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Solar energy drives record global renewable expansion in 2025

Keypoints

  • Global renewable energy capacity reached a total of 5,149 GW in 2025, marking a record 15.5 percent annual increase.
  • Solar power dominated the expansion, accounting for approximately 75 percent of all new capacity added worldwide.
  • Africa recorded its highest growth on record by adding 11.3 GW, though it still lags behind other global regions in total volume.
  • Asia remains the primary driver of the energy transition, contributing over 70 percent of all global renewable additions last year.

Main Story

According to the ‘Renewable Capacity Statistics 2026’ report by the International Renewable Energy Agency (IRENA), solar energy led a historic surge in global power growth throughout 2025.

The agency reported that the world added 692 GW of renewable capacity last year, with solar alone contributing 511 GW of that total. IRENA noted that 2025 represented the highest annual increase in generation capacity to date, both in absolute figures and percentage terms.

The report highlighted that while the expansion was global, the distribution remained uneven. IRENA detailed that the Middle East saw its largest growth rate at 28.9 percent, primarily driven by Saudi Arabia, while the G20 countries now account for nearly 82 percent of the global share.

It was further mentioned that although Africa achieved its own internal record for expansion, the continent’s growth remains modest compared to the massive deployments seen in Asia. The agency pointed out that off-grid solar solutions continue to play a vital role in increasing electricity access across various African regions.

The Issues

The primary challenge identified in the report is the widening gap in clean energy deployment between developed and developing regions. While global totals are rising, many countries with lower renewable capacity remain highly vulnerable to energy shocks and the volatility of fossil fuel prices. IRENA emphasized that a more decentralized energy system is required to build structural resilience against geopolitical tensions and the economic damage caused by energy crises.

What’s Being Said

  • “In the midst of uncertain time, renewable energy remains consistent and steadfast in its expansion,” stated Francesco La Camera, IRENA director-general.
  • La Camera also noted that countries investing in the energy transition are “weathering the Middle East crisis with less economic damage.”
  • The agency reported that “solar and wind energy continued to dominate renewable capacity expansion in 2025, jointly accounting for 96.8% of all net renewable additions.”

What’s Next

  • International climate bodies are expected to call for increased targeted investments in Africa and the Middle East to bridge the regional capacity gap.
  • Policymakers will likely focus on strengthening grid infrastructure to accommodate the 27.2 percent annual growth seen in solar energy.
  • Future reports will monitor whether the G7 and G20 nations continue to dominate over 88 percent of new capacity or if emerging markets can capture a larger share.

Bottom Line

While 2025 was a landmark year for the global energy transition, the concentration of growth in Asia and G20 nations underscores an urgent need for redirected investment to ensure energy security and resilience in the world’s most vulnerable regions.

TCN disputes inaccurate capacity figures cited by PHEDC

TCN

Keypoints

  • The Transmission Company of Nigeria (TCN) has officially debunked claims regarding its operational and wheeling capacity.
  • TCN clarified that its verified transmission wheeling capacity stands at 8,700MW, significantly higher than the figures cited by the Port Harcourt Electricity Distribution Company (PHEDC).
  • Grid records from early 2025 demonstrate that TCN has successfully transmitted peaks exceeding 5,800MW, contradicting claims of a 5,000MW limit.
  • The company emphasized that daily grid output is a shared responsibility dependent on DisCo nominations and GenCo declarations.

Main Story

According to an official press release from the Transmission Company of Nigeria (TCN), the utility firm has moved to correct what it termed intentionally inaccurate information published by the Port Harcourt Electricity Distribution Company (PHEDC).

TCN noted that the distribution company had claimed on social media that the national grid’s wheeling capacity was limited to 7,300MW with an operational range of only 4,000MW to 5,000MW.

TCN reported that through sustained infrastructure investments, including substation construction and transmission line reconductoring, it has expanded its verified wheeling capacity to 8,700MW. The company highlighted that the 7,300MW figure cited by PHEDC is outdated and no longer reflects the current state of the grid.

To support its stance, the company pointed to three successive peak generation milestones achieved in February and March 2025, where it successfully wheeled up to 5,801.84MW to distribution load centres. It was further detailed that the daily performance of the national grid is a function of what DisCos nominate and what GenCos declare, rather than a lack of transmission capacity.

The Issues

The primary conflict involves a public disagreement over the technical capabilities of Nigeria’s power infrastructure. TCN expressed concern that misinformation regarding grid capacity undermines public trust and could negatively influence investment decisions and policy conversations. The company also raised the question of whether DisCos are consistently nominating loads beyond the 5,000MW threshold they claim is the transmission limit.

What’s Being Said

  • “TCN wishes to firmly correct this intentionally inaccurate information,” the Transmission Company of Nigeria stated in its official release.
  • “7,300MW cited by PHEDC is outdated and no longer representative of TCN’s current capacity,” the company noted regarding the disputed figures.
  • “Misinformation, however unintentional, undermines public trust, misrepresents sector progress, and may negatively influence policy conversations,” stated Ndidi Mbah, GM of Public Affairs at TCN.

What’s Next

  • Stakeholders in the Nigerian electricity value chain are expected to face increased pressure to synchronize their public communications.
  • A new simulation of the national grid’s capacity may be conducted to reflect the impact of recently completed infrastructure projects.
  • Regulatory bodies may investigate the source of the conflicting figures to ensure more accurate sector-wide reporting.

Bottom Line

The dispute highlights ongoing friction within the power sector’s value chain, with TCN asserting that its infrastructure is more capable than distribution companies claim, while shifting the focus back to the ability of DisCos to nominate and distribute available power.

Stanbic IBTC hosts maiden Nigeria Business Summit; driving sustainable growth across key sectors

Stanbic IBTC, a leading financial services provider in Nigeria, successfully hosted the 2026 edition of the Nigeria Business Summit from Wednesday, 01 April to Thursday, 02 April 2026, at the Landmark Event Centre, Victoria Island, Lagos.

The two-day summit brought together industry leaders, policymakers, entrepreneurs and stakeholders across multiple sectors to explore sustainable business practices, foster economic growth and unlock global trade opportunities.

With the theme, ‘Nigeria Means Business: Powering Sectors, Growing Sustainable SMEs & Unlocking Global Trade’, the summit addressed critical issues across key sectors, including agribusiness, renewable energy, trade and Africa–China banking, as well as ICT and telecommunications. Additional sessions covered areas such as family business sustainability, artificial intelligence, employee value banking, insurance, pension and wealth management.

The event featured a keynote address by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who emphasised the urgent need for Nigeria to reposition itself as a leading export-driven economy to achieve sustained growth.

“Our true potential lies in becoming a leading export economy,” Edun stated. “Increased participation in regional and global trade will be critical to diversifying foreign exchange earnings and driving inclusive growth.”

He noted that while Nigeria’s GDP growth has improved to approximately 4 per cent, it remains below the level required to significantly reduce poverty. According to him, the country’s economic strategy is now shifting from stabilisation to growth acceleration, with trade expansion playing a central role.

Edun highlighted ongoing reforms, including improved foreign reserves, rising non-oil revenues and renewed investor confidence, as indicators of a more resilient economy. However, he stressed that enhancing trade competitiveness would require continued investment in infrastructure, logistics and policy coordination. He also highlighted the importance of small and medium-sized enterprises (SMEs), which account for over 90 per cent of businesses, noting that inclusive growth will depend on stronger collaboration between the public and private sectors.

Participants engaged in a rich line-up of activities, including expert presentations, panel discussions and high-level networking opportunities. Highlights of the summit included the Africa Trade Barometer presentation, client testimonial showcases and insightful discussions on the state of the African economy and intra-African trade opportunities.

Breakout sessions on agribusiness, ICT and healthcare, Africa-China banking and Trade as well as renewable energy provided attendees with deeper, practical insights into some of the most critical sectors driving Nigeria’s economic future.

Speaking at the event, Chuma Nwokocha, Chief Executive of Stanbic IBTC Holdings, represented by the organisation’s Chief Finance and Value Management Officer, Kunle Adedeji, emphasised the importance of collaboration and innovation in driving sustainable growth.

“This summit has reinforced the importance of creating platforms where ideas can flourish and businesses can grow sustainably. By working together, we can unlock new opportunities and drive economic advancement across Nigeria and the African continent,” he said.

The summit also spotlighted practical strategies for integrating sustainability into business operations, encouraging organisations to adopt environmentally conscious practices while maintaining profitability and competitiveness.

Remy Osuagwu, Executive Director, Business & Commercial Banking, expressed satisfaction at the level of interest from participants, a critical element for a successful summit.

“From our conversations on energy and healthcare to the deep dives into trade, Africa-China relations, and agribusiness, Day 1 has offered perspectives that were both insightful and practical. I believe we’re all leaving with a stronger understanding of the opportunities emerging across our industries” Remy said.

He acknowledged the level of engagement, questions, contributions and willingness of participants to share experiences; describing this as the real power of the Nigeria Business Summit, and a solid foundation for tomorrow.

The Chief Executive of Stanbic IBTC Bank, Wole Adeniyi, who was represented by Bunmi Dayo-Olagunju, Deputy Chief Executive of Stanbic IBTC Bank, opened Day Two of the Nigeria Business Summit by highlighting the focus of the summit’s SME Day.

Bunmi said, “Today, we build on Day One’s momentum with conversations that are equally critical for the future – from the dynamics of family businesses to the growing influence of artificial intelligence; the evolution of insurance, and the emerging space of electric vehicle banking.”

She further added, “Our goal on Day Two is simple: to explore what’s next. To understand how these developments will shape our businesses and how we can position ourselves ahead of the curve.”

Stanbic IBTC’s inaugural Nigeria Business Summit stands as a testament to the organisation’s commitment to empowering businesses, strengthening key sectors and positioning Nigeria as a competitive player in the global economy.

D’banj revives Koko Master magic at C.R.E.A.M. 3.0 concert

N-POWER: D'Banj's Lawyer Releases Statement, Demands Release

Keypoints

  • Nigerian music icon D’banj headlined the C.R.E.A.M. Experience 3.0 concert at the National Arts Theatre on Friday night.
  • The event served as the official launch for the updated C.R.E.A.M. digital platform designed to support and reward creative talent.
  • High-profile guest artistes including 2Baba, Peruzzi, NasBoi, and Slimcase joined the lineup to support the initiative.
  • The concert blended contemporary entertainment with a celebration of youth creativity at one of Lagos’ most iconic cultural hubs.

Main Story

According to a report by the News Agency of Nigeria (NAN), Afrobeats veteran D’banj delivered an electrifying performance in Lagos to mark the transition of his C.R.E.A.M. platform into a more robust digital ecosystem.

The agency noted that the initiative, which stands for Creative, Reality, Entertainment, Arts, and Music, aimed to provide a centralized space where creators, industry professionals, and fans could collaborate and access growth opportunities.

NAN reported that the National Arts Theatre was filled with a vibrant crowd that witnessed a seamless blend of nostalgic hits and modern stagecraft. The report highlighted that D’banj used the occasion to emphasize the importance of nurturing emerging talent through structured digital platforms. It was further detailed that the night maintained a high level of energy as multiple generations of Nigerian music stars took turns to engage the audience, turning the launch into a significant cultural moment for the local entertainment industry.

The Issues

The primary focus of the event was addressing the gap between creative talent and industry opportunities. The updated C.R.E.A.M. platform seeks to solve the challenge of discoverability for up-and-coming artistes while providing a mechanism to reward fans for their engagement. By launching at the National Arts Theatre, the organizers also highlighted the need to merge traditional cultural heritage with modern digital solutions for the creative economy.

What’s Being Said

  • “The event was exciting and full of energy,” music enthusiast Tunde Balogun noted during the showcase.
  • “Each act brought something unique, making the night unforgettable,” attendee Adaeze Okafor said while expressing her delight at making it to the venue.
  • “It’s inspiring to see a platform that promotes creativity and talent in such a vibrant way,” Ibrahim Sadiq stated while praising the organizers.
  • Kemi Ogunleye commended the choice of venue, noting that the “cultural setting added depth to the concert experience.”

What’s Next

  • The creative community will look toward the full rollout of the C.R.E.A.M. platform’s new features to see how talent discovery is facilitated.
  • Industry analysts expect more legacy artistes to follow D’banj’s lead in creating tech-driven solutions for the Nigerian entertainment sector.
  • Further activations and talent hunts under the C.R.E.A.M. umbrella are anticipated across other major cities in Nigeria.

Bottom Line

D’banj’s successful launch of C.R.E.A.M. 3.0 reinforces his transition from a performer to a tech-enabled facilitator, providing a much-needed bridge between established industry gatekeepers and the next generation of African creatives.

 Finance Minister commends NUPRC as Nigeria’s daily Oil output rises to 1.84 million barrels

 Key points

Nigeria’s daily crude oil production has increased to 1.84 million barrels.

Finance Minister Wale Edun commends Nigerian Upstream Petroleum Regulatory Commission for the achievement.

Government maintains target of two million barrels per day amid ongoing sector reforms.

MAIN STORY

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has lauded the Nigerian Upstream Petroleum Regulatory Commission for boosting Nigeria’s daily crude oil production to 1.84 million barrels.

Edun gave the commendation during a courtesy visit by the Chief Executive of the Commission, Oritsemeyiwa Eyesan, to the Ministry of Finance headquarters in Abuja.

Describing the development as “fantastic news,” the minister said the improved output aligns with the directive of President Bola Ahmed Tinubu to ramp up oil production. He urged the Commission to sustain the momentum and work towards achieving the national target of two million barrels per day.

Edun also noted that although the ongoing Middle East conflict was unfortunate, the Federal Government had already prioritised increased oil production prior to the crisis.

Earlier, Eyesan confirmed the production milestone, describing it as a significant achievement while expressing confidence in further growth. She explained that a temporary dip in output recorded in February was due to operational challenges at key facilities and scheduled maintenance activities, which have since been resolved.

THE ISSUES

Nigeria’s oil sector has long grappled with fluctuating production levels caused by infrastructure challenges, maintenance shutdowns, and external market dynamics. Sustaining output growth remains critical to government revenue and economic stability.

WHAT’S BEING SAID

Eyesan attributed the recent recovery to improved operational efficiency and regulatory oversight. She highlighted ongoing progress in the 2025 licensing round, currently at the technical and financial evaluation stage.

She also pointed to provisions within the Petroleum Industry Act, including the “drill or drop” clause, which empowers regulators to revoke licences for inactive oil blocks, thereby encouraging productivity.

In addition, Eyesan disclosed that the Commission had complied with Executive Order 9 of 2026, which suspends the 30 per cent Frontier Exploration Fund deduction and mandates direct remittance of revenues to the Federation Account.

WHAT’S NEXT

The Federal Government is expected to intensify efforts to sustain the upward production trend and meet its two million barrels per day target. Progress in the ongoing licensing round and enforcement of regulatory reforms will be closely monitored.

BOTTOM LINE

Nigeria’s rising oil output signals renewed momentum in the upstream sector, but sustaining growth and meeting national production targets will depend on consistent reforms, operational stability, and effective regulatory enforcement.

Tinubu at Tate Modern: A cultural signal for Nigeria’s renaissance and Africa’s creative future

When President Bola Ahmed Tinubu walked through the halls of the Tate Modern to experience the Nigerian Modernism exhibition, it was a defining moment and one that speaks directly to Nigeria’s cultural renaissance, the rising power of its creative economy, and the broader trajectory of Africa’s development.

At its core, the visit signals a shift in how Nigeria positions culture: not as a soft, peripheral asset, but as a central pillar of national identity, economic growth, and global influence.

A Cultural Renaissance Reclaimed

The Nigerian Modernism exhibition represents a generation of artists who, in the mid-20th century, broke free from colonial artistic frameworks to create a bold, independent voice. By engaging with this body of work on a global stage, President Tinubu effectively reconnected Nigeria’s present with a powerful moment of cultural self-definition.

His presence at the exhibition elevates that history from artistic memory to national priority.

It sends a clear message: Nigeria is rediscovering its culture, reclaiming and projecting it with intention. In doing so, the country strengthens its cultural confidence at a time when identity and narrative are critical currencies in global engagement.

For decades, African stories were often told through external lenses. Moments like this help reverse that dynamic, placing ownership of narrative firmly back in African hands.

Culture as Economic Strategy

Beyond symbolism, the visit underscores a growing recognition that culture is serious business.

Nigeria’s creative industries, spanning visual arts, music, film, fashion, and literature, have already demonstrated their global appeal. Afrobeats dominates international charts, Nollywood ranks among the world’s largest film industries, and African art continues to command rising attention in global galleries and auctions.

By spotlighting Nigerian art at the Tate Modern, one of the world’s most influential cultural institutions, the visit amplifies the commercial potential of these industries.

It positions creativity as an export, one capable of generating jobs, attracting foreign investment, and diversifying the economy beyond traditional sectors like oil and gas.

In practical terms, such visibility can drive increased global demand for Nigerian art and artists; greater institutional partnerships and cultural exchanges; expanded opportunities for galleries, curators, and creative entrepreneurs, and stronger investor confidence in Africa’s creative sector.

The message is clear: the creative economy is no longer emerging, it is already here, and it is scalable.

Strengthening Cultural Diplomacy

President Tinubu’s engagement with the exhibition also reflects a strategic use of cultural diplomacy.

In a world where influence is increasingly shaped by perception, culture offers a powerful bridge between nations. It humanises policy, builds emotional connections, and creates shared spaces of understanding.

At the Tate Modern, Nigeria was not negotiating trade deals or policy frameworks, it was telling its story. And that story was deep  with a global audience that included policymakers, investors, and cultural leaders.

This kind of engagement strengthens Nigeria’s international standing, as economic player and cultural force.

It also deepens relationships with countries like the United Kingdom, where historical ties are being redefined through contemporary collaboration in art, innovation, and enterprise.

A Catalyst for Africa’s Development

While the moment was distinctly Nigerian, its implications extend across Africa.

Nigeria, as one of the continent’s largest economies and cultural exporters, often sets the tone for broader African trends. By elevating its creative sector on a global platform, it creates a ripple effect, opening doors for other African artists, institutions, and markets.

This is how cultural ecosystems grow: through visibility, validation, and collaboration.

Africa’s development story has long been framed around natural resources and infrastructure. But the future is increasingly shaped by intangible assets, including ideas, creativity, and intellectual property.

The creative economy offers a pathway to youth employment in a continent with a rapidly growing young population; digital innovation, particularly in content creation and distribution; global cultural influence, reshaping how Africa is perceived and engaged, and Inclusive growth, where talent and capital drive opportunity

In this context, President Tinubu’s visit becomes symbolic and catalytic.

Bridging Heritage and the Future

Perhaps the most powerful aspect of the visit lies in its ability to connect past, present, and future.

The artists of the Nigerian Modernist movement redefined identity in their time. Today’s creatives are doing the same, only on a global, digital stage. By honouring that lineage, the visit creates continuity, reminding a new generation that innovation is rooted in heritage.

It also challenges policymakers and institutions to match cultural ambition with structural support, through funding, education, intellectual property protection, and global market access.

Because for a cultural renaissance to be sustained, it must be backed by systems that allow creativity to thrive as both art and enterprise.

A Defining Signal

In the final analysis, President Tinubu’s presence at the Tate Modern sends a defining signal: Nigeria understands the power of its culture and is ready to invest in it as a driver of national and continental transformation.

It affirms that Africa’s future will not be built on resources alone, but on stories, ideas, and creative expression. And in that future, culture will not sit on the sidelines, it will lead.

Seplat Energy operations stalled by senior staff strike

Seplat Petroleum

Keypoints

  • Members of PENGASSAN have commenced an indefinite strike across all Seplat Energy assets in Nigeria.
  • The industrial action affects onshore and offshore operations, joint ventures, and administrative offices.
  • Seplat accounts for roughly 7% to 9% of Nigeria’s total liquid production, making the stoppage a significant threat to national output.
  • Essential safety and power functions are being maintained, but exports and production reporting have been suspended.

Main Story

According to a report by Reuters, operations at Seplat Energy, Nigeria’s largest independent oil producer, hit a standstill on Friday as senior staff began an indefinite strike. The news agency reported that the move came at a sensitive time for the Nigerian economy, as the government faced mounting pressure to increase crude oil production and bolster foreign exchange earnings amid rising global prices.

Reuters noted that the company, which averaged over 131,000 barrels of oil equivalent per day in 2025, had set a target to reach 155,000 barrels daily this year. The report highlighted that any prolonged disruption to these operations could significantly hamper Nigeria’s ability to meet its supply outlook, particularly as the country supported the ramp up of the Dangote refinery. It was further detailed that while senior staff had walked off the job, less skilled workers belonging to a separate union were not currently participating in the industrial action.

The Issues

The conflict centers on a breakdown in negotiations between the company and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN). Specifically, the parties failed to reach an agreement on the 2026 collective bargaining document. Beyond the contract, the union cited unresolved staff welfare concerns as a primary driver for the walkout.

What’s Being Said

  • “The action is until further notice,” PENGASSAN stated in letters addressed to the Seplat CEO.
  • The union noted the strike followed a “breakdown in talks over a 2026 collective bargaining agreement and staff welfare issues.”
  • PENGASSAN stated its members would “suspend most operations, including production reporting and export activities.”

What’s Next

  • Market analysts will monitor the duration of the strike to assess the total impact on Nigeria’s daily oil export volumes.
  • Investors are awaiting a formal response or statement from Seplat Energy leadership regarding the union’s claims.
  • Potential intervention by the Ministry of Labour or the Nigerian Upstream Petroleum Regulatory Commission may occur to broker a resolution.

Bottom Line

The strike places a major portion of Nigeria’s independent oil production at risk, potentially tightening domestic supply and impacting the government’s revenue targets during a period of high global demand.

CBN raises ₦1.4 trillion via OMO bills at 19.91%

By Boluwatife Oshadiya | April 3, 2026

Key Points

  • CBN raises ₦1.4 trillion through 138-day OMO bills at 19.91%
  • Total subscriptions hit ₦1.5 trillion, signalling strong investor demand
  • Apex bank intensifies liquidity mop-up as system liquidity nears ₦9 trillion

Main Story

The Central Bank of Nigeria (CBN) raised ₦1.4 trillion in its latest Open Market Operations (OMO) auction, offering a stop rate of 19.91% on 138-day bills as part of efforts to reduce excess liquidity and curb inflation.

The auction, which included 75-day and 138-day instruments, attracted total subscriptions of ₦1.5 trillion, reflecting strong investor appetite amid elevated yields. However, the apex bank allotted only the 138-day bills, with no sales recorded for the shorter-tenor securities.

The aggressive liquidity mop-up follows a surge in financial system liquidity to nearly ₦9 trillion, driven by maturing OMO bills and other inflows. The CBN has intensified sterilisation efforts in recent weeks to stabilise money supply and anchor inflation expectations.

Higher OMO rates are also strategically positioned to attract foreign portfolio investors, boosting dollar inflows into Nigeria’s financial markets while supporting the naira.

“The stop rate reflects the CBN’s commitment to tightening liquidity conditions and maintaining positive real returns for investors,” said a senior fixed income trader at a Lagos investment bank.

What’s Being Said

“The strong subscription levels indicate confidence in Nigeria’s fixed-income market, especially with yields approaching 20%,” said Johnson Chukwu, CEO, Cowry Asset Management.

“OMO auctions remain a key tool for liquidity control, but sustained tightening could raise borrowing costs across the economy,” said Uche Uwaleke, Professor of Capital Market, Nasarawa State University.

What’s Next

  • Further OMO auctions expected as CBN continues liquidity tightening
  • Investors to monitor inflation data for signals on rate direction
  • Potential impact on lending rates and private sector credit conditions

Bottom Line

The Bottom Line: The CBN’s aggressive OMO strategy underscores its prioritisation of inflation control over growth stimulation. While effective for liquidity management, sustained high yields could tighten financial conditions across the broader economy.

Naira weakens to ₦1,380 as FX turnover declines

By Boluwatife Oshadiya | April 3, 2026

Key Points

  • Naira closes at ₦1,380/$ at official NFEM window amid lower liquidity
  • Interbank FX turnover drops to $73.9 million across 87 deals
  • Parallel market widens gap, with naira trading at ₦1,420/$

Main Story

The naira depreciated to ₦1,380 per dollar at the Nigerian Foreign Exchange Market (NFEM) as reduced dollar supply weakened liquidity conditions, according to data released by the Central Bank of Nigeria (CBN).

Intraday trading showed the currency fluctuating between ₦1,373 and ₦1,385 per dollar, reflecting mild volatility in the official window. Market activity slowed significantly, with interbank turnover falling to $73.9 million across 87 deals, down from $116.2 million recorded in the previous session.

The drop in dollar liquidity remains the primary driver of the currency’s decline, even as the CBN continues to maintain exchange rate stability within its managed float framework. Analysts note that while Nigeria’s external reserves—currently hovering around $50 billion—provide a buffer, short-term pressures persist due to uneven FX inflows.

In the parallel market, the naira traded at ₦1,420 per dollar, highlighting continued fragmentation between official and informal currency markets.

Global factors also compounded pressures. Oil prices surged sharply following geopolitical tensions, with Brent crude rising above $109 per barrel and West Texas Intermediate crossing $110. While higher oil prices typically support Nigeria’s FX earnings, immediate gains have yet to translate into improved dollar liquidity domestically.

“The FX market remains liquidity-constrained despite strong reserve levels, suggesting structural supply issues rather than temporary shocks,” said a Lagos-based currency analyst.

What’s Being Said

“The current spread between official and parallel markets reflects persistent inefficiencies in FX distribution channels,” said Bismarck Rewane, CEO, Financial Derivatives Company.

“Oil price gains could eventually support the naira, but transmission into reserves and liquidity is not immediate,” said Ayodeji Ebo, Managing Director, Optimus by Afrinvest.

What’s Next

  • CBN expected to sustain FX interventions to stabilise the official market
  • Market participants watching for increased oil revenue inflows in coming weeks
  • Next Monetary Policy Committee (MPC) meeting likely to assess FX volatility

Bottom Line

The Bottom Line: The naira’s weakness is less about reserve adequacy and more about liquidity transmission failures. Until FX supply improves at the market level, exchange rate pressures and parallel market divergence will persist.

Treasury bills rally as yields dip on strong demand

By Boluwatife Oshadiya| April 3, 2026

Key Points

  • Nigerian Treasury bills market records mild rally as average yield dips to 17.66%
  • Investors increase demand across the curve amid improved macro outlook
  • Bond market weakens slightly with average yield rising to 15.79%

Main Story

The Nigerian Treasury bills market closed on a positive note as average yields declined marginally to 17.66%, reflecting renewed investor appetite for short-term government securities amid improving macroeconomic sentiment.

Demand strengthened in the secondary market, with investors reallocating funds across fixed-income instruments in search of optimal returns. Market participants cited expectations of easing inflationary pressures and relative stability in monetary policy as key drivers behind the sustained interest in naira-denominated assets.

Data from market participants, including Meristem Securities, showed that yields across most tenors declined by approximately one basis point, signalling broad-based buying interest. However, select instruments, particularly March 2027 bills, recorded slight yield upticks of up to nine basis points, suggesting pockets of profit-taking activity.

In contrast, the Federal Government bond market ended the session on a mildly bearish note. Yields expanded, particularly in the mid-tenor segment, with the 2033 and 2034 bonds seeing increased sell pressure. As a result, the average bond yield edged up by one basis point to close at 15.79%.

“We are seeing a gradual repositioning by institutional investors who anticipate a softer inflation trajectory and are locking into current yield levels,” said an analyst at Meristem Securities.

What’s Being Said

“The sustained demand reflects confidence in Nigeria’s fixed-income market, especially as inflation expectations begin to moderate,” said a Lagos-based fixed income strategist.

“However, the mixed movement across instruments shows that investors remain cautious about duration risk,” the analyst added.

What’s Next

  • Investors will monitor upcoming inflation data for signals on yield direction
  • The Central Bank’s next policy guidance is expected to influence fixed-income positioning
  • Primary market auctions in the coming weeks may test demand strength

Bottom Line

The Bottom Line: The Treasury bills rally signals cautious optimism in Nigeria’s fixed-income market, but divergent movements in bonds highlight lingering uncertainty around interest rate direction and macro stability.

Oil Prices Jump 7% as Middle East Tensions Escalate

By Boluwatife Oshadiya | April 3, 2026

Key Points

  • Brent crude rises to $107.96 per barrel amid geopolitical tensions
  • Strait of Hormuz disruption raises global supply concerns
  • Escalating US-Iran conflict fuels market volatility

Main Story

Global oil prices surged by nearly seven percent on Thursday, driven by escalating geopolitical tensions in the Middle East that have heightened fears of supply disruptions.

Brent crude futures climbed to $107.96 per barrel, while West Texas Intermediate (WTI) rose to $106.43, as markets reacted sharply to renewed hostilities involving the United States, Israel, and Iran.

The price rally follows intensified military exchanges that began in late February, including coordinated strikes on Iranian targets and subsequent retaliatory actions by Tehran. Analysts say the situation has significantly disrupted shipping activity through the Strait of Hormuz, a critical chokepoint that accounts for roughly 20% of global oil supply.

Investor sentiment shifted rapidly during Thursday’s session, reversing earlier losses as traders priced in the risk of prolonged instability. The lack of clarity around diplomatic resolutions and continued military escalation has further amplified volatility in energy markets.

“Any sustained disruption in the Strait of Hormuz has immediate implications for global oil supply, and markets are reacting accordingly,” said an energy analyst at a London-based commodities firm.

What’s Being Said

“We are approaching a critical threshold where geopolitical risk is directly influencing oil pricing fundamentals,” the analyst noted.

“Until there is clarity on de-escalation, price swings are likely to remain elevated,” he added.

What’s Next

  • Markets will track developments in the Strait of Hormuz and regional military activity
  • Diplomatic negotiations between the US and Iran remain a key variable
  • OPEC+ response could shape medium-term supply dynamics

Bottom Line

The Bottom Line: Oil markets are now firmly driven by geopolitical risk, and unless tensions ease quickly, sustained price volatility could trigger broader global economic consequences, including inflationary pressures.

NAICOM and industry leaders call for youth-led “Insurance Revolution”

NAICOM Revokes 2 Insurance Firms License

Key Points

  • The National Insurance Commission (NAICOM) is urging the insurance and pension sectors to prioritize young people to ensure industry relevance in a digital economy.
  • Speaking at the 10th BusinessToday Conference in Lagos, Commissioner for Insurance Mr. Olusegun Omosehin emphasized that youths are “active participants” rather than just future beneficiaries.
  • Industry experts are pushing for Open Finance, where customers can access banking, insurance, and pensions via a single integrated platform.
  • The Chartered Insurance Institute of Nigeria (CIIN) has launched a landmark initiative to provide free insurance training to one million Nigerian youths.

Main Story

The leadership of Nigeria’s insurance and pension industries has signaled a major strategic pivot toward the nation’s youth population. At the 10th annual BusinessToday Conference on Thursday, Mr. Olusegun Omosehin, Commissioner for Insurance, stated that the industry must be “deliberate and strategic” in engaging young Nigerians.

Represented by Dr. Julius Odede, Omosehin noted that the rapid evolution of technology and shifting economic expectations require a move away from “overly technical messaging” toward simpler, more relatable communication.

The conference, themed “Youth Advantage: Redefining Insurance and Pensions for a New Era,” served as a platform for leaders to advocate for customer-centric innovation. Chiamaka Ugo-Obidike, Chief Strategist of MelvinAfrica, argued that the industry must embrace Open Finance, allowing a seamless digital experience where users can manage all financial services—banking, pensions, and insurance—on a single app. She warned that if the system does not adapt to the digital-first nature of the youth, “they will move on without it.”

The Issue

The primary hurdle identified by stakeholders is the “Trust and Complexity Gap.” For many young Nigerians, insurance and pensions are often viewed through a lens of rigid bureaucracy and technical jargon, leading to low penetration. While the Nigerian Insurance Reform Act (NIIRA 2025) has strengthened capital requirements and investor confidence, regulatory reform alone cannot drive growth. The industry faces the challenge of “User-Involved Design”—creating products that young people actually want to use, rather than forcing them into traditional models that no longer fit their fast-paced, mobile-centric lifestyles.

What’s Being Said

  • Insurance is not just a requirement; it is a tool for protection, stability, and growth,” urged Mr. Olusegun Omosehin, calling on youths to take responsibility for their financial decisions.
  • Chiamaka Ugo-Obidike stressed the need for integration, stating, “Today’s customers do not want to open different apps to access their financial information.”
  • Mrs. Yetunde Ilori, President of the CIIN, announced a massive training goal: “The institute has launched an initiative to provide free training for at least one million Nigerian youths.”
  • Mr. Babatunde Oguntade, past President of NCRIB, described the sector’s potential in bold terms, stating that “Insurance is the new oil” following the 2025 reforms.

What’s Next

  • The CIIN, in collaboration with the Federal Ministry of Youth, will begin the nationwide rollout of its one-million-youth training initiative to build professional capacity.
  • Insurance companies are expected to begin exploring API-led integrations to participate in the burgeoning “Open Finance” ecosystem mentioned by keynote speakers.
  • NAICOM will continue its focus on consumer protection and transparency to build the foundational trust required to convert the youth “interest” into actual policy subscriptions.
  • Stakeholders will be watching for the launch of more simplified, mobile-first insurance products specifically designed for the gig economy and young entrepreneurs.

Bottom Line

The message from the 10th BusinessToday conference is clear: the survival of the insurance and pension industries depends on their ability to speak the “language of the youth.” By combining the technical strength of the NIIRA 2025 reforms with a new focus on digital integration and massive scale education, the sector is attempting to shed its conservative image and become a central pillar of the modern Nigerian financial life.

African leaders call for “Economic Reset” as Middle East conflict triggers fresh shocks

Key Points

  • Top leaders from the AfDB, AUC, UNDP, and ECA warn that Africa is facing a “mounting economic strain” due to escalating geopolitical tensions.
  • Oil prices have surged by over 50 per cent since late March, while 29 African currencies have weakened, significantly increasing debt-servicing burdens.
  • Disruptions in the Gulf are threatening fertilizer supplies during the critical March–May planting season, risking widespread agricultural failure.
  • The coalition is proposing a “reset” of economic strategies, including the creation of an African Financing Stability Mechanism.

Main Story

Regional economic leaders have issued an urgent call for African nations to transition from “vulnerability to preparedness” as the Middle East conflict continues to destabilize global energy and food markets.

Following a high-level briefing on the sidelines of the ECA’s 58th session in Morocco on Friday, heads of the African Development Bank (AfDB), African Union Commission (AUC), and United Nations agencies warned that shocks are now spreading faster through concentrated global channels.

Mahmoud Ali Youssouf, the AU Commission Chairperson, noted that African economies are particularly exposed to “imported inflation.”

The combined effect of surging energy costs and weakening local currencies has created a fiscal squeeze, limiting the ability of governments to respond to social demands.

Leaders emphasized that the current crisis is “highly asymmetric,” hitting import-dependent and low-income nations the hardest, and suggested that the only way forward is a decisive move toward food sovereignty and economic independence.

The Issue

The most immediate threat is the “Agricultural Time Bomb.” Because the conflict has disrupted Gulf energy and chemical supplies, the availability of fertilizers during the March–May planting season is severely compromised. This timing is catastrophic for many African regions that rely on these months for their primary crop yields. Without swift intervention through strategic reserves and emergency financing, the continent faces a deepening of rural poverty and a potential humanitarian crisis in already fragile zones.

What’s Being Said

  • Africa has been hit by too many external shocks not of its making,” stated Claver Gatete of the ECA, calling for stronger domestic financing and regional solutions.
  • Mahmoud Ali Youssouf warned that continued escalation “worsens global instability, with serious implications for energy markets and food security.”
  • Ahunna Eziakonwa of the UNDP highlighted that Africa can emerge stronger if it adopts the “right policy mix,” prioritizing inclusive growth and sustainable transformation.
  • AfDB President Sidi Ould Tah urged institutions to leverage their collective strengths to “address immediate pressures while laying foundations for long-term resilience.”

What’s Next

  • Governments are being urged to implement targeted subsidies and activate emergency financing mechanisms to cushion vulnerable populations from rising food and fuel costs.
  • The AfCFTA framework will be prioritized as a medium-term reform to boost intra-African trade and reduce reliance on volatile international corridors.
  • Leaders will push for the formal establishment of the African Financing Stability Mechanism to act as a regional safety net against future currency and debt shocks.
  • There is an expected shift toward infrastructure investment specifically aimed at energy and food systems to ensure the continent can better absorb future disruptions.

Bottom Line

The message from Tangier is clear: Africa can no longer afford to be a passive bystander to global volatility. By pivoting toward self-reliance and regional integration, the continent’s leaders hope to use this current period of “economic strain” as the catalyst for a long-overdue structural reset.

Bishop Dajur calls for sacrifice and service in Good Friday message

Catholic
Hooded penitents walk towards crosses during Good Friday rituals to atone for sins in Philippines (AP)

Key Points

  • The Rt. Rev’d Gershinen Dajur, Bishop of Keffi-Karshi Missionary Diocese, has urged Christians to embrace the Cross as a symbol of truth, forgiveness, and service.
  • In his pastoral message titled “The Mystery and Mandate of Good Friday,” the cleric noted that the day offers a profound revelation of divine love through suffering.
  • The Bishop charged the clergy to remain steadfast in proclaiming “Christ crucified” and called on the laity to manifest their faith through tangible actions.
  • He emphasized that the Cross is not an end point but a “threshold of resurrection,” encouraging hope in the face of spiritual weariness.

Main Story

The Bishop of Keffi-Karshi Missionary Diocese, Rt. Rev’d Gershinen Dajur, has called on the Christian faithful to reflect on the deeper meaning of the Cross during this year’s Good Friday observations.

In a pastoral message delivered in Abuja to mark the commemoration of the death of Jesus Christ, Dajur described the passion of Christ as the fulfillment of a redemptive purpose where mercy is bestowed upon humanity.

The message, entitled “The Mystery and Mandate of Good Friday,” served as a call to action for believers to move beyond ritual and toward authentic discipleship.

Addressing the current global climate, the Bishop noted that in an age marked by uncertainty and injustice, the message of the Cross speaks with “urgent clarity.”

 He challenged the congregation to confront complacency and become bearers of their own crosses through sacrifice and obedience.

Dajur specifically exhorted the laity to avoid reducing the Cross to a mere symbol, urging them instead to take it up daily through compassionate service to the poor and suffering.

The Issue

The primary challenge identified in the Bishop’s message is “Spiritual Weariness” and the risk of religious symbols becoming disconnected from social action. In a period of economic and social instability, there is often a tendency for faith to become inward-looking. Dajur’s mandate seeks to bridge this gap by defining the Cross not just as a historical artifact of “divine love,” but as a functional framework for forgiveness and truth in public life. By calling for “tangible actions,” the cleric is pushing for a faith that actively addresses systemic injustice and the needs of the vulnerable.

What’s Being Said

  • In our present age, marked by uncertainty, injustice, and spiritual weariness, the Cross speaks with urgent clarity,” stated Rt. Rev’d Gershinen Dajur.
  • The Bishop charged the clergy to ensure their lives “reflect the self-giving love they preach,” making the message of Christ the core of their ministry.
  • He urged the laity to manifest faith through “faithful witness, through forgiveness, truth, and compassionate service.”
  • Dajur reminded the diocese that “the Cross was not an end point but a threshold of resurrection,” offering a message of hope to those facing hardship.

What’s Next

  • Following the Good Friday observances, the Keffi-Karshi Missionary Diocese is expected to lead its congregation into Easter Sunday celebrations, focusing on the theme of resurrection and renewal.
  • The Bishop’s call for “compassionate service” may trigger increased outreach programmes within the diocese aimed at supporting the impoverished during the holiday season.
  • Clergy members are expected to incorporate the “mandate of the Cross” into their ongoing teaching and community engagement strategies.
  • The message serves as a spiritual roadmap for the diocese as it navigates the remaining months of the year, emphasizing accountability and devotion to both God and humanity.

Bottom Line

Bishop Dajur’s Good Friday message is a reminder that the Cross demands more than just reverence—it demands a lifestyle of service. By framing the crucifixion as a “threshold” rather than a finality, he provides a theological basis for resilience and social responsibility in a time of national and spiritual uncertainty.

REA moves to unlock small hydropower potential and scale renewable financing

Key Points

  • The Rural Electrification Agency (REA) is pivoting toward small hydropower to expand electricity access, targeting dormant water assets for conversion into viable energy solutions.
  • Priority sites for run-of-river hydropower include Ikeregoch (Oyo), Roma (Nasarawa), and Gare Dam (Kano).
  • The agency is collaborating with AP3 Advisory, UK PACT, and the Federal Ministry of Power to bridge the gap between hydrological data and investment-ready projects.
  • This follows recent financing signals from the European Investment Bank (€200m) and a $700,000 grant from ECOWAS for solar projects in public institutions.

Main Story

Nigeria is witnessing a strategic shift in its energy transition as the Rural Electrification Agency (REA) moves from theoretical potential to the execution of small hydropower projects.

Dr. Abba Aliyu, Managing Director of the REA, disclosed via X on Friday that the agency is taking deliberate steps to move dormant water assets into scalable energy solutions.

This initiative focuses on “run-of-river” hydropower opportunities, which generate electricity without the need for large, environmentally disruptive dams.

The REA is currently working alongside AP3 Advisory and UK PACT to navigate the technical and financial requirements of these projects.

Pre-feasibility studies have already been presented for several priority locations, including sites in Oyo, Nasarawa, and Kano states.

Aliyu noted that the work involves aligning these projects with the Electricity Act 2023 regulatory landscape while strengthening commercial viability through Public-Private Partnerships (PPP) and blended finance models.

The Issue

The primary challenge for small hydropower in Nigeria has long been the “Execution Gap”—the disconnect between raw hydrological data and the financial structures required to attract private investors. While Nigeria has vast untapped water resources, turning them into “investment-ready” projects requires precise technical detail and a stable regulatory framework. By leveraging the Electricity Act 2023, the REA aims to decentralize power generation, but success hinges on the commercial viability of these mini-grids in underserved communities where the ability to pay for power is often limited.

What’s Being Said

  • There’s a quiet shift happening in how we think about powering Nigeria,” stated Dr. Abba Aliyu, emphasizing a commitment to moving from theory to execution.
  • He noted that the agency is “bridging the gap between raw hydrological data and the technical and financial requirements needed to attract investment.”
  • Regarding sustainability, Aliyu remarked, “It’s not just about generating power. It’s about building systems that are sustainable, scalable, and inclusive.”
  • Stakeholders at a recent engagement workshop in Kano State highlighted the importance of “dormant water assets” as a key to unlocking rural industrialization.

What’s Next

  • Following the pre-feasibility stage, the REA and its partners will move toward technical design and financial close for the pilot sites in Oyo, Nasarawa, and Kano.
  • The agency is expected to further integrate blended finance models to de-risk these hydropower projects for private sector participation.
  • Construction at the Gare Dam (Kano) and other priority sites will likely be monitored as a benchmark for the scalability of the small hydro initiative.
  • The REA will continue its broader coordination of the DARES programme and Mission 300, using the recently signaled EIB and ECOWAS funding to complement these hydropower efforts with solar PV rollouts.

Bottom Line

The REA is diversifying Nigeria’s renewable energy portfolio by looking beyond solar to the nation’s river networks. By focusing on technical discipline and investment readiness, the agency is attempting to transform dormant infrastructure into active power hubs, ensuring that the energy transition reaches the furthest corners of the country.

Global financial giants and IEA unite to form emergency energy-economic task force

Iranian Tanker

Key Points

  • The International Energy Agency (IEA), International Monetary Fund (IMF), and the World Bank Group have established a joint coordination group to tackle shocks from the Middle East war.
  • The institutions describe the crisis as “substantial, global, and highly asymmetric,” with low-income, energy-importing nations facing the most severe impacts.
  • Disruption extends beyond oil and gas to include helium, phosphate, and aluminium, alongside major hits to global tourism and Gulf transport hubs.
  • The task force will provide targeted policy advice, coordinate data sharing, and assess the need for concessional financing for debt-distressed nations.

Main Story

In a rare display of institutional alignment, the heads of the IEA, IMF, and World Bank Group have announced the formation of a joint coordination group to manage the escalating fallout from the ongoing conflict in the Middle East.

 In a joint statement issued on Wednesday, the organizations warned that the war has triggered one of the largest supply shortages in the history of global energy markets.

They noted that the crisis is already driving up the costs of oil, gas, and fertilisers, sparking urgent concerns regarding global food inflation.

The newly formed group aims to provide a unified response to a crisis they describe as “highly asymmetric.”

While the entire global economy is feeling the pressure, emerging economies are particularly vulnerable due to weakening currencies and limited policy space.

The coordination group will focus on real-time data sharing regarding trade flows, fiscal pressures, and export restrictions.

This collaborative effort is designed to help policymakers navigate high levels of debt and the prospect of tighter monetary stances as growth expectations weaken globally.

The Issue

The primary challenge identified by the trio is the “Downstream Domino Effect.” The disruption is no longer confined to the energy sector; it has bled into the production of critical commodities like helium (essential for healthcare and tech) and phosphate (crucial for global agriculture). Furthermore, the “Aviation Bottleneck” at Gulf transport hubs is stifling international tourism and trade routes. For low-income countries, this creates a “Triple Threat”: rising energy costs, surging food prices, and increased debt-servicing costs as their local currencies lose value against the dollar.

What’s Being Said

  • At these times of high uncertainty, it is paramount that our institutions join forces to monitor developments,” the joint statement read, emphasizing the need for aligned analysis.
  • The institutions noted that the group will “coordinate a response mechanism that may include targeted policy advice and the provision of financial support, including through concessional financing.”
  • Officials expressed deep concern over “inflation expectations,” which they believe could force central banks into even tighter monetary positions, further slowing global growth.
  • The group committed to “safeguard global economic and financial stability” by mobilizing other multilateral and regional partners to assist countries in need.

What’s Next

  • The coordination group will begin an immediate assessment of the severity of the crisis across different geographical regions using shared energy and trade data.
  • A “Risk Mitigation Toolkit” is expected to be rolled out, offering specialized insurance or hedging tools to help vulnerable nations manage price volatility.
  • The World Bank and IMF are likely to fast-track financing needs assessments for countries currently at high risk of debt default due to energy-import costs.
  • Market observers will be looking for the group’s first joint report on supply chain disruptions, which could influence how G20 nations coordinate their own domestic economic responses to the war.

Bottom Line

By forming this “Financial-Energy Trinity,” the IEA, IMF, and World Bank are acknowledging that the current war is a systemic threat that no single institution can manage alone. Their success will be measured by how quickly they can deploy concessional cash to the world’s poorest nations before the “April crunch” turns a supply shortage into a full-scale humanitarian and debt crisis.

IEA warns of historic April supply shock as Brent hits $110 amid Iran conflict

Key Points

  • IEA Executive Director Fatih Birol predicts that April will bring a deeper oil supply crunch, potentially the largest energy shock in modern history.
  • Oil prices surged on Thursday, with Brent crude climbing toward $110/bbl following signals that U.S. military operations in Iran will continue.
  • The global market has lost 12 million b/d of oil—more than the 1973 and 1979 crises combined—leading to fears of a global recession.
  • The IEA is considering a second release of strategic oil stocks beyond the record 400 million barrels already committed by member nations.

Main Story

The International Energy Agency (IEA) has issued a stark warning that the global energy market is entering a period of unprecedented volatility, with Executive Director Fatih Birol predicting that “April will be much worse than March.”

The warning came as oil markets rallied sharply on Thursday, triggered by President Donald Trump’s signal that U.S. military operations against Iran would continue “well into April.”

This rhetoric effectively ended a brief period of market optimism, refocusing investor anxiety on the Strait of Hormuz, a critical corridor for one-fifth of the world’s oil and LNG trade.

Birol explained that the relative stability seen in March was a result of “logistical lag,” as cargoes that entered the strait before the escalation continued to reach their destinations.

However, he warned that for April, “there is nothing” left in the pipeline. With a total loss of 12 million b/d in global supply, the current crisis has already surpassed the combined impact of the 1973 and 1979 energy shocks.

The IEA is now monitoring the markets on a 24-hour basis and remains prepared to recommend further releases from emergency reserves to prevent a full-scale global recession.

The Issue

The most pressing challenge is the “Refined Product Deficit,” specifically regarding jet fuel and diesel. While crude oil prices capture headlines, the actual shortage of processed fuels is already being felt in Asia and is expected to hit Europe by early May. This “Secondary Shock” could cripple transport and logistics sectors even if crude prices stabilize. Furthermore, the reliance on Strategic Petroleum Reserves (SPR) is a finite solution; with 400 million barrels already committed, the IEA’s capacity to continue buffering the market against a prolonged “Strait of Hormuz Blockade” is being pushed to its absolute limit.

What’s Being Said

  • The next month, April, will be much worse than March,” stated Fatih Birol, citing the depletion of transit cargoes as the primary reason for the coming crunch.
  • Birol noted the historic scale of the crisis, stating, “Today, we lost 12 million b/d—more than two of these oil crises [1973 and 1979] put together.”
  • Market analysts observed that Brent crude reversing its losses to hit $110/bbl reflects an immediate “repricing of geopolitical risk” following U.S. signals to “finish the job” in Iran.
  • The IEA head emphasized that “if we think there is a need, we may well make a suggestion to release more reserves,” targeting the immediate concerns of jet fuel and diesel shortages.

What’s Next

  • European nations are expected to implement emergency energy conservation measures as the supply of diesel and jet fuel begins to tighten in April.
  • The IEA’s 32 member countries will meet to deliberate on the feasibility and timing of a supplementary strategic reserve release.
  • Shipping and insurance industries are likely to see another spike in “War Risk Premiums,” further increasing the landed cost of any energy that manages to bypass the conflict zone.
  • Global economists will be watching for signs of recessionary pressure in G7 nations, as high energy costs begin to weigh heavily on industrial output and consumer spending.

Bottom Line

The global economy is facing a “perfect storm” where geopolitical resolve meets logistical exhaustion. As the last of the pre-war oil cargoes reach their ports, the reality of a 12 million b/d deficit is set to hit in April. For the IEA, the challenge is no longer just about price stability, but about preventing a total structural failure of the global energy supply chain.

GOC commends Troops’ resilience, assesses operational readiness in Niger

Key points

  • GOC 1 Division praises troops’ courage in ongoing security operations.
  • Operational visit focuses on readiness, morale, and inter-agency collaboration.
  • Army reiterates commitment to troop welfare and protection of farming communities.

Main story

The General Officer Commanding (GOC) 1 Division of the Nigerian Army, Abubakar Wase, has commended troops for their gallantry and resilience in ongoing operations aimed at restoring peace and security across the country.

Wase gave the commendation during an operational tour of military formations and units in Niger State, where he assessed troop readiness and boosted morale among frontline personnel.

During a visit to the Forward Operating Base in Erena, Shiroro Local Government Area, the GOC, who also serves as Commander of Sector 1, Operation Fansan Yamma, conveyed goodwill from the Chief of Army Staff, Waidi Shuaibu, praising troops for their dedication and professionalism.

“The Nigerian Army appreciates your dedication and contributions toward national peace. You must continue to uphold professionalism in all operations,” he said.

He lauded troops for maintaining dominance in their areas of operation and urged them to sustain the momentum against terrorist elements.

Addressing personnel of the 18 Brigade, Wase noted that the visit was part of efforts to reassess operational preparedness and strengthen frontline efficiency. He emphasised the importance of force protection and assured troops that their welfare remains a top priority for Army Headquarters.

The GOC also inspected facilities at the Nigerian Army Aviation Wing located at the President Bola Ahmed Tinubu International Airport, where he received briefings on ongoing operations, including activities of the Unmanned Aerial Vehicle Squadron.

As part of non-kinetic engagements, Wase paid a courtesy visit to the Emir of Minna, Umar Bahago, appreciating the traditional institution’s support for military operations and reaffirming the Army’s commitment to securing farmlands for safe agricultural activities.

He also visited former Head of State, Ibrahim Babangida, thanking him for his continued support and encouragement to the Armed Forces.

The issues

Nigeria continues to grapple with security challenges, including insurgency and banditry, particularly in parts of the North. Sustained military operations, troop welfare, and collaboration with local stakeholders remain critical to achieving lasting peace.

What’s next

The Nigerian Army is expected to sustain intensified operations, strengthen intelligence gathering, and deepen collaboration with other security agencies and local stakeholders to consolidate gains.

Continued investment in troop welfare and operational capacity is also anticipated to enhance effectiveness on the frontlines.

Bottom line

The GOC’s operational tour underscores the military’s resolve to sustain pressure on security threats, with troop morale, collaboration, and community support emerging as key pillars in the pursuit of national peace.

World Bank approves $500m AGROW programme to boost Nigeria’s agricultural productivity

Key points

  • World Bank approves $500 million credit for Nigeria’s agricultural sector.
  • AGROW project targets smallholder farmers, value chains, and food security.
  • Initiative expected to benefit one million farmers and attract $220 million in private investment.

Main story

The World Bank has approved a $500 million International Development Association (IDA) credit to support Nigeria’s agricultural sector under a new initiative aimed at strengthening productivity, value chains, and food security.

The funding will drive the Nigeria Sustainable Agricultural Value Chains for Growth Project (AGROW), a six-year programme scheduled to run from 2026 to 2032, with a focus on smallholder farmers and agribusiness development.

In a statement, the global lender said the project would enhance productivity, improve market linkages, and create jobs, while addressing persistent food and nutrition challenges across the country.

Despite being Nigeria’s largest employer, agriculture continues to face structural constraints, including low productivity, limited access to quality inputs, climate-related shocks, and weak integration into markets.

To address these challenges, the AGROW programme will deploy a results-based matching grant system to support agribusinesses sourcing from smallholder farmers. It will prioritise key crops such as rice, maize, cassava, and soybeans, while strengthening aggregation systems, post-harvest handling, agro-processing, and market access.

The project will also expand agricultural research and extension services, promote access to climate-resilient seeds, and establish a national digital registry for farms and farmers. In addition, farmers will benefit from digital advisory tools, including localised weather and climate information.

The initiative is further expected to improve regulatory systems for seeds and fertilisers, increase the supply of early-generation seeds, and boost private sector participation in the production of high-quality agricultural inputs.

The issues

Nigeria’s agricultural sector, though critical to employment and food supply, remains largely underdeveloped, with many farmers trapped in subsistence production. Poor infrastructure, weak value chains, and climate vulnerabilities continue to limit the sector’s ability to deliver food security and economic growth.

What’s next

Implementation of the AGROW programme is set to commence across participating states, with coordinated efforts involving government agencies, private sector actors, and development partners.

The project is also expected to attract an additional $220 million in private agribusiness investment, further strengthening Nigeria’s agricultural ecosystem.

Bottom line

The $500 million AGROW initiative signals a significant push to transform Nigeria’s agriculture from subsistence to a commercially viable, resilient sector capable of driving food security, job creation, and economic growth.

Compt. Kaila begins tenure with strategic engagements to strengthen border security

 Key points

  • New Seme Customs Controller initiates familiarisation visits to sister security agencies.
  • Focus on intelligence sharing and inter-agency collaboration along Lagos-Abidjan corridor.
  • Stakeholders reaffirm commitment to joint efforts in securing borders and facilitating trade.

Main story

The newly deployed Customs Area Controller of the Nigeria Customs Service Seme Area Command, Comptroller Abdullahi Kaila, has commenced his tenure with a series of strategic familiarisation visits to sister security agencies operating along the Lagos-Abidjan corridor.

According to a press statement signed by the Superintendent of Customs, Tunde Ayagbalo, the command’s  Public Relations Officer, on April 3, 2026, Kaila, who visited the 243 Reconnaissance Battalion at Ibereko Barracks in Badagry on April 1, said the engagement was aimed at strengthening collaboration and fostering operational synergy in the discharge of his statutory responsibilities.

Describing the Seme border as a critical gateway for regional trade and cross-border movement, the Comptroller emphasised the need for sustained cooperation among security agencies to effectively manage the complex dynamics of the corridor.

“Seme is a sensitive and strategic economic corridor with significant trade volumes and human traffic. This underscores the importance of continuous collaboration, intelligence sharing, and mutual support among all stakeholders,” he said.

He noted that enhanced inter-agency synergy would not only strengthen border security but also promote economic stability and improve the well-being of communities within the border region.

Kaila also extended his outreach to other key security formations, including the Nigerian Navy Forward Operating Base in Badagry, the 15 Field Engineer Regiment of the Nigerian Army in Topo, and the National Agency for Food and Drug Administration and Control (NAFDAC) office at Seme.

The Commanding Officer of the 243 Recce Battalion, Lt. Col. Ambrose Ikoro, reaffirmed the long-standing cooperation between the Nigerian Army and the Nigeria Customs Service, pledging continued support for joint operations.

He noted that directives from military leadership emphasise collaboration with relevant agencies, particularly in border areas where coordinated action is essential.

The issues

Border corridors such as Seme remain vulnerable to challenges including smuggling, illicit trade, and weak coordination among enforcement agencies. These issues can undermine national security, disrupt legitimate trade, and affect economic stability.

What’s next

The Seme Area Command is expected to deepen inter-agency partnerships through continuous engagement, joint operations, and intelligence sharing, aimed at enhancing border security and trade facilitation.

Further engagements with additional stakeholders are also anticipated as part of efforts to strengthen coordinated enforcement across the corridor.

Bottom line

Comptroller Kaila’s early focus on collaboration signals a strategic approach to border management, positioning inter-agency synergy as a key driver of improved security and efficient trade along Nigeria’s busiest land border corridor.

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