learn very quickly that “I’m on my way” is a philosophical statement, not a geographical one. It could mean “I am currently entering the shower” or “I am in another state entirely.” We live in a land of plot twists. You expect the light to stay on; the transformer says “Not today, my fan.” You expect the bank app to work; the app decides to go on a spiritual retreat. We have become experts at expecting the unexpected while simultaneously hoping for a miracle. It’s a delicate dance, like trying to eat spicy jollof rice while wearing a white shirt; risky, stressful, but we do it anyway.
Adulthood is the ultimate “Expectation vs. Reality” meme. We grew up thinking adults had “The Plan.” Now we realize everyone is just confidently winging it. Your boss is winging it. Your landlord is winging it. Even the person selling you roasted corn is negotiating with the forces of inflation. The funniest part is the “Secret Olympic Games” of adulting, where we all look at each other on LinkedIn and think everyone is winning, while in reality, most of us are just one “per my last email” away from a minor breakdown. We are all doing mental gymnastics, trying to balance our bank balance with our desire to buy things that “make us feel alive.”
Pro Tip: If you see someone looking too calm on a Thursday in this economy, check their ears. They are likely listening to a podcast to drown out the sound of their own responsibilities.
In Nigeria, if you don’t laugh, you will accidentally start an argument with a mannequin. Humour is our oxygen. We laugh when a meeting that could have been a WhatsApp message lasts three hours. We laugh when someone promises us “Heaven and Earth” but delivers “Dust and Vibes.” This laughter isn’t because we are fine; it’s because we are resilient. It’s how we tell life, “You tried to stress me, but I have a meme for this.”
Thursday is the day we audit our souls. You expected to be a millionaire by now, or at least someone who doesn’t contemplate the price of eggs for ten minutes at the supermarket. But look closely. Growth isn’t always about the bank balance. Sometimes growth is: not losing your temper when someone cuts you off in traffic, realizing that “No” is a complete sentence, and understanding that your worth isn’t tied to how many items you ticked off a to-do list that was unrealistic anyway.
Key Take-Home Points for the Tired 1. The Expectation: “I’ll finish everything today.” The Reality Check: You will finish what the network allows. 2. The Expectation: “They promised to pay today.” The Reality Check: “Today” is a relative term in business. 3. The Expectation: ”I’ll start my diet.” The Reality Check: Puff-puff is a vegetable if you believe hard enough. 4. The Expectation: “I need to be perfect.” The Reality Check: Being “present” is already a 10/10 performance.
Lessons Worth Carrying into Friday 1. Protect your peace: It’s the only thing that doesn’t have a VAT charge yet. 2. Lower the bar: Not your standards, just your expectations of people who have already shown you they are “vibes and Insha’Allah.” 3. Celebrate the “Small” Wins: You bathed, you showed up, and you haven’t been arrested for battery. That’s a successful week! 4. Detachment is Wealth: If it’s out of your control, it’s out of your mind.
As we wrap up this week’s chronicles, please remember: you are doing great. Even if your only achievement this week was staying hydrated and not crying during a Zoom call, I am proud of you. The weekend is hovering on the horizon like a faint hope. Adjust your expectations, forgive yourself for the things you didn’t get to do, and remember that tomorrow is Friday; the international day of “I’ll do it on Monday.”
Go forth and be great, my fellow Survivors. If the world gives you lemons, check the price of sugar before you commit to making lemonade.
Nigeria installed 803MW of solar in 2025 — a 141% surge that made it Africa’s second-largest solar installer. The Middle East crisis did not create that story. But it has given it a global strategic frame that Abuja can no longer afford to ignore.
BizWatch Nigeria Analysis | March 5, 2026
Key points
Brent crude surged 11% following military strikes on Iran before reversing below pre-conflict levels. The brief spike was enough to rattle global energy markets and reinforce the strategic case for distributed renewable energy that cannot be blockaded or sanctioned.
Solar and wind energy are estimated to have saved European consumers nearly €100 billion during the Russia-Ukraine energy crisis — a figure now widely cited in policy circles as the clearest financial argument for renewable investment as the Middle East crisis deepens.
Gulf states are accelerating their own renewable transitions at historic scale: Saudi Arabia is targeting 130GW of capacity by 2030, while Abu Dhabi’s Masdar has launched the world’s first gigascale 24/7 solar-plus-storage project — 5.2GW of solar paired with 19GWh of battery storage.
Nigeria installed 803MW of solar capacity in 2025 — a 141% year-on-year increase — making it Africa’s second-largest solar installer behind only South Africa, according to the Global Solar Council’s Africa Market Outlook 2026–2029.
Nigeria’s solar surge is backed by a $750 million World Bank-funded DARES programme — the largest single distributed energy project in World Bank history globally — targeting electricity access for 17.5 million Nigerians and the replacement of 280,000 diesel generators.
Nigeria is also positioning itself as a regional manufacturing hub: a 1GW solar panel factory is under development through a public-private partnership, alongside plans for a 1.2GW module assembly plant and an 800MW PV factory.
The energy transition is not linear: peak global oil demand is not expected until around 2030, and energy insecurity has historically accelerated coal consumption — a pattern that could repeat if the Middle East crisis disrupts gas supply chains.
A brief oil shock, a lasting strategic lesson
When military strikes on Iran sent Brent crude climbing 11% almost overnight, energy traders held their breath. A full-blown Strait of Hormuz shutdown combined with Houthi attacks in the Red Sea — the feared worst-case scenario — could have driven prices up by as much as 35%. It did not happen. But the world got a stark reminder: the fossil fuel-dependent global economy remains deeply vulnerable to the geopolitics of a volatile region.
What followed has been a fascinating and contradictory set of market reactions. Renewable energy, often discussed in the abstract language of climate policy, is now being aggressively reprioritised in the very concrete language of energy security. The message from global boardrooms and government ministries is increasingly aligned: diversify or remain exposed.
The precedent from Europe is instructive. Solar and wind energy are estimated to have saved European consumers nearly €100 billion during the Russia-Ukraine energy crisis. With Middle East conflict now reprising similar fears, that number is being widely cited in policy circles as the clearest financial case for renewable investment. The logic is straightforward: distributed, domestic clean energy cannot be blockaded, sanctioned, or disrupted by a conflict thousands of miles away.
Investment freeze at the frontlines of conflict
Not all market reactions have been bullish for green energy. Closer to the conflict zone, the instability has created a chilling effect on investment pipelines. Abu Dhabi National Oil Company (ADNOC) froze negotiations on a proposed stake in the Leviathan gas field — a significant signal that even the deep-pocketed sovereign wealth vehicles of the Gulf are reassessing regional deal-making risk.
More broadly, areas like the Sinai Peninsula and the West Bank — which analysts note carry considerable renewable energy potential given their solar irradiance profiles and geography — remain effectively locked out of meaningful investment. Political and security barriers are not merely obstacles: they are deal-killers. Until a credible peace framework emerges, renewable energy developers cannot responsibly commit capital to projects in these zones.
This represents a significant lost opportunity. The Middle East and North Africa (MENA) region is arguably the world’s best-endowed zone for solar energy, with average annual solar irradiation levels among the highest globally. The conflict is, in effect, keeping some of the world’s most productive potential clean energy real estate off the market.
The Gulf paradox: Oil producers racing towards solar
Perhaps the most striking market reaction is unfolding inside the Gulf states themselves. Countries built on petroleum wealth are accelerating their own renewable energy transitions — partly because they read the same security logic as everyone else, and partly because burning oil domestically has a steep opportunity cost when they can export it instead.
Saudi Arabia has set a target to source at least 50% of its electricity from renewables by 2030, underpinned by a goal of 130GW of installed capacity — the most ambitious commitment among all GCC countries. The kingdom is pursuing this through aggressive partnerships, notably with Chinese manufacturers and developers who have emerged as the dominant force in global solar supply chains.
In Abu Dhabi, ambition has already translated into action. In January 2025, Masdar and EWEC jointly launched what is being described as the world’s first 24/7 solar PV and battery storage gigascale project — a 5.2GW solar plant paired with a 19GWh battery storage system. For context, 19GWh of battery storage could power a mid-sized African city for several days. This is not incremental development; it is a structural transformation of regional energy architecture.
Worst-case scenario: Strait of Hormuz shutdown could have driven prices up ~35%
EU savings from renewables: ~€100bn saved during Russia-Ukraine crisis via solar and wind
Saudi Arabia 2030 target: 130GW renewables capacity; 50% of national power mix
Abu Dhabi Masdar project: 5.2GW solar + 19GWh battery — world’s first gigascale 24/7 project
Battery storage cost decline: $144/kWh in 2023 to $112/kWh in 2025 across Africa
Nigeria’s solar surge: Africa’s quiet frontrunner
While the global energy conversation has focused on Gulf state transitions and European security imperatives, one of the most significant renewable energy stories of 2025 unfolded closer to home. Nigeria installed 803MW of solar capacity in 2025 — a 141% year-on-year increase from the 63.5MW added in 2024 — making it Africa’s second-largest solar installer, behind only South Africa’s 1,602MW, according to the Global Solar Council’s Africa Market Outlook 2026– 2029.
The scale of the leap is worth pausing on. In 2024, Nigeria’s total installed solar capacity stood at 385.7MW. By the end of 2025, the country had added more than double that figure in a single year. Nigeria now accounts for 17% of all solar capacity installed across Africa in 2025 — a continent that itself recorded its strongest-ever year for solar deployment, adding 4,498MW in total, a 54% increase on 2024.
The Global Solar Council’s report attributed Nigeria’s emergence to four converging drivers: rapid expansion in distributed solar systems, persistently high energy prices making solar economically competitive, policy concerns over potential import restrictions that accelerated procurement, and the rollout of the DARES programme — the policy anchor that has transformed Nigeria’s renewable ambition from aspiration into execution.
The DARES Programme: The policy engine behind the numbers
The Nigeria Distributed Access through Renewable Energy Scale-up (DARES) programme is the largest single distributed energy project in World Bank history globally. Financed by a $750 million International Development Association credit and designed to leverage over $1 billion in private capital, DARES is co-funded by the Japan International Cooperation Agency ($200 million), the Global Energy Alliance for People and Planet ($100 million), USAID, the German Development Agency (GIZ), SEforAll, and the African Development Bank.
Its targets are concrete and measurable. The programme aims to provide over 17.5 million Nigerians with new or improved electricity access through solar mini-grids and standalone solar home systems. It will replace more than 280,000 diesel and petrol generator sets — a direct substitution of fossil fuel consumption with clean energy — and provide up to 237,000 MSMEs with reliable electricity for productive use.
DARES builds on the foundation laid by the Nigeria Electrification Project (NEP), which established 125 mini-grids, deployed over one million solar home systems, provided electricity access to more than 5.5 million Nigerians, and created over 5,000 private-sector green jobs. The Rural Electrification Agency, which administers both programmes, estimates that at least 5 million off-grid solar systems are still required to serve underserved communities — the addressable market for this programme is enormous.
“Nigeria’s clean energy transition must create jobs at home. Every panel we assemble here, every inverter we manufacture locally, strengthens our economy, builds skills for our youth, and ensures that we are not just consumers of technology but contributors to the global renewable energy value chain.” — REA Official, 2025 Nigeria Renewable Energy Innovation Forum
Manufacturing ambition: From installer to producer
Nigeria is not content to remain a consumer of solar technology. The country is positioning itself as a regional manufacturing hub for the West African solar market. A 1GW solar panel manufacturing facility is being established through a public-private partnership — the largest in West Africa. Additional plans include a 1.2GW module assembly plant and an 800MW PV factory, coordinated as part of a deliberate industrial strategy to build domestic supply chain capacity.
LONGi Green Energy, one of the world’s largest solar panel manufacturers, has entered a partnership to establish a 500MW to 1GW production facility in Nigeria. The Nigerian Electricity Regulatory Commission (NERC) has also proposed rules allowing solar users to sell excess electricity back to the national grid — a net metering framework that would fundamentally improve the economics of rooftop solar for commercial and residential users and accelerate the transition away from diesel dependency.
The ₦100 billion National Public Sector Solarisation Initiative, announced in 2025, is a further signal of policy intent: government buildings, schools, and health facilities are being targeted for solar conversion, creating an anchor demand base for the domestic manufacturing ecosystem that is being built.
The long game: Why peak oil optimism may be premature
Despite these bullish signals for renewables, a note of caution is warranted. The prediction that the global energy transition will neutralise the strategic relevance of Middle East oil may prove premature. Global peak oil demand is not expected until around 2030, and with output from major non-Gulf fields in structural decline, Persian Gulf producers are expected to play an expanded — not diminished — role in the global oil market over the coming decade.
There is also the uncomfortable dynamic that energy insecurity has historically accelerated coal consumption. When natural gas shortages hit during the Russia-Ukraine crisis, multiple European governments temporarily reversed coal phase-out timelines. A similar pattern, driven by Middle East disruption, could undermine climate commitments and redirect capital away from clean energy at precisely the wrong moment.
Africa’s own solar trajectory, while impressive, carries a financing caveat that the Global Solar Council’s report is candid about: for solar to reach its full potential across the continent, developers need single-digit interest rate debt and leverage ratios of 70% or higher to keep energy prices below 10 cents per kWh. Nigeria’s banking recapitalisation — which is building institutions large enough to finance infrastructure at scale — is directly relevant to this constraint. The energy transition and the financial sector reform are not separate stories.
What this means for Nigeria: Sitting at the intersection
For Nigerian businesses and policymakers, the global energy market’s response to the Middle East conflict carries several direct implications. Nigeria sits at a uniquely complex intersection: an oil exporter benefiting from elevated crude prices, an economy with a persistent electricity deficit that solar is beginning to close, and an emerging manufacturing player in the very technology that the world is racing to deploy.
On the revenue side, any sustained oil price spike provides Nigeria with fiscal breathing room. But the more durable lesson is strategic: the countries that will prosper in the next energy cycle are those that use the oil revenue window to build domestic renewable capacity rather than remaining tethered to volatile commodity revenues indefinitely. Nigeria’s 2025 solar performance suggests that this transition is not merely planned — it is underway.
The comparison with Gulf states is instructive and available to Nigeria for the first time. If Saudi Arabia, with far greater fossil fuel wealth, is investing in 130GW of renewable capacity, the case for Nigerian acceleration becomes harder to argue against. The Middle East conflict has not created this argument. It has dramatically sharpened it — and Nigeria’s own data now gives it the credibility to make the case from a position of demonstrated delivery rather than aspiration.
Africa installed 4,498MW of solar in 2025. By 2029, the continent is projected to install more than 33GW annually — over six times the 2025 total. Nigeria, with its 141% growth rate, its manufacturing ambitions, and its DARES infrastructure, is positioned to capture a disproportionate share of that trajectory. The question is not whether the opportunity exists. It is whether the policy discipline, financing architecture, and grid integration investment can keep pace with the installation momentum that is already building.
What’s being said
John Van Zuylen, CEO of the Africa Solar Industry Association, on the continent’s solar momentum:
“Solar energy has moved beyond a handful of early adopters to become a broader continental priority. What we are seeing is not temporary. It is policies aligning with market dynamics.”
Shubham Chaudhuri, World Bank Country Director for Nigeria, on the DARES programme:
“We are committed to expanding clean energy-based access in Nigeria, with the $750 million Nigeria DARES project being the largest ever single distributed energy project of the World Bank globally. It will benefit over 17.5 million unserved, underserved, rural, and remote Nigerians.”
Abba Abubakar Aliyu, Managing Director of the Rural Electrification Agency, on the scale of Nigeria’s electricity access challenge:
“Between 80 and 90 million Nigerians remain without reliable access to power. Our mission is to close that gap through decentralised solutions that make sense for our communities.”
REA official at the 2025 Nigeria Renewable Energy Innovation Forum, on the manufacturing ambition:
“Nigeria’s clean energy transition must create jobs at home. Every panel we assemble here, every inverter we manufacture locally, strengthens our economy and ensures that we are not just consumers of technology but contributors to the global renewable energy value chain.”
What’s next
Africa is projected to install more than 33GW of new solar capacity by 2029 under a medium-growth scenario — a compound annual growth rate of 21%. Nigeria’s trajectory positions it to be a significant and growing share of that total.
The DARES programme’s 17.5 million beneficiary target and the 237,000 MSME connections it is designed to enable will be the key performance indicators to track over the next 24–36 months. Execution, not policy, is now the test.
Nigeria’s 1GW solar panel manufacturing facility, alongside the 1.2GW module assembly plant and 800MW PV factory, would — if completed — fundamentally change Nigeria’s position in the African solar value chain from consumer to producer. Progress on these facilities in 2026 is a critical watch point.
NERC’s proposed net metering rules, if passed, would unlock rooftop solar economics for businesses and households and create a distributed generation base that reduces grid dependency without requiring further central grid investment.
Battery storage costs across Africa fell from $144 per kWh in 2023 to $112 per kWh in 2025. Continued decline — driven primarily by Chinese manufacturing scale — will determine how quickly solar-plus-storage reaches economic viability at the community and household level across Nigeria.
The Middle East conflict’s ultimate energy legacy will depend on its duration. A short, contained crisis accelerates renewable investment globally. A prolonged conflict risks redirecting capital into fossil fuel security infrastructure, slowing the transition at exactly the wrong moment in the deployment curve.
The bottom line
The Middle East conflict has acted as a geopolitical accelerant for the global energy transition — not uniformly, and not without contradictions, but unmistakably. Oil price volatility is reinforcing the energy security case for renewables. Gulf states are racing to build clean energy capacity at historic scale. And Nigeria — the country most often discussed as a fossil fuel story — has quietly become Africa’s second-largest solar installer, backed by the largest distributed energy project in World Bank history and a manufacturing ambition that could make it a regional supplier rather than just a consumer. For business leaders and investors monitoring global markets from Lagos, the signal is clear. The world is not abandoning oil tomorrow. But a Nigeria that is installing 803MW of solar in a single year, planning gigawatt-scale panel factories, and targeting 17.5 million new electricity connections through renewable energy is not waiting for the world to make up its mind either.
Nigeria Police Force and Police Service Commission to begin screening of constable recruitment applicants on March 9, 2026.
Exercise will hold daily at the Police College, Ikeja, from 7:00 a.m. until April 18.
Applicants must present mandatory documents and adhere strictly to guidelines or risk disqualification.
MAIN STORY
The Nigeria Police Force (NPF) and the Police Service Commission (PSC) will commence the physical and credential screening for applicants seeking recruitment as General Duty and Specialist Police Constables from March 9, 2026.
The Lagos State Police Command disclosed that the screening exercise will run until April 18, 2026, and will be conducted daily from 7:00 a.m. at the Police College Ikeja.
In a statement issued on Thursday, the Police Public Relations Officer of the command, Abimbola Adebisi, said the exercise is specifically for applicants who are indigenes of Lagos State and have successfully completed the online registration for the 2025/2026 recruitment exercise.
Applicants are expected to appear for the screening dressed in a clean white T-shirt and white shorts while presenting mandatory documents arranged in two white flat files.
The documents required include an invitation slip with assigned table, a credential screening form, original National Identity Number (NIN) printout or card issued by the National Identity Management Commission, O’Level certificate, birth certificate or declaration of age, and a Local Government or State of Origin certificate.
Specialist applicants are also required to present relevant trade test certificates, while all candidates must submit duly completed and signed guarantor forms alongside photocopies and passport photographs of their referees.
THE ISSUES
The police authorities emphasised that failure to present the required documents or adhere to the stipulated guidelines would result in automatic disqualification from the screening process.
Applicants were also advised to attend the exercise strictly on their scheduled dates to ensure smooth coordination and avoid overcrowding.
WHAT’S BEING SAID
The command stressed that the screening exercise is free of charge and will be conducted strictly on merit in line with professional and transparent recruitment standards.
Police spokesperson Adebisi urged members of the public to report any individual or group demanding payment or gratification in connection with the exercise.
WHAT’S NEXT
Following the screening stage, successful applicants are expected to proceed to subsequent phases of the recruitment process as determined by the Nigeria Police Force and the Police Service Commission.
Authorities will provide further updates regarding the recruitment exercise to applicants through official channels.
BOTTOM LINE
The police authorities have assured applicants that the recruitment screening process will be transparent and merit-based, urging candidates to strictly comply with the guidelines to ensure a smooth and credible process.
NECA commends President Bola Tinubu for nominating Taiwo Oyedele as Minister of State for Finance.
Appointment seen as a move to strengthen fiscal governance and economic reforms.
NECA urges the nominee to prioritise stakeholder engagement and efficient budget implementation.
MAIN STORY
The Nigeria Employers Consultative Association (NECA) has commended Bola Ahmed Tinubu for nominating Taiwo Oyedele as Minister of State for Finance, describing the move as a step towards strengthening Nigeria’s fiscal governance.
The Director-General of NECA, Adewale‑Smart Oyerinde, gave the commendation in an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja.
Oyerinde said the nomination signals the government’s readiness to engage professionals with deep understanding of economic and financial challenges to drive the implementation of the country’s fiscal policies.
Oyedele, 50, is an economist, accountant and public policy expert who, before his nomination, served as Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.
He also spent 22 years at PricewaterhouseCoopers (PwC), where he rose through the ranks after joining the firm in 2001 to become Fiscal Policy Partner and Africa Tax Leader before heading the presidential tax reform committee.
THE ISSUES
NECA noted that effective fiscal leadership remains critical to tackling Nigeria’s economic challenges, particularly inflationary pressures and the need to improve the country’s business operating environment.
The association stressed that consistent fiscal discipline and well-coordinated economic policies would enhance private sector growth and stimulate job creation across key sectors of the economy.
WHAT’S BEING SAID
Oyerinde said Oyedele’s nomination reflects the President’s commitment to strengthening fiscal reforms and improving the nation’s economic management.
He urged the nominee, if confirmed, to focus on inclusive stakeholder engagement, deepen fiscal policy reforms, and support efficient budget implementation to promote long-term economic stability.
The NECA chief also reaffirmed the association’s readiness to collaborate with government in advancing reforms that would enhance sustainable economic growth and improve business competitiveness in Nigeria.
WHAT’S NEXT
President Tinubu transmitted Oyedele’s nomination to the Senate in a letter addressed to Godswill Akpabio, President of the Senate, requesting legislative confirmation.
If confirmed, Oyedele will succeed Doris Uzoka‑Anite, who has been redeployed to the Ministry of Budget and National Planning as Minister of State.
He is expected to work alongside the Minister of Finance, Wale Edun, to drive the Federal Government’s fiscal policies and support the implementation of Nigeria’s emerging tax reform framework.
BOTTOM LINE
NECA believes Oyedele’s nomination could strengthen Nigeria’s fiscal reforms and economic governance, provided his tenure prioritises transparency, stakeholder collaboration and policies that support private sector growth and economic stability.
President Bola Tinubu has proposed the establishment of a Grid Asset Management Company (GAMCO) to address structural weaknesses in the electricity transmission segment.
The Federal Executive Council (FEC) approved an inter-ministerial committee to work out the operational framework for the new company.
The government identified transmission as the primary bottleneck in the power sector unbundling, hindering national industrialization.
In a parallel move, FEC approved an additional exit benefit package for retiring civil servants, allowing for up to 100% of their total emoluments.
MAIN STORY
In a direct effort to resolve Nigeria’s persistent electricity challenges, President Bola Tinubu personally presented a memorandum to the Federal Executive Council (FEC) on Wednesday proposing the creation of the Grid Asset Management Company (GAMCO). Minister of Information and National Orientation, Mohammed Idris, explained that while the power sector has been divided into generation, transmission, and distribution since deregulation, the transmission segment remains the area where the “problem mainly is” in the quest for stable power.
The proposed GAMCO is intended to fix the transmission section to facilitate national industrialization. To facilitate this, FEC approved an inter-ministerial committee to examine regulatory, legal, and investment issues, including the interests of existing investors and operators. This committee will include the Ministers of Power, State for Gas, Works, Finance, Science and Technology, the Chairman of the Nigerian Revenue Service, and the Attorney-General of the Federation. Their recommendations will eventually be forwarded to the National Assembly where legislative action is required.
Beyond energy reforms, the FEC approved a significant welfare package for the federal workforce. Under the new resolution, retiring civil servants in treasury-funded Ministries, Departments, and Agencies (MDAs) are now eligible for an additional exit benefit package. This scheme, aligned with the Pension Reform Act, allows eligible retirees to receive up to 100% of their total emoluments. Minister Idris stated that the measure is designed to boost morale and efficiency within the civil service.
WHAT’S BEING SAID
“The President has seen that where the problem is mainly in our quest to solve the power problem is largely in the transmission section,” stated Mohammed Idris, Minister of Information and National Orientation.
“The President feels that for us to actually industrialise, the power sector must be fixed. That is why he has taken this initiative of looking at how this Grid Asset Management Company will be set up.”
“Eligible retirees in treasury-funded MDAs could receive up to 100 per cent of their total emoluments, in line with the Pension Reform Act.”
WHAT’S NEXT
The inter-ministerial committee will begin work on the operational framework for GAMCO, addressing the concerns of existing operators.
Legislative drafts based on the committee’s findings will be prepared for submission to the National Assembly.
The Office of the Head of the Civil Service of the Federation will begin implementing the new exit benefit protocols for upcoming retirees.
BOTTOM LINE
The Bottom Line is that the Tinubu administration is pinpointing transmission as the core obstacle to Nigeria’s energy stability while simultaneously using pension reforms to revitalize the civil service. By professionalizing grid management through GAMCO, the government hopes to finally unlock the industrial potential of the nation.
No country has achieved full legal equality between men and women, UN Women reports.
Rising conflicts, discriminatory laws and weak justice systems are worsening gender inequality.
Nearly 90% of organisations tackling violence against women face funding cuts.
MAIN STORY
The UN Women has warned that women’s rights are facing significant setbacks worldwide, with no country yet achieving full legal equality between women and men.
In a new report titled Ensuring and Strengthening Access to Justice for All Women and Girls, the United Nations gender equality agency said legal frameworks in many countries are being reshaped in ways that restrict women’s freedoms, silence their voices and enable abuse to go unpunished.
The report highlights how justice systems across the world are failing to adequately protect women and girls, exposing them to violence, discrimination and impunity amid growing backlash against gender equality.
Speaking on the findings, Sarah Hendriks, Director of Policy, Programme and Intergovernmental Division at UN Women, said global challenges such as democratic backsliding, rising conflicts, economic pressures and shrinking civic spaces were undermining progress on women’s rights.
Despite the challenges, Hendriks noted that progress had been made in the past. She said family law reforms since 1970 had enabled more than 600 million women to access economic opportunities globally.
However, the report warned that discriminatory laws and systemic barriers continue to create a “justice gap”, with women facing greater obstacles to justice than men in nearly 70 per cent of the countries surveyed.
According to the report, women worldwide currently have only 64 per cent of the legal rights enjoyed by men, while 54 per cent of countries still lack consent-based legal definitions of rape.
THE ISSUES
The report identified five major barriers preventing women and girls from accessing justice globally.
These include discriminatory legal frameworks, restrictive social norms, weak implementation of existing laws, reliance on traditional justice systems operating outside state oversight, and the impact of armed conflicts.
The situation is further aggravated by rising global conflicts, which have increased the vulnerability of women and girls to gender-based violence.
WHAT’S BEING SAID
Hendriks warned that organised resistance to gender equality is contributing to the erosion of women’s rights globally.
“Justice systems do not stand apart from these pressures; they actually reflect them,” she said.
“A justice system that does not serve women and girls cannot call itself just. Now is the moment to turn equality from promise into reality in every sphere of life.”
She also expressed concern over declining funding for organisations addressing violence against women and girls, noting that nearly 90 per cent of such groups have reported reductions in essential services.
WHAT’S NEXT
The report outlines eight key recommendations for governments to implement by 2030, including reforms that ensure justice systems are shaped by women’s needs and experiences.
It also calls for increased government funding and stronger institutional support for organisations working to combat gender-based violence and advance women’s rights.
BOTTOM LINE
The UN Women report underscores a troubling global trend: despite decades of progress, women’s rights remain fragile, with systemic barriers, conflict and funding shortages threatening hard-won gains in gender equality.
British pound rises to $1.3380 after early-week losses near three-month lollar weakens as reports emerge that Iran may discuss ending the war
UK growth forecast for 2026 downgraded to 1.1% from 1.4%
Main Story
The British pound strengthened to around $1.3380 on Thursday, recovering from early-week declines that had pushed the currency close to three-month lows, as the US dollar softened amid reports that Iran may be open to negotiating an end to the ongoing war.
Currency markets entered a phase of cautious consolidation after the dollar retreated from recent highs, with investors closely monitoring geopolitical developments in the Middle East. The shift in sentiment followed reports that Iranian officials had signaled a willingness to discuss potential terms for ending the conflict.
According to the New York Times, operatives linked to Iran’s Ministry of Intelligence reportedly made indirect contact with the US Central Intelligence Agency shortly after coordinated US-Israel attacks began. Israeli officials have reportedly advised Washington to disregard the outreach for the time being.
Despite the pound’s recovery, markets remain cautious as geopolitical uncertainty continues to weigh on investor sentiment. Rising energy prices tied to the conflict are also creating new challenges for monetary policymakers.
The Bank of England now faces growing pressure to balance inflation risks with slowing economic momentum. Market pricing suggests traders see only about a 20% chance of a rate cut this month, sharply lower than the roughly 75% probability expected just a week ago.
Separately, the UK’s economic outlook for 2026 has been revised lower. The Office for Budget Responsibility downgraded its growth forecast for that year to 1.1%, down from the 1.4% projection issued in November.
What’s Being Said
“Gross domestic product will grow slightly slower in 2026 than forecast at November’s autumn budget, but will increase by more than previously expected in 2027 and 2028,” said Rachel Reeves, UK Chancellor of the Exchequer, during her spring statement in the House of Commons.
Reeves added that unemployment is expected to peak later this year before gradually declining between 2027 and 2030, ultimately reaching around 4.1%.
What’s Next
Investors are now closely watching geopolitical developments in the Middle East for signals that diplomatic negotiations could ease market tensions.
Markets will also monitor upcoming Bank of England policy signals and inflation data to assess whether policymakers will maintain current interest rate levels or adjust policy in response to energy-driven inflation pressures.
salary of a woman. euro banknotes in hands on a green background. Income of women in European countries
By Boluwatife Oshadiya | March 5, 2026
Key Points
Euro rises to about $1.165 as dollar softens amid Middle East tensions
Dollar index slips to 98.928 after hitting three-month high earlier this week
Markets now price roughly 40% chance of ECB rate hike by year-end
Main Story
The euro strengthened modestly to around $1.165 on Thursday, recovering part of its early-week losses as the US dollar eased amid escalating geopolitical tensions in the Middle East.
The US dollar had surged earlier in the week, pushing the DXY dollar index to a three-month high of 99.683. However, the index later retreated by 0.1% to 98.928 as investors reassessed global risk sentiment and monitored developments surrounding the Iran conflict.
In foreign exchange markets, the euro had earlier dropped to $1.1530 — its lowest level since November — before stabilizing above the $1.1600 level. During the Asia-Pacific session the currency slipped to roughly $1.1575 but later rebounded toward $1.1650 during European trading hours.
Despite the rebound, analysts say the euro remains under pressure as geopolitical uncertainty and rising energy costs continue to cloud the economic outlook for the eurozone.
Recent economic data from the region also suggests mixed momentum. February eurozone inflation data showed headline inflation at 1.9% and core inflation at 2.4%, both above market expectations.
Meanwhile, the latest Purchasing Managers’ Index (PMI) readings indicated modest improvement in economic activity. The eurozone composite PMI rose to 51.9, marking its first improvement in three months, although it remains below the 2025 peak of 52.8 recorded last November.
Other economic indicators showed a mixed outlook. Producer prices rose 0.7% in January, although they remain down 2.1% year-on-year, while the eurozone unemployment rate declined to a record low of 6.1%.
What’s Being Said
Market analysts say the euro’s recent weakness reflects both geopolitical risk and expectations surrounding European Central Bank policy.
“The technical damage inflicted on the euro is significant, and while the currency appears oversold, near-term consolidation may be the best outcome until geopolitical tensions ease,” currency analysts said in a market note.
What’s Next
Investors will continue to monitor inflation data and economic activity indicators across the eurozone for clues on the European Central Bank’s next policy move.
Markets currently estimate roughly a 40% probability that the ECB could raise interest rates before the end of the year — a sharp shift from last week, when traders saw a rate cut as equally likely.
By Boluwatife Oshadiya, Markets Reporter | March 5, 2026
Key Points
NGX All-Share Index falls 0.08% to 196,463.22 points
Market capitalisation declines by ₦101.9 billion to ₦126.1 trillion
Trading activity weakens as share volume and deal count decline
Main Story
The Nigerian Exchange (NGX) ended its recent rally on Wednesday as investors moved to lock in profits, pushing the benchmark All-Share Index (ASI) down 0.08% to close at 196,463.22 points.
The marginal decline reduced the market’s year-to-date return to 26.25%, while total market capitalisation fell by ₦101.9 billion to settle at ₦126.1 trillion.
Investor sentiment during the session was broadly negative, with market breadth closing at 0.6x as 37 stocks declined compared with 22 gainers.
Among the day’s top performers were PREMPAINTS, which gained 10%, FTGINSURE rising 9.74%, and UACN advancing 7.78%. On the losing side, DANGSUGAR and JAIZBANK each dropped 10%, while CAP declined 9.97%.
Trading activity also slowed compared with the previous session. Total share volume declined by 8.49% to 805.25 million units, while the value of transactions dropped 13.69% to ₦38.42 billion.
The number of deals executed on the exchange fell significantly, dropping 17.8% to 71,312 trades, compared with 86,761 deals recorded in the previous trading session.
VERITASKAP led the volume chart with 56.42 million shares traded, while MTNN topped the value chart with transactions worth ₦7.08 billion.
Sectoral performance was largely negative. The Consumer Goods index recorded the steepest drop at 0.86%, followed by Banking, which fell 0.45%. Oil and Gas and Industrial Goods both slipped by 0.03%.
The Insurance index was the only major sector to post gains, rising 0.33%, while the Commodity index remained unchanged.
What’s Being Said
Market analysts say the decline reflects normal profit-taking following the strong rally recorded on the exchange earlier in the year.
“The modest pullback reflects investors adjusting portfolios after a strong run in equity prices, rather than a broad shift in market fundamentals,” analysts noted in a post-market report.
What’s Next
Investors will be watching corporate earnings releases and macroeconomic signals for cues on the market’s next direction. Market participants are also expected to monitor foreign exchange movements and interest rate expectations, which continue to influence portfolio flows into Nigerian equities.
Federal Executive Council approves nationwide digital postcode system.
New GIS-enabled framework to enhance mail delivery, logistics and emergency response.
Initiative aligns with Nigeria’s digital economy and national planning goals.
MAIN STORY
The Federal Executive Council (FEC) has approved the implementation of a Geographic Information System (GIS)-enabled alphanumeric digital postcode system for Nigeria, marking a major reform in the country’s addressing and postal infrastructure.
The approval was granted under the leadership of President Bola Tinubu as part of efforts to modernise public infrastructure and strengthen the digital economy.
The new system, developed in collaboration with Nigerian Postal Service (NIPOST), will introduce a geospatially intelligent addressing framework designed to improve location accuracy nationwide and enable faster, more reliable mail and parcel processing.
Postmaster-General of the Federation, Tola Odeyemi, and her team at NIPOST were credited with driving the initiative, which officials say represents a foundational shift from Nigeria’s traditional postcode structure to a more precise, technology-driven system.
According to government officials, the digital postcode system will not only strengthen postal operations but also support broader national objectives, including improved emergency response coordination, enhanced logistics and e-commerce efficiency, and better delivery of government services.
Authorities noted that as Nigeria’s digital economy expands, reliable addressing systems are critical to connecting citizens, businesses and public institutions more efficiently.
THE ISSUES
Nigeria has long grappled with inconsistent and poorly structured addressing systems, complicating mail delivery, logistics operations, tax administration, urban planning and emergency services.
The absence of a standardised, technology-enabled postcode system has also posed challenges for the growth of e-commerce and digital services, particularly in underserved and rapidly urbanising areas.
WHAT’S BEING SAID
Officials described the FEC approval as a key milestone in implementing the Ministry’s Strategic Blueprint for communications, innovation and digital economy reforms.
They emphasised that the GIS-enabled alphanumeric model would provide greater accuracy, national coverage and data integration, positioning Nigeria alongside global best practices in geospatial addressing systems.
The reform, they added, underscores the Federal Government’s commitment to building a modern, inclusive and globally competitive digital economy.
WHAT’S NEXT
Implementation is expected to begin in phases, with collaboration between NIPOST, relevant ministries and technology partners to deploy the new addressing infrastructure nationwide.
Public awareness campaigns and stakeholder engagements are also anticipated to facilitate adoption by businesses, government agencies and citizens.
BOTTOM LINE
The FEC’s approval of a GIS-enabled alphanumeric digital postcode system signals a significant step toward modernising Nigeria’s addressing framework — a foundational reform expected to enhance postal efficiency, strengthen logistics and emergency services, and accelerate the country’s digital transformation agenda.
