President Bola Ahmed Tinubu has written to the Senate seeking approval for a fresh ₦1.15 trillion loan from the domestic debt market to bridge the 2025 budget deficit.
In a letter addressed to Senate President Godswill Akpabio and read during Tuesday’s plenary session, Tinubu explained that the proposed borrowing would support the full implementation of government projects and programmes captured in the 2025 fiscal plan.
The president noted that the additional funds were necessary to close the gap between expected revenues and expenditure obligations, ensuring that essential national development projects are not stalled.
Following the reading of the letter, Akpabio referred the loan request to the Senate Committee on Local and Foreign Debt for further legislative scrutiny and recommendations.
The committee has been directed to review the proposal and report back to the chamber within one week.
If approved, the ₦1.15 trillion borrowing will add to Nigeria’s growing domestic debt profile as the government continues efforts to stimulate economic growth amid fiscal pressures and infrastructure financing needs.
The Federal Government has said it will not allow public universities to be shut again over labour disputes, pledging to do ‘everything humanly possible’ to prevent fresh industrial action by the Academic Staff Union of Universities (ASUU).
Speaking to State House correspondents on Tuesday, the Minister of Education, Dr Tunji Alausa, said President Bola Tinubu had issued a clear directive to keep students in classrooms while accelerating transparent, data-driven reforms across Nigeria’s tertiary education system.
“The President has mandated us that he doesn’t want ASUU to go on strike. We are doing everything possible to ensure students stay in school,” Alausa said. “The last strike of about six days was unnecessary. We have met almost all their demands, and we are back at the negotiation table.”
Alausa noted that he had earlier briefed the President on ongoing discussions with the union and secured further concessions aimed at securing a peaceful resolution.
He added that the administration is committed to strengthening accountability in tertiary institutions, driving reforms with evidence-based governance.
“Tertiary institutions receive almost 100 per cent of their funding from the Federal Government. If you don’t have data, you are flying blind,” he said. “You need data to know where the problems are, how to intervene, and how to monitor outcomes.”
As part of efforts to entrench transparency, the government on Tuesday launched the Federal Tertiary Institution Governance and Transparency Dashboard — a digital platform mandating federal universities, polytechnics and colleges of education to publicly disclose key institutional data, including student enrolment, personnel and capital allocations, TETFund and NELFund interventions, and endowments.
The portal, Alausa said, is publicly accessible and will help restore Nigeria’s universities to global competitiveness. The platform will later be extended to state-owned and private institutions, with the NUC, NBTE and NCCE expected to enforce compliance.
To further tighten oversight, the ministry also invited the Director-General of the Bureau of Public Procurement, Dr Adebowale Adeokun, to brief heads of tertiary institutions on procurement rules and standards.
Alausa blamed previous instability on fragmented negotiation frameworks that placed universities, polytechnics and colleges of education under separate committees, creating conflict and delays. He said the Federal Government has now collapsed all negotiations under the Alhaji Yayale Ahmed-led committee — which is engaging all academic and non-academic unions, including ASUU, ASUP and COEASU.
“The same committee is talking to ASUU, ASUP and COEASU. Everything is calm,” he said. “I spoke to the ASUP president yesterday; there is no ultimatum from any union.”
Alausa linked the reforms to broader macroeconomic adjustments under the Tinubu administration — including subsidy removal, foreign exchange reforms, and new tax legislation — adding that GDP grew by 4.23 per cent in the last quarter, which he described as proof that the economy is recovering.
Despite the assurances, lecturers and students remain cautious after years of disruptions. But the government insists it is putting in place structures to guarantee uninterrupted learning.
For now, the message from the Presidency is clear: universities must remain open — and there should be no return to prolonged ASUU strikes.
China has reaffirmed its unwavering support for Nigeria, cautioning the United States against any form of military intervention or external meddling in the West African nation’s domestic affairs.
The statement came after recent U.S. criticisms over Nigeria’s handling of religious freedom, with Beijing stressing that every country must be allowed to determine its development path without foreign interference.
Chinese Foreign Ministry spokesperson Mao Ning, speaking at a press conference in Beijing and quoted in a statement on the ministry’s website on Tuesday, said that China, as Nigeria’s comprehensive strategic partner, “firmly backs the Nigerian government in leading its people toward a development trajectory that aligns with the nation’s realities.”
She emphasized that China “opposes any interference in another country’s internal affairs under the guise of religion or human rights” and denounced threats of sanctions or the use of force as “unacceptable violations of sovereignty.”
Mao’s comments followed U.S. President Donald Trump’s recent declaration naming Nigeria a “country of particular concern” for alleged persecution of Christians. Trump had warned that Washington could halt aid or even take military action if Abuja “continues to allow the killing of Christians.”
Posting on his Truth Social account, Trump claimed that if such violence persists, the United States “will immediately suspend all aid and may move in with full military force to eliminate the Islamic terrorists responsible for these atrocities.”
The remarks have stirred global diplomatic reactions, with Beijing’s statement seen as a strong message against Western interventionism and a clear sign of China’s growing influence in African geopolitics.
Nigeria’s Excess Crude Account (ECA) has grown by 13 per cent over a two-year period, while balances in the Stabilisation Account and the Development of Natural Resources Fund recorded even sharper increases, an analysis of presentations made by the Accountant-General of the Federation to the National Economic Council (NEC) has shown.
A review of briefings to the council from June 15, 2023, to October 23, 2025, indicates that the ECA rose from $473,754.57 at the inaugural NEC under President Bola Tinubu to $535,823.39, an increase of $62,068.82.
Over the same period, the Stabilisation Account surged from N26.63bn to N87.67bn, representing a 229 per cent jump, while the Development of Natural Resources Fund expanded from N96.90bn to N141.59bn — up 46 per cent.
Month-on-month variations show periods of volatility. The Stabilisation Account fell to N17.21bn in April 2024 before rebuilding through 2025, while the Natural Resources Fund declined to N26.85bn in November 2024 and then recovered steadily to N141.59bn by October 2025. The ECA remained largely flat for much of the period before edging higher in the second half of 2025.
Created in 2004 during the Obasanjo administration, the ECA is designed to warehouse oil earnings above the benchmark price for stabilisation and future investments. At the height of the 2008 oil boom under President Umaru Yar’Adua, it exceeded $20bn — but successive withdrawals and price collapses eroded the balance over the following decade.
The Stabilisation Account is used to cushion sub-national governments against shortfalls and fiscal shocks, while the Development of Natural Resources Fund supports diversification programmes — including solid minerals — approved by the Federation Accounts Allocation Committee and NEC.
The movements in the funds mirror policy decisions taken by the NEC during the period under review, including reforms in the oil sector, the reconstitution of committees on crude theft, the approval of the $617.7m i-DICE programme, sectoral reforms in the power market, and a nationwide crackdown on gold smuggling. The council also backed food security measures and approved efforts to strengthen training schools for security agencies.
States also leaned heavily on statutory transfers through a period of high inflation and foreign-exchange volatility, adding pressure on naira-denominated accounts despite reforms such as petrol subsidy removal and FX market unification intended to stabilise macroeconomic fundamentals.
The NEC, chaired by the Vice President and comprising the 36 state governors, the CBN Governor, and relevant ministers, has met at least 15 times since June 2023. Its most recent session was held on 23 October 2025.
President Bola Tinubu has approved the appointment of Dr John Nwabueze as Nigeria’s first Tax Ombudsman, in line with the Joint Revenue Board of Nigeria (Establishment) Act, 2025.
The announcement was contained in a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, who said the appointment aligns with the administration’s broader fiscal reform agenda aimed at strengthening public trust in Nigeria’s revenue system and improving compliance through fairness and due process.
Nwabueze, from Oshimili South Local Government Area of Delta State, is an experienced tax and fiscal governance expert with decades of work spanning the private and public sectors. His career has included serving as Managing Partner of a tax advisory firm, Technical Adviser to the Joint Senate Committees on the Federal Capital Territory and Finance, and Technical Adviser to the Chief Economic Adviser to former President Olusegun Obasanjo.
He holds a Doctorate in Public Administration (Finance) from Walden University, Minneapolis, a Master’s degree in Accounting from Strayer University, Washington D.C., and Bachelor’s degrees in Accounting and Mathematics from the University of Jos.
President Tinubu, in congratulating the new appointee, expressed confidence in his ability “to discharge the responsibilities of the office with integrity, diligence, and utmost professionalism.”
According to the statement, the Office of the Tax Ombudsman has been established to enhance transparency and accountability within Nigeria’s tax ecosystem, and to provide an impartial mechanism for resolving disputes between taxpayers and revenue authorities.
The office will receive and review complaints relating to taxes, levies, regulatory fees, customs duties, excise matters and related issues — ensuring fair and non-adversarial resolution processes. It will also serve as a watchdog to prevent abuse of power and arbitrary conduct by tax officials — a move expected to boost confidence, reduce litigation, and encourage voluntary tax compliance.
“The creation of this office is a crucial step toward a more transparent and citizen-friendly tax administration,” the statement said, noting that similar structures already exist in several advanced economies as recognised oversight mechanisms balancing revenue targets with taxpayer rights.
Immediate priorities for Nwabueze include establishing the institutional framework for the new office, developing standard operating procedures for complaints resolution, and strengthening coordination with revenue bodies including the Federal Inland Revenue Service (FIRS), Nigeria Customs Service, and state revenue agencies.
The appointment comes as Nigeria intensifies fiscal reforms aimed at broadening the tax base, reducing leakages, and improving service delivery across revenue-generating institutions.
The new tax reform laws — signed on 26 June 2025 and recently published in the government gazette — form part of the administration’s effort to overhaul Nigeria’s fiscal framework and create a more business-friendly regulatory environment.
The Nigerian National Petroleum Company Limited (NNPC Ltd) says it is targeting between $30 billion and $60 billion in fresh investments by 2030 as part of its strategy to accelerate Africa’s energy transformation and reposition Nigeria as a leading player in the global energy transition.
Group Chief Executive Officer of NNPC Ltd, Engr Bashir Bayo Ojulari, disclosed this on Tuesday during an “Energy Talk Session” at the ongoing Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025) in the United Arab Emirates. He spoke while responding to questions from Pulitzer Prize-winning energy author, Daniel Yergin.
Ojulari said Nigeria holds significant oil, gas, and renewable energy potential which, under President Bola Tinubu’s Renewed Hope Agenda, is being repositioned from an extractive economy into a diversified, investment-driven energy hub.
“Africa’s energy future must be built on pragmatism, partnerships, and purpose,” Ojulari said. “At NNPC Limited, we are not just participating in the energy transition — we are shaping it from an African perspective. Our focus is pragmatic: grow production, monetise gas, deepen partnerships, and deliver value to Nigerians and global partners alike.”
The NNPC chief said crude oil output has risen to 1.7 million barrels per day, with targets of two million barrels per day by 2027 and three million barrels per day in the long term. He attributed the production rebound to strengthened engagement with international oil companies (IOCs) and independents, removal of legacy bottlenecks, and renewed alignment on shared value.
Ojulari further stated that NNPC Ltd is working closely with OPEC stakeholders, African national oil companies and international financial institutions to unlock the planned $60 billion capital inflow by the end of the decade. He added that new incentives introduced to complement the Petroleum Industry Act (PIA) are already stimulating renewed foreign interest in deep-water exploration, gas development and operational efficiency.
A statement issued by NNPC’s Chief Corporate Communications Officer, Andy Odeh, listed ongoing priority projects including upstream revitalisation, fast-tracked new field developments, and major gas infrastructure schemes — notably the Ajaokuta–Kaduna–Kano (AKK) pipeline and the Obiafu–Obrikom–Oben (OB3) gas pipeline.
Referencing the opening remarks by the UAE Minister of Industry and ADNOC CEO, Dr Sultan Ahmed Al Jaber — who called for “pragmatic, not performative” energy policies and noted that $4 trillion in annual investments is needed globally — Ojulari urged the global energy community to co-invest in Africa’s growth.
“Our message to the world is clear: Nigeria is open for business, NNPC Limited is fit for the future, and we invite the world to co-invest in Africa’s energy transformation,” he said.
ADIPEC is one of the world’s largest energy conferences, hosted annually by ADNOC. The 2025 edition, the 41st is themed “Energy. Intelligence. Impact.”
The Nigeria Civil Aviation Authority (NCAA), in partnership with several insurance providers, has introduced a new policy to protect aviation professionals against the loss of their licences. The initiative aims to improve welfare and safety standards across the sector.
The policy provides financial support to pilots, engineers, and air traffic controllers who may lose their certification due to illness, injury, or other unforeseen circumstances.
The NCAA explained that the scheme would extend to cover more aviation roles and operate under transparent guidelines to ensure timely claims and fair compensation. It is also expected to ease the financial burden on airlines and operators, as insurance costs will now be shared through a collective framework.
Many within the aviation sector see the initiative as a major step toward aligning Nigeria’s aviation industry with international standards. It also answers long-standing appeals from pilots and engineers for stronger social and financial protection in cases where their licences are revoked for health or safety reasons.
This new cover comes at a time when stakeholders are pushing for broader reforms to improve working conditions and financial stability across the industry. It marks another effort by the government to build a more resilient and investor-friendly aviation environment.
Aviation expert Capt. Samuel Caulcrick has called on the Federal Government to introduce clear and consistent policies that will strengthen Nigeria’s aviation sector. He said reforms are needed to attract investment, develop local maintenance capacity, and reduce the nation’s dependence on foreign facilities.
Caulcrick explained that Nigerian airlines spend close to $1 billion every year on aircraft maintenance abroad. According to him, this practice weakens the economy and prevents local engineers from gaining the experience required to sustain a modern aviation industry.
He urged regulators, especially the Nigerian Civil Aviation Authority (NCAA), to review current guidelines and promote the use of certified local maintenance, repair, and overhaul (MRO) centres. Such a move, he said, would save foreign exchange, create jobs, and make local operators more competitive.
Caulcrick, who is also a former rector of the Nigerian College of Aviation Technology (NCAT), highlighted the shortage of skilled personnel and equipment as major challenges. He added that without better support for technical training and infrastructure, Nigeria could lose its chance to become a regional aviation hub.
He emphasised that the sector has strong growth potential if government agencies and private investors align their efforts. By improving policy consistency and financing access, he said, the industry could regain stability and unlock new opportunities for local participation.
The business environment in Nigeria continued its upward trend in October, led by gains in the manufacturing and trade sectors, according to the latest data from the Nigerian Economic Summit Group (NESG).
The NESG–Stanbic IBTC Business Confidence Monitor (BCM) recorded a rise to 111.3 points in October, up from 107.9 in September and 76.8 in the same month last year.
A sectoral breakdown showed manufacturing led with an 8.8-point gain, while trade improved by 7.8 points. Non-manufacturing, agriculture and services also posted growth, though at slower rates.
Despite the positive trend, the BCM noted that some challenges persist. Businesses continue to report difficulties in accessing credit, high commercial property costs, unclear policy signals, and unreliable power supply.
Bizwatch Nigeria reported earlier this year that the manufacturing sector in Nigeria is struggling due to high inflation, rising interest rates, and the depreciation of the naira.
The NESG noted that sustaining this upward trend will require deliberate policy actions that promote investor confidence, remove trade barriers, and enhance access to finance for small and medium enterprises. Consistent implementation of economic reforms, the group added, will be key to ensuring that the current momentum translates into lasting growth across Nigeria’s business landscape.
Gold prices slipped under a critical technical support level amid rising caution over U.S. interest-rate policy and weak manufacturing data. The downturn signals rising uncertainty for traders in the precious-metals market.
According to analysts at FXStreet, uncertainty over how quickly the Federal Reserve may cut rates is pushing investors out of gold. Fed Chair Jerome Powell recently indicated that further easing this year is not guaranteed. That stance has undermined the outlook for gold as a hedge against inflation.
At the same time, U.S. manufacturing activity has lost momentum. The latest Institute for Supply Management (ISM) index fell to 48.7 in October, marking its fourth month of contraction. The soft data further complicate the economic picture and add extra pressure on gold.
Technically, gold remains within a long-term bullish structure, but the recent pull-back tests key support zones. If those levels give way, the next leg higher may be delayed. If support holds, gold could resume its uptrend once market confidence returns.
For Nigerian investors and commentators, the price move matters on two fronts. First, changes in global monetary policy can affect the Nigerian naira and inflation, both of which influence local gold demand. Second, a weaker gold rally may reduce appeal for investment in gold‐linked assets and savings instruments that rely on global safe-haven themes.
Companies and high-net-worth individuals in Nigeria who view gold as part of their portfolio should watch for signs of renewed risk-off sentiment, a weaker dollar or stronger inflation data. Any of these may trigger a rebound in gold prices and change the current slide into a new buying phase.
President Bola Tinubu has nominated Kingsley Tochukwu Ude (SAN) as the new Minister of Science, Innovation, and Technology. Ude is to replace Uche Nnaji, who resigned from the position in October.
The president’s nomination was contained in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary. The letter was referred to the Committee of the Whole for screening and confirmation.
If confirmed, Ude will take over the ministry at a crucial time for Nigeria’s push in science, research, and innovation. He currently serves as the Attorney-General and Commissioner for Justice in Enugu State, where he is known for his policy and legal expertise.
Analysts say the appointment is significant for two reasons. First, it restores Enugu’s representation at the federal level. Second, it puts an experienced lawyer in charge of a ministry driving Nigeria’s industrial and technology ambitions.
However, some observers note that Ude’s legal background may present an early challenge. They believe he will need strong technical advisors and clear policy direction to succeed in a science-led ministry.
The Ministry of Science and Technology plays a key role in developing Nigeria’s manufacturing and innovation ecosystem. Stakeholders expect Ude to focus on research investment, technology transfer, and partnerships between government and the private sector.
His appointment also comes at a time when the federal government is working to deepen local production and innovation. Recently,BizWatch Nigeria reported that the Federal Government and the European Union are set to hold a High-Level Health Investment Forum to strengthen Nigeria’s manufacturing base.
Ude’s leadership will be closely watched by investors and industry players. His ability to link science, technology, and economic growth could determine how fast Nigeria achieves its industrial goals.
The Senate is expected to begin Ude’s confirmation process in the coming days.
The Chief Executive Officer of Innoson Vehicle Manufacturing (IVM) (IVM), Innocent Ifediaso Chukwuma, has praised the federal government’s “Buy Nigeria” product policy as a vital tool for strengthening the country’s industrial base. He however warned that its potential remains untapped due to weak execution and systemic obstacles.
Speaking in an interview, Chukwuma described the policy as “one of the best things that has happened to this country,” underlining its capacity to create jobs, reduce reliance on imports and empower local manufacturers. Yet, he also expressed frustration over the policy’s limited impact so far, attributing the stagnation to a banking sector. He opines that the banks do not fully support indigenous industry. “The banks are still a major obstacle to industrial growth,” he said.
Highlighting key hurdles, Chukwuma pointed to the limited access to financing for local manufacturers. He noted that without adequate credit support, domestic producers cannot expand operations or compete effectively with imported products. Even with good policies in place, he said, the absence of funding continues to slow industrial growth.
In a related development,BizWatch Nigeria reported that the Federal Government and the European Union plan to host a High-Level Health Investment Forum to boost local pharmaceutical production and strengthen Nigeria’s manufacturing base. The initiative reflects a wider push to develop local industries and reduce reliance on imports.
Meanwhile, Innoson plans to set up a compressed natural gas (CNG) assembly plant in Bayelsa State. The project, according to Chukwuma, will create jobs, enhance mobility, and link the company to the growing renewable energy space. It is also expected to build local capacity in assembly, maintenance, and logistics.
The company recently unveiled its first locally produced electric vehicle at its Nnewi, Anambra State facility. The move signals Innoson’s commitment to innovation and its drive to strengthen Nigeria’s manufacturing value chain.
Chukwuma’s remarks highlight a recurring issue in Nigeria’s industrial policy — strong intentions but uneven implementation. He stressed that for the Buy Nigeria agenda to achieve its goals, financial institutions and government agencies must work together to help local firms compete on cost, quality, and scale.
Global retailer Sinomart has officially opened its first Nigerian flagship outlet at The Palms Shopping Mall, Victoria Island, marking a significant entry into Nigeria’s evolving retail market.
At the launch event, Sinomart’s Managing Director/CEO, Sky Chunming Huang, stated that the store represents the company’s commitment to delivering global-class shopping experiences in Nigeria. He described the new outlet as a vision to bring international retail standards closer to Nigerian consumers, with a focus on quality, variety, affordability, and convenience.
The event also highlighted Sinomart’s efforts to connect with its host communities. Traditional leaders, including representatives of the Oniru-in-Council and the Ikate Kingdom, attended the ceremony to lend their support. Chief Olalekan Bakare, representing the Ikate Kingdom, noted that Sinomart’s choice of location reinforces Lagos’s image as a hub for commerce and innovation.
Activities at the launch included a guided tour of the new facility, special offers for opening-day shoppers, and a ribbon-cutting session that symbolised the retailer’s formal debut in Nigeria. According to company representatives, Sinomart’s expansion plan will see additional outlets rolled out across major Nigerian cities — a move that signals the brand’s long-term confidence in the country’s retail growth potential.
Industry analysts say Sinomart’s arrival reflects a broader trend, as international and regional retailers increasingly target Nigeria’s growing consumer base and urban centres. However, they caution that sustained success will depend on supply-chain efficiency, pricing strategy, and how well the brand adapts to local market conditions.
For now, Sinomart’s Lagos launch stands as a strategic step into modern retailing in Nigeria — one that could challenge established players and reshape consumer expectations in the years ahead.
Global oil prices fell on Tuesday as concerns over weak fuel demand in the United States weighed heavily on market sentiment. The decline followed disappointing manufacturing data that pointed to an extended slowdown in industrial activity — coinciding with the country’s longest-running government shutdown.
Adding to downward pressure, eight member countries of the OPEC+ alliance — including both OPEC and non-OPEC producers — postponed previously planned output increases for early next year, a move interpreted by traders as an acknowledgment of potential oversupply risks.
Brent crude futures slipped 0.4% to $64.56 per barrel from Monday’s $64.81 close, while US benchmark West Texas Intermediate (WTI) also dropped 0.4% to $60.66 per barrel.
The OPEC+ coalition, led by Saudi Arabia and Russia and including Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, had initially agreed to increase production by 137,000 barrels per day (bpd) in December. However, according to OPEC’s statement, the next phase of the output adjustment will now take effect in March 2026 instead of January, due to seasonal considerations.
The postponement — part of a gradual unwinding of the 1.65 million bpd voluntary output cuts introduced in April 2023 — triggered renewed speculation that global oil supply could outpace demand next year. Despite this, the alliance reiterated its commitment to flexibility, pledging to pause or reverse policy shifts if market conditions require.
On the demand side, weak US economic data added to the bearish outlook. The Institute for Supply Management (ISM) reported that its manufacturing Purchasing Managers Index (PMI) fell to 48.7 in October, signaling continued contraction for the eighth consecutive month. Analysts say this points to sluggish industrial activity and weaker fuel consumption during the winter season.
Investors are also monitoring the American Petroleum Institute’s (API) upcoming weekly crude inventory report for fresh supply cues. Market data shows that speculative traders increased their net long positions in ICE Brent by 119,046 contracts last week, leaving a total of 171,567 long positions as of Tuesday.
Meanwhile, Russia — one of the world’s top diesel exporters — faces ongoing production disruptions due to Western sanctions and Ukrainian drone attacks targeting its refining infrastructure. This has intensified uncertainty in the global middle distillate market.
According to Baker Hughes’ latest report, active US oil rig counts declined by six to 414 last week, reflecting continued pressure on drilling activity amid softer prices. Still, data from the US Energy Information Administration (EIA) shows that US crude production reached a record 13.79 million bpd in August, up 2.9% year-on-year.
Analysts warn that expectations of an oversupplied market in 2026 could limit US production growth, keeping global oil prices under sustained downward pressure.
Nigeria’s interbank lending rates remained stable this week, reflecting the liquidity surplus that continues to shape the domestic money market. The sustained level of excess cash within the banking system has kept funding costs tight while encouraging financial institutions to increase placements with the Central Bank of Nigeria’s (CBN) Standing Deposit Facility (SDF).
With subdued lending appetite and declining returns on Treasury bills, banks have been redirecting idle funds to the CBN’s 24.5% interest-yielding SDF — a safer alternative to private-sector lending, which carries higher credit risk.
Analysts noted that system liquidity remained robust, climbing to ₦3.1 trillion, an increase of ₦587 billion from the previous level, according to recent investment reports. AIICO Capital Limited stated that the rise was mainly driven by a surge in deposits at the SDF window, which reached ₦2.9 trillion, while the Standing Lending Facility (SLF) window recorded ₦30.2 billion.
Similarly, Coronation Merchant Bank reported that system liquidity began last week at ₦3.12 trillion and peaked midweek at ₦4.81 trillion following inflows from the Federation Account Allocation Committee (FAAC). The figure, however, eased by ₦648.47 billion week-on-week to ₦2.47 trillion, partly due to mop-up activities from Federal Government Bond and Open Market Operations (OMO) auctions totaling ₦672.96 billion.
At the start of the new week, interbank rates held firm, with the overnight lending rate unchanged at 24.88%. Analysts described this as an indicator of stable liquidity and muted borrowing demand among commercial banks. Cowry Asset Management also reported that banks maintained higher balances at the CBN’s SDF window, adding ₦14.3 billion in just one week.
Although short-term rates remained anchored, medium-term tenors witnessed modest upward adjustments of 8, 17, and 25 basis points respectively. Overall, the overnight rate and Open Purchase Rate were steady at 24.86% and 24.50%.
Market analysts predict that funding costs will likely remain within the current range, barring significant liquidity withdrawals or an aggressive OMO intervention from the CBN.
In the Treasury Bills secondary market, yields displayed a mixed performance. Short- and mid-tenor bills — one-month, three-month, and six-month maturities — expanded by 19, 17, and 19 basis points respectively, while the 12-month tenor compressed by 9 basis points. The composite average yield on T-bills edged slightly lower by 1 basis point to 17.45%, underscoring sustained investor demand and positive sentiment across the fixed-income market.
Investors turned their attention to Nigeria’s secondary bond market this week after the Debt Management Office (DMO) offered fewer securities than expected at its latest auction, leaving yield-hungry asset managers to seek alternatives in the open market.
The renewed demand for Federal Government of Nigeria (FGN) bonds pushed benchmark yields slightly lower, as traders capitalized on the attractive pricing of existing issues. Market analysts say the buying momentum reflects growing confidence in the local debt market, amid expectations that the Central Bank of Nigeria (CBN) could deliver one final interest rate cut before year-end 2025.
The optimism follows steady disinflation trends and a firmer naira, although analysts caution that a rate adjustment could narrow banks’ net interest margins. Average yields in the secondary market dropped by 3 basis points to 15.87%, compared with the prevailing inflation rate of 18.02%.
At last week’s auction, the DMO reopened the August 2030 (5-year) and June 2032 (7-year) bonds, offering ₦260 billion in total. Despite overwhelming demand totaling ₦1.06 trillion — a bid-to-offer ratio of 4.07 times — the DMO allotted only ₦313.78 billion, translating to a bid-to-cover ratio of 3.37 times.
Investors showed a stronger preference for longer-dated securities, while stop rates eased by 17 and 35 basis points to 15.83% and 15.85% respectively. Analysts say this reflects the government’s continued effort to manage borrowing costs and control debt service pressures.
Looking ahead, fixed-income traders expect activity in the bond market to remain buoyant ahead of the October supply calendar. Many investors are positioning strategically in anticipation of the next Monetary Policy Committee (MPC) meeting, which could influence short- and long-term yield movements.
Analysts at several investment firms noted that the combination of steady inflation moderation, robust liquidity, and attractive real returns may sustain investor appetite for naira-denominated assets in the coming months.
The Chairman of Keystone Bank, Mrs. Ada Chukwudozie, has honoured a group of young Nigerian innovators for their exceptional contributions to science and technology at the recent Science and Technology Expo held in Abuja.
The award, which celebrated outstanding creativity among students and startups, reflects the bank’s growing commitment to youth empowerment and innovation-driven development.
Speaking at the event, Chukwudozie commended the winners for their ingenuity and perseverance, noting that their innovations demonstrate Nigeria’s potential to lead Africa’s technological transformation. “Innovation is the new currency of progress. Supporting young minds to think creatively is how we build the Nigeria of tomorrow,” she said.
She emphasized that Keystone Bank would continue to support youth-led initiatives that align with national goals of technological advancement and job creation.
The recognition comes amid increasing efforts by both public and private sectors to nurture local innovators. Recently, the Federal Government announced plans to launch a ₦50 million grant for STEMM students to boost innovation and entrepreneurship — a development BizWatch Nigeria earlier reported.
Industry observers say the alignment of corporate and government initiatives could play a pivotal role in positioning Nigeria as a hub for science and technology talent.
The FAPSCON 2025 conference concluded with recognition for several emerging inventors and innovators across Nigeria’s tertiary institutions. Participants commended Keystone Bank for its sustained support of human capital development and technological advancement.
Despite the growing number of unsold luxury apartments across major Nigerian cities, the high-end real estate market has not yet shifted in favour of buyers.
Developers in Lagos, Abuja, and Port Harcourt continue to introduce new luxury projects even as existing ones remain largely unoccupied. Data from Estate Intel shows that over 700 ultra-luxury residential units are currently in the pipeline in Lagos alone, while total upcoming units in the segment are estimated at 1,436.
Similarly, listings on Nigeria Property Centre indicate that Lagos had about 47,000 homes for sale as of September 2025 — one of the highest levels in recent years.
Analysts say the apparent glut in supply has not translated into price reductions because many properties fail to meet buyer expectations in quality or design. Others note that some developers and investors hold their assets for prestige or long-term value rather than immediate sale.
Udo Okonjo, Chief Executive Officer of Fine & Country West Africa, explained that the mismatch between what developers offer and what buyers demand remains a key challenge. “Luxury is not for everyone,” she said. “Yes, we have vacant properties, but some are not built to what the market now demands.”
Market watchers say that while negotiation margins are widening and sales are taking longer to conclude, the market cannot yet be classified as a buyer’s market. Prices remain firm in prime locations such as Ikoyi, Banana Island, and Victoria Island, although softer in less exclusive neighbourhoods.
BizWatch Nigeria recently reported that housing costs in Lagos now consume as much as 70 percent of household income, a situation that further underscores the pressure on affordability even outside the luxury segment. Analysts say this trend highlights the widening gap between pricing in high-end developments and the spending power of average buyers.
Experts expect the current pattern to continue in the short term, noting that developers may need to rethink their pricing models and align better with evolving buyer preferences. Until that happens, sellers are likely to retain the upper hand in Nigeria’s luxury property market.
Nigeria’s agricultural sector is set for a significant boost as the Federal Government has announced that a $500 million World Bank loan will accelerate investment and competitiveness across key agricultural value chains.
The Minister of Agriculture and Food Security, Abubakar Kyari, said the intervention forms part of President Bola Tinubu’s Renewed Hope Agenda on food security, job creation, and rural industrialisation.
Kyari spoke in Abuja during a courtesy visit by a World Bank team led by Hardwick Ichale, Lead for Agriculture Value Chains for Growth (AGROW).
He noted that the loan is within the framework of the World Bank’s broader $14 billion, six-year Agri-Connect initiative, which aims to close productivity gaps in smallholder farming and strengthen linkages between farmers, processors, markets, and financial services.
“This facility will support farmer aggregation, expand market linkages, and integrate micro, small and medium enterprises into priority value chains,” Kyari said. “Our expectation is to see stronger processing capacity, more efficient value chains, and improved livelihoods in rural communities.”
He added that the initiative aligns with ongoing government programmes, including the Special Agro-Industrial Processing Zones (SAPZs), which are designed to attract private investment and promote youth and women participation in agribusiness.
Kyari further stressed the need for transparency, accountability, and organised farmer cooperatives to ensure optimum utilisation of the funding.
In his remarks, Ichale said the AGROW Project will target high-impact commodity chains — including rice, maize, soybean, and cassava — with emphasis on commercialisation, productivity, and inclusion.
“The goal is to enable farmers to see farming as a business,” Ichale said, adding that the initiative is expected to unlock jobs and attract greater private sector investment in agro-processing and logistics.
The project is expected to deepen Nigeria’s export potential and enhance the overall competitiveness of the agricultural sector.
Technology-driven insurance firms are increasingly seeking regulatory approval from the National Insurance Commission (NAICOM) to operate as web aggregators and accelerate digital distribution of insurance products across Nigeria.
So far, Mp-Platform Ltd, Insurance Hub Nig. Ltd, and P2Vest Tech Ltd have secured approval, while CBI Insuretech Limited and WRAPA Insuretech Limited have applied for licenses.
The push aligns with the provisions of the new Insurance Industry Reform Act (NIIRA) 2025, which allows technology partners to collaborate with licensed insurers to boost product reach and market penetration, particularly at the retail end of the value chain.
Web aggregators are regulated digital platforms that allow consumers to compare multiple insurance offerings, providing transparency, unbiased product information, and a simplified route to purchase.
Speaking at the West African Insurance Companies Association (WAICA) Education Conference, the Minister of State for Finance, Doris Uzoka-Anite, said insurance will only deliver real impact when it becomes accessible to everyday Nigerians, including farmers, traders, artisans, and micro-entrepreneurs.
She noted that digital distribution, micro-insurance, and parametric offerings designed to trigger instant payouts based on verified data would improve financial inclusion and deliver resilience at the grassroots.
NAICOM recently released operational guidelines for Insurtech activities following broad stakeholder consultations. The guidelines, effective 1 August 2025, set out the regulatory framework for licensing, compliance and supervision of tech innovators within the insurance ecosystem.
Commissioner for Insurance, Olusegun Omosehin, described the NIIRA 2025 as a turning point for the industry.
“The NIIRA is a transformative catalyst that accelerates innovation, supports the development of novel products, and elevates consumer protection to unprecedented levels,” he said.
Under the framework, partnering Insurtechs may only transact specified classes of insurance with licensed underwriters, while standalone Insurtechs may operate independently—excluding special risks such as oil and gas, marine and aviation, retirement annuities and insurance for government assets.
Insurtech operators are also required to comply with NAICOM’s prudential guidelines, including risk management, investment conduct, outsourcing controls and actuarial standards.
All existing institutions engaged in Insurtech-related services have until the end of September 2025 to fully comply within 30 days of the guidelines taking effect.
Nigeria’s insurance market continues to expand rapidly. Gross Written Premium (GWP) rose to N1.213 trillion in the second quarter of 2025—up 49.3 per cent year-on-year—while total industry assets climbed to N4.4 trillion, compared with N2.3 trillion in Q2 2024.
