Nigeria’s gross external reserves have climbed to $42.865 billion, marking the country’s strongest reserve position in over five years. Economic projections reviewed by BizWatch Nigeria suggest the reserves could edge up to $43 billion by year-end, a development analysts describe as a reflection of improved foreign exchange inflows and a stabilizing macroeconomic outlook.
According to new data released by the Central Bank of Nigeria (CBN), the latest figures indicate that the nation’s external reserves can now cover approximately 12 months of imports, providing a crucial liquidity cushion for the economy. This performance surpasses pre-naira reform levels and underscores Nigeria’s strengthening foreign reserve management strategy.
Experts attribute the boost in reserves to increased hydrocarbon export earnings, a renewed surge in foreign portfolio investments (FPI), and consistent inflows from diaspora remittances. These factors combined have helped stabilize the nation’s foreign exchange market amid continued reforms by the apex bank.
The reserves opened the year at $40.877 billion, fluctuating modestly through the first and second quarters before reaching the current peak. This growth trajectory has been largely supported by improved oil production levels and robust participation by foreign investors in Nigeria’s fixed-income and equity markets.
Economic analysts believe that sustaining this momentum will depend on maintaining investor confidence, managing FX demand pressures, and enhancing export diversification. The CBN has emphasized its commitment to strengthening reserve buffers to ensure macroeconomic stability and resilience against external shocks.
The House of Representatives has taken a significant step toward enhancing the independence of Nigeria’s foremost anti-graft agency, the Economic and Financial Crimes Commission (EFCC), by passing for second reading a bill to amend the EFCC (Establishment) Act, 2004.
The amendment bill, sponsored by Yusuf Gagdi, representing Pankshin/Kanke/Kanam Federal Constituency of Plateau State, seeks to strengthen the institutional autonomy of the EFCC and align its operations with global anti-corruption standards.
During Thursday’s plenary, presided over by the Deputy Speaker, Benjamin Kalu, Gagdi argued that the amendment was necessary to modernise the EFCC’s legal framework and empower it to effectively tackle evolving patterns of financial and economic crimes.
He noted that since the establishment of the EFCC Act in 2004, the landscape of financial crimes had expanded beyond conventional fraud to include cybercrime, cryptocurrency-related offences, illicit financial flows, terrorism financing, and real estate-linked money laundering.
“The EFCC operates under outdated provisions that do not adequately address these emerging realities,” Gagdi said. “Furthermore, the existing law does not provide sufficient safeguards for the Commission’s independence, leaving it vulnerable to political influence and external interference.”
A key highlight of the proposed amendment is the plan to limit the President’s unilateral power to remove the EFCC Chairman. Under the current law, the President can dismiss the Chairman at will, but the new proposal stipulates that such a decision must be ratified by a two-thirds majority of both chambers of the National Assembly.
Citing Section 3(2) of the existing Act, Gagdi stressed that the current framework grants the President sweeping powers that could undermine the Commission’s credibility and objectivity. He maintained that the amendment would restore public confidence in the EFCC and safeguard it from political manipulation.
“The bill presents a decisive step towards strengthening Nigeria’s anti-corruption framework,” he said. “It aims to ensure that the EFCC operates as an independent, professional, and transparent institution responsive to modern financial crime realities. This reform will also bolster Nigeria’s global reputation and promote good governance and economic stability.”
Supporting the motion, Chairman of the House Committee on Financial Crimes, Ginger Onwusibe, described the proposed amendment as long overdue, observing that the principal Act no longer reflects the complexities of contemporary financial offences.
The bill was subsequently referred to the House Committee on Financial Crimes for further legislative action.
When the Nigerian Electricity Regulatory Commission (NERC) announced a ₦28 billion bailout for electricity distribution companies (DisCos) last month, it was greeted with cautious optimism and weary scepticism.
The new funds, earmarked for the procurement and free installation of meters for customers in tariff Bands A and B, form part of the Presidential Metering Initiative (PMI), which targets Nigeria’s estimated seven million unmetered electricity consumers. Yet, for many observers, the initiative feels like another replay of an old, costly drama.
Investigations by BusinessDay show that nearly ₦1.5 trillion has already been injected into previous metering interventions—spanning federal allocations, Central Bank of Nigeria (CBN) loans, and donor funding—with limited progress to show. Despite these massive investments, more than half of Nigeria’s 11.8 million active electricity customers remain unmetered and subjected to controversial estimated billing.
As of 30 June 2025, NERC data indicated that only 6,422,933 customers (54.3 percent) had been metered, leaving about 5.3 million still without meters.
The latest tranche—under the Meter Acquisition Fund (MAF)—was unveiled on 15 October and is being distributed among the 12 DisCos according to their customer base and operational needs. Major beneficiaries include Ikeja Electric, Eko Electricity Distribution Company, Ibadan Electricity Distribution Company, and Abuja Electricity Distribution Company.
According to NERC, the intervention represents “a decisive measure to eliminate estimated billing and deepen efficiency in electricity distribution.” But across the sector, doubts persist.
“The challenge isn’t about funding anymore—it’s about delivery and transparency,” said a senior executive at a Lagos-based meter manufacturing company who requested anonymity. “We’ve seen this before: funds released, promises made, and little impact on the ground.”
A History of Broken Promises
Nigeria’s metering journey is littered with failed schemes and mismanaged funds. The most prominent of these, the National Mass Metering Programme (NMMP), was launched in 2020 with a ₦200 billion CBN-backed facility to deliver one million meters in its pilot phase. By 2022, however, the project had been tainted by scandal after the CBN asked a Lokoja High Court to freeze 157 bank accounts linked to companies accused of diverting NMMP funds.
Less than 940,000 meters were reportedly delivered—many of which were never installed—while billions of naira remain unaccounted for.
Subsequent efforts, including NERC’s initial ₦21 billion MAF phase, also struggled. By mid-2025, only about 107,000 Band A customers had received meters under the scheme. Analysts argue that DisCos, burdened by debt and poor cash flow, have little incentive to accelerate metering, as unmetered consumers can be billed arbitrarily.
“The system rewards inefficiency,” said an Abuja-based power analyst. “As long as estimated billing persists, DisCos can inflate figures without accountability.”
Paying Twice, Waiting Forever
Frustrated by delays, many customers have tried to self-finance their meters under the Meter Asset Provider (MAP) scheme, introduced in 2018. While the programme allows customers to pay upfront and receive refunds through energy-use credits, complaints of non-refund and poor service abound.
“It feels like we’re punished for trying to do the right thing,” said Chidinma Eze, a small business owner in Isolo who paid ₦88,000 for a meter in 2022 but is yet to receive reimbursement.
Foreign Contracts, Local Frustrations
The World Bank’s Distribution Sector Recovery Programme—backed by a $500 million loan, including $155 million earmarked for 3.2 million meters—was expected to bring structure and international oversight. But disputes between local manufacturers and the Transmission Company of Nigeria (TCN) have stalled progress.
Local producers accuse TCN of sidelining Nigerian firms in favour of foreign suppliers, notably two Chinese companies reportedly awarded contracts worth over ₦100 billion for 1.25 million meters. The controversy has left hundreds of thousands of installations in limbo.
The Bigger Problem
With cumulative spending now exceeding ₦1.5 trillion, Nigeria’s metering gap remains stubbornly wide. Experts warn that the implications go beyond billing fairness.
“Metering is the backbone of a functional power market,” said energy economist Ayodele Olawande. “Without accurate measurement, you can’t determine true consumption, attract investors, or enforce accountability.”
Industry analysts argue that the core challenge lies not in regulation but in execution.
“Every new metering scheme recycles old players and old inefficiencies,” said a consultant who has worked on two previous interventions. “Until there’s political will to confront corruption and enforce delivery, Nigeria will keep spending billions to measure darkness.”
For now, the ₦28 billion bailout stands as yet another promise in a long line of metering pledges—haunted by the ghosts of ₦1.5 trillion spent and millions of consumers still waiting for the light of transparency.
The National Board for Technical Education (NBTE) has cautioned all professional and examination bodies in Nigeria to desist from the unauthorised conduct and award of National Diploma (ND) and Higher National Diploma (HND) certificates.
The warning was contained in a statement issued on Thursday in Kaduna by the NBTE’s Executive Secretary, Prof. Idris Bugaje, through the board’s Head of Media and Publicity, Mrs Fatima Abubakar.
Prof. Bugaje expressed concern over reports of certain professional and examination bodies purporting to design, conduct, and issue ND and HND certificates in various disciplines, describing such actions as illegal and a direct violation of the NBTE Act.
He emphasised that the NBTE remains the sole authority legally empowered under the Federal Government Decree No. 9 of 1977, as amended by Act No. 16 of 1985, to approve, accredit, and regulate all programmes leading to the award of ND and HND certificates in Nigeria.
According to the board, only accredited Technical and Vocational Education and Training (TVET) institutions—such as polytechnics, colleges of health, colleges of agriculture, colleges of nursing sciences, and other specialised institutions that meet approved standards—are authorised to run ND and HND programmes.
“The board will not hesitate to take appropriate regulatory and legal action against any professional or examination body found engaging in such unlawful practices,” the statement added.
The NBTE further advised stakeholders and the general public to ensure strict compliance with the regulations governing technical education in Nigeria, warning that any violation would attract sanctions.
In September, the board reiterated its commitment to sustaining a nationwide clampdown on unaccredited institutions falsely operating as polytechnics, a move aimed at safeguarding the integrity of Nigeria’s technical education system.
…NEC expands anti-crude theft committee to cover illegal mining operations
The Federal Government has announced a nationwide crackdown on illegal gold miners and mineral smugglers as part of efforts to protect Nigeria’s natural resources and boost government revenue.
The decision followed the National Economic Council’s (NEC) approval to expand the mandate of its Ad-hoc Committee on Crude Oil Theft Prevention and Control—chaired by Imo State Governor, Hope Uzodinma—to include the fight against illegal mining and mineral smuggling.
Briefing State House correspondents after the 153rd NEC meeting presided over by Vice President Kashim Shettima at the Presidential Villa, Abuja, Uzodinma said the expansion reflects the government’s determination to plug revenue leakages in the solid minerals sector.
“The National Economic Council Ad-hoc Committee on Crude Oil Theft Prevention and Control, which I chair, presented an interim report today to the Council. NEC received the report with satisfaction and expanded our Terms of Reference to now also take interest in solid minerals, because our solid minerals are being mined and stolen without adding to national revenue,” he said.
Uzodinma disclosed that the committee would collaborate with the Ministry of Solid Minerals Development, the Nigeria Extractive Industries Transparency Initiative (NEITI), and security agencies to curb gold smuggling, illegal quarrying, and unregulated mineral exports.
“Going forward, our committee, working with other government agencies, will ensure that revenue accruing from solid minerals such as gold and other resources is fully captured and protected from theft,” he added.
Originally established in August 2022 under former President Muhammadu Buhari to combat crude oil theft and pipeline vandalism, the ad-hoc committee was reconstituted by President Bola Tinubu in December 2023 amid declining oil production—then hovering between 700,000 and 800,000 barrels per day, far below Nigeria’s OPEC quota.
Nigeria’s illegal mining industry is a multibillion-naira underground economy, particularly in gold, lithium, and other precious minerals. According to NEITI, the country loses more than $9 billion annually to illicit extraction and smuggling.
Investigations show that over 80 per cent of mining operations in Nigeria are informal and unregulated, with many controlled by criminal syndicates and armed groups in the North-West and North-Central regions—turning mineral exploitation into a major source of funding for banditry and cross-border crimes.
To address the crisis, the Ministry of Solid Minerals in September 2024 revoked over 900 dormant mining licences and introduced a national gold reserve policy to strengthen traceability and promote value addition in the sector.
Uzodinma said the expanded committee will adopt a holistic approach, integrating the anti-mining drive into the existing national framework used to combat oil theft.
“Among other things, we recommended that NNPC, working with security agencies, should strengthen surveillance across creeks and offshore regions to prevent illegal entries and vessel movements. That same spirit will now guide our approach to the solid minerals sector,” he said.
The committee is expected to present its first progress report on the expanded mandate at the next NEC meeting in November.
The landing cost of imported Premium Motor Spirit (petrol) has slightly declined to N839.97 per litre, according to new data from the Major Energies Marketers Association of Nigeria (MEMAN).
The latest figure represents a marginal reduction from N849.61 per litre recorded earlier in October. However, despite this drop, depot owners have maintained high gantry prices, with filling stations still selling petrol above N915 per litre.
MEMAN’s report revealed that Dangote Refinery’s ex-depot price remains around N877 per litre—about N37 higher than the current landing cost of imported petrol.
The refinery had earlier promised to reduce pump prices to around N841 per litre during the launch of its CNG trucks in September, raising public expectations for relief at the pump. Instead, prices have surged to between N915 and N950 per litre in most states.
Industry observers say the increase contradicts recent trends in crude oil and exchange rates, both of which have stabilized. Crude prices have fallen to about $61 per barrel, while the naira now trades around N1,470 per dollar—down from N1,700 earlier in the year.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) blamed depot owners for the latest price hikes, accusing some of hoarding and others of supply delays from the Dangote refinery.
DAPPMAN’s Executive Secretary, Olufemi Adewole, however, described Dangote’s frequent price cuts as strategic and destabilizing to market equilibrium.
He stated that while Dangote’s refinery contributes 30–35 per cent of national supply, other marketers still play a vital role in ensuring nationwide fuel distribution under regulatory oversight.
As Nigerians continue to face rising fuel costs, experts call for stronger market regulation to prevent anti-competitive pricing and ensure fair access to petroleum products.
President Bola Ahmed Tinubu on Wednesday officially inaugurated Professor Joash Amupitan (SAN) as the new Chairman of the Independent National Electoral Commission (INEC). The swearing-in ceremony took place at the Council Chamber of the Presidential Villa in Abuja at about 1:50 pm.
This appointment follows Amupitan’s confirmation by the Nigerian Senate on October 16 after a rigorous screening exercise.
In his remarks, President Tinubu charged the newly inaugurated INEC Chairman to safeguard the integrity of Nigeria’s electoral system and strengthen the commission’s institutional framework.
He emphasized that Amupitan’s selection signifies the government’s trust in his capability, professionalism, and dedication to upholding democratic values.
“As Chairman of the Independent National Electoral Commission, your appointment and Senate confirmation are a testament to your competence and the confidence placed in you by both the executive and legislative arms of government,” Tinubu said.
“Our democracy has come a long way in the past 25 years. We have strengthened our institutions, improved our electoral processes, and learned vital lessons along the way. Now, we must continue to ensure that our elections remain transparent, credible, and peaceful,” he added.
The President urged the INEC Chairman to ensure public confidence in elections, noting that the integrity of the electoral process is central to sustaining Nigeria’s democratic growth.
He further stated, “The conduct of free, fair, and credible elections remains the cornerstone of democracy. No electoral system is perfect, but it is our duty to continue improving and fortifying our institutions to prevent manipulations and ensure fairness for all Nigerians.”
Amupitan pledged to build on the reforms of his predecessors and reaffirmed INEC’s commitment to impartiality, transparency, and efficiency in electoral administration.
The Nigerian equities market continued its upward momentum on Thursday, adding N479 billion in market capitalization amid growing investor optimism spurred by ongoing economic reforms.
Data from the Nigerian Exchange (NGX) showed that the All-Share Index rose by 753.65 points, or 0.49 per cent, to close at 154,489.90 points. Market capitalization increased from N97.6 trillion to N98.1 trillion, reflecting a week-to-date gain of 4.14 per cent.
Trading volume also surged, with 926.91 million shares valued at N26.94 billion exchanged in 30,685 deals—a 57 per cent rise in volume and a 12 per cent increase in turnover compared to the previous session.
PZ Cussons Nigeria and The Initiates Plc led the day’s gainers, each rising by 10 per cent to close at N42.90 and N14.30 respectively. Lafarge WAPCO and CAP Plc also recorded significant gains.
Conversely, John Holt Plc and Multiverse Mining topped the losers’ chart, shedding 9.72 per cent and 9.71 per cent respectively.
Lafarge WAPCO led the market in transaction value with N6.98 billion in trades, followed by Seplat Energy, NASCON Allied Industries, Presco Plc, and Aradel Holdings.
Analysts attributed the positive market sentiment to policy stability, improved forex liquidity, and investor-friendly reforms from both fiscal and monetary authorities.
At the Financial Times Africa Summit 2025 in London, NGX Group CEO Temi Popoola highlighted that the reforms championed by President Tinubu’s administration have boosted market confidence.
With a year-to-date growth of 50.1 per cent, the Nigerian stock market remains one of the best-performing globally, signalling investor belief in the country’s reform-driven economic rebound.
The Nigerian Senate Committee on Public Procurement has renewed its call for stricter compliance and enhanced transparency in the country’s procurement processes, urging reforms that will ensure efficiency, accountability, and value for public spending.
Speaking during a two-day retreat in Abuja on Thursday, Senator Olajide Ipinsagba (Ondo North), Chairman of the Committee, emphasised that public procurement should embody openness and measurable impact on citizens and national development.
He explained that procurement is not merely a bureaucratic function but a vital mechanism that translates government policies into tangible infrastructure and social progress. “Public procurement represents one of the largest components of national expenditure and must, therefore, be guided by the highest standards of integrity and efficiency,” he said.
Ipinsagba noted that since the enactment of the 2007 Public Procurement Act and the establishment of the Bureau of Public Procurement (BPP), Nigeria had made significant progress. However, he acknowledged the need for continuous reforms to address gaps and strengthen governance in the system.
He described public procurement as an evolving process requiring ongoing legislative oversight and institutional innovation to enhance transparency. “By embracing global best practices, Nigeria can make its procurement system a model of efficiency not only in Africa but globally,” he added.
The senator also linked the committee’s efforts to President Bola Tinubu’s Renewed Hope Agenda, stating that transparent procurement would drive development goals such as better infrastructure, education, healthcare, and safer roads.
Kelechi Kingsley, CEO of Leadbold Resource Consulting Ltd., said the retreat was designed to strengthen the Senate committee’s leadership capacity for effective oversight. She added that participants were exposed to global best practices aimed at improving value for money in public spending.
Kingsley emphasised that transparent and accountable procurement systems remain crucial for achieving sustainable national development and promoting public trust in government institutions.
The Nigerian Exchange (NGX) continued its impressive upward trajectory, with the equities market recording a 50.1% year-to-date gain that pushed total market capitalisation to ₦98 trillion on Thursday. This surge comes as third-quarter corporate earnings releases continue to drive investor optimism across key sectors.
Market analysts attributed the rally to renewed investor appetite for growth and value stocks, as expectations rise for strong financial performance from listed companies. The current momentum has prompted speculation that the market could cross the ₦100 trillion threshold before the end of October, reflecting increased risk appetite amid declining yields in the fixed-income segment.
Sustained bargain-hunting activity helped lift key NGX performance indicators by 49 basis points, while the year-to-date return climbed to 50.10%. Despite a slightly negative market breadth, investor sentiment remained upbeat, particularly towards blue-chip and medium-cap stocks such as PZ Cussons, WAPCO, Aradel Holdings, and MTN Nigeria.
According to data from the Nigerian Exchange, the benchmark index advanced by 753.65 basis points to close at a new record high of 154,489.90 points — representing a 0.49% rise from the previous session. Market capitalisation grew by ₦478.37 billion, bringing the total to ₦98.06 trillion.
Trading activity also picked up notably, as the total volume and value of transactions rose by 61.70% and 16.68%, respectively. Brokers recorded 926.92 million shares traded, valued at ₦26.95 billion, across 30,703 deals.
Japaul Gold led the volume chart, contributing 47.24% of total trades, followed by Fidelity Bank (8.37%), WAPCO (5.02%), AccessCorp (3.53%), and NASCON (1.94%). In terms of value, WAPCO dominated with 25.95% of total trade value on the floor of the exchange.
Top gainers for the day included TIP and PZ, both appreciating by 10%. They were closely followed by ASO Savings (+9.09%), CAP (+8.82%), WAPCO (+8.63%), Mecure (+8.10%), and Champion Breweries (+7.05%), among others.
Meanwhile, thirty-six equities posted losses. John Holt led the decliners with a 9.72% drop, followed by Stanbic IBTC (-9.15%), Oando (-6.44%), Livestock Feeds (-5.06%), Dangote Sugar (-4.58%), and Tantalizers (-2.17%).
At the close of trading, the market breadth was slightly negative, recording 34 gainers against 36 losers. Sectoral performance was mixed — the Industrial Goods (+3.09%), Oil & Gas (+1.13%), and Commodity (+0.83%) sectors advanced, while Banking (-1.06%), Insurance (-1.27%), and Consumer Goods (-0.94%) sectors posted declines.
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 1475.00 per $1 on Friday, October 24th , 2025. The naira traded as high as 1458.00 to the dollar at the investors and exporters (I&E) window on Thursday.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1499 and buy at ₦1475 on Thursday 23rd 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
₦1475
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1464
Lowest Rate
₦1458
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
The yield on the U.S. 10-year Treasury note climbed to 3.99% on Thursday, marking its first rise of the week as investors turned their attention to the upcoming Consumer Price Index (CPI) data and a new round of Treasury note auctions.
According to the U.S. Treasury Department, the government plans to auction $69 billion in two-year notes, $70 billion in five-year notes, and $44 billion in seven-year notes this month. Results for the two-year and five-year note auctions are expected Monday, while the seven-year auction results are due Tuesday.
Last month’s similar auctions drew weaker-than-expected demand, prompting close market scrutiny of this round’s performance. However, the Treasury’s $13 billion sale of 20-year bonds earlier this week attracted above-average investor interest, suggesting renewed confidence in the market.
Despite ongoing uncertainty from the U.S. government shutdown, the CPI report is still scheduled for release on Friday. Economists forecast that headline inflation will accelerate for the second consecutive month in September, potentially hitting its highest level since May 2024. Core inflation, however, is expected to remain stable, indicating that tariff-related price pressures remain contained.
Inflation’s persistence has stalled progress toward the Federal Reserve’s 2% target for over a year, with headline CPI readings fluctuating between 2.3% and 3.0% year-on-year. Nevertheless, markets continue to anticipate an eventual rate cut, even without stronger labour market data.
Meanwhile, the U.S. dollar traded narrowly against major G10 currencies as geopolitical tensions escalated. New sanctions imposed by the U.S. and European Union on Russia’s top oil producers — Rosneft PJSC and Lukoil PJSC — are expected to disrupt exports to China and India, which may reduce global supply in the coming weeks.
Interswitch, the leading African technology company focused on creating solutions that enable individuals and communities prosper, has reaffirmed its commitment to advancing digital transformation in Nigeria’s healthcare sector through the successful showcase of its innovative health solutions at the 111th Regular Meeting and 2025 Annual Conference of the Committee of Chief Medical Directors (CMDs) and Managing Directors (MDs) of Federal Tertiary Hospitals in Nigeria (CCMDFTH), hosted by the University of Nigeria Teaching Hospital (UNTH), Enugu.
The four-day conference, which held from Tuesday, October 14 to Friday, October 17, 2025, at the Best Western Hotel, Independence Layout, Enugu, convened healthcare leaders, policymakers, and technology partners from across the country under the theme, “Smarter Processes, Better Healthcare.” It featured technical sessions, interactive exhibitions, and high-level discussions centred on advancing smarter healthcare delivery systems through digital innovation.
Interswitch featured prominently at the event, setting up an engaging exhibition booth and delivering a high-impact presentation during the segment dedicated to corporate innovations. Babatunde Fadeyi, Vice President, Health Ecosystem (Public Sector), Industry Ecosystem & Platforms (Interswitch Indeco), led the presentation, which drew significant interest from participants including CMDs, MDs, and senior administrators of tertiary health institutions.
Babatunde Fadeyi, Vice President, Health Ecosystem (Public Sector) Industry Ecosystem & Platforms (Interswitch Indeco) speaking at the 111th Regular Meeting and 2025 Annual Conference of the Committee of Chief Medical Directors (CMDs) and Managing Directors (MDs) of Federal Tertiary Hospitals in Nigeria (CCMDFTH), which held recently at Enugu.
During his presentation, Fadeyi reiterated Interswitch’s broader mission to enable a connected, data-driven healthcare ecosystem in Nigeria. He said:
“At Interswitch, we are not just building technology, we are building bridges between care providers, patients, and policymakers. Through platforms like HIMS, eClinic, and Smarthealth, we’re empowering hospitals and HMOs to embrace digital transformation, making healthcare delivery more transparent, efficient, and patient-centred.”
Interswitch showcased its suite of cutting-edge digital health solutions including the Health Information Management System (HIMS), eClinic, and Smarthealth, designed to simplify hospital operations, enhance administrative efficiency, and improve patient outcomes across hospitals, Health Maintenance Organisations (HMOs), and related institutions.
The HIMS platform connects healthcare providers, HMOs, and subscribers through a unified digital ecosystem that streamlines claims processing, data exchange, and communication across the healthcare value chain. eClinic enables healthcare centres to transition from paper-based processes to electronic medical records, while Smarthealth empowers individuals with tools for telemedicine, medical geolocation, symptom checking, and personalised wellness tracking.
Participants, including CCMDFTH Chairman, Prof. Emem Bassey, visited the Interswitch exhibition stand and commended the company’s contribution to the digitalisation of healthcare processes, as well as its commitment to fostering efficiency and transparency across Nigeria’s health system.
Throughout the event, delegates interacted with Interswitch’s team of product specialists, exploring the potential of these solutions to address long-standing challenges in hospital administration, data management, and patient access. Many participants lauded Interswitch’s innovative approach to tackling inefficiencies that have historically hindered effective healthcare delivery in the country.
By actively engaging healthcare leaders at the 111th CCMDFTH Conference, Interswitch continues to reinforce its role as a catalyst for digital healthcare transformation in Nigeria. Building on this momentum, the company aims to deepen collaboration with hospitals, policymakers, and technology partners to scale its healthtech solutions nationwide, driving smarter processes, stronger systems, and better health outcomes for all.
The naira appreciated against the US dollar on Thursday as liquidity improved across Nigeria’s foreign exchange market, supported by rising external reserves and moderated demand for dollars.
Latest data from the Central Bank of Nigeria (CBN) showed that the exchange rate closed at ₦1,460.49 per dollar, a slight gain from ₦1,463.43 recorded previously. The spot market experienced intraday highs and lows of ₦1,464 and ₦1,458, respectively.
This improvement coincided with a rebound in Nigeria’s foreign reserves, which increased to $42.865 billion from $42.792 billion the previous day — reflecting higher crude prices and renewed investor confidence.
The reserve growth also comes as Nigeria seeks an upward revision of its OPEC production quota, currently set at 1.5 million barrels per day (mbpd). Despite labour disruptions, oil production slipped to 1.39 mbpd in September, down by 44,576 barrels from 1.43 mbpd in August, marking a second consecutive monthly decline.
Nevertheless, the uptick in oil prices offered a cushion. Brent crude futures surged by $2.91 (4.7%) to $65.50 per barrel, while the US benchmark, West Texas Intermediate (WTI), jumped 6.2% to trade above $61 per barrel — its biggest one-day gain since June 2024.
The rally followed the US government’s imposition of sanctions on major Russian oil companies, Rosneft PJSC and Lukoil PJSC, disrupting supply expectations and pushing prices higher. Analysts said the sanctions may also impact flows to major buyers like India, which could further tighten global oil supply.
With rising reserves and stable exchange market activity, traders expect the naira to maintain relative strength in the near term, provided foreign inflows and oil revenues continue their upward trend.
As the air thickens with rhythm and colour, Lagos transforms into a vibrant hub of music, dance, art, and culinary excellence. The much-anticipated Lagos Festival Season is back, showcasing the best of Nigeria’s cultural diversity and creative expression. From the sacred streets of the Eyo Festival to the electrifying nights of One Lagos Fiesta, every event tells a story of the city’s soul.
Running annually from October through April, the Lagos festival season offers a blend of cultural heritage, urban glamour, and community celebration that draws locals, tourists, and returning Nigerians eager to reconnect with the city’s heartbeat. Here are nine unmissable festivals that make Lagos a world-class destination for celebration.
1. Eyo Festival: Preserving the Spirit of Old Lagos
The Eyo Festival remains one of Lagos’s most symbolic and sacred cultural events. Known for its striking procession of white-clad masquerades, the festival pays homage to the city’s ancestors and honours the passing of traditional rulers or noble elders.
Why Attend: It’s a rare cultural experience that connects visitors to the deep spiritual roots of Lagos and the Yoruba people.
Insider Tip: Avoid wearing red or black clothing and never touch an Eyo masquerade. Respect for tradition is essential.
2. Lagos Fanti Carnival: The “Rio of Africa”
The Lagos Fanti Carnival is a kaleidoscope of colour, dance, and music that brings Brazilian, Caribbean, and Nigerian cultures together in one spectacular parade. The streets come alive with floats, Afrobeat rhythms, and vibrant costumes reminiscent of Rio’s Carnival.
When: Easter Season
Don’t Miss: The grand parade — every corner turns into a photographer’s dream.
Tip: Bring sunscreen, comfortable shoes, and a power bank — you’ll need them.
3. Felabration: Keeping Fela’s Legacy Alive
Felabration is more than a festival — it’s a movement that celebrates the life and ideology of Fela Anikulapo-Kuti, the pioneer of Afrobeat and a voice of social activism. Held annually at the New Afrika Shrine, the festival features live performances, art exhibitions, and panel discussions on music and politics.
Why Attend: The energy here is unmatched — it’s Lagos at its boldest.
Tip: Arrive early to enjoy the art and history displays before the main shows begin.
4. Lagos Fashion Week: Where African Style Takes the Spotlight
Every October, Lagos becomes Africa’s fashion capital. Lagos Fashion Week attracts designers, models, and fashion enthusiasts from across the continent, turning the city into a global runway.
When: October to November
What to Expect: Bold collections, high-end street fashion, and creative collaborations.
Tip: Dress like you’re being photographed — because you probably will be.
5. GTCO Food and Drink Festival: A Feast for Every Palate
At the GTCO Food and Drink Festival, Lagos showcases its culinary diversity with a massive outdoor experience that features local delicacies, international chefs, and cocktail bars.
When: April/May annually
Must-Try: Seafood platters, small chops, and decadent desserts.
Tip: Skip breakfast — you’ll need all the space you can get.
6. Art X Lagos: The Future of African Creativity
Art X Lagos stands as West Africa’s leading art fair, offering a stunning collection of contemporary works and digital installations that spotlight the creativity of African artists.
When: November annually
Why Attend: It’s where collectors, curators, and visionaries meet the next generation of African talent.
Tip: Visit early for the exhibitions and stay late for networking sessions.
7. Lagos International Jazz Festival: Music by the Water
The Lagos International Jazz Festival offers a mellow contrast to the city’s fast pace. With performances from local and international artists, it delivers nights of smooth jazz by the lagoon — perfect for unwinding.
When: April annually
Tip: Bring a date or a few close friends for a serene night of live music and conversation
8. Lekki Arts and Craft Festival: Handmade Heritage
The Lekki Arts and Craft Festival brings together artists, craftsmen, and designers to showcase Nigeria’s finest handmade goods. From beadwork to textiles, it’s an open-air market where culture meets creativity.
When: December annually
Why Attend: It’s the ideal spot for authentic souvenirs and handmade gifts.
Tip: Bargain politely — it’s part of the fun.
9. One Lagos Fiesta: The Grand Lagos Countdown
Closing the year in style, One Lagos Fiesta is the city’s largest New Year celebration. It spans multiple locations, featuring live music, fireworks, and a countdown that illuminates the skyline as Lagos says goodbye to the old year.
When: December 24–31
Highlight: The midnight fireworks that light up the entire city.
Tip: Head out early to beat traffic and secure a great viewing spot.
No other city celebrates quite like Lagos. With its vibrant streets, pulsating nightlife, and deep cultural roots, every festival becomes more than an event — it’s an experience. Whether you’re here for art, music, food, or fashion, the Lagos festival season from October to April is a journey through the city’s heart, leaving memories that last long after you leave.
As the pay-TV landscape across Africa continues to evolve, millions of households are watching closely to see how DStv’s pricing and service strategy will change under its new French ownership. Following Canal+’s acquisition of MultiChoice, Africa’s largest pay-TV provider is facing growing scrutiny from regulators, consumers, and streaming competitors alike in key markets such as South Africa, Nigeria, Ghana, Kenya, and Uganda.
MultiChoice, now part of the Canal+ group, remains the continent’s dominant pay-TV brand through its flagship service, DStv. However, a combination of inflation, currency devaluation, and competition from affordable streaming services like Netflix and Showmax has forced the company to rethink its pricing model.
Over the past few years, DStv has lost over 2 million subscribers across its African markets, reflecting rising consumer sensitivity to price increases and changing viewing habits. While some countries have seen price adjustments to reflect local economic conditions, others have witnessed regulator pushback and calls for cost reductions.
DStv Prices in South Africa
South Africa remains MultiChoice’s strongest and most profitable market, generating nearly 60% of its total subscription revenue in 2024. Despite slower subscriber growth, DStv maintains a dominant position due to its robust lineup of local content, live sports, and entertainment.
In 2025, MultiChoice raised subscription prices in April, followed by another adjustment in May. To balance the hikes, the company reduced HD decoder prices to retain its customer base and counter growing competition from streaming platforms.
Current Monthly DStv Packages in South Africa
DStv Premium
R983 ($56)
157+ Channels
DStv Compact Plus
R662 ($38)
142+ Channels
DStv Compact
R481 ($28)
125+ Channels
DStv Family
R340 ($20)
92+ Channels
DStv Access
R151 ($9)
68+ Channels
DStv EasyView
R30 ($2)
36+ Channels
DStv Indian (Add-on)
R280 ($16)
29+ Channels
Showmax GE (Add To Bill)
R60 ($3)
–
Showmax PL (Add To Bill)
R60 ($3)
–
DStv Prices in Nigeria
Nigeria remains one of DStv’s most lucrative but also most challenging markets. With about 60% of the pay-TV market share, MultiChoice Nigeria continues to lead, though its dominance has weakened as inflation, fuel scarcity, and recurring price hikes affect affordability.
Between 2023 and 2025, DStv and GOtv reportedly lost around 1.4 million subscribers in Nigeria. The latest price adjustment in March 2025 was attributed to high inflation and the naira’s continued depreciation. Meanwhile, rising competition from digital platforms and piracy are further testing MultiChoice’s resilience in the region.
Current Monthly DStv Packages in Nigeria
Padi
₦4,400 ($3)
1 HD Channel
Yanga
₦6,000 ($4.1)
7 HD Channels
Confam
₦11,000 ($7.51)
10 HD Channels
Compact
₦19,000 ($12.97)
20 HD Channels
Compact Plus
₦30,000 ($20.48)
30 HD Channels
Premium
₦44,500 ($30.38)
38 HD Channels + Showmax
DStv Prices in Ghana
Ghana has emerged as another key market where DStv’s pricing is under scrutiny. In August 2025, Ghana’s National Communications Authority (NCA) demanded that MultiChoice slash subscription fees by 30% amid a weakened cedi and rising living costs. MultiChoice resisted, warning that such cuts could endanger jobs and service quality.
The standoff between regulators and the company remains unresolved, highlighting a broader challenge of maintaining affordable entertainment in a volatile economic climate.
Current Monthly DStv Packages in Ghana
DStv Padi
₵59 ($5.46)
40+ Channels
DStv Access
₵99 ($9.17)
75+ Channels, 7 HD
DStv Family
₵190 ($17.59)
95+ Channels, 10 HD
DStv Compact
₵380 ($35.19)
120+ Channels, 20 HD
DStv Compact Plus
₵570 ($52.78)
135+ Channels, 30 HD
DStv Premium
₵865 ($80.10)
150+ Channels, 38 HD + Showmax
DStv Prices in Uganda
Uganda’s DStv market has suffered one of the sharpest declines on the continent, dropping from about 2.4 million subscribers in early 2023 to roughly 1.1 million by the end of 2024. Economic hardship, increased subscription costs, and competition from low-cost streaming services have contributed to the slump.
MultiChoice is reportedly exploring flexible packages and mobile-viewing options to attract younger and budget-conscious consumers.
DStv Prices in Kenya
Kenya’s DStv subscribers have also been hit by successive price increases, with the latest adjustment effective August 1, 2025. Subscription costs rose by between 4% and 7%, marking another hike in a five-year span. The Premium package now costs KES 11,700 ($91), while Compact Plus and Compact packages are priced at KES 7,300 ($57) and KES 4,200 ($33), respectively.
To counter the growing popularity of affordable streaming bundles, MultiChoice has reduced prices on mobile and Showmax plans. Still, Kenya’s subscriber base fell by about 180,000 in 2024.
Current Monthly DStv Packages in Kenya
DStv Premium
KES 11,700 ($91)
160 Channels, 45 HD
DStv Compact Plus
KES 7,300 ($57)
150 Channels, 35 HD
DStv Compact
KES 4,200 ($33)
135 Channels, 30 HD
DStv Family
KES 2,250 ($17)
105 Channels, 15 HD
DStv Access
KES 1,400 ($11)
~90 Channels, few HD
DStv Lite
KES 750 ($6)
50–60 Channels, few HD
The Road Ahead for MultiChoice and Canal+
The transition to Canal+ ownership could mark a turning point for DStv’s strategy across Africa. Analysts expect the company to focus on localization, digital streaming, and hybrid pricing models to regain lost ground. Whether these changes can reverse declining subscriptions remains to be seen, but the future of African television will likely depend on how effectively DStv adapts to the continent’s evolving digital economy.
The Federal Government has announced a comprehensive crackdown on illegal gold mining and mineral smuggling across the country as part of ongoing efforts to protect national resources and boost internally generated revenue.
The decision was reached during the 153rd National Economic Council (NEC) meeting held at the Presidential Villa in Abuja, chaired by Vice President Kashim Shettima.
Governor Hope Uzodinma of Imo State, who heads the NEC Ad-hoc Committee on Crude Oil Theft Prevention and Control, disclosed that the committee’s mandate has been expanded to include tackling illegal mining and mineral smuggling.
Uzodinma explained that the Council’s decision reflects the government’s determination to plug revenue leakages in the solid minerals sector and reinforce inter-agency collaboration.
“Our committee presented an interim report to NEC, and it was well received. The Council decided to extend our scope to cover solid minerals because illegal mining is depriving the nation of significant revenue,” Uzodinma said.
He noted that the committee will collaborate with the Ministry of Solid Minerals Development, the Nigeria Extractive Industries Transparency Initiative (NEITI), and security agencies to combat illicit gold exports and unregulated quarrying.
Nigeria reportedly loses over $9 billion annually to illegal mineral extraction, according to NEITI, with criminal syndicates exploiting weak regulations and porous borders.
In 2024, the Ministry of Solid Minerals revoked over 900 inactive licenses and introduced a national gold reserve policy to enhance traceability and accountability in mineral trade.
Governor Uzodinma assured that the expanded committee will adopt the same security framework used to fight oil theft to safeguard solid minerals, promising a full progress report at the next NEC meeting in November.
Global oil prices climbed sharply on Thursday, rising more than 2% in early trading as new US sanctions against Russia’s two largest oil producers — Rosneft and Lukoil — fueled fresh concerns about supply disruptions.
Brent crude surged 2.12% to trade at $64.29 per barrel, up from $62.95 in the previous session. Similarly, the US benchmark, West Texas Intermediate (WTI), gained 2.3% to reach $60.53 per barrel, compared to $59.15 a day earlier.
The United States Treasury Department announced sanctions against Rosneft, Lukoil, and several of their subsidiaries, citing Moscow’s continued lack of commitment to peace talks aimed at ending the ongoing war in Ukraine. The sanctions are designed to restrict Russia’s ability to generate oil revenue that funds its military operations.
In a statement, the Treasury reiterated that Washington remains committed to promoting peace and will continue to use all available tools to pressure Russia into constructive negotiations. The latest sanctions target dozens of subsidiaries involved in exploration, refining, and natural gas operations, including Rosneft units such as Bashneft Dobycha, RN Tuapse Oil Refinery, and Yuganskneftegaz, as well as Lukoil’s Perm and Kaliningradmorneft divisions.
Under the measures enforced by the Office of Foreign Assets Control (OFAC), all assets of these entities under US jurisdiction are frozen, and American individuals or businesses are prohibited from conducting transactions with them. Any company in which sanctioned entities hold a 50% or greater interest will automatically fall under the restrictions.
OFAC clarified that the sanctions are intended to influence Russia’s actions, not to punish ordinary citizens, emphasizing that the ultimate goal is to drive behavioral change within Moscow’s leadership.
Market analysts have warned that the sanctions could tighten global oil supply, particularly if major buyers like India reduce imports from Russia under diplomatic pressure. Such a shift could redirect demand toward US and Middle Eastern crude, pushing prices higher in the Atlantic basin.
Indian refiners have reportedly begun reviewing their procurement plans to avoid potential exposure to sanctioned entities. Meanwhile, new data from the US Energy Information Administration (EIA) showed declining inventories, further supporting the upward trend in prices.
According to the EIA, US commercial crude stockpiles dropped by 1 million barrels last week to 422.8 million, contrary to market expectations of a 2.2 million-barrel increase. Gasoline inventories also fell by 2.1 million barrels to 216.7 million, while domestic oil output slipped by 7,000 barrels per day to 13.62 million bpd.
The combined impact of tightening supply, falling inventories, and geopolitical tensions has reinforced bullish sentiment in the oil market, keeping investors on alert for further price volatility.
Nigeria is preparing to advocate for an increased oil production quota at the upcoming Organisation of Petroleum Exporting Countries (OPEC) meeting slated for November, as part of its strategy to enhance hydrocarbon revenues and expand foreign exchange inflows.
According to the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Nigeria’s current OPEC allocation of about 1.5 million barrels per day (mbpd) no longer reflects the nation’s true production potential. Investment analysts at CSL Stockbrokers Limited noted that the minister’s remarks underline the Federal Government’s determination to rejuvenate the oil sector and restore its central role in Nigeria’s economic growth.
Over the past decade, Nigeria has struggled to meet its OPEC production targets due to structural inefficiencies and persistent security challenges, including crude oil theft, pipeline vandalism, and illegal bunkering. These illicit activities have significantly drained the nation’s revenues and disrupted key export pipelines, resulting in lower production volumes and weaker fiscal performance.
Oil remains the backbone of Nigeria’s export earnings and public finances, meaning disruptions in production directly affect the country’s fiscal flexibility and currency stability. To counter these setbacks, the government has outlined a short-term production goal of 2.5 mbpd by 2026, aiming to re-establish Nigeria as Africa’s largest oil producer.
By seeking an upward adjustment of its OPEC quota, Nigeria intends to create room for its planned production ramp-up and to align its quota with the country’s 2026 target. Recent developments in the upstream sector—including renewed foreign investments and government incentives—suggest growing optimism about achieving this target.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has rolled out new policies designed to accelerate project approvals, reactivate dormant oil blocks, and attract new capital for deep-water projects. Global oil majors are reportedly in talks to commit billions of dollars to upstream development, infrastructure rehabilitation, and field revitalization.
However, challenges persist. Oil theft and vandalism remain deeply entrenched, while bureaucratic bottlenecks and rising operational costs continue to impede progress. These risks threaten the government’s ability to meet its production ambitions despite ongoing reforms.
Recent data from the Nigerian National Petroleum Company Limited (NNPCL) shows that crude oil production fell to 1.39 mbpd in September, down from 1.43 mbpd in August 2025 — the second straight month of decline. When condensates are included, total output dropped to 1.58 mbpd from 1.63 mbpd in the previous month.
These figures are well below the government’s near-term targets of 2.06 mbpd for 2025 and 2.5 mbpd for 2026, as well as CSL Stockbrokers’ projections of 1.69 mbpd and 1.77 mbpd for the same years. The data underscores the significant hurdles Nigeria must overcome to fully benefit from any future increase in OPEC quota allocations.
Armed police officers on Thursday apprehended human rights activist and Sahara Reporters publisher, Omoyele Sowore, within the premises of the Federal High Court in Abuja. His arrest occurred shortly after he attended a court session to show solidarity with the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu.
Eyewitnesses reported that Sowore, who has been an outspoken advocate for Kanu’s release, was surrounded by security operatives as he exited the court. The officers insisted he accompany them to the Federal Capital Territory (FCT) Police Command for questioning.
When questioned about the reason for the arrest, one of the officers stated that they were acting under direct instructions from the Commissioner of Police.
“The Commissioner of Police directed that we bring you to the office,” one officer reportedly said.
Sowore, visibly surprised by the development, requested to see a formal letter of invitation from the authorities and insisted that his lawyer must be present before any questioning. Despite his objections, he was later escorted into a police vehicle and taken away.
Confirming the arrest on X (formerly Twitter), human rights lawyer Inibehe Effiong condemned the move, describing it as an affront to Nigeria’s judicial integrity.
“The arrest of Omoyele Sowore at the Federal High Court in Abuja moments ago is outrageous. The police and the Tinubu-led administration are making a mockery of our judicial process. He should be released immediately,” Effiong wrote.
The incident comes just days after Sowore led a public demonstration in Abuja on October 20, calling for Nnamdi Kanu’s release under the #FreeNnamdiKanu campaign. The protests, which spread to various parts of the country, also saw the arrest of Kanu’s lawyer, Aloy Ejimakor, his brother, Emmanuel Kanu, and ten other supporters.
According to a First Information Report (FIR) filed before a Chief Magistrate’s Court in Kuje, police authorities alleged that the arrested individuals defied a standing court order by organizing a protest that disrupted vehicular movement and public order.
The FIR accused the defendants of criminal conspiracy, incitement, and public disturbance — offences punishable under Sections 152, 114, and 113 of the Penal Code.
The document read in part:
“That on the 20th day of October 2025, the following persons — Barrister Aloy Ejimakor, Prince Emmanuel Kanu, Joshua Emmanuel, Bishop Wilson Anyalewechi, Barrister Okere Kingdom Nnamdi, Clinton Chimeneze, Gabriel Joshua, Isiaka Husseini, Onyekachi Ferdinand, Amadi Prince, Edison Ojisom, and Godwill Obiama — were arrested by security agents within the Federal Capital Territory for participating in acts of incitement and breach of public peace.
They were alleged to have disrupted free movement while chanting war songs and demanding the release of Nnamdi Kanu, who is currently undergoing lawful trial at the Federal High Court in Abuja.”
The court has scheduled Friday for the arraignment of all defendants, including Sowore, to take their plea.
Further details are expected to emerge as the situation unfolds.
