Nigeria’s money market remained largely stable on Tuesday as commercial banks continued to channel excess liquidity into the Central Bank of Nigeria’s (CBN) Standing Deposit Facility (SDF).
The system’s surplus liquidity, which opened at ₦3.8 trillion, rose slightly by ₦21.6 billion from the previous level. The CBN’s SDF window saw a spike in placements to ₦3.1 trillion as banks sought to optimise returns amid subdued borrowing activity at the Standing Lending Facility (SLF).
According to market updates from AIICO Capital Limited, banks are earning 24.5% on deposits at the SDF, taking advantage of the prevailing liquidity glut. The report added that CBN’s cautious liquidity management helped keep money market rates below the 25% threshold.
The average interbank funding rates remained unchanged, with the Overnight Rate (OVN) at 24.86% and the Open Buy Back (OBB) rate steady at 24.50%. Market participants expect rates to stay around current levels unless new funding pressures emerge.
Treasury bills trading was mixed, with yields on 1-month and 3-month maturities rising by 34bps and 1bp, respectively, while 6-month and 12-month bills eased by 9bps and 4bps. Consequently, the average Nigerian Treasury Bill (NTB) yield edged down by one basis point to 17.40%, reflecting moderate investor optimism.
The West African Examinations Council (WAEC) has denied circulating reports suggesting that it has restricted students from choosing certain subjects for the 2026 West African Senior School Certificate Examination (WASSCE) for School Candidates.
In a statement released on Tuesday by the Acting Head of Public Affairs, Moyosola Adeshina, and signed on behalf of the Head of National Office, the Council dismissed the claims as “baseless and misleading.”
Recent social media reports had alleged that WAEC directed schools to limit students’ subject combinations for the forthcoming examination. However, the Council clarified that it issued no such instruction and urged schools, parents, and the general public to disregard the rumours.
“WAEC wishes to categorically distance itself from this unfounded assumption and the misinformation making rounds. The Council did not issue any directive restricting students to particular subjects for WASSCE 2026,” the statement read.
The examination body explained that it does not control or modify secondary school curricula, as such responsibilities lie with the Federal Government and relevant education authorities.
“The development and regulation of curricula in Nigeria fall within the jurisdiction of the Federal Government. WAEC only implements government-approved curricula through its assessments,” the statement clarified.
WAEC emphasised that any changes to the education curriculum would follow established procedures and be officially communicated to stakeholders through appropriate channels.
The Council, which conducts examinations across five West African countries—Nigeria, Ghana, Sierra Leone, The Gambia, and Liberia—reiterated its reputation for credibility, fairness, and transparency in student assessment since its establishment in 1952.
“Schools, stakeholders, and members of the public are advised to disregard the misleading reports and rely only on official communications from WAEC regarding guidelines for the 2026 WASSCE,” the Council advised.
Reaffirming its commitment to excellence and professionalism, WAEC assured that no candidate would be unfairly treated or disadvantaged in the upcoming examination cycle.
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While 5G-enabled smartphones are flooding the Nigerian market, the infrastructure required to support them remains woefully inadequate a growing disconnect that experts warn could stall the country’s digital transformation ambitions.
Across major cities such as Lagos, Abuja, and Port Harcourt, consumers are embracing 5G-capable devices at an unprecedented rate. Global forecasts show 5G device sales are expected to rise by 13.2 percent in 2025, following a 16 percent jump recorded in 2024.
In the Middle East and Africa region, smartphone shipments grew by 3 percent year-on-year in the second quarter of 2025, buoyed by improving economic conditions and aggressive promotional campaigns. Affordable 5G-ready models from Xiaomi, Samsung, and other brands now account for nearly half of all new smartphone purchases in Nigeria.
However, this surge in device ownership contrasts sharply with the nation’s sluggish 5G infrastructure rollout. Only 12.7 percent of Nigeria’s mobile towers currently support 5G, with coverage limited to select urban areas, leaving vast rural regions — and even some state capitals — without access.
According to the Nigerian Communications Commission (NCC), 5G services presently reach less than 5 percent of the population, compared to 45 percent for 4G.
Growing Coverage Gaps
A joint NCC–Ookla report revealed glaring disparities in network accessibility. In Lagos, where over 41,000 5G-capable devices were detected, a 70.9 percent coverage gap means many users cannot connect to available networks. Abuja fares only slightly better, with a 65.6 percent gap affecting more than 16,000 users.
This limited access has far-reaching implications. Lagos, Africa’s largest city and a thriving tech hub, is losing potential productivity in sectors dependent on real-time data, digital commerce, and remote operations.
“Device adoption reflects confidence in 5G’s potential, but without robust network expansion, we’re creating a bottleneck,” said telecom analyst Jide Awe, warning that Nigeria risks falling behind peers like South Africa, where 5G coverage is more extensive despite similar economic challenges.
Cost Barriers and Infrastructure Deficits
While 5G phones have become relatively affordable, they remain out of reach for millions. MTN Nigeria CEO Karl Toriola highlighted affordability as a critical barrier, noting that 5G handsets cost between ₦120,000 ($75) and ₦2 million ($1,250) unattainable for many of Nigeria’s 88.4 million citizens living in extreme poverty.
“The biggest barrier is the cost of handsets,” Toriola explained. “We are working with the Ministry of Communications to promote local smartphone assembly and support financing through our MoMo platform.”
Beyond affordability, operators are contending with massive operational challenges. The NCC disclosed that the industry faces 1,100 fibre cuts daily, 545 access denials, and 99 cases of generator and battery theft, severely disrupting network reliability.
Policy Reforms and Private-Sector Push
To address these challenges, the government approved a 50 percent telecom tariff adjustment in January 2025, unlocking over $1 billion in infrastructure investment for fibre backbone expansion and base station upgrades.
The NCC also signed a Memorandum of Understanding (MoU) with federal and state ministries to classify telecom infrastructure as Critical National Infrastructure (CNI) making fibre vandalism a criminal offence.
“Cutting fibre is now a criminal act, which will safeguard our investments,” said Airtel Nigeria CEO, Dinesh Balsingh.
Telecom operators are also adopting AI-driven solutions to enhance rollout efficiency. MTN Nigeria’s Chief Technical Officer, Yahaya Ibrahim, said the company is using artificial intelligence to identify high-demand zones such as Lagos and Abuja.
“We won’t deploy 5G where there are no 5G handsets,” Ibrahim stated, revealing that only 4.9 million 5G-capable devices — mostly iPhone 13 and newer models — are currently active nationwide.
Airtel, on its part, is expanding its fibre network and deploying small-cell antennas in dense areas like Victoria Island and Computer Village to improve connectivity. It has also partnered with Starlink and OneWeb to extend 4G and 5G access to underserved rural communities.
Over the past two years, Airtel has relocated 3,000 kilometres of fibre infrastructure to strengthen network resilience.
Bridging The Digital Divide
Despite these efforts, rural regions still suffer up to 50 percent slower network speeds than urban centres, deepening Nigeria’s digital divide.
Telecom operators are now urging the government to introduce targeted subsidies and incentives to accelerate high-speed network expansion.
“Expanding access to reliable broadband is critical to Nigeria’s digital future, No one should be left behind in the race toward full digital inclusion.”
In heartwarming reunions that transcended borders and time, Interswitch Group, the leading African technology company focused on creating solutions that enable individuals and communities prosper, recently reconnected with former employees through its global initiative, The Interswitch Alumni Connect.
The 2 inaugural connect events, which respectively held in Birmingham, UK and Mississauga in Canada’s Greater Toronto Area, marked a significant milestone in the company’s efforts to sustain relationships with its alumni and to celebrate the shared legacy that continues to drive innovation and excellence across industries worldwide.
Launched as part of Interswitch’s ongoing commitment to its people, Alumni Connect provides a platform to foster community, share insights, and strengthen ties with those who have contributed to the company’s remarkable 23-year journey. The initiative reflects Interswitch’s belief that growth extends beyond organizational walls, empowering both employees and alumni to thrive while remaining connected to the vision that shaped their professional paths.
The first leg of the series took place early in October in the United Kingdom, where alumni across diverse sectors gathered in London for an evening of reflection and connection. The event featured open conversations about innovation, leadership, and industry evolution, as attendees shared their experiences since exiting Interswitch. The atmosphere was one of nostalgia and renewed camaraderie, as old colleagues reconnected and celebrated their continued impact in global technology and business spaces.
The Canadian edition followed shortly after in Toronto, expanding the celebration of The Switch community beyond continents. The session was equally vibrant, featuring storytelling, networking, and a reflective fireside chat with the company’s Founder and Group Managing Director, Mitchell Elegbe. Drawing from over two decades of entrepreneurial experience, Elegbe inspired attendees with his insights on growth, resilience, and purpose-driven leadership.
Mitchell Elegbe (middle), Founder and Group Managing Director, Interswitch, flanked by former employees of Interswitch at the Interswitch Alumni Connect which held recently at Canada.
Speaking on the ongoing alumni tour, Elegbe said:
“At Interswitch, we’ve always understood that true growth is never a solitary journey. When we create opportunities for people to learn, evolve, and expand, whether within or beyond the company, we strengthen the collective fabric of our community. Witnessing how our former colleagues have continued to excel and make global impact reaffirms our belief that when individuals thrive, the entire ecosystem grows stronger.”
Beyond the reunion, The IntersSwitch Alumni Connect underscores Interswitch’s continued investment in people, past and present, reaffirming that its culture of growth and innovation extends beyond the workplace. By sustaining meaningful connections with its alumni network, Interswitch continues to foster a community rooted in shared values, collaboration, and the pursuit of collective progress.
The Alumni Connect series is an ongoing initiative that will extend to other parts of the world in the near future, as Interswitch strengthens its global presence and celebrates the people who have been instrumental in shaping its legacy. Through these engagements, the company reinforces its belief that every person of The Switch remains a vital part of its ongoing story of innovation, impact, and transformation across Africa and beyond.
The Securities and Exchange Commission (SEC) has described Nigeria’s removal from the Financial Action Task Force (FATF) grey list as a significant milestone that will restore global confidence in the country’s financial and capital markets.
Speaking on Channels Television’s Morning Brief, SEC’s Director General, Dr. Emomotimi Agama, said the decision signals Nigeria’s improved commitment to anti-money laundering and counter-terrorism financing reforms.
Agama explained that the delisting demonstrates Nigeria’s determination to align with international financial standards and will likely attract more foreign investments.
“It means a great deal for our capital market and the entire financial system,” he said. “Delisting from the FATF grey list sends a strong signal to investors that Nigeria has made remarkable progress in strengthening its financial integrity framework.”
The FATF, a global intergovernmental watchdog, had in February 2023 placed Nigeria on its grey list over deficiencies in its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) measures.
Two years later, following the full implementation of a 19-point action plan, FATF officially removed Nigeria from the list, citing significant improvements across regulatory and institutional frameworks.
President Bola Ahmed Tinubu hailed the development as a “major milestone” in Nigeria’s economic reform and global credibility journey.
In a statement signed by his media aide, Bayo Onanuga, the President commended the Nigerian Financial Intelligence Unit (NFIU) and its Director, Hafsat Abubakar Bakari, for leading the country’s successful compliance effort. He also lauded key ministers, the National Assembly, and the Judiciary for their collective role in achieving the reform target.
Agama added that the delisting would stimulate renewed interest from international investors and enhance capital inflows, contributing to Nigeria’s broader economic recovery and productivity goals.
The Federal Government has criticised most state governments for failing to implement the Urban and Regional Planning Law (Decree 88 of 1992, Cap. 138 LFN 2004), more than three decades after its enactment, describing the inaction as a major contributor to Nigeria’s chaotic city growth and poor urban management.
Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, made the remarks in Abuja at the National Colloquium on the Implementation of the Urban and Regional Planning Law, organised by the Nigerian Institute of Town Planners (NITP), according to a statement issued by the ministry.
Dangiwa lamented that only two states including Katsina, have domesticated and operationalised the 1992 law, despite its critical role in ensuring orderly urban development across the country.
“It is regrettable that more than three decades after the promulgation of this progressive law, only two states, including my home state of Katsina, have adopted and implemented it,” Dangiwa said.
“This failure has contributed to the uncoordinated expansion of our cities, proliferation of informal settlements, and a widening gap between planning ideals and urban realities.”
Legacy of Neglect
The minister explained that the 1992 Urban and Regional Planning Law was enacted to replace the outdated 1946 Town and Country Planning Law, providing a unified legal and institutional framework for land use, spatial development, and physical planning across federal, state, and local governments.
However, he noted that weak institutions, inadequate technical manpower, poor coordination among tiers of government, and low public awareness have hindered its effective implementation.
Dangiwa expressed concern that the continued neglect of proper urban planning has resulted in disorganised city growth, overstretched infrastructure, and increased environmental risks, particularly in rapidly expanding urban centres.
Call for Reform and Modernisation
The minister emphasised that the realities of rapid urbanisation, population growth, climate change, and technological advancements have far outpaced the provisions of the 30-year-old law, necessitating an urgent review and update to meet current development needs.
He revealed that the Federal Ministry of Housing and Urban Development is already working to modernise the legal framework and ensure nationwide adoption of the legislation in line with global best practices.
“We have completed the review of the National Urban Development Policy, which has been approved by the Federal Executive Council. We are also finalising the National Physical Planning Standards and the National Policy on Rural Settlements Planning and Development,” Dangiwa said.
“These efforts are aimed at promoting balanced regional growth, reducing rural-urban migration, and ensuring inclusive and sustainable development.”
The minister also cited the Renewed Hope Housing Programme as a practical example of how strategic planning can drive sustainable communities, noting that each housing project under the initiative incorporates proper spatial, environmental, and infrastructural considerations.
Dangiwa called on state governments to demonstrate stronger political will and align with federal efforts to achieve a coherent national urban development agenda, warning that failure to do so would continue to undermine Nigeria’s economic potential and urban resilience.
Nigeria’s booming fintech sector has revolutionized how millions manage their finances. Yet, while digital banking has democratized access to money, it has also exposed a troubling paradox — the same technology meant to create wealth is increasingly being used to promote gambling over investing.
Today, most Nigerian banking apps make it easier to fund betting accounts than to invest in stocks or bonds. With a few clicks, users can deposit into sports betting platforms like Bet9ja or SportyBet directly from their bank accounts. In contrast, trying to fund a brokerage account to buy shares on the Nigerian Exchange (NGX) often involves multiple manual steps and little to no in-app integration.
Analysts say this imbalance reflects more than a design flaw — it mirrors a societal pattern where instant gratification overshadows disciplined wealth creation.
In the United States, more than 62% of citizens are active investors in financial assets. But in Nigeria — Africa’s largest economy with over 200 million people — less than 500,000 individuals actively trade on the NGX. This means that under 0.25% of the population participates in the formal investment market.
Banks are not entirely to blame; they are simply responding to consumer behavior. In a country battling high inflation and limited disposable income, betting often feels like a shortcut to wealth. Unfortunately, this mindset reinforces a cycle where poverty sustains gambling, and gambling sustains poverty.
Experts believe the solution lies in reprogramming the nation’s financial culture. If banks could integrate direct investment features — such as links to brokerage firms, fractional share options, and in-app investment education — they could transform how Nigerians perceive money management.
A coordinated effort between the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and fintech innovators could create platforms that promote saving and investing rather than wagering.
Financial education should also be embedded in school curriculums to teach young Nigerians the basics of compounding, portfolio diversification, and long-term investing.
By redirecting digital banking systems toward productive financial behavior, Nigeria can foster a generation of wealth-builders instead of risk-takers. The question now remains — will Nigeria’s fintech revolution invest in prosperity or keep betting on poverty?
Nigeria’s financial system remained awash with liquidity this week as interbank rates posted a mixed performance, reflecting a balance between market inflows and regulatory moderation by the Central Bank of Nigeria (CBN).
Market data revealed that system liquidity surged following a ₦1.5 trillion disbursement from the Federation Account Allocation Committee (FAAC), a development that significantly expanded banks’ placement volumes. Analysts noted that the CBN’s restrained liquidity management stance helped stabilize short-term benchmark rates.
Financial institutions recorded reduced borrowing from the apex bank’s Standing Lending Facility (SLF), while placements under the Standing Deposit Facility (SDF) increased notably. Market observers say this indicates a healthy liquidity position across the banking sector, with most lenders operating comfortably above reserve thresholds.
Investment analysts reported that financial system liquidity opened the session with a credit balance of ₦3.8 trillion—representing a ₦659 billion rise from the previous day’s figure of ₦3.1 trillion. AIICO Capital Limited attributed the gain to substantial coupon payments totaling ₦261.4 billion and an increase in placements at the CBN’s SDF window, which now stands at ₦2.9 trillion.
Despite the liquidity boost, average funding costs rose marginally by two basis points. The Open Repo Rate (OPR) remained unchanged at 24.50%, while the Overnight (O/N) rate inched up to 24.86%, reflecting a cautious stance among market participants.
Analysts at Broadstreet Advisory expect funding costs to remain broadly stable in the near term, barring any major mop-up operations or unusual demand for funds.
During the previous week, market liquidity opened at ₦956.71 billion and closed much higher at ₦3.12 trillion, bolstered by FAAC inflows that outweighed the impact of Open Market Operations (OMO) and Nigerian Treasury Bills (NTB) auctions.
In the secondary Treasury Bills market, yields declined across all maturities on Monday. The 1-month, 3-month, 6-month, and 12-month tenors fell by 13bps, 12bps, 18bps, and 16bps, respectively. Consequently, the average NTB yield dropped to 17.41%, signaling renewed investor appetite for short-term government securities.
The Federal Government has pledged full support for the Dangote Refinery’s plan to scale up its production capacity to 1.4 million barrels per day (bpd), describing the project as a transformative milestone for Nigeria, West Africa, and the African continent at large.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, made the announcement on Monday in Lagos during the opening of the 19th Africa Downstream Energy Week, themed “Energy Sustainability: Growth Beyond Boundaries and Competition.”
Lokpobiri commended the Dangote Group for its bold expansion initiative, assuring that the government would collaborate closely with the company to ensure the successful completion of the project, which, upon realisation, would position the refinery among the world’s largest.
“I received the good news that the Dangote Refinery is expanding its capacity to 1.4 million barrels per day. That will not only save Nigeria or West Africa; it will save Africa and make an impact globally. The Federal Government will support him all the way to accomplishing that goal,” the minister stated.
A Major Step Toward Africa’s Energy Independence
Lokpobiri described the refinery’s expansion as a major leap toward achieving Africa’s energy independence and a validation of the government’s policy direction in the petroleum sector.
He noted that the removal of fuel subsidies and the liberalisation of the downstream sector were deliberate policy measures by President Bola Ahmed Tinubu’s administration to encourage private investment and ensure a more competitive market.
“The main reason the President announced the removal of fuel subsidy on his first day in office was because, with subsidies, the private sector could not grow. The downstream can only thrive when the right business environment allows private capital to flow in, invest, and maximise opportunities,” Lokpobiri explained.
According to him, while the policy was initially misunderstood by some Nigerians, it has begun to yield tangible results, including improved product availability, market stability, and healthy competition among operators.
“With deregulation and liberalisation, there is now healthy competition. Prices are more stable, availability has improved, and products are more accessible and affordable despite challenges,” he said.
FG Reaffirms Commitment to Energy Sector Investment
The minister further reaffirmed the government’s commitment to deepening investments in the oil and gas industry, noting that the global energy transition debate has evolved toward a more balanced approach that acknowledges the continuing relevance of hydrocarbons.
“The world has realised that energy transition cannot happen in a vacuum. Even as we pursue cleaner sources, the global economy still depends on oil and gas. Without substantial investment in these resources, there will be no financial capacity to fund the energy mix we all desire,” he said.
Citing United Nations data, Lokpobiri stated that the world requires about $540 billion in annual investments in oil and gas exploration and infrastructure to meet rising energy demands and sustain global energy security.
He stressed that while climate change and net-zero emission goals remain critical, Africa must balance these with its developmental needs and population growth.
“Africa, with a population exceeding 1.4 billion people, cannot afford to ignore investment in oil and gas. Expanding exploration, production, and refining capacity is vital for self-sufficiency and the continent’s economic stability,” he added.
Lokpobiri noted that Nigeria’s downstream petroleum sector is witnessing gradual stability following the removal of subsidies, with improved supply, enhanced competition, and renewed investor confidence.
“Subsidy was not sustainable; it discouraged private investment and placed a heavy burden on government finances. What we are seeing today is a more competitive environment that promotes efficiency and private participation,” the minister concluded.
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 1485.00 per $1 on Tuesday, October 28th , 2025. The naira traded as high as 1450.00 to the dollar at the investors and exporters (I&E) window on Monday.
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 ₦1499 and buy at ₦1485 on Monday 27th October, 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
₦1499
Buying Rate
₦1485
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1457
Lowest Rate
₦1450
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
The Federal Medical Centre (FMC), Abeokuta, Ogun State, has launched an investigation into an incident in which a dental procedure was abruptly halted midway following a power outage, leaving a patient in excruciating pain.
The incident occurred on Monday during a tooth extraction procedure on a patient identified as Opeyemi Taofeekah. According to reports, the attending dentist, identified simply as Dr. Adedoyin, was performing the surgery when electricity suddenly went off. The situation was compounded by the failure of the hospital’s backup generator, forcing the doctor to suspend the operation.
Speaking with PUNCH Metro over the phone, Taofeekah said the dentist had already made an incision in her gum when the lights went out.
“He had already cut my gum and was about to remove the tooth when the light went off. The pain is unbearable,” she lamented tearfully.
“The doctor told me to come back on Wednesday because power might not be restored until two days later.”
Taofeekah added that after leaving the hospital, she sought help at a private clinic but was turned down because of her swollen gum and the incomplete surgery. Despite taking pain relievers, she said the discomfort and inflammation persisted.
Her caregiver, Adegoke Idris, who accompanied her to the hospital, described the experience as “both painful and shocking.”
“The doctor had advised the tooth removal because she’s over 25 and had recurring dental problems. But while the operation was ongoing, there was a power failure. The doctor said they couldn’t continue because the generator wasn’t working.
Now she’s in pain, moving from one private hospital to another, with her face swollen and the operation incomplete,” Idris said.
When contacted, the hospital’s Public Relations Officer, Segun Orisajo, said he would escalate the matter to the Acting Chief Medical Director (CMD). Later, he confirmed that the hospital had taken note of the complaint and would issue a formal response after internal consultations.
“It’s somewhat complex. The situation does not rest with the dental unit alone — the power supply is also involved. We will find out why the outage occurred and whether there was a challenge with the backup system,” Orisajo explained.
“It wasn’t as if the personnel to attend to her weren’t available. We need to holistically look into the issue.”
The development underscores the persistent power crisis confronting public health institutions in Nigeria. Earlier this year, the University College Hospital (UCH), Ibadan, suffered over 100 days of blackout, severely crippling operations at the nation’s premier teaching hospital.
Reliable power supply remains critical to modern medical practice, especially for life-saving procedures and electrically powered surgical equipment — a gap that continues to endanger patients across the country.
As Nigeria’s economy faces persistent challenges — from erratic power supply and weak infrastructure to volatile regulatory policies — businesses are learning that survival demands constant adaptation. For many sectors, what worked yesterday may not guarantee tomorrow’s success.
Across industries such as logistics, manufacturing, and retail, companies are grappling with high energy costs, transportation hurdles, and unpredictable consumer behavior. To stay afloat, Nigerian entrepreneurs are reinventing their business models, building resilience through innovation, and diversifying income streams.
Power and Infrastructure Challenges
The unstable power supply remains one of the biggest threats to business continuity. Companies spend heavily on generators and alternative energy, driving up production costs and reducing profit margins. Prolonged outages disrupt manufacturing schedules and erode customer trust.
Infrastructure deficiencies — from poor roads to congested ports — further complicate logistics. Export-oriented firms struggle to meet delivery timelines, while domestic operations face delays that drive inefficiencies and lost revenue.
Regulatory Volatility
Policy shifts, tax revisions, and changing compliance requirements keep businesses on their toes. What was once a profitable strategy can become obsolete overnight. Firms must strengthen their legal and compliance units to navigate these changes quickly and effectively.
Inconsistent regulation also affects investor confidence, making it critical for businesses to monitor government announcements closely and adjust operations accordingly.
Understanding Your Business and Its Purpose
At a recent Grow with Renny conference, FezDelivery CEO Seun Alley urged entrepreneurs to truly understand their business mission before diving in. She cautioned against entering industries simply because they appear lucrative.
Using the logistics industry as an example, Alley noted that while many rush in seeking profit, few focus on solving genuine problems. This mindset, she explained, often leads to frustration and premature closure.
She advised business owners to assess their market, identify real needs, and give their ventures time to grow — at least three to five years before expecting significant profit.
The Role of Extra Income and Patience
Abayomi Molehin, Group Head of Strategy and Business Transformation at Continental Reinsurance, reinforced Alley’s point, stressing that sustainability takes time. He shared how his wife’s business took years before turning a profit, made possible only because she maintained another source of income during the early stages.
Molehin added that entrepreneurs must be realistic about timelines and use personal or external income to sustain their business until it stabilizes. Trust and customer loyalty, he said, are built gradually, not overnight.
Leveraging Opportunities and Awareness
Many small business owners remain unaware of available financial programs. Molehin cited examples like the Bank of Industry’s single-digit loan for women, noting that awareness is often low despite such opportunities. He emphasized the importance of staying informed about government and institutional funding to ease financial strain during uncertain times.
Diversify and Innovate
Experts recommend diversification across sectors to reduce dependency on one market. Expanding into new regions or industries cushions businesses against economic downturns. Investing in innovation and R&D ensures that products stay relevant and competitive.
Customization is another key differentiator — tailoring solutions to client needs enhances loyalty and creates sustainable value.
Customer Relationships and Quality Standards
During difficult periods, businesses that prioritize excellent customer service tend to outperform competitors. Providing consistent value, transparent communication, and technical support builds trust that lasts beyond a single transaction.
Maintaining high-quality control and compliance with regulatory standards is equally crucial, particularly in sectors like pharmaceuticals or manufacturing, where lapses can result in heavy losses.
Strategic Alliances and Flexibility
Partnerships with industry players, research institutions, or technology providers can open new markets and reduce risks. Flexibility in business models — such as adopting subscription plans or leasing options — also attracts diverse clients.
Agility in supply chain management is vital. Companies should diversify suppliers and enhance logistics capabilities to reduce exposure to geopolitical and financial shocks.
Sustainability and Financial Discipline
Sustainability is no longer a buzzword — it’s a business necessity. Companies that implement eco-friendly practices not only attract conscious consumers but also align with evolving regulations.
Financial discipline is equally essential. Businesses must manage cash flow prudently, minimize waste, and optimize operations without compromising quality. Lean models and efficient processes are now the backbone of resilience.
Final Outlook
In an era defined by uncertainty, adaptability is the strongest form of security. Nigerian businesses that stay flexible, innovative, and customer-focused are more likely to thrive. While challenges in power, infrastructure, and policy remain, forward-thinking entrepreneurs who plan strategically, diversify operations, and remain alert to opportunities will continue to grow — even in turbulent times.
Extreme close-up of hand holding a modern smartphone with a generic mobile banking app running. This is a version without amounts and currency symbols .
Note to inspector, concerning copyright etc: The whole screen (every single graphic element, including battery indicator) is designed by myself.
In today’s digital economy, mobile banking apps have evolved from basic transaction tools into sophisticated personal finance companions. From saving automatically and investing smartly to earning interest and monitoring spending, these apps are redefining how Nigerians grow their money. Yet, many users still underestimate their full potential.
Across the country, major financial institutions such as GTBank, Access Bank, Sterling Bank, Wema Bank, and Zenith Bank have re-engineered their digital platforms to help customers save consistently, invest wisely, and manage expenses more effectively. With just a smartphone, anyone can now begin their journey toward financial discipline and long-term stability.
Automate Your Savings Habit
The foundation of wealth creation is consistent saving — a task many find challenging without structure. Mobile banking apps now make this effortless through automated savings features. Users can set recurring transfers — for instance, N2,000 every Friday — from their main account into a savings wallet. Once automated, this ensures that saving becomes a routine, not an afterthought.
Some banks take it a step further with goal-based savings. Wema Bank’s ALAT and Sterling Bank’s GoMoney allow customers to create targeted plans for rent, school fees, travel, or business projects, with progress tracking and higher interest rates than standard savings accounts. These digital tools encourage accountability and reduce the temptation to spend impulsively.
Explore Investment Opportunities
Beyond saving, Nigerian banks now offer digital investment platforms that democratize wealth creation. Through banking apps, users can invest in mutual funds, treasury bills, and government bonds with minimal capital. GTBank’s Habari app, for instance, allows customers to invest in unit trusts, while Stanbic IBTC’s app gives access to real-time asset management.
This innovation means anyone can start investing without deep financial expertise. The secret lies in consistency and compounding — earning interest not only on the original deposit but also on accumulated interest over time. Even modest investments can grow significantly when left to compound steadily.
Track Spending with Smart Tools
Understanding how you spend is just as important as saving and investing. Most Nigerian banking apps now come equipped with expense tracking dashboards that categorize transactions automatically. Apps from Access Bank, GTBank, and Zenith Bank provide detailed breakdowns, showing exactly how much goes to essentials and non-essentials.
With this insight, customers can identify wasteful habits — perhaps spending too much on food delivery or data — and adjust accordingly. Many apps even allow users to set budgets and alert them when spending limits are exceeded. This transforms your bank app into a digital accountability partner, helping you maintain control without manual recordkeeping.
Access Loans Responsibly
Instant digital loans have become one of the most convenient banking features. Apps like QuickCredit (GTBank), Specta (Sterling Bank), and PayDay Loan (Access Bank) allow customers to borrow funds within minutes. However, experts advise responsible borrowing: only take loans for productive or emergency purposes, not for luxury spending.
Failure to repay on time can damage your credit rating, affecting your chances of accessing larger loans in the future. On the other hand, prompt repayment strengthens your creditworthiness, positioning you for better loan terms down the line.
Earn Rewards and Bonus Interest
Some banks now reward users for staying digital. Customers can earn cashback, loyalty points, or tiered interest rates by paying bills, subscriptions, or school fees through their banking app. These small rewards accumulate over time, offering tangible value for consistent app use.
In addition to financial perks, the convenience of avoiding queues, saving time, and accessing exclusive offers adds to the appeal. By engaging fully with your bank’s mobile ecosystem, you’re not just simplifying transactions — you’re maximizing your financial potential.
Final Take
The modern banking app is no longer a convenience tool — it’s a financial growth engine. By automating savings, investing wisely, tracking spending, and borrowing responsibly, Nigerians can transform everyday transactions into long-term wealth-building habits.
With technology now integrated into every aspect of finance, your smartphone is not just a communication device — it’s your personal banker. The future of wealth creation is digital, and it begins with how you use your bank’s mobile app today.
The Federal Government has inaugurated a committee to resolve the long-standing debts owed to Power Generation Companies (GenCos) and to establish sustainable payment systems that will prevent future accumulation.
Permanent Secretary of the Ministry of Power, Mr. Mahmuda Mamman, announced this in Abuja during the 10th Anniversary of the Association of Power Generation Companies (APGC), themed “A Decade of Powering Progress, Driving Nigeria’s Energy Transformation.”
Mamman, represented by Mrs. Evangeline Babalola, said President Bola Tinubu had approved the formation of the committee to address both existing debt obligations and the sector’s liquidity challenges.
“The committee’s mandate goes beyond clearing arrears; it focuses on ensuring long-term financial sustainability within the power sector,” Mamman said.
He commended the GenCos for their resilience despite being owed billions, noting that their operations have sustained electricity supply and kept industries running.
“You have demonstrated patriotism in the face of financial adversity,” he said. “The government recognizes your sacrifice and is determined to find a lasting solution.”
Senator Enyinnaya Abaribe, Chairman of the Senate Committee on Power, praised APGC for its leadership and advocacy, noting that the association has helped shape Nigeria’s energy policy over the past decade.
He acknowledged persistent sectoral challenges, including infrastructure gaps, gas shortages, and tariff disputes, but said progress has been achieved through sustained dialogue and reform.
APGC Chief Executive Officer, Mrs. Joy Ogaji, said the group’s decade-long advocacy has strengthened investor confidence and promoted transparency within the generation segment.
“Despite financial hurdles, the GenCos remain committed to powering Nigeria’s energy future through innovation, partnership, and policy engagement,” Ogaji said.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has stated that Nigeria’s downstream oil and gas sector is undergoing major transformation driven by deregulation, forex reforms, and public-private collaboration.
Executive Vice President (EVP) for Downstream, Dr. Mumuni Dagazau, made this known during the 19th Africa Downstream Energy Week in Lagos, themed “Energy Sustainability: Growth Beyond Boundaries and Competition.”
Dagazau said recent government policies have opened new growth frontiers through integration, innovation, and strategic partnerships across the energy value chain.
“We are witnessing a shift from isolated operations to a fully integrated energy ecosystem,” he said. “These structural changes are reshaping how we produce, distribute, and consume energy in Nigeria.”
He highlighted that sustaining the transformation would require investment in infrastructure, innovation, and transparency.
Dagazau added that frameworks such as the Petroleum Industry Act (PIA) and incentives for gas and renewable projects are creating a more stable environment for investors.
He also noted that the government’s reforms have expanded opportunities in Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG), empowering local enterprises and opening export markets.
“Collaboration is Africa’s new competitive advantage,” Dagazau emphasized. “By building strategic alliances, the continent can unlock shared growth and long-term value.”
Also speaking, Lagos State Governor Babajide Sanwo-Olu, represented by Commissioner Abiodun Ogunleye, commended the OTL platform for shaping policy dialogue and driving investment across Africa’s downstream energy landscape.
Sanwo-Olu reaffirmed Lagos’s commitment to clean energy initiatives such as the Lagos Electricity Policy and Energy Transition Plan, designed to foster private participation and sustainability.
He added that sustained collaboration through platforms like OTL Africa would ensure a balanced, innovation-driven energy future for Nigeria and the continent.
The Federal Government has reaffirmed its commitment to supporting the Dangote Refinery in achieving its target production capacity of 1.4 million barrels per day (mbpd).
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, made this known during his opening remarks at the 19th Africa Downstream Energy Week in Lagos, themed “Energy Sustainability: Growth Beyond Boundaries and Competition.”
Lokpobiri described the refinery’s expansion as a defining moment for Africa’s energy independence and a validation of President Bola Tinubu’s reform-driven energy policies.
“The Dangote Refinery’s expansion to 1.4mbpd will not only transform Nigeria and West Africa but will impact the global energy landscape,” Lokpobiri said. “The Federal Government will support this vision all the way.”
He explained that the removal of fuel subsidy and liberalisation of the downstream petroleum sector were critical policy decisions that created a conducive environment for private investment.
“Without subsidy removal, the private sector would never have grown,” the minister noted. “Now we have a competitive market where prices are stable, availability has improved, and products are more accessible.”
Lokpobiri reiterated that energy transition must be approached with realism, adding that the global economy still depends heavily on hydrocarbons.
Quoting a recent United Nations report, he said the world needs an annual investment of $540 billion in oil and gas infrastructure to meet energy demand and ensure security.
“Africa, with a population of over 1.4 billion, cannot ignore oil and gas investments,” he stressed. “Expanding exploration and refining capacity is key to achieving energy security and economic stability.”
Also speaking, Adetunji Oyebanji, Chairman of the Advisory Board of OTL Africa Downstream Energy Week, emphasized the need for innovation, collaboration, and policy consistency to drive Africa’s energy transformation.
Oyebanji described the deregulation of Nigeria’s downstream petroleum sector as a turning point, adding that progress in logistics, digital trading, and storage efficiency reflects renewed investor confidence.
“Our ability to thrive depends not just on competition, but on cooperation,” he said. “The future of Africa’s energy lies in integration, where hydrocarbons, renewables, and innovation work together for sustainable growth.”
The Nigerian naira appreciated to ₦1,452 per U.S. dollar at the Nigerian Foreign Exchange Market (NFEM), as increased inflows from foreign portfolio investors strengthened the supply side of the currency market.
According to the latest data from the Central Bank of Nigeria (CBN), the naira closed stronger after reaching an intraday high of ₦1,457 against the greenback. Market analysts attributed the appreciation to improved dollar supply and reduced demand pressure.
The lowest intraday rate recorded during trading settled at ₦1,450/$1, reflecting relative stability across market transactions. The improved liquidity was driven primarily by inflows from foreign investors, exporters, non-bank corporates, and individuals.
In its market update, Coronation Merchant Bank Limited reported that total inflows through the NFEM climbed to $1.37 billion last week, up 25% from $1.10 billion recorded in the preceding week.
Data from Coronation Research showed that foreign portfolio investors (FPIs) accounted for the largest share of inflows at 33.52% ($460.01 million), followed by exporters (14.92%), non-bank corporates (10.76%), the CBN (6.63%), and other sources (28.58%).
The bank projected that the official rate is likely to remain below ₦1,500/$, supported by sustained FX liquidity and improved investor confidence.
Last week, the naira appreciated by 1.19% week-on-week, gaining ₦17.39 to close at ₦1,457.96/$1 at the official window.
Meanwhile, the global oil market experienced significant price gains, with Brent crude rising by more than 7% for the week. The rally was largely driven by U.S. sanctions on Russia’s top oil producers, Rosneft and Lukoil, which together contribute around 5% of global oil output.
Additionally, market optimism improved following reports that U.S. President Donald Trump is set to meet Chinese President Xi Jinping soon, easing trade tensions and boosting investor sentiment.
You probably know how much is sitting in your bank account right now. But do you know your net worth? For many Nigerians juggling rent, side hustles, loan apps, and the occasional “urgent 2k” request, calculating net worth feels like something only Dangote, Davido, or Tony Elumelu should bother about. But here’s the truth — your net worth isn’t about being rich; it’s about knowing where you stand.
When you know your net worth, money stops feeling like a mystery. It becomes something you can control, plan, and grow. And that’s where true financial confidence begins.
So, What Exactly Is Net Worth?
Let’s keep it simple.
Your net worth = what you own – what you owe.
In everyday terms, if you sold everything you own today — your car, phone, land, savings, even that side business — and used the money to pay off every debt and bill you owe, what’s left is your net worth.
Here’s a quick example. Suppose you have:
₦4 million in savings,
A car worth ₦3 million,
Investments of ₦2 million.
That’s ₦9 million in total assets. But if you also owe ₦2 million in loans and ₦1 million in rent arrears, your liabilities are ₦3 million. So, ₦9 million (assets) minus ₦3 million (liabilities) = ₦6 million net worth. And you know what’s interesting? Earning more money doesn’t automatically mean having a higher net worth.
Take Chioma and Tunde for instance:
Chioma earns ₦800k a month but owes ₦3m in debt.
Tunde earns ₦400k, owns a small car and some land in Ibadan, and has zero debt.
Tunde’s net worth is higher — even though he earns less. Because wealth isn’t about how much you make; it’s about how much you keep and grow.
How To Calculate Your Net Worth (Without Stress)
You don’t need a finance degree or an accountant. Just honesty, a notepad, and maybe your calculator app.
Step 1: List your assets. These are things you own that have value:
Step 3: Subtract liabilities from assets. That’s it — your net worth.
You can jot it down in a notebook, or better yet, use Google Sheets or Notion to track it. Some people even review it quarterly like a financial health check.
Why Your Net Worth Matters More Than You Think
Think of your net worth as your financial GPS. It tells you exactly where you are — and whether you’re moving forward, stuck in traffic, or sliding backward financially.
Here’s why it matters:
It gives you a complete picture, not just your account balance.
It helps you set achievable goals — like buying a house or clearing debt.
It keeps you honest. Numbers don’t lie.
It shows you when to invest, when to save, and when to pause spending.
When you know your net worth, you’re no longer guessing your way through money decisions. You’re working with facts.
Growing Your Net Worth (Even on a Nigerian Salary)
Let’s be real. It’s tough to “save and invest” when food, fuel, and rent keep rising faster than your income. But the goal isn’t perfection — it’s progress.
Here are small, steady ways to build your net worth:
Save consistently Even if it’s ₦10k a month. Automate it using apps like Cowrywise or PiggyVest so you don’t have to think about it. It adds up quicker than you’d imagine.
Reduce debt Start with the high-interest ones — loan apps, salary advances, and credit purchases. Pay off the small ones first for motivation.
Invest wisely Put money in low-risk options like mutual funds, treasury bills, or real estate cooperatives. Avoid “double your money in 2 weeks” schemes. Platforms like Bamboo, Risevest, and Ladda can help you invest safely.
Diversify your income You can only cut expenses so much. Extra income — from freelancing, tutoring, or selling products online — can push your finances forward faster than cutting back ever will.
Common Mistakes Nigerians Make When Calculating Net Worth
It’s easy to get it wrong. Here are a few traps to avoid:
Counting your iPhone or designer shoes as assets. (They lose value fast.)
Ignoring debts — especially “small” loans you plan to pay later.
Comparing your finances to people on Instagram. (Half of them are broke with aesthetics.)
Forgetting to update your net worth yearly.
Net worth isn’t a one-time project; it’s a living number that changes with your financial journey.
When Your Net Worth Is Negative — Don’t Panic
Many young Nigerians start with negative net worth, especially if you’ve got student loans, credit debt, or unpaid bills. It’s not the end of the road; it’s just a starting point.
Here’s a simple fix:
List every debt you owe (and their interest rates).
Focus on clearing the ones that stress you the most.
Start saving — even small amounts — while you pay off debts.
Small wins compound over time. That’s how financial recovery works — slowly, but surely.
The Bottom Line: Know Your Worth, Then Grow It
Your net worth tells your financial truth. It’s a snapshot of your past decisions, your present habits, and your future possibilities. When you track it, you start to see patterns — where your money goes, what drains you, and what builds you. You make better financial choices not from pressure, but from clarity. Because when you know your worth, you stop guessing and start growing.
salary of a woman. euro banknotes in hands on a green background. Income of women in European countries
The Euro weakened slightly against the U.S. dollar, sliding by 0.21% to $1.1631, as investors anticipate the release of key Eurozone GDP and inflation data later this week.
The foreign exchange market entered a pivotal phase with major global events lined up, including trade discussions between the United States and China, monetary policy meetings, and crucial economic reports across Europe.
Global Market Sentiment
Market optimism increased following renewed progress in U.S.–China trade negotiations. Investors are closely watching the expected meeting between U.S. President Donald Trump and Chinese President Xi Jinping, where both sides aim to finalise the framework for a preliminary trade deal.
Analysts at major FX firms noted that the euro has found strong support near $1.1575, though it needs to break above the $1.1655–$1.1670 range to regain a bullish trend.
As of Tuesday, EUR/USD remained below $1.1650, with roughly €640 million in options set to expire at that level.
Economic Outlook and Central Bank Policy
Forecasts suggest the Eurozone economy grew by only 0.1% in the third quarter, mirroring its Q1 performance, while annual growth is expected to ease from 1.5% to 1.2%.
The European Central Bank (ECB) is widely expected to maintain its current interest rates when it meets on Thursday, as policymakers monitor inflationary trends. Conversely, the U.S. Federal Reserve may opt to cut interest rates in response to soft labour data and weaker-than-expected inflation figures.
Later in the week, the Euro Area will release its flash Q3 GDP figures and October inflation data, which could shape market sentiment moving forward.
Meanwhile, analysts at ING Bank, including Chris Turner, said China’s continued strengthening of the yuan has been “mildly negative for the dollar.” The People’s Bank of China fixed its reference rate at 7.0881 yuan per dollar on Monday, slightly stronger than Friday’s 7.0928 yuan, signaling Beijing’s intent to stabilize its currency amid global market volatility.
