Elon Musk has officially crossed the $700 billion mark, becoming the first person in history to reach this milestone, after the Delaware Supreme Court overturned a lower court ruling that had voided Tesla stock options worth $139 billion. Forbes now estimates Musk’s net worth at $749 billion.
The legal battle began in January 2024, when the Delaware Court of Chancery ruled that the process of awarding the 2018 Tesla stock options to Musk was unfair to shareholders, citing his control over Tesla’s board. As a result, Forbes had been discounting the value of those options by 50%. On Friday, the Supreme Court ruled that “rescission of the options was an improper remedy,” restoring the full value of the award and adding roughly $69.5 billion to Musk’s fortune.
Tesla remains Musk’s most valuable asset. He holds 12% of the company’s common stock, valued at $199 billion, making his total Tesla holdings $338 billion when combined with the restored stock options. This does not include a separate performance-based pay package awarded in November, which could potentially add up to $1 trillion if Tesla achieves ambitious long-term milestones.
Musk’s second-largest holding, SpaceX, is estimated at $336 billion, based on a private tender offer valuing the company at $800 billion. Analysts suggest that SpaceX, with a potential IPO in 2026 targeting a $1.5 trillion valuation, could ultimately make Musk the world’s first trillionaire.
Currently, Musk’s wealth eclipses that of the world’s second-richest person, Google co-founder Larry Page, by nearly half a trillion dollars, highlighting his dominant position in the global wealth rankings.
Nigerian music heavyweights Wizkid, Davido and Olamide thrilled fans in Lagos on Tuesday night as the annual Detty December festivities gathered momentum, with all three artistes appearing at the same event in a rare crossover moment.
The trio performed at the GTCO End-of-Year Party, a beachside celebration that attracted a large crowd of music lovers, celebrities and industry insiders. Their appearances quickly became one of the standout moments of this year’s festive season in Lagos.
Wizkid took to the stage with selections from his recently released Morayo album, alongside some of his widely known hits. Fans responded with loud sing-alongs, waving phone lights as the performance unfolded. Clips shared online showed sustained excitement as the artiste moved through his set.
Davido followed with a performance that featured several of his popular tracks, drawing cheers and chants from the audience gathered close to the stage. His set added to the energy of the night, with fans reacting enthusiastically to each song.
Olamide also performed, earning strong reactions as he delivered songs that have become staples at live shows in Lagos. His appearance reinforced his long-standing connection with the city’s concert scene and his influence during the festive period.
Several celebrities were spotted at the event, including rapper Falz, who was seen cheering from the front rows. Artistes and guests exchanged greetings around the venue, adding to the celebratory atmosphere. The Group Chief Executive Officer of GTCO, Segun Agbaje, also drew attention as he was seen enjoying Wizkid’s performance from the audience.
Wizkid’s appearance comes ahead of his planned return to Lagos for a major concert later in the month. He recently announced that he would headline a show titled GOAT: The Greatest of All Time Experience, scheduled for December 28, 2025, at Tafawa Balewa Square, Marina.
Davido is also expected to headline a Christmas Day concert, while Olamide is set to appear at multiple events across Lagos as the festive season continues.
Detty December has grown into a major cultural and economic fixture for Lagos. Last year, state authorities estimated that the festivities generated about $71.5 million in government revenue, with the hotel sector accounting for a significant share of the inflows.
Apple has taken an unusually firm step in its iPhone software strategy, mandating that users upgrade to iOS 26 sooner than expected. The move comes in response to a surge in spyware targeting iPhones, highlighting the company’s ongoing focus on security and privacy.
Previously, many expected iOS 26.2 to remain optional, allowing iPhone 11 and newer models to upgrade at their own pace. The earlier beta versions of iOS 18.7.3 suggested that security fixes would be broadly available. However, Apple has now restricted critical patches to iPhone XS, XS Max, and XR models. These updates address vulnerabilities actively being exploited by sophisticated spyware capable of spreading beyond targeted users.
Experts say the decision is surprising because earlier software versions could have included these fixes for older devices, which would have allowed a faster, more widespread update across Apple’s user base. Analysts estimate that around 50% of eligible iPhones have yet to move to iOS 26, while approximately 10% of users operate phones that are officially ineligible.
The new requirement reflects Apple’s commitment to protecting its ecosystem, even if it means inconveniencing millions of users. Security analysts warn that delaying updates could leave devices exposed to attacks, making the upgrade not just recommended but urgent.
As Apple enforces iOS 26 adoption, users are being urged to update their devices promptly to avoid potential security risks, even if storage concerns or other preferences had previously held them back.
A revolutionary new kind of computer is no longer science fiction — it’s alive. Australian biotech company Cortical Labs has unveiled the world’s first commercially available “living” computer, a breakthrough that blends human biology with digital technology.
Called CL1, the device runs on human neurons grown in the lab, integrated onto silicon chips. These neurons, derived from stem cells, form miniature clusters that mimic the human cerebral cortex. While it doesn’t contain a full human brain, the system functions more like a tiny, self-learning neural network than a traditional computer.
Unlike conventional machines that rely on circuits and binary code, the CL1 uses living cells to process information. Its neurons generate electrical impulses that communicate directly with the digital components, adapting and reorganizing as they “learn” from their environment. In essence, it behaves more like a human brain than a machine, capable of handling complex data in ways traditional computers cannot.
Cortical Labs has made the technology accessible: individuals can purchase a CL1 for $35,000 or connect to it remotely via the Cortical Cloud. The neurons in the system have already been trained to perform tasks such as playing video games and recognizing voices, signaling the enormous potential of bio-computing.
This development comes after years of research into hybrid computing systems. Earlier experiments included molecular computers, robotic organoids, and biological AI models, but CL1 marks the first device designed for public use.
The launch also raises difficult questions. Could these neurons develop some form of awareness? Might they experience pain? And who owns the data produced by a living computer? While experts insist current systems remain fully controlled by humans, the ethical and philosophical implications of merging biology with technology are only beginning to be explored.
As the CL1 becomes available, it promises to transform computing, artificial intelligence, and robotics — challenging the way we think about machines, learning, and even life itself.
The Bauchi State chapter of the Peoples Democratic Party (PDP) has warned that describing the Minister of the Federal Capital Territory, Nyesom Wike, as the party’s national leader has no legal or constitutional basis.
The party said Wike no longer holds any leadership standing within the PDP, stressing that he has been expelled and cannot be presented as a figurehead of the party.
Addressing journalists on Sunday, the state Publicity Secretary, Dayyabu Chiroma, dismissed recent statements and threats allegedly issued by Wike’s supporters, describing them as unlawful and incapable of altering the party’s structure in Bauchi State.
Chiroma said attempts to intimidate party members or create a sense of impending violence reflect political desperation rather than legitimate authority, adding that leadership within the PDP must flow strictly from the party’s constitution.
He stated that the Bauchi PDP remains committed to peaceful political engagement and the rule of law, and would not be drawn into actions designed to manufacture crisis where none exists.
The party spokesman also rejected claims of a parallel leadership emerging in the state, insisting that any group operating outside the party’s constitutional framework lacks legitimacy.
On reports that PDP members had been directed to vacate party secretariats across the state, Chiroma said such orders were invalid and unenforceable, noting that those issuing them neither control nor lawfully manage PDP property.
He reaffirmed that the recognised PDP structure in Bauchi State remains intact and will continue to operate in line with the party’s constitution and democratic principles.
The Federal Government has temporarily opened the Bodo–Bonny Road to ease transportation for residents and travellers during the yuletide period.
President Bola Tinubu, represented by the Minister of Works, Mr. David Umahi, said the temporary opening was aimed at improving mobility and creating a festive atmosphere for communities along the corridor, particularly in Bodo and the Bonny Kingdom.
Umahi described the 35.7-kilometre road project as a long and challenging journey, noting that patience and cooperation from host communities helped the project reach the current milestone. He commended the contractor, Julius Berger Nigeria Plc, for the quality and scale of work delivered so far, adding that Nigerians would be proud of the road upon completion.
He stressed that the opening is temporary, explaining that the President would formally commission the road after full completion. According to the minister, the road will be open daily from 7:00 a.m. to 7:00 p.m., with night travel prohibited.
Umahi said heavy-duty vehicles would not be allowed on the road until all concrete barriers are removed, to prevent breakdowns and traffic disruptions. Motorcycles and tricycles are also barred from using the route during the construction phase, while Julius Berger has been directed to mount roadblocks to enforce the restrictions.
The minister further tasked the contractor with additional works ahead of final completion, including tree planting along both sides of the road and the installation of solar-powered streetlights at intervals.
Earlier, the Project Manager of Julius Berger Nigeria Plc, Mr. Tim Nippert, said steady progress on the project was made possible by the support of the Ministry of Works and cooperation from host communities, assuring that the company remains committed to delivering the project to standard.
The Federal Road Safety Corps (FRSC) has deployed additional officers and tow trucks along the Abuja–Lokoja Road to ease persistent traffic gridlock and ensure the swift removal of obstructions.
The directive was issued by the FRSC Corps Marshal, Mr. Shehu Mohammed, according to a statement released on Sunday in Abuja by the Corps Public Education Officer, Assistant Corps Marshal Olusegun Ogungbemide.
Mohammed said the deployment forms part of ongoing efforts to improve traffic management and guarantee the safety of road users, particularly during the current period of increased vehicular movement.
He explained that congestion on the corridor has been driven largely by a surge in traffic volume, combined with multiple construction points along the route. The situation, he added, has been worsened by lane indiscipline and the actions of impatient motorists who drive against traffic, especially around construction zones where diversions are in place.
According to the corps marshal, the additional personnel and towing equipment are intended to strengthen traffic control, enforce discipline and ensure that broken-down vehicles and other obstructions are promptly cleared to restore free flow of traffic.
Mohammed urged motorists travelling on the Abuja–Lokoja Road during the festive season to cooperate fully with FRSC personnel and other traffic managers on duty, stressing that adherence to traffic rules and lawful instructions would help reduce delays and prevent crashes.
He reassured road users of the FRSC’s commitment to sustained monitoring and intervention to ensure safer and smoother travel on the route.
Normal traffic flow has been restored on the Abuja–Lokoja Highway following a blockade caused by a standoff between truck drivers and military personnel over the weekend.
The Minister of Works, Engr. David Umahi, announced the development on Sunday, following days of gridlock that left travellers stranded along the busy corridor during the festive period.
The blockade reportedly followed an incident involving the smashing of a truck’s windscreen, which led truck drivers to block sections of the highway in protest. The action resulted in long delays for motorists travelling towards Lokoja and other destinations.
In a statement issued in Abuja by the Director of Press and Public Relations of the Ministry of Works, Mohammed Ahmed, the ministry said the minister’s intervention helped to calm tensions and restore normalcy.
Umahi directed the immediate opening of completed sections of the expressway and approved the deployment of necessary measures to ease congestion and restore free movement. The directive was implemented on Sunday, December 21, 2025.
The Federal Controller of Works in Kogi State, Engr. Patiko Isah, said traffic flow was fully restored at about 2:00 a.m. through joint efforts by the Field Headquarters, the Federal Road Safety Corps and other security agencies.
Umahi urged motorists to remain patient and cautious, particularly during the peak holiday travel period. He reaffirmed the Federal Government’s commitment to ensuring safe and efficient road transportation nationwide and wished Nigerians a peaceful festive season.
Turkish Airlines has opened its first European lounge outside its Istanbul hub at Edinburgh Airport, expanding its premium service offering and strengthening its presence in the European market.
The airline disclosed the development in a statement on Sunday, noting that the lounge was unveiled earlier in December at a ceremony held at Edinburgh International Airport. The Edinburgh facility is Turkish Airlines’ eighth lounge outside Türkiye.
According to the airline, the new lounge reflects its strategy of replicating scaled-down versions of its flagship five-star lounge in Istanbul at key global destinations to deliver a consistent passenger experience.
The Turkish Airlines Lounge at Edinburgh Airport covers 673 square metres and can accommodate up to 149 guests. Facilities include an open buffet with Turkish cuisine, relaxation areas with Wi-Fi and televisions, two prayer rooms, baby care facilities, accessible restrooms and real-time flight information displays.
Speaking at the opening, the airline’s Chief Operations Officer, Akif Konar, said the lounge marks an important milestone in Turkish Airlines’ European operations. He said the investment underscores the carrier’s commitment to expanding its footprint in Europe and bringing its award-winning hospitality closer to passengers.
The Chief Commercial Officer of Edinburgh International Airport, Stephanie Wear, described the lounge as a boost to the airport’s premium travel offering and a sign of Turkish Airlines’ commitment to enhancing passenger experience.
Turkish Airlines currently operates 10 weekly flights between Edinburgh and Istanbul, providing passengers in Scotland with connections to the airline’s global network of 356 destinations across 132 countries.
If you’ve noticed that economic jargon has escaped finance pages and settled comfortably into everyday conversation, you’re not imagining things. Inflation trends on social media. Recession dominates boardroom chatter. Interest rates suddenly feel personal. GDP gets quoted like a football score. And yet, many professionals nod along without fully breaking these ideas down.
Let me explain — not in academic language, but in the way busy executives, founders, and senior managers actually experience the economy. Because these forces aren’t abstract. They affect hiring decisions, household choices, and long-term strategy. Quietly. Persistently.
So here it is: the top seven economic concepts shaping decisions right now, explained plainly, with context, and without pretending this stuff is simple when it isn’t.
Inflation is usually described as “rising prices,” but that’s only half the story. The real impact of inflation is what it does to stability. When inflation rises, doing nothing becomes expensive. Cash sitting idle loses strength. Fixed incomes feel squeezed. Budgets that once worked suddenly don’t.
For businesses, inflation pushes up operating costs — energy, logistics, wages, rent. Margins shrink unless prices move too, and raising prices is never just a spreadsheet decision. It’s a customer trust decision. For individuals, inflation reshapes daily behavior. Same salary, fewer choices. And that’s why inflation often feels emotional before it feels logical.
Interest rates don’t dominate headlines because they’re exciting. They matter because they influence behavior. When rates rise, borrowing slows. Expansion plans get reviewed again. Debt becomes heavier. When rates fall, spending and investment tend to pick up — cautiously at first, then with more confidence.Executives feel interest rates when approving capital projects. Business owners feel them when refinancing loans. Professionals feel them when mortgage payments adjust.
You know what’s interesting? Interest rates don’t need to change dramatically to change sentiment. Even small movements can shift decision-making across an entire economy.
GDP — Gross Domestic Product — is the most quoted economic figure, and often the most misunderstood. At its core, GDP measures economic output. Are goods being produced? Are services being delivered? Is money changing hands?
When GDP grows, it signals momentum. When it slows, caution creeps in. But GDP doesn’t tell you who benefits from that growth, or whether it feels real to households. For business leaders, GDP is a directional signal, not a verdict. It helps frame strategy but shouldn’t dictate it. Strong GDP numbers can coexist with tight consumer spending — and often do.
4. Recession: When Fear Moves Faster Than Data
A recession typically means a sustained economic slowdown. Production dips. Spending declines. Unemployment pressures rise. But here’s the part people don’t always say out loud: recessions are driven as much by psychology as by statistics.
Once the word enters conversation, behavior changes. Companies freeze hiring. Consumers delay purchases. Investors turn cautious. Sometimes the reaction accelerates the slowdown itself. For leaders, the challenge isn’t just survival — it’s judgment. Knowing when to pause and when to move while everyone else hesitates.
5. Purchasing Power: The Reality Behind the Paycheck
Purchasing power is what your money can actually do — not what it looks like on paper. When purchasing power declines, people adjust quietly. They trade down. They postpone. They compromise. Businesses see this as slower sales cycles and price sensitivity. Individuals feel it as lifestyle pressure.
For executives, purchasing power influences demand forecasting. For HR leaders, it shapes compensation conversations. For households, it dictates choices that used to feel automatic. This is where economics becomes deeply personal.
6. Consumer Sentiment: The Economy’s Emotional Pulse
Not everything that moves markets is rational. Consumer sentiment measures how people feel about their financial future — secure or anxious, hopeful or cautious. When sentiment is strong, spending follows. When confidence drops, even high earners become conservative.
Businesses underestimate this at their peril. A technically sound product can struggle in a nervous market. A modest offering can succeed when confidence returns. Honestly, sentiment often turns before data does. And leaders who pay attention to it tend to respond faster.
7. Business Confidence: Why Leadership Mood Matters
Business confidence is the corporate counterpart to consumer sentiment. It reflects how decision-makers view risk, opportunity, and the near future. When confidence is high, companies invest, hire, and plan boldly. When it fades, even profitable firms become defensive.
This is why leadership tone matters. Strategy decks may be data-driven, but execution depends on belief. Belief that demand will hold. Belief that the market will respond. Belief that timing makes sense. And belief, as you know, isn’t built overnight.
Pulling It All Together
Here’s the quiet truth professionals learn over time: economics isn’t about prediction. It’s about posture.
Inflation tests resilience
Interest rates influence patience
GDP offers signals, not answers
Recessions reward preparation
Purchasing power shapes behavior
Sentiment moves faster than spreadsheets
Confidence determines momentum
None of these forces act alone. They overlap, reinforce, and sometimes contradict one another. That tension is normal. Navigating it is the real work.
For executives, founders, and decision-makers, economic awareness isn’t about sounding smart. It’s about making fewer surprises expensive — and more opportunities intentional. And once you see it that way, these big economic terms stop feeling intimidating. They start feeling familiar. Almost conversational. Which, honestly, is exactly where they belong.
The Nigerian naira recorded further depreciation at the official foreign exchange market last week, even as the Central Bank of Nigeria (CBN) intervened by injecting $150 million through its FX auction mechanism.
Market data showed that sustained demand pressure continued to outweigh supply, pushing the local currency lower against the U.S. dollar despite ongoing interventions and inflows from foreign portfolio investors (FPIs).
During the week, the naira weakened by N10.09 at the official spot market, trading within a range of N1,450.00 to N1,469.90 per dollar. Currency traders attributed the movement to persistent dollar demand from importers and other market participants.
Despite the depreciation, FX dealers expressed cautious optimism about the medium-term outlook for the currency, citing structural reforms including the removal of exchange rate distortions and continued intervention by monetary authorities.
Meanwhile, Nigeria’s external reserves recorded a reversal in trend after maintaining an upward trajectory for nearly two months. Data released by the CBN showed that gross external reserves declined by $263.15 million during the week, falling to $45.21 billion.
The decline in reserves coincided with renewed uncertainty in the global oil market, which remains a critical source of foreign exchange earnings for Nigeria. Crude oil prices edged lower on a week-on-week basis, despite a late rally on Friday triggered by concerns over potential supply disruptions linked to a possible U.S. blockade of Venezuelan oil shipments.
Brent crude futures for February delivery settled at $59.47 per barrel, representing a weekly decline of 65 cents or 1.06 per cent. Similarly, West Texas Intermediate (WTI) crude closed at $55.52 per barrel, shedding 92 cents over the same period.
In contrast to oil’s performance, gold prices advanced during the week as investors sought safe-haven assets amid weakening U.S. consumer sentiment and heightened macroeconomic uncertainty. This occurred despite continued strength in the U.S. dollar and elevated Treasury yields.
Spot gold rose by 0.84 per cent to close at $4,338.55 per ounce. Market analysts project that gold may continue to receive support in the near term as investors navigate softer U.S. inflation data and cautious economic outlooks.
Looking ahead, analysts expect sentiment across financial markets to remain guarded. While gold is likely to benefit from safe-haven demand, oil prices may remain volatile or face downward pressure as concerns over global oversupply persist.
The United States Government has formalised a wide-ranging five-year bilateral healthcare cooperation agreement with Nigeria valued at $5.1 billion, marking one of the most significant health-sector partnerships between both countries to date.
The agreement, structured as a Memorandum of Understanding (MoU), was announced in a statement released by the U.S. Mission in Nigeria via its official X platform on Sunday. According to the statement, the partnership is designed to advance the objectives of the U.S. government’s America First Global Health Strategy while strengthening Nigeria’s domestic healthcare delivery framework.
A central pillar of the MoU is a $200 million commitment by the United States targeted at more than 900 Christian faith-based healthcare facilities operating across Nigeria. These facilities, many of which are located in rural and underserved communities, play a pivotal role in delivering frontline health services to millions of Nigerians.
The U.S. Mission noted that faith-based healthcare providers account for roughly 10 per cent of Nigeria’s healthcare institutions but serve over 30 per cent of the country’s estimated 230 million population, particularly in hard-to-reach areas where access to public healthcare remains limited.
Beyond the faith-based intervention, the agreement outlines a broader co-investment framework aimed at strengthening Nigeria’s overall health system. The MoU covers integrated healthcare services including HIV/AIDS treatment, tuberculosis control, malaria prevention, as well as maternal, newborn, and child health programmes.
According to the statement, the United States intends to contribute approximately $2.1 billion under the agreement, while Nigeria has committed to investing $3 billion in new domestic health spending over the five-year period. This funding structure represents the largest co-investment by any country under the America First Global Health Strategy.
U.S. officials emphasised that the timing of the agreement is particularly critical, given Nigeria’s ongoing public health challenges. The country continues to grapple with one of the highest maternal and child mortality rates globally and carries nearly 30 per cent of the world’s malaria burden.
The U.S. Mission stated that the investment is expected to yield mutual benefits by improving health outcomes in Nigeria while enhancing global health security, which it said ultimately protects both Nigerian and American lives and deepens bilateral relations between the two countries.
“This five-year MoU is designed to strengthen Nigeria’s healthcare system, save lives, and contribute to a safer, stronger, and more prosperous America,” the statement said.
However, the agreement is subject to broader U.S. foreign policy considerations. The statement clarified that, consistent with U.S. foreign assistance protocols, the President and Secretary of State retain the authority to pause or discontinue programmes that do not align with U.S. national interests.
The healthcare cooperation deal also comes against the backdrop of recent policy shifts in Washington, including the termination of certain global aid programmes under the United States Agency for International Development (USAID) during President Donald Trump’s administration.
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the naira closed at 1489.00 per $1 on Monday, December 22nd , 2025. The naira traded as high as 1460.00 to the dollar at the investors and exporters (I&E) window on Sunday.
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1495 and buy at ₦1489 on Sunday 21st December, 2025, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Selling Rate
₦1495
Buying Rate
₦1489
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1469
Lowest Rate
₦1460
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Nigeria’s trade relationship with the United States deteriorated sharply in the first nine months of 2025, with exports plunging by nearly ₦1 trillion while imports from the American market more than doubled, reversing a surplus position recorded a year earlier. The shift, driven largely by Washington’s new tariff regime, has left Nigeria facing a widening trade deficit and renewed concerns over export vulnerability.
Data from the National Bureau of Statistics (NBS) show that Nigeria’s exports to the U.S. fell to ₦3.65 trillion between January and September 2025, down from ₦4.59 trillion in the corresponding period of 2024. The decline represents a contraction of 20.5 per cent, or ₦940.98 billion in lost export earnings.
In contrast, Nigeria’s imports from the United States surged to ₦6.80 trillion over the same nine-month period, compared with ₦3.01 trillion recorded a year earlier. The 125.5 per cent increase, amounting to ₦3.78 trillion, resulted in Nigeria importing significantly more goods from the U.S. than it exported in 2025.
As a result, Nigeria recorded a trade deficit of approximately ₦3.15 trillion with the United States during the first nine months of 2025, a sharp reversal from the ₦1.57 trillion trade surplus posted in the same period of 2024.
The downturn coincided with the U.S. government’s implementation of a so-called “reciprocal tariff” policy. Under an executive order signed by President Donald Trump in late July, Nigeria’s tariff rate was raised from 14 per cent to 15 per cent, with the policy taking effect on August 7, 2025.
Although crude oil exports were exempted in several instances, the higher tariffs applied to a broad range of non-oil Nigerian products, creating uncertainty among U.S. importers and dampening demand both ahead of and after the policy’s implementation.
While crude oil remained largely shielded, non-oil exports bore the brunt of the disruption. In the first nine months of 2024, Nigeria’s exports to the U.S. rose steadily on a quarterly basis—from ₦1.31 trillion in Q1 to ₦1.59 trillion in Q2 and ₦1.69 trillion in Q3. Imports during that period remained moderate, resulting in quarterly trade surpluses that culminated in a cumulative surplus of ₦1.57 trillion.
That trajectory reversed dramatically in 2025. Exports opened the year at ₦1.54 trillion in Q1, fell to ₦1.36 trillion in Q2, and then collapsed to ₦743.63 billion in Q3. Imports, however, surged from ₦1.42 trillion in Q1 to ₦2.16 trillion in Q2, before jumping further to ₦3.22 trillion in Q3.
Quarter-on-quarter data reveal that exports declined by 11.9 per cent between Q1 and Q2 2025, before plunging by 45.3 per cent between Q2 and Q3. Imports moved in the opposite direction, rising by 51.8 per cent between Q1 and Q2 and increasing by another 49.1 per cent between Q2 and Q3, significantly widening Nigeria’s trade deficit.
Year-on-year comparisons show that exports grew by 17.7 per cent in Q1 2025 relative to Q1 2024, but the trend reversed thereafter. Exports declined by 14.3 per cent in Q2 and collapsed by 56.0 per cent in Q3. Imports increased across all quarters, rising by 40.9 per cent in Q1, 123.5 per cent in Q2, and 209.4 per cent in Q3.
Product-level data further highlights the imbalance. In Q1 2025, crude petroleum oils dominated Nigeria’s exports to the U.S., valued at ₦779.38 billion, followed by urea, jet fuel, petroleum gases, and cocoa beans. Imports during the same period were led by crude petroleum oils worth ₦726.84 billion, alongside used diesel vehicles, lubricants, soya beans, and butanes.
By Q2 2025, Nigeria’s export basket narrowed significantly, with cocoa beans, urea, natural rubber, and leather products accounting for most shipments. Imports expanded sharply, driven largely by crude petroleum oils valued at ₦1.34 trillion, alongside used vehicles, wheat, motor spirit, and denatured alcohol.
In Q3 2025, exports dwindled further to minor items such as soya bean flour, cocoa powder preparations, and technically specified natural rubber. Imports continued to surge, with crude petroleum oils alone rising to ₦2.31 trillion, alongside strong inflows of used vehicles, wheat, and industrial plastics.
By mid-2025, the United States had dropped out of Nigeria’s top five export destinations, despite remaining one of the country’s largest sources of imports. The figures underscore structural weaknesses in Nigeria’s trade profile and the exposure of its export earnings to external policy shifts.
Responding to the developments, President Bola Tinubu said his administration remains unfazed by the U.S. trade policy direction, citing Nigeria’s improving economic fundamentals and rising non-oil revenues as buffers against external shocks. “If non-oil revenue is growing, then we have no fear of whatever Trump is doing on the other side,” the President said.
Similarly, Minister of Industry, Trade and Investment, Jumoke Oduwole, stated that Nigeria would not rush into retaliatory measures but would remain focused on reform, diversification, and market expansion. She noted that while the U.S. remains an important partner, Nigeria is strengthening its African Continental Free Trade Area strategy and expanding trade ties with Brazil, China, Japan, and the UAE.
Trade stakeholders, including the Nigerian-American Chamber of Commerce and the Nigerian Export Promotion Council, have described the tariffs as both a challenge and an opportunity to deepen non-oil export diversification.
Economists echoed similar sentiments. Dr Aliyu Ilias, CEO of CSA Advisory, said the tariffs present an opportunity for Nigeria to adapt and build resilience, particularly by leveraging its participation in BRICS and forging new trade alliances. Meanwhile, Dr Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, downplayed the long-term impact of the tariffs, noting Nigeria’s limited trade exposure to the U.S.
However, Yusuf identified U.S. visa restrictions as a more significant challenge to bilateral trade and investment flows. Under a recent proclamation, holders of several visa categories—including business, tourist, student, and exchange visas—will be barred from entering the United States from January 1, 2026, affecting Nigerians and citizens of 16 other African countries.
The U.S. government cited border security concerns and high visa overstay rates as justification, a move that has generated diplomatic unease and raised fresh questions about the future of Nigeria–U.S. economic relations.
Global crude oil markets ended the week in negative territory, as traders reacted to mounting expectations of progress toward a Russia–Ukraine peace agreement, fragile demand indicators from the United States, and easing fears over potential supply disruptions from Venezuela. While sporadic geopolitical tensions provided brief price support, they were insufficient to reverse the broader bearish momentum.
Brent crude, the international benchmark, settled the week at $59.67 per barrel, marking a 2.2 per cent decline from the previous Friday’s close of $61.02. Meanwhile, U.S. benchmark West Texas Intermediate (WTI) crude fell more sharply, sliding 4.3 per cent to $57.37 per barrel from $59.93 recorded a week earlier.
Market sentiment throughout the week was dominated by renewed optimism that diplomatic efforts to resolve the war in Ukraine could gain traction. U.S. President Donald Trump repeatedly urged Kyiv to “move quickly” toward a negotiated settlement, comments that reinforced investor expectations that sanctions targeting Russian crude exports could eventually be relaxed.
The outlook was further shaped by reports that Kirill Dmitriev, head of the Russian Direct Investment Fund, was expected to participate in upcoming talks involving U.S. and Russian representatives. Analysts interpreted this as a signal that Russian oil flows may remain uninterrupted—or even increase—over time, reducing the perceived risk of supply shortages.
Energy analysts noted that expectations of reduced sanctions pressure and fewer disruptions to Russian energy infrastructure have diminished the geopolitical risk premium that had previously supported oil prices.
Adding to the downward pressure, fresh data from the U.S. Energy Information Administration (EIA) pointed to subdued demand conditions in the world’s largest oil-consuming economy. According to the EIA, U.S. commercial crude inventories declined by approximately 1.3 million barrels during the week, significantly below market expectations for a draw of around 2.4 million barrels.
At the same time, gasoline inventories surged by about 4.8 million barrels, raising concerns about soft consumer demand amid seasonal and economic headwinds. U.S. crude production also edged higher by roughly 10,000 barrels per day, reinforcing perceptions of ample supply in the global market.
Oil prices briefly attempted to rebound following President Trump’s directive for a “full and complete” blockade of sanctioned Venezuelan oil tankers, alongside confirmation that U.S. authorities had seized vessels off Venezuela’s coast. However, the rally proved short-lived as markets observed no material disruption to actual oil flows.
Further easing concerns, Mexican President Claudia Sheinbaum publicly opposed any external military or economic intervention in Venezuela, calling instead for a peaceful, United Nations-led diplomatic resolution. Her remarks helped calm fears that tensions between Washington and Caracas could escalate into a supply shock.
Energy experts noted that diplomacy-focused statements reduced the likelihood of Venezuela-related disruptions, limiting the upside potential for oil prices. Although Venezuela currently produces around 1.1 million barrels per day, analysts stressed that its share of global oil trade remains relatively small, making sustained price support unlikely in the absence of broader supply constraints.
The Nigerian government has revealed intentions to harness the nation’s mostly unregulated vehicle scrapping industry, anticipating yearly earnings exceeding N150 billion from 2026 onward, as components of extensive changes to update the domestic car sector.
This was shared by the National Automotive Design and Development Council in a Sunday release, where Director-General Joseph Osanipin stated that the effort would be propelled by a thorough End-of-Life Vehicle scheme that has received green light for rollout.
Osanipin detailed that the approach would standardize the processing of automobiles that have outlived their operational span, converting what is now a hazard to the environment and safety into a substantial financial prospect.
“In advanced nations, purchasing a fresh car involves paying a fee during enrollment for its eventual scrapping at life’s end. At that point, accountability for proper handling falls to designated parties,” he explained.
He indicated that Nigeria’s system will adopt a comparable framework, imposing a small charge upon car registration to finance eco-friendly dismantling and reuse, recognizing that this could encounter initial pushback from the populace.
Osanipin highlighted that the country already features a vibrant unofficial market for pre-owned auto components, often called the Belgian spares trade, fueled by issues of longevity and reliability with brand-new items.
Council research, he mentioned, reveals that more than 85% of parts from retired vehicles can be repurposed or recycled, laying a solid base for an organized sustainable economy.
“Rather than leaving cars to decay on streets, individuals could submit them and gain value in return. If handled effectively, the associated reuse economy could generate billions in naira annually,” he remarked.
He further noted that aside from income creation, the scrapping network would produce numerous employment opportunities in areas like disassembly, restoration, transport, and parts redistribution.
This reveal occurs amid a revival in Nigeria’s automobile import scene this year. Recent reports from The PUNCH indicated that imports of passenger cars reached approximately N1.01 trillion in the initial nine months of 2025, rising from about N894 billion during the equivalent timeframe last year, pointing to renewed interest as currency stability enhances and trader assurance rebounds.
Statistics from the National Bureau of Statistics demonstrated that the upturn accelerated in the year’s latter half, with the third quarter showing a notable surge in import figures that compensated for earlier sluggishness.
This recovery emphasizes the durability of Nigeria’s vehicle marketplace, particularly the used (“Tokunbo”) category, yet it also spotlights continuing issues like elevated import expenses, forex risks, and reliance on foreign supplies.
Within these updates, the NADDC will enforce required pre-shipment verification for all second-hand cars entering Nigeria beginning 2026, intending to prevent the influx of corroded and obsolete vehicles.
Osanipin stated that Nigeria stands among the limited African nations lacking this mandate, rendering it an attractive spot for shippers disposing of unfit automobiles.
He described an encounter with an overseas supplier who confessed to dispatching eight containers of retired vehicles to Nigeria for maximal returns.
“We aim to make sure importers are accountable, ensuring buyers are aware of their purchases,” he asserted, noting that verification costs would fall on exporters, sparing Nigerian buyers.
In a complementary effort to prepare the industry for the future, Osanipin announced initiatives to transition gasoline and diesel cars to electric and compressed natural gas options, aligning with the National Automotive Industry Development Plan.
He mentioned that the council has launched broad educational sessions on EV advancements, car modifications, and substitute energy setups for overseers and sector participants.
“Building skills is a core element of the NAIDP. We have conducted sessions on shifting from petrol and diesel to CNG, plus electric vehicles,” he shared.
He revealed that the council has established National Occupational Standards for EV upkeep and CNG adaptations, with formal accreditation courses slated for 2026.
Osanipin highlighted advancements by Nigerian technicians and learners in domestic vehicle creation, referencing endeavors with tricycles, coaches, and electric shuttles for campuses, developed alongside 12 academic institutions and business collaborators.
“We seek to align academic curricula with sector demands. Even cultivating a handful of top-tier auto specialists domestically would boost the economy significantly,” he commented.
He underscored that parts production is the true wealth generator in automobiles, observing that Nigeria’s yearly outlay on tires, brakes, filters, and batteries surpasses vehicle import costs.
The council is collaborating with interested parties to tackle facilities, funding, and regulatory obstacles for parts producers, particularly as Nigeria aims to leverage the African Continental Free Trade Area.
Osanipin also disclosed ambitions to elevate the NAIDP from a guideline to legislative status, stating that an Automotive Industry Bill draft will shortly go to the National Assembly.
“Auto sector investments are massive. They require statutory backing,” he affirmed.
Recognizing potential opposition to certain changes, Osanipin requested media assistance in conveying the policies to citizens.
“During resistance phases, your role in clarifying our objectives and rationale to Nigerians is crucial,” he urged, labeling 2026 as a critical period for reshaping Nigeria’s car industry.
The Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) has reaffirmed that banks in Nigeria are stable and robust, dismissing rumors of any closures linked to the ongoing recapitalization process circulating on social platforms.
This confirmation came via a collective announcement on Sunday from the group’s President, Mr. Rasheed Bolarinwa, and General Secretary, ‘Jide Sipe. The declaration addressed a video on Instagram alleging that the Central Bank of Nigeria (CBN) plans to close 12 financial institutions by March 2026.
ACAMB described the clip as an attempt to deceive audiences, incite unwarranted alarm, and capitalize on sensational falsehoods for individual benefit while promoting products.
“The individual behind the content showed a clear misunderstanding of bank recapitalization, offering multiple inaccurate and refutable statements that anyone familiar with Nigeria’s banking landscape could easily debunk.
“As the CBN has outlined multiple times, this recapitalization drive is a forward-thinking, preventive measure to fortify the financial framework and enable it to contribute to the government’s goal of achieving a $1 trillion economy by 2030.
“It is not a reaction to any emergency, nor does it signal weakness. Instead, it represents a national effort to enhance banks’ capabilities for fostering economic progress and advancement,” the group emphasized.
ACAMB clarified that, unlike the misleading assertions, Nigeria’s banking institutions are presently secure, reliable, and sufficiently funded, boasting solid capital reserves to fulfill client needs and comply with oversight standards. The group noted that the recapitalization focuses on bolstering primary ownership funds—specifically paid-up capital and additional paid-in capital—rather than encompassing all equity or alternative funding like debt securities and preferred stock.
“The CBN has repeatedly stressed that the process targets expansion and steadiness, not mandatory mergers.
“Every bank has an equitable and achievable opportunity to achieve its recapitalization objectives, with over a third already compliant and the majority progressing well.
“All institutions provided their recapitalization strategies to the CBN in 2024, which underwent review and endorsement for practicality prior to rollout.
“In its latest evaluation, the CBN openly voiced approval of the advancements and confirmed that banks are advancing toward the set timelines,” ACAMB stated.
The announcement maintained that the disinformation lacks foundation and seems motivated by malice, lack of knowledge, and indifference to the financial repercussions of untrue stories. ACAMB indicated it would alert pertinent enforcement bodies to the video and comparable materials, especially when they involve deceitful claims, attempts to undermine the economy, and breaches of cybercrime laws.
It added that although speech freedoms are protected, they entail duties for veracity, precision, and equity. The group provided details on particular allegations against named banks.
It elaborated, “FirstBank, United Bank for Africa (UBA), Fidelity Bank, and FCMB operate as international entities that have advanced substantially in their recapitalization initiatives and are poised to finalize them before deadlines.
“They surpass the capital levels required for domestic banks and encounter no threat of insufficient funding.
“Citibank Nigeria and Standard Chartered Bank Nigeria continue as sturdy affiliates of their international parent companies, while Sterling Bank has finished critical stages of its recapitalization, such as private offerings and rights issuances.
“Polaris Bank and other referenced organizations also possess defined recapitalization routes and stay functionally solid, without signs of monetary strain.”
ACAMB referenced the CBN Governor, Mr. Olayemi Cardoso, who during his November update affirmed that the recapitalization is “advancing systematically and aligning with oversight anticipations.”
The group pointed out that Nigeria presently hosts 44 deposit-accepting banks in diverse categories, all under rigorous regulatory supervision. Per the association, the people of Nigeria stand to gain most from a durable and properly governed banking network, and citizens are encouraged to proceed with their financial dealings assuredly and calmly.
ACAMB further advised digital creators and news outlets to avoid pursuing viral appeal, fads, or exaggeration concerning established financial entities.
“Truthful, accountable journalism is encouraged and safeguarded; nevertheless, intentional falsehoods or fear-mongering tales about the banking industry will be escalated to proper officials to protect economic integrity and community confidence,” it concluded.
President Bola Tinubu has indicated a more severe and unrelenting approach toward combating armed organizations and those who fund, shelter, or enable violent offenses throughout Nigeria.
Tinubu conveyed this during a speech on Friday in Abuja to a combined meeting of the National Assembly while unveiling the 2026 budget proposal amounting to N58.18 trillion.
He declared that all such armed entities would be classified as terrorist groups and insisted that every unit of currency designated for security in the 2026 fiscal plan must yield tangible enhancements in national safety.
The leader emphasized that safeguarding the nation is essential for progress. He pointed out that the 2026 financial framework would bolster the updating of military forces, policing reliant on data, and collaborative safety initiatives.
He elaborated that in the absence of proper protection and foundational facilities, capital inflows would falter, and advancements in learning, healthcare, efficiency, employment, and business expansion would suffer.
Tinubu further noted that the plan places emphasis on securing borders, monitoring through advanced tech, and initiatives for peace at the community level along with averting disputes.
He committed to ongoing funding for security measures with strict oversight for effectiveness, underlining that expenditures in this area need to produce verifiable achievements.
As per his statement, the focus will stay on boosting the operational strength of the military and security bodies, especially by supplying state-of-the-art tools and additional resources to improve their performance.
“We are initiating a fresh phase in handling criminal activities. We will extend no leniency to individuals who carry out or back terrorism, banditry, abductions for money, and similar aggressive acts.
“Our government is overhauling the framework for national defense and introducing a novel comprehensive strategy against terrorism, a complete overhaul based on centralized leadership, data collection, local steadiness, and efforts to suppress uprisings.
“This innovative strategy will transform our methods for addressing terrorism and other forms of violence.
“Within this updated system, any armed faction or weapon-bearing unauthorized actors functioning beyond governmental control will be deemed terrorists.
“This includes bandits, rebel groups, criminal syndicates, armed thieves, aggressive sects, woodland-based militants, and mercenaries connected to foreign entities.
“We will pursue all perpetrators of violence driven by political or religious motives, including those who provide funding and support for their malicious plans,” he asserted.
From the total of N58.18 trillion, N5.41 trillion is designated for defense and safety, N3.56 trillion for building infrastructure, N3.52 trillion for educational purposes, and N2.48 trillion for health services.
Nigeria’s external reserves have experienced their initial drop after a prolonged 25-week upward trend, decreasing by $263.151 million—or about N381.569 billion—to reach $45.21 billion as of December 17, 2025, based on the latest figures from the Central Bank of Nigeria (CBN).
This reduction, which occurred over three straight days of outflows from December 15 to 17, represents a shift away from the extended buildup that had elevated the reserves to a six-year peak.
The downturn concluded a consistent accumulation phase that topped out at $45.472 billion on December 12. By December 17, the level had declined to $45.209 billion, indicating fresh strains on the nation’s foreign financial standing.
Insights from the Figures This setback arrives even after substantial increases earlier in the year. According to CBN statistics, the country’s total official reserves climbed by $1.5 billion from the previous month to $44.7 billion by the close of November 2025.
In the first 11 months leading up to November, the reserves expanded by $3.8 billion, with a $7.5 billion surge since June, when they hit their lowest point for the year so far. A major contributor was the $2.4 billion Eurobond launch in November, which helped refinance a $1.2 billion maturing Eurobond.
Prior to the December slide, Nigeria’s reserves were solid, offering coverage for 13.9 months of goods imports and 9.4 months including services, as per the balance of payments data through March 2025.
Factors Behind the Change: Diminished Inflows, Elevated Demand, and Substantial Debt Settlements Incoming foreign currency dropped sharply by 67% from the prior month to $2.0 billion in November, marking the lowest since July 2024. Investments from abroad in portfolios plummeted to $593 million from $3.5 billion, and direct foreign investments shrank to $10.4 million from $221 million, adding more stress to the naira. Experts attribute these shifts to the debated Capital Gains Tax (CGT).
Moreover, the CBN handled various commitments from December 15 to 18, including repayments in the primary market of:
N9.103 billion, N22.327 billion, N70.857 billion, and N537.750 billion for maturing Open Market Operations (OMO) on December 16, amounting to N640.037 billion in total debt obligations, likely sourced from the reserve pool. Concurrently, the CBN issued new OMO auctions worth N408 billion and N916.200 billion on December 11, summing up to N1.324 trillion, which might have balanced out the repayments.
Holiday-Related Currency Pressures Similar to past seasons, demands for foreign exchange spiked due to vacation trips, import payments, and inventory buildup for retailers. Even with bolstered reserves in November, the naira saw a slight depreciation amid these mounting forces.
That said, Nigeria’s reserve holdings are still much stronger than the $40.19 billion at the end of 2024 and $33.22 billion in 2023. However, the timing of this dip highlights ongoing vulnerabilities, particularly with rising FX needs and stricter international financial climates.
The reserves still ensure ample import coverage, though experts caution that extended low inflows or increased repayments might undermine the naira’s steadiness.
Future Prospects: Holiday Strains, Remittance Support on the Horizon Analysts at FBNQuest anticipate additional pressures on the naira during the festive period, coupled with possible inflation spikes from import-driven consumer activity. With the naira hovering near N1,455 per dollar in late 2025, year-end demands could heighten temporary fluctuations.
On the positive side, enhanced reserves, inflows from overseas Nigerians, and the latest Eurobond proceeds are projected to support the currency and aid the CBN in handling liquidity.
Investor confidence could stay guarded, potentially leading to brief sell-offs in stocks and a more constrained financial landscape as FX demands peak heading into 2026.
Dangote Petroleum Refinery has adjusted the smallest allowable purchase volume for petrol downward from 500,000 litres to 250,000 litres, enabling a broader range of distributors to buy straight from the facility.
The loading price stays at N699 per litre, after a N129 cut from N828 per litre earlier in December 2025. This update was shared through the refinery’s official X profile on Saturday.
Statements from Dangote Refinery As per the announcement on the Dangote Refinery X handle, current and prospective buyers can now utilize a 10-day credit option, secured by a bank assurance, for the reduced quantity.
“Petrol Minimum Order Quantity
“BEFORE 500,000 Litres
“NOW 250,000 Litres
“Gantry Price: N699/litre,” part of the post stated.
The refinery further emphasized that discounts based on volume will persist for those buying bigger amounts, and complimentary transport to fuel outlets is slated to start shortly.
Implications of the Change Lowering the minimum order simplifies access for smaller and medium-scale distributors, removing the barrier of the prior 500,000-litre requirement.
Market experts observe that this step demonstrates Dangote Refinery’s commitment to broadening distribution across the country and facilitating easier entry for independent operators, shifting from the earlier organized large-scale buying approach.
The decreased loading price is anticipated to result in lower pump prices in various regions, especially in northern and southeastern areas, where transport expenses typically rise during festive times.
For instance, in Lagos, fuel costs have dropped lately to N730–N740 per litre, compared to about N900 just a week before.
Context and History The N699 loading price, rolled out in early December, was implemented to cut down on shipping expenses in advance of the busy holiday travel season, when countless Nigerians journey between regions.
Sources in the sector indicate that the refinery’s repeated price tweaks throughout the year, leading to this latest adjustment, mark the phase-out of the previous consortium system for marketers, which handled joint large purchases. Aliko Dangote, the President and CEO of Dangote Group, recently pledged to keep Nigeria’s retail petrol prices at no more than N740 per litre over the holidays. He also cautioned that efforts to disrupt refinery activities by maintaining high fuel costs would face opposition. Experts suggest that additional modifications in pricing or operations could occur as the refinery increases production in readiness for its next growth stage.
