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First Lady to lead nationwide push for innovation and new jobs

oluremi tinubu first lady of nigeria

KEY POINTS

  • First Lady Sen. Oluremi Tinubu will champion a national programme to turn local research and inventions into real products for the market.
  • Dr. Kingsley Udeh, Minister of Innovation, Science and Technology, announced the partnership after a meeting at the State House on Tuesday.
  • The initiative aims to create jobs and boost the economy by connecting inventors with serious investors.
  • The Federal Government will “de-risk” these projects to give investors the confidence to put their money into Nigerian innovations.

MAIN STORY

First Lady Sen. Oluremi Tinubu is set to lead a major national advocacy drive focused on innovation and commercialisation. The goal of the programme is to take brilliant ideas from Nigeria’s research institutions and turn them into profitable businesses that grow the economy.

Minister of Innovation, Science and Technology, Dr. Kingsley Udeh, explained that this move is a key part of President Bola Tinubu’s Renewed Hope Agenda.

During an interview with the News Agency of Nigeria (NAN), the Minister noted that many great inventions in our universities and research centres often get stuck on the shelf. This new programme will act as a bridge, connecting researchers and inventors directly with investors who have the capital to scale these ideas. To make this happen, the Federal Government has promised to “de-risk” the investments—essentially providing a safety net so that investors feel more comfortable putting their money behind new Nigerian technologies.

By leveraging the First Lady’s Renewed Hope Initiative (RHI) platform, the government hopes to reach people at the grassroots level. Dr. Udeh emphasized that having the First Lady as the face of the project is a “major boost” that will ensure the message reaches every corner of the country. The ultimate aim is to strengthen the financial capacity of Nigerians by helping them make money from the things they produce and invent right here at home.

WHAT’S BEING SAID

  • “This will help by connecting researchers, inventors and innovators to investors. The Federal Government will de-risk these investments,” said Dr. Kingsley Udeh, Minister of Innovation.
  • Officials believe that the First Lady’s involvement will ensure the programme is “delivered nationwide” and reaches the people who need it most.
  • The project is described as a way to boost economic growth by helping Nigerians grow their “financial capacity through the things they produce.

WHAT’S NEXT

  • Stakeholder Meetings: The Ministry will begin hosting sessions to identify the most “market-ready” inventions currently sitting in Nigerian research labs.
  • Investor Forums: Special events will be organized under the RHI banner to introduce local inventors to private sector big-spenders.
  • Grant Rollouts: Look out for announcements on how the government plans to “de-risk” specific sectors like renewable energy and agric-tech.

BOTTOM LINE

The Bottom Line is that the government wants to stop Nigerian inventions from gathering dust. By bringing in the First Lady to champion the cause, they are hoping to turn “good ideas” into “big businesses” that create jobs and put money directly into the pockets of innovative Nigerians.

Tinubu orders 100,000 CNG kits to counter rising fuel prices

KEY POINTS

  • President Bola Tinubu has directed the Presidential Initiative on Compressed Natural Gas (PiCNG) to immediately deploy 100,000 vehicle conversion kits.
  • The move is a response to surging petrol prices caused by the escalating conflict in the Middle East and its impact on global oil markets.
  • The kits will allow car and tricycle owners to switch from expensive petrol to cheaper, cleaner CNG, with rollout starting in 2–3 weeks.
  • Government is also fast-tracking 77 new refueling stations and solar-powered charging hubs for electric vehicles (EVs).

MAIN STORY

In a major push to lower transportation costs, President Bola Tinubu has ordered the immediate nationwide distribution of 100,000 CNG conversion kits. During a meeting at the Presidential Villa on Tuesday, the President expressed deep concern over how the ongoing war in the Middle East is driving up fuel costs for Nigerians.

To provide relief, he mandated the PiCNG to scale up the availability of gas as a primary alternative to petrol.

Ismael Ahmed, the Executive Chairman of PiCNG, confirmed that the conversion centers will soon be “bustling with activities” as large-scale engine refitting begins. The initiative isn’t just about kits; it’s about building a whole new energy network. Currently, 77 refueling stations are being developed along major transport routes. In cities like Kano, two specialized Liquefied Compressed Natural Gas (LCNG) stations are already running, with more “daughter stations” on the way to ensure drivers aren’t left stranded.

Beyond gas, the President’s plan includes a jump into electric mobility. The government is teaming up with local and international manufacturers to assemble electric vehicles right here in Nigeria. To make this work even in areas without steady power, the Rural Electrification Agency (REA) is helping to set up solar-powered charging stations. The goal is simple: give Nigerians more ways to move around without being held hostage by the global price of a barrel of oil.

WHAT’S BEING SAID

  • “The President wanted to know what we are doing… to scale up the availability of gas everywhere in the country so people have less cost of transportation,” said Ismael Ahmed, Executive Chairman of PiCNG.
  • Officials noted that the initiative is a response to the “rising global petroleum prices” triggered by the U.S.-Israel-Iran conflict.
  • The President expects “quick results” that will directly reduce the daily transport burden on Nigerian families and small businesses.

WHAT’S NEXT

  • Conversion Kickoff: In the next two weeks, designated centers will begin receiving the 100,000 kits for installation on commercial and private vehicles.
  • Corridor Expansion: Construction will intensify on refueling units along the Northern Corridor to support long-haul transporters.
  • EV Fair: Following the recent fair at Eagle Square, the government is expected to finalize MoUs with international EV manufacturers for local assembly plants.

BOTTOM LINE

The Bottom Line is that the government is trying to “gas up” the economy to slow down inflation. By moving 100,000 vehicles away from petrol and toward CNG, President Tinubu is betting that cheaper, locally-sourced gas can shield Nigerian pockets from the chaos of Middle Eastern oil wars.

Global conflict and Hormuz closure drive calls for new petrol subsidies

KEY POINTS

  • Dr. Emmanuel Eche, an economics expert, warns the Federal Government may face intense pressure to return to petrol subsidies.
  • The Strait of Hormuz, a vital waterway for 20% of the world’s oil, has been effectively closed due to the U.S.-Israel-Iran conflict.
  • While Nigeria benefits from higher crude prices (currently around $88–$90 per barrel), the cost of importing refined petrol is surging.
  • Local pump prices have already jumped, with some outlets selling for as much as ₦1,300 per litre.

MAIN STORY

Nigeria is caught in a difficult economic tug-of-war as the closure of the Strait of Hormuz sends global oil markets into a spin. Dr. Emmanuel Eche, a Senior Lecturer at the Federal University, Wukari, explained on Tuesday that while Nigeria is earning more from its crude oil exports, the country is also paying much more for the petrol it imports.

 Because the Strait, a narrow path between Iran and Oman—is blocked, one-fifth of the world’s daily oil supply is currently stranded.

The situation in the Middle East has left at least 3,000 ships and 20,000 sailors stuck. For Nigeria, this has meant that the price of Brent crude has stayed high, briefly crossing the $100 mark earlier this week before settling near $88–$90. Dr. Eche warned that this “oil price volatility” makes the Nigerian economy very vulnerable. As the cost of refined fuel rises globally, the pressure on the Naira increases, and inflation threatens to push the price of basic goods even higher.

Currently, NNPC Limited is selling petrol at about ₦1,081 per litre in some areas, but private stations in cities like Ibadan and Abuja have seen prices soar to between ₦1,250 and ₦1,350. Some experts even predict prices could hit ₦2,000 if the conflict doesn’t end soon. To protect citizens, Dr. Eche is urging the government to use its increased oil earnings to “cushion the impact” through subsidies or by tapping into strategic reserves.

WHAT’S BEING SAID

  • “The government is likely to benefit from higher oil prices… however, there are also dangerous implications as Nigeria imports refined products,” said Dr. Emmanuel Eche.
  • The International Maritime Organisation (IMO) confirmed that the closure is a “precautionary measure” due to the threat of strikes in the region.
  • NNPC Limited and the Central Bank are being urged to adjust policies to manage the “inflationary pressures” caused by the crisis.

WHAT’S NEXT

  • IEA Intervention: The International Energy Agency is monitoring the situation and may release emergency oil reserves to help stabilize global prices.
  • Production Boost: Nigeria is looking to ramp up its own oil production, having recently exceeded its OPEC quota, to take advantage of the high prices.
  • Price Watch: Marketers are keeping a close eye on the Dangote Refinery, which recently adjusted its gantry prices to ₦1,175, signaling that pump prices may stay high for the foreseeable future.

BOTTOM LINE

The Bottom Line is that Nigeria is in a “good news, bad news” situation. While the government is making more money from selling crude oil, everyday Nigerians are paying the price at the pump. Unless the government decides to step in with subsidies or the Middle East conflict cools down, the cost of living is likely to keep rising.

NEPC urges women to drive Nigeria’s non-oil trade

Exporters To Receive NEPC's N5bn Palliative

KEY POINTS

  • The Nigerian Export Promotion Council (NEPC) has called on women entrepreneurs to take their businesses to the global market to boost Nigeria’s non-oil exports.
  • To help with this, the NEPC and the International Trade Centre (ITC) launched new Export Procedures Handbooks for the UK market.
  • The handbooks provide a step-by-step guide on customs, product standards, and sustainability for selling food and cosmetics in Great Britain.
  • The move is part of the “Her Showcase 2.0” series, aimed at helping thousands of women-led small businesses become export-ready.

MAIN STORY

The Nigerian Export Promotion Council (NEPC) is pushing for more women to participate in international trade, stating that their success is key to growing Nigeria’s non-oil exports. Speaking at the “Her Showcase 2.0” event in Abuja on Tuesday, the Executive Director of the NEPC, Mrs. Nonye Ayeni, noted that women are strong drivers of the economy whose products are gaining respect worldwide.

 The event was held to mark International Women’s Day 2026 under the theme “Give to Gain.”

A major highlight of the event was the launch of practical export handbooks designed specifically for the Great Britain market. These guides cover everything a business owner needs to know about exporting agri-food and cosmetic products to the UK. Ayeni explained that having access to the right information on customs and product requirements will help Nigerian women compete fairly on the global stage. She added that initiatives like SheTrades are already helping many small, women-owned businesses get ready for the international market.

Ms. Maathangi Hariharan from the International Trade Centre (ITC) praised the creativity of Nigerian women entrepreneurs. She pledged that the ITC would keep supporting them to understand global market rules. Also speaking at the event, Dr. Sameera Abdullahi of NACCIMA noted that women-led businesses are not just creating jobs at home but are also expanding Nigeria’s presence abroad. She urged women to use these new tools to improve the quality of their products and win big in global trade.

WHAT’S BEING SAID

  • “Active participation of women is crucial to accelerating Nigeria’s non-oil export growth,” said Mrs. Nonye Ayeni, Executive Director of NEPC.
  • Ms. Maathangi Hariharan of the ITC noted that Nigeria has “enormous entrepreneurial talent” and promised continued support for women in trade.
  • Dr. Sameera Abdullahi urged women to leverage this initiative to “improve product quality and compete globally.”

WHAT’S NEXT

  • Training Sessions: The NEPC is expected to hold workshops across the country to teach women how to use the new handbooks effectively.
  • UK Market Entry: More Nigerian-made cosmetics and food items are likely to appear on British shelves as business owners follow the new guidelines.
  • Certification Support: The council will continue its export certification programmes to make sure more women-led SMEs meet international quality grades.

BOTTOM LINE

The Bottom Line is that the NEPC wants to turn “local” success into “global” profit for Nigerian women. By providing clear handbooks and professional support, the government is making it easier for women to bypass the confusion of international trade and sell their products to the rest of the world.

FG weighs policy adjustments as Middle East conflict threatens global markets

KEY POINTS

  • Nigeria’s Economic Management Team is reviewing the potential economic impact of escalating tensions involving the United States, Israel and Iran.
  • Government warns that volatility in energy markets, capital flows and global supply chains could affect Nigeria’s economy.
  • Officials say policy adjustments may be introduced to protect economic stability and investor confidence.

MAIN STORY

The Federal Government of Nigeria has indicated its readiness to recalibrate economic policies if necessary as geopolitical tensions in the Middle East continue to escalate, raising concerns over potential economic shocks.

In a statement issued on Tuesday by Uloma Amadi, Assistant Director of Information and Public Relations at the Federal Ministry of Finance, the government said it is closely monitoring the evolving conflict involving the United States, Israel, and Iran.

According to the statement, the Economic Management Team (EMT), chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has begun reviewing the possible economic implications of the crisis.

The EMT also held discussions during a Naira-for-Crude policy coordination meeting, where global energy market developments and their domestic implications were assessed.

THE ISSUES

Rising geopolitical tensions have heightened fears of disruptions to major energy supply routes, particularly the Strait of Hormuz, a critical global oil shipping corridor.

Officials identified three main channels through which the crisis could affect Nigeria’s economy.

The first involves volatility in global crude oil and gas markets, which could push up domestic energy costs, including petrol, diesel, cooking gas and fertiliser.

The second relates to financial markets and capital flows, where heightened geopolitical risks could discourage investment inflows into emerging markets such as Nigeria.

The third concerns global logistics and supply chains, as disruptions to shipping routes could raise freight costs and further drive up domestic prices.

WHAT’S BEING SAID

The government warned that sustained instability in global markets could intensify inflationary pressures and increase the cost of living.

“Volatility in global energy markets is already driving increases in domestic prices, including fuel, diesel, cooking gas and fertiliser,” the statement said.

Officials added that prolonged disruption could push up the cost of goods and services, placing further pressure on inflation and household spending.

Ministers overseeing key economic sectors have also been providing updates on how developments in global markets may affect Nigeria’s fiscal outlook and macroeconomic stability.

WHAT’S NEXT

The Economic Management Team will continue to monitor macroeconomic indicators including global crude oil prices, exchange rate movements, capital flow trends and financial market conditions.

Officials say policy adjustments may be introduced where necessary to mitigate risks and maintain economic stability.

Despite the uncertainty, the government noted that Nigeria enters the current period of global volatility with relatively stronger macroeconomic indicators, including 4.07 per cent real GDP growth in the fourth quarter of 2025.

BOTTOM LINE

As geopolitical tensions threaten global energy and financial markets, Nigeria is preparing to adjust economic policies where necessary to shield the domestic economy, maintain investor confidence and sustain growth.

FG approves recruitment of 50 Doctors, 100 Nurses for Nigeria’s Correctional Centres

KEY POINTS

  • President Tinubu has approved the recruitment of 50 doctors and 100 nurses for correctional centres nationwide.
  • The move aims to address the shortage of medical personnel in correctional facilities.
  • Government also highlights ongoing reforms including inmate skills development and improved welfare.

MAIN STORY

President Bola Ahmed Tinubu has approved the employment of 50 medical doctors and 100 nurses to strengthen healthcare services across Nigeria’s correctional centres.

The Minister of Interior, Olubunmi Tunji-Ojo, disclosed this during a courtesy visit by the Minister of Information and National Orientation, Mohammed Idris, in Abuja.

Tunji-Ojo said the decision was prompted by the shortage of medical personnel in several correctional facilities across the country.

According to him, some correctional centres currently operate without resident doctors, citing the facility in Rivers State as an example.

He noted that despite the shortage of personnel, several correctional hospitals are equipped with facilities capable of handling complex medical procedures.

THE ISSUES

Nigeria’s correctional system has faced longstanding challenges including inadequate healthcare personnel, limited medical resources and poor welfare conditions for inmates.

Experts say improving healthcare services within correctional facilities is essential for protecting inmates’ rights and preventing the spread of diseases within custodial environments.

WHAT’S BEING SAID

Tunji-Ojo said the president’s approval reflects the government’s commitment to ensuring the welfare of all Nigerians, including those in custody.

“The President understands that he is the President of all Nigerians, including inmates. And as a father to all, he has always shown that he cares,” the minister said.

He added that the government has also implemented skills development initiatives aimed at rehabilitating inmates through training programmes.

According to him, the train-the-trainer initiative identifies inmates with specific skills and equips them to train others within correctional facilities.

Tunji-Ojo further noted that the Federal Government had improved inmate welfare by increasing feeding allowances by 50 per cent.

WHAT’S NEXT

The Ministry of Interior is expected to commence the recruitment and deployment of the approved medical personnel to correctional facilities nationwide.

The minister also called for stronger collaboration with the Ministry of Information and National Orientation to ensure effective communication of the ministry’s reforms and security initiatives.

He highlighted ongoing efforts within the Nigeria Security and Civil Defence Corps (NSCDC), including the creation of specialised mine marshals in partnership with the Federal Ministry of Solid Minerals Development to secure mining sites and protect critical national assets.

BOTTOM LINE

The recruitment of medical personnel for correctional centres represents part of broader efforts by the Federal Government to improve inmate welfare, strengthen institutional reforms and enhance security across Nigeria’s custodial and resource sectors.

UN Chief hails women civil society groups as “Foundation Shakers” at Commission on status of women 70th session

KEY POINTS

  • UN Secretary-General António Guterres praised women-led civil society groups for challenging entrenched systems of privilege.
  • He warned of a growing global backlash against women’s rights driven by disinformation and cultural conflicts.
  • Participants at the CSW70 town hall raised concerns over funding gaps and a proposed merger involving UN gender agencies.

MAIN STORY

The Secretary-General of the United Nations, António Guterres, has commended women-led civil society organisations for their role in challenging entrenched systems of privilege and advancing gender equality worldwide.

Guterres made the remarks during a town hall meeting held on the sidelines of the 70th Session of the Commission on the Status of Women (CSW70) at the UN Headquarters in New York.

The global gathering, which opened on March 10 and is scheduled to run until March 19, brings together government representatives, activists and development stakeholders to discuss progress and challenges in advancing women’s rights.

Addressing participants, the UN chief described civil society groups as “foundation shakers” whose efforts are driving justice, dignity and equality for communities across the globe.

THE ISSUES

Despite decades of progress in gender equality, global institutions warn that women’s rights face renewed threats amid political tensions, misinformation campaigns and growing cultural divisions.

Experts say power imbalances remain evident across political systems, economic structures and emerging technological sectors, including artificial intelligence.

These challenges, observers note, have contributed to shrinking civic spaces and mounting pressure on women’s rights advocates in many parts of the world.

WHAT’S BEING SAID

Guterres cautioned that the global environment for gender advocacy is becoming increasingly difficult.

“A bitter wind is blowing around the world. That wind is hardening attitudes and fuelling a backlash against women’s rights,” he said.

He added that such resistance is often driven by disinformation, fear and cultural polarisation, warning that these forces seek to silence women and roll back hard-won gains.

During the session, participants from different countries also raised questions about a proposed merger between UN Women and the United Nations Population Fund (UNFPA).

The proposal, according to Guterres, is intended to strengthen the impact of gender-focused programmes by pooling resources while maintaining the mandates of both institutions.

Nigerian law professor Joy Ngozi Ezeilo also highlighted concerns about shrinking public space for advocacy, funding shortages and government crackdowns on civil society organisations.

She called on governments to reaffirm their commitment to gender equality, stating that women’s rights remain fundamental human rights.

WHAT’S NEXT

As the CSW70 discussions continue, stakeholders are expected to deliberate on strategies for protecting women’s rights, strengthening gender equality institutions and addressing new challenges posed by technological and political changes.

Guterres reiterated the UN’s commitment to advancing gender equality and pledged continued support for activists and organisations advocating women’s rights globally.

BOTTOM LINE

With rising global resistance to gender equality, the UN chief is urging civil society groups to remain steadfast in challenging systemic barriers and pushing for lasting reforms that secure the rights and dignity of women and girls worldwide.

Stakeholders urged to contribute to policy dialogue on child online safety in Nigeria

KEY POINTS

  • Experts warn that while the internet offers opportunities for children, it also exposes them to risks such as cyberbullying, exploitation and harmful content.
  • Nigeria is considering policy options including age restrictions, stronger verification systems and increased platform accountability.
  • Stakeholders have been invited to contribute to a national survey to help shape child online protection policies.

MAIN STORY

As digital technologies continue to expand access to information and communication, stakeholders have raised concerns over the growing risks children face online, prompting calls for stronger protective policies in Nigeria.

While the internet offers significant opportunities for learning, creativity and social interaction, experts note that it also exposes children to dangers such as cyberbullying, harmful online content, exploitation, misuse of personal data and emerging threats linked to artificial intelligence tools.

In response to these concerns, discussions are ongoing around potential policy approaches aimed at strengthening child online protection across the country’s digital ecosystem.

THE ISSUES

With increasing internet penetration among young people, safeguarding children online has become a critical policy priority.

Proposals under consideration include introducing age restrictions for certain platforms, improving age verification mechanisms, strengthening platform accountability measures and enhancing regulatory oversight of digital service providers.

Policy analysts say developing effective safeguards requires balancing protection with children’s rights to information, participation and digital inclusion.

WHAT’S BEING SAID

Stakeholders emphasise that public participation is essential to ensure that any regulatory framework reflects Nigeria’s unique social and technological realities.

Parents, educators, digital professionals, civil society organisations and young people themselves are therefore being encouraged to contribute their perspectives through a national survey on child online safety.

According to organisers, the initiative is aimed at gathering insights that will guide the development of evidence-based policies capable of addressing emerging digital risks.

WHAT’S NEXT

Stakeholders have been invited to participate in the consultation process by completing an online survey designed to capture public views on child online protection.

The feedback collected will inform future policy decisions on how best to safeguard children while enabling them to benefit from digital opportunities.

BOTTOM LINE

As Nigeria navigates the challenges of an increasingly digital society, inclusive policy dialogue and stakeholder engagement are expected to play a key role in building a safer online environment for children.

Tinubu approves fiscal incentives for $20bn Bonga deepwater project

By Boluwatife Oshadiya | March 10, 2026

Key Points
  • President Tinubu approves fiscal incentives to unlock Bonga Southwest Aparo project
  • Deepwater development expected to attract about $20 billion in investment
  • Project projected to produce 150,000 barrels of oil per day
Main Story

President Bola Tinubu has approved a targeted fiscal incentive package aimed at unlocking the long-awaited Final Investment Decision (FID) for the Bonga Southwest Aparo (BSWA) deepwater oil project, a development expected to attract roughly $20 billion in foreign direct investment into Nigeria’s energy sector.

The approval followed months of negotiations involving NNPC Limited, the Nigeria Revenue Service, and international oil companies led by Shell, the operator of the Bonga field.

The project has remained stalled for nearly two decades due to fiscal and commercial constraints. With the latest presidential approval, stakeholders say Nigeria is now closer to unlocking one of its most significant offshore oil developments in recent years.

According to NNPC Limited, the Bonga Southwest project will be the first Final Investment Decision on a Nigerian deepwater Production Sharing Contract asset since 2008, potentially repositioning the country as a major destination for deepwater investment.

The fiscal package approved by the presidency includes an enhanced Production Tax Credit and the resolution of a dispute settlement agreement reached in 2021, measures designed to improve project economics and attract investor participation.

What’s Being Said

“This development will translate reform momentum into tangible investment outcomes,” said Bashir Ojulari, Group Chief Executive Officer of NNPC Limited.

“For nearly two decades, the Bonga Southwest project remained stalled. Today, under President Tinubu’s reform-driven leadership and through NNPC’s sustained advocacy, we have broken that logjam,” Ojulari added.

He noted that the project would create substantial economic benefits.

“The Bonga Southwest Aparo project will create more than 5,000 direct and indirect jobs and deliver about 150,000 barrels per day of crude oil and 140 million standard cubic feet of gas daily,” he said.

What’s Next
  • NNPC Limited and its partners will now move toward the Final Investment Decision (FID) stage.
  • Once FID is reached, the project will trigger multi-billion-dollar capital commitments from international oil companies.
  • Industry analysts expect the development to boost Nigeria’s deepwater production capacity and long-term energy revenues.

Nigerian Stock Market Reverses Gains as Investors Lose ₦726bn

Decline In Nigeria's Equity Market Creating Entry Opportunity For Investors - Analysts

By Boluwatife Oshadiya | March 10, 2026

Key Points
  • Nigerian equities market sheds ₦726 billion in value after three-day rally
  • All-Share Index drops 1,130.87 points to close at 196,066.11
  • Selloffs in NASCON, Mutual Benefits, and Red Star Express drag market lower

Main Story

Nigeria’s equities market closed lower on Tuesday, erasing gains from the previous trading session as investors lost approximately ₦726 billion in market value.

Market capitalisation fell 0.57 percent, declining from ₦126.583 trillion to ₦125.857 trillion, while the All-Share Index dropped by 1,130.87 points, or 0.57 percent, to close at 196,066.11 points. The downturn followed three consecutive sessions of bullish trading and was driven largely by profit-taking in several mid-cap and consumer goods stocks.

Market breadth closed negative, with 44 decliners compared with 33 gainers. NASCON and Mutual Benefits Assurance led the losers’ chart with 10 percent declines each, closing at ₦147.60 and ₦4.59 per share respectively. Red Star Express lost 9.94 percent to close at ₦28.55, while Austinlaz and SCOA declined 9.88 percent and 9.85 percent respectively.

On the gainers’ chart, Premier Paints rose 9.97 percent to ₦17.65, followed by Conoil, which gained 9.95 percent to close at ₦204.40, and Sunu Assurances, which advanced 9.95 percent to ₦4.75.

Trading activity also slowed during the session. Total volume traded fell 2.06 percent to 746.85 million shares, valued at ₦27.85 billion across 65,275 deals.

Access Corporation recorded the highest trading volume with 80.26 million shares, accounting for 10.75 percent of total trades, while Zenith Bank led the value chart with ₦3.29 billion in transactions.

What’s Being Said

“More investors are currently selling stocks to take profits than those buying,” said David Adonri, Vice President of Highcap Securities Ltd.

“The market usually slows down after the earnings season because most companies have already released their financial results and proposed dividends,” Adonri added.

He also noted that geopolitical tensions in the Middle East could affect investor sentiment. “The Iran conflict may disrupt global trade flows, and any rise in global inflation could transmit into Nigeria through higher import costs,” he said.

What’s Next

  • Investors will closely watch corporate dividend payments and post-earnings market activity.
  • Analysts expect sector rotation toward defensive stocks if global volatility persists.
  • Market sentiment may also react to movements in crude oil prices and global geopolitical developments.

Naira appreciates to ₦1,401.40 in Official FX Market

By Boluwatife Oshadiya | March 10, 2026

Key Points
  • Naira strengthens to ₦1,401.40 per dollar at Nigeria’s official FX window
  • Currency gains ₦4.22 or 0.3% from Monday’s closing rate of ₦1,405.62
  • Recovery follows earlier depreciation amid fluctuating FX inflows
Main Story

Nigeria’s currency strengthened slightly against the United States dollar on Tuesday, closing at ₦1,401.40/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data released by the Central Bank of Nigeria.

The gain represents a ₦4.22 appreciation, or about 0.3 percent, compared with Monday’s closing rate of ₦1,405.62/$, when the local currency opened the trading week on a weaker note.

Tuesday’s marginal recovery followed several days of pressure in the foreign exchange market, during which the naira had recorded a two-week decline at the official window.

Analysts attribute the improvement to better demand-supply dynamics in the FX market, supported by intermittent liquidity injections and growing inflows through the official trading window.

Recent market data shows that foreign exchange inflows into Nigeria’s currency market have been gradually improving, with contributions coming from exporters, foreign portfolio investors, and interventions by the Central Bank of Nigeria.

Despite the latest rebound, market participants say the currency remains sensitive to fluctuations in FX liquidity and broader macroeconomic factors such as oil earnings and capital inflows.

What’s Being Said

“The naira showed mild recovery on Tuesday after opening the week on a weaker note,” said a Lagos-based currency trader familiar with the market.

“Sustained stability will depend largely on improved dollar inflows and stronger investor confidence in Nigeria’s foreign exchange market,” the trader added.

What’s Next
  • FX market participants will monitor liquidity levels at the NAFEM window in the coming sessions.
  • Analysts are also watching CBN interventions and foreign portfolio inflows for signs of sustained currency stability.
  • Global oil price movements remain a key variable affecting Nigeria’s FX supply and fiscal buffers.

Euro strengthens as oil retreat reduces safe-haven demand for Dollar

salary of a woman. euro banknotes in hands on a green background. Income of women in European countries

By Boluwatife Oshadiya | March 11, 2026

Key Points
  • Euro trades near $1.16 as easing Middle East tensions weaken demand for the U.S. dollar
  • Oil prices retreat toward $90 per barrel after signals the Iran conflict may end soon
  • Dollar Index remains elevated near 99.35 despite modest pullback in safe-haven flows
Main Story

The euro strengthened modestly against the U.S. dollar on Tuesday as easing energy market tensions reduced demand for the greenback, following remarks by U.S. President Donald Trump suggesting that the conflict with Iran could end sooner than expected.

The single European currency traded around $1.16, recovering slightly after hovering near two-month lows in previous sessions, while the U.S. Dollar Index (DXY) remained close to 99.35, reflecting lingering investor demand for the dollar amid geopolitical uncertainty.

Currency markets had recently tilted sharply toward the dollar as escalating tensions in the Middle East triggered a surge in global oil prices and drove investors toward safe-haven assets. The dollar tends to benefit during periods of global stress because of its liquidity and dominant role in international reserves.

However, sentiment shifted during Tuesday’s trading session after Trump indicated that the military campaign involving Iran could conclude soon and suggested that policy measures were being considered to prevent a prolonged spike in energy costs.

Oil prices reacted immediately to the comments. Brent crude retreated toward $90 per barrel, reversing part of the sharp rally that had pushed prices above $100 earlier in the week amid fears of supply disruptions.

The earlier spike in energy prices followed coordinated strikes by the United States and Israel on Iranian targets on February 28, a development that raised concerns about possible disruptions to global oil shipments through strategic routes such as the Strait of Hormuz.

The euro’s recovery also came as investors trimmed defensive positions accumulated during the initial phase of the conflict, allowing risk-sensitive currencies to regain ground against the dollar.

The Issues

Energy prices have become a critical driver of currency markets since the escalation of tensions in the Middle East. Higher oil prices tend to strengthen the U.S. dollar because the United States is a net energy exporter, while much of Europe remains heavily dependent on imported energy.

That structural imbalance means energy shocks often weigh more heavily on the euro than on the dollar. Europe’s reliance on external supply routes — including maritime chokepoints such as the Strait of Hormuz and the Suez Canal — leaves its economies particularly vulnerable to geopolitical disruptions.

At the same time, the dollar’s role as the world’s primary reserve currency means investors typically rush into it during periods of global market stress, particularly when equities, commodities, and bonds decline simultaneously.

What’s Being Said

“The dollar tends to benefit during episodes of broad market liquidation because investors prioritise liquidity above all else,” analysts at VT Markets said in a research note.

“However, if tensions in the Middle East continue to ease and oil prices stabilise, some of the recent safe-haven demand for the dollar could fade,” currency strategists noted in market commentary.

What’s Next
  • Investors are closely watching U.S. inflation data due later this week, which could shape expectations for the Federal Reserve’s interest-rate path.
  • Markets will also monitor further statements from the Trump administration regarding the Iran conflict and potential energy market interventions.
  • Currency traders are assessing whether oil prices will stabilise near $90 or resume their earlier upward trend if tensions escalate again.

Dangote Refinery cuts Petrol price by ₦100 as crude oil falls

By Boluwatife Oshadiya | March 11, 2026

Key Points
  • Dangote Refinery reduces petrol gantry price by ₦100 to ₦1,075 per litre
  • Diesel price also falls by ₦190 to ₦1,430 per litre
  • Adjustment follows decline in global crude oil prices to around $90 per barrel
Main Story

Dangote Petroleum Refinery has reduced its gantry price for Premium Motor Spirit (PMS) by ₦100, lowering the ex-depot rate from ₦1,175 to ₦1,075 per litre, in response to declining global crude oil prices.

The price adjustment, announced Tuesday, marks the first downward revision after a series of increases recorded in recent days as volatility in international oil markets pushed replacement costs higher.

Under the refinery’s revised pricing template, petrol supplied through its coastal distribution channel will now sell at ₦1,050 per litre, reflecting a slightly lower rate for marine deliveries compared with loading at the refinery’s gantry.

The refinery also cut the price of Automotive Gas Oil (diesel) by ₦190, reducing the gantry price to ₦1,430 per litre from ₦1,620 previously.

Industry data show the price adjustment followed a sharp decline in global oil markets, where Brent crude dropped to around $90 per barrel, reversing gains recorded earlier in the week when geopolitical tensions pushed prices above the $100 threshold.

The new gantry prices released by the refinery exclude statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Market analysts say the move could ease pressure on downstream petroleum marketers and bulk fuel buyers who had been grappling with rising loading costs at depots nationwide.

The Issues

Nigeria’s deregulated downstream petroleum market has become increasingly sensitive to fluctuations in global crude prices since the removal of fuel subsidies.

Because domestic petrol prices are now largely determined by international benchmarks and import parity costs, local refiners — including the Dangote Refinery — adjust ex-depot prices frequently to reflect global market conditions.

Recent geopolitical tensions involving the United States, Israel, and Iran triggered a sharp rally in crude prices, prompting several upward revisions in petrol prices within days.

Industry analysts note that such volatility highlights the continued exposure of Nigeria’s fuel market to international energy shocks despite the commissioning of large domestic refining capacity.

What’s Being Said

“The price adjustment reflects the recent decline in global crude oil prices and the need to align domestic pricing with international market realities,” officials familiar with the refinery’s pricing structure said.

Energy market analysts say the reduction could provide short-term relief for marketers. “Lower ex-depot prices should ease pressure across depot channels and may eventually translate to modest pump price adjustments if the trend holds,” a downstream industry analyst said.

What’s Next
  • Fuel marketers will monitor how quickly the revised ex-depot prices filter through distribution channels and influence pump prices nationwide.
  • Global oil prices remain the key variable, with traders closely watching geopolitical developments in the Middle East.
  • Further pricing adjustments by the refinery are possible if crude oil continues to fluctuate in international markets.

Angélique Kidjo teams up with Davido and Ayra Starr for new album “Hope!!”

KEY POINTS

  • Five-time Grammy winner Angélique Kidjo is releasing her 19th studio album, “Hope!!,” on April 24, 2026.
  • The album features a star-studded lineup including Davido, Ayra Starr, Pharrell Williams, and Nile Rodgers.
  • Dedicated to her late mother, Yvonne, the project has been five years in the making and contains 16 tracks.
  • The lead single, “Fall on Me” featuring PJ Morton, is already out and sets the tone for the joyful project.

MAIN STORY

Legendary Beninese singer Angélique Kidjo has announced her highly anticipated 19th studio album, titled “Hope!!,” set to drop on April 24, 2026. Kidjo, who has spent decades proving African music belongs on the world stage, described the project as a deeply personal tribute to her late mother, Yvonne.

 The album follows her 2021 Grammy-winning project, Mother Nature, and is designed to act as a “healing antidote” during troubled times.

The 16-track album boasts a massive list of global collaborators. Pharrell Williams not only features on the project but also produced three of the songs in Paris. Fans can also expect to hear from Nile Rodgers, Quavo, Charlie Wilson, and the Soweto Gospel Choir. Nigerian stars Davido, Ayra Starr, and The Cavemen also play big roles on the album. Kidjo and Davido are already known for their past hits “Na Money” and “Joy,” and their reunion on “Hope!!” marks a new chapter in their successful partnership.

The first taste of the album, “Fall on Me” featuring PJ Morton, was released alongside the announcement. Produced by the famous Afrobeats producer Shizzi, the song introduces a project rooted in joy and perseverance. Kidjo noted that the final track is a special version of “Malaika,” a song her mother loved dearly. With guests spanning different generations and genres, “Hope!!” aims to show that despite our differences, everyone is deeply connected through music.

WHAT’S BEING SAID

  • “I put my whole heart into this album, and I’m so grateful to all the great artists who contributed their genius,” Angélique Kidjo shared on Instagram.
  • She described her late mother as the inspiration, stating, “She taught me that every dream I had could be accomplished, and that hope… is what makes us human.”
  • Industry watchers say the feature list, which includes Diamond Platnumz and Fally Ipupa, shows Kidjo’s continued role as Africa’s premier musical ambassador.

WHAT’S NEXT

  • Album Launch: Mark your calendars for April 24, 2026, when the full album becomes available on all streaming platforms.
  • World Tour: Kidjo will hit the road from late March through July, with stops in the U.S., Canada, France, and Germany.
  • Music Videos: Keep an eye out for the official video for “Sunlight to My Soul” featuring the Soweto Gospel Choir, which is expected to drop soon.

BOTTOM LINE

The Bottom Line is that Angélique Kidjo is using her 19th album to bridge the gap between legends and new stars. By bringing together names like Pharrell and Ayra Starr, she is making sure the message of hope and African pride reaches every corner of the globe.

Iraq extends airspace closure for another 72 hours

KEY POINTS

  • The Iraqi Civil Aviation Authority has announced a new 72-hour extension of its airspace closure.
  • The suspension started at 12:00 p.m. local time on Tuesday and will last until 12:00 p.m. on Friday.
  • The move affects all arriving, departing, and transiting aircraft across Iraq.
  • This is a “precautionary measure” following the ongoing conflict between the U.S., Israel, and Iran.

MAIN STORY

The Iraqi Civil Aviation Authority has pushed back the reopening of its airspace, announcing another 72-hour closure starting Tuesday afternoon. In a statement, the authority explained that the extension will run until Friday at noon. This decision means that no planes—whether they are landing, taking off, or just flying through Iraqi skies—will be allowed to operate during this window.

Officials described the move as a “temporary precautionary measure” based on constant security checks. This comes as tensions in the Middle East reached a new high following joint U.S.-Israeli strikes on Iran that began on February 28. Iran has since hit back with attacks on Israel and U.S. assets throughout the region, making the skies over Iraq a high-risk zone for commercial travel.

The Iraqi government said it will keep reviewing the situation as new updates come in. For now, the closure is creating a major hurdle for international airlines that usually use Iraqi paths to connect Europe and Asia. Many flights are now being forced to take longer, more expensive routes to avoid the danger zones.

WHAT’S BEING SAID

  • The authority called the suspension a “temporary precautionary measure” designed to keep passengers and crew safe.
  • Aviation experts noted that the move follows “heightened tensions” caused by the recent exchange of strikes between the U.S., Israel, and Iran.
  • Travel agencies have warned that the situation will be “reviewed in light of any updates,” meaning further extensions are possible if the fighting continues.

WHAT’S NEXT

  • Airlines Re-routing: Major carriers will continue to bypass Iraq, leading to longer flight times and higher fuel costs for trips to and from the Middle East.
  • Friday Review: All eyes will be on the 12:00 p.m. deadline on Friday to see if the Iraqi government feels it is safe enough to reopen the skies.
  • Travel Alerts: Passengers booked on flights through Baghdad or Erbil are advised to check with their airlines for cancellations or new schedules.

BOTTOM LINE

The Bottom Line is that the skies over Iraq remain a “no-go” zone for at least another three days. As long as the U.S., Israel, and Iran are trading blows, Iraq is choosing to keep its airspace locked tight to avoid any accidental tragedies in the middle of a war zone.

Sterling Bank and Ministry of Finance team up for n100m mortgage deal

Sterling Bank donates ₦250 million
Sterling Bank Donates ₦250 million to Nigerian Private Sector Coalition Against COVID-19

KEY POINTS

  • Sterling Bank has partnered with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to launch a long-term mortgage plan.
  • Eligible Nigerians can now access home loans of up to ₦100 million with a low fixed interest rate of 9.75% per year.
  • The plan allows for a long repayment period of up to 20 years, making it easier for people to pay back over time.
  • To start, the fund has a ₦10 billion commitment, with plans to grow as more people apply for the scheme.

MAIN STORY

Sterling Bank has officially joined forces with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to launch a new mortgage initiative. The move is aimed at cutting down Nigeria’s large housing deficit by making it easier for citizens to own their own homes.

The agreement was signed at Sterling Bank’s headquarters in Lagos, promising to open up homeownership to a wider range of Nigerians through cheaper financing.

Under this new deal, people can apply for mortgage loans of up to ₦100 million. A major highlight of the plan is the interest rate, which is fixed at about 9.75% per year—much lower than many other commercial loans. Additionally, homeowners have up to 20 years to finish their repayments. To make it even easier to get started, the bank only requires a 10% down payment (equity), meaning the mortgage covers up to 90% of the house’s value.

David Adebayo, Vice President of Consumer Banking at Sterling Bank, said the partnership shows the bank’s commitment to helping Nigerians own homes in a way they can afford. Mounir Bouba from ARM Investment Managers, who manages the fund, added that this public-private cooperation is key to solving Nigeria’s housing challenges. The program is open to salary earners, business owners with good records, and even Nigerians living abroad.

WHAT’S BEING SAID

  • “By combining competitive pricing with longer tenors… we are lowering the barriers to homeownership,” said David Adebayo, Vice President at Sterling Bank.
  • Mounir Bouba of ARM Investment Managers noted that the deal helps “catalyse private capital” to fix the housing shortage.
  • The bank emphasized that the plan is built for “salary earners, business owners, and Nigerians in the diaspora.”

WHAT’S NEXT

  • Application Window: Both new and existing Sterling Bank customers can begin applying for the facility through the bank’s mortgage portals.
  • Fund Expansion: While the starting commitment is ₦10 billion, managers plan to increase this amount as more Nigerians sign up.
  • Property Partnerships: Sterling Bank is expected to work with real estate developers to list homes that qualify specifically for this 90% financing deal.

BOTTOM LINE

The Bottom Line is that Sterling Bank and the Ministry of Finance are making it cheaper to stop renting and start owning. By offering a 9.75% interest rate and a 20-year window, they are removing the high costs that usually stop Nigerians from getting a mortgage.

Manufacturers pay ₦875bn VAT as industrial sector leads non-oil revenue

Nigeria’s Manufacturing Sector

KEY POINTS

  • Manufacturing companies in Nigeria paid ₦875.42 billion in Value Added Tax (VAT) between January and September 2025.
  • This represents a 54.7% increase compared to the same period in 2024, when the sector paid ₦309.41 billion less.
  • The sector remains the top contributor to Nigeria’s VAT revenue, accounting for over 25% of total collections in the third quarter of 2025.
  • Experts warn that the jump in tax payments is partly due to rising prices and inflation, rather than a real growth in factory production.

MAIN STORY

The manufacturing sector has continued to lead Nigeria’s non-oil tax revenue, with VAT payments from the sector jumping by 54.7% in the first nine months of 2025. According to the latest report from the National Bureau of Statistics (NBS), manufacturers paid a total of ₦875.42 billion during this period.

This figure is already 51.3% higher than the ₦578.39 billion the entire sector paid in the full year of 2023, showing how quickly tax collections from factories are growing.

A breakdown of the numbers shows that manufacturing was the biggest contributor to VAT in 2025, holding a 25.89% share in the third quarter. It also led in the first and second quarters with over 26% and 27% respectively. Other top sectors included Information and Communication at 18.77% and Mining at 14.85%. Economists say these figures show that the government is leaning more on the industrial sector to fund public spending as it moves away from relying solely on oil.

However, industry experts and the Manufacturers Association of Nigeria (MAN) have raised concerns. While the tax numbers are high, analysts say this is partly because of higher product prices, rising costs, and the fall of the naira, which have all pushed up the taxable value of goods. The Director General of MAN, Segun Ajayi-Kadir, warned that high taxes are putting too much pressure on companies. He noted that the high VAT burden is passed on to consumers, which hurts their ability to buy goods and makes Nigerian products less competitive against foreign ones.

WHAT’S BEING SAID

  • “The high VAT rate… makes Nigerian products less competitive both locally and internationally,” said Segun Ajayi-Kadir, Director General of MAN.
  • Analysts cautioned that the rise in VAT does not necessarily mean factories are producing more, but that “inflation-driven price adjustments” have inflated the tax figures.
  • Economists noted that the surge underscores the sector’s “expanding fiscal significance” as the government looks for more non-oil money.

WHAT’S NEXT

  • Demand Watch: Manufacturers are worried that higher prices from VAT will lead to more “unsold inventory” as consumers struggle to buy goods.
  • Policy Debates: There is ongoing pressure from MAN for the government to avoid further VAT increases to prevent a “demand crunch.”
  • Year-End Report: Investors and policymakers are waiting for the Q4 2024 results to see if the manufacturing sector will cross the ₦1 trillion mark in total VAT for the year.

BOTTOM LINE

The Bottom Line is that while the government’s pockets are getting fuller from manufacturing taxes, the factories themselves are feeling the pinch. If the high cost of doing business and high taxes aren’t balanced, the very sector funding the government might struggle to keep people employed and keep prices low for the average Nigerian.

Nigeria’s foreign reserves climb to highest level since 2009

By Boluwatife Oshadiya | March 10, 2026

Key Points
  • Nigeria’s external reserves rise to about $50 billion, highest since 2009
  • Central Bank attributes growth to FX reforms, improved oil earnings, and remittances
  • Analysts say stronger reserves could support naira stability and import cover
Main Story

Nigeria’s gross external reserves have climbed to nearly $50 billion, marking the country’s highest reserve level since January 2009, according to new data released by the Central Bank of Nigeria (CBN).

The latest figures show reserves rising to about $49.9 billion, representing an increase of $4.441 billion compared with the $45.502 billion recorded at the end of 2025.

CBN Governor Yemi Cardoso disclosed in a recent statement that the country’s foreign reserves had reached $50.45 billion as of February 16, 2026, although the official figure on the central bank’s website reflects a slightly lower amount due to reporting lags in the system.

The current reserve level brings Nigeria close to the $50.5 billion recorded in early 2009, the last time the country maintained a similar external buffer.

Economists attribute the improvement to several factors, including declining fuel import costs, stronger foreign exchange inflows, and the impact of recent foreign exchange market reforms introduced by the central bank.

Nigeria’s reserves serve as a key financial buffer for the economy, helping the government manage external shocks, stabilize the currency, and finance imports such as food, machinery, and refined petroleum products.

The buildup also reflects improved diaspora remittances and increased oil receipts, as global crude prices and production levels have gradually recovered following disruptions in recent years.

The Issues

Nigeria’s foreign reserves have fluctuated significantly over the past decade due to oil price volatility, rising import bills, and persistent pressure on the naira.

The country relies heavily on oil exports for foreign exchange earnings, making reserves vulnerable to swings in global crude markets and domestic production challenges such as pipeline vandalism and theft.

In recent years, the CBN has introduced several reforms aimed at restoring confidence in Nigeria’s foreign exchange market, including exchange rate unification and tighter FX liquidity management.

Economists say a sustained reserve buildup is essential for improving investor confidence, ensuring adequate import cover, and supporting the central bank’s efforts to stabilize the naira amid inflationary pressures.

What’s Being Said

“Nigeria’s gross external reserves have crossed the $50 billion threshold, reflecting stronger foreign exchange inflows and improved market confidence,” Cardoso said in the CBN statement.

Market economists say the development signals gradual progress in stabilizing Nigeria’s macroeconomic environment.

“Rising reserves provide the CBN with more ammunition to defend the naira if volatility returns to the foreign exchange market,” said Bismarck Rewane, Chief Executive Officer of Financial Derivatives Company.

However, analysts caution that maintaining the momentum will depend heavily on sustained oil production and continued policy consistency.

“The reserve position is improving, but Nigeria still needs structural export diversification to reduce its dependence on oil revenues,” said Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise.

What’s Next
  • Investors will closely watch the CBN’s next Monetary Policy Committee meeting for signals on how stronger reserves could influence currency management
  • The central bank is expected to publish updated reserve figures in its upcoming monthly economic report
  • Analysts say sustained inflows from oil exports and diaspora remittances will determine whether reserves remain above the $50 billion threshold

Tinubu awaits Senate confirmation Of Taiwo Oyedele , Abe for NUPRC chair

By Boluwatife Oshadiya | March 10, 2026

Key Points
  • President Bola Tinubu asks Senate to confirm Taiwo Oyedele as Minister of State for Finance
  • Former Rivers senator Magnus Abe nominated chairman of Nigerian Upstream Petroleum Regulatory Commission
  • Two additional nominees submitted for NUPRC non-executive commissioner positions
Main Story

President Bola Ahmed Tinubu has formally requested the Senate to screen and confirm Mr. Taiwo Oyedele as Nigeria’s Minister of State for Finance, replacing Dr. Doris Uzoka-Anite, as part of adjustments within the Federal Executive Council.

The request was contained in a letter read on the Senate floor on Tuesday by Senate President Godswill Akpabio during plenary proceedings in Abuja.

Oyedele, a respected economist and tax policy specialist from Ikaram in Akoko, Ondo State, currently serves as chairman of the Presidential Committee on Fiscal Policy and Tax Reforms. The committee has been leading a sweeping review of Nigeria’s tax framework aimed at simplifying the country’s complex tax structure, improving compliance, and expanding government revenue.

Before his appointment into public service, Oyedele spent more than two decades at global consulting firm PwC, joining in 2001 and rising to become Fiscal Policy Partner and Africa Tax Leader. Over the years, he has advised governments and multinational companies on tax strategy, fiscal policy reforms, and revenue administration.

In a separate letter to the Senate, President Tinubu also nominated Senator Magnus Abe, a former lawmaker who represented Rivers South-East Senatorial District, as Chairman of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Abe’s nomination follows the resignation of Gbenga Komolafe, who previously headed the upstream regulator responsible for overseeing oil exploration, licensing, and production activities in Nigeria’s petroleum sector.

The President also forwarded the names of Paul Yaro Jezhi, a former chairman of the Trade Union Congress in Kaduna State, and Sunday Adebayo Babalola, a former deputy director at the now-defunct Department of Petroleum Resources (DPR), as nominees for non-executive commissioner positions at the NUPRC.

Following the reading of the President’s correspondence, Akpabio referred the nominations to the Senate Committee on Petroleum Upstream for legislative review and confirmation proceedings.

What’s Being Said

“The Senate has received a request from the President seeking the screening and confirmation of the nominees,” Akpabio said while reading the communication during plenary.

Policy analysts say Oyedele’s potential appointment signals continuity in the administration’s fiscal reform agenda.

“Oyedele has already been at the center of the tax reform process. His transition into the finance ministry could accelerate the implementation phase of those policies,” said Dr. Uche Uwaleke, Professor of Capital Markets at Nasarawa State University.

Energy industry observers also see Abe’s nomination as a strategic political and sectoral move.

“The NUPRC is one of the most powerful regulators in Nigeria’s oil industry. Leadership there influences licensing rounds, upstream investments, and compliance with the Petroleum Industry Act,” said Ayodele Oni, Energy Lawyer and Partner at Bloomfield Law Practice.

What’s Next
  • The Senate Committee on Petroleum Upstream will conduct screening hearings for Abe and the NUPRC commissioner nominees in the coming days
  • Oyedele’s confirmation hearing is expected before the Senate Committee on Finance
  • If confirmed, the appointments will form part of ongoing restructuring within Tinubu’s economic management team

Garanti BBVA and Mastercard launch Türkiye’s first AI shopping assistant

Mastercard Pledges $45m To Vaccine Production

KEY POINTS

  • Garanti BBVA and Mastercard have introduced an AI-powered shopping assistant, a first for the banking sector in Türkiye.
  • The solution enables “agentic commerce,” where AI assistants autonomously search, compare, and pay for products within the bank’s mobile apps.
  • Built on Mastercard’s Agent Pay technology, the system prioritizes security and transparency, ensuring the user’s intent is at the center.
  • The tool will soon be available to consumers through the Garanti BBVA Mobil and Bonus Flaş platforms.

MAIN STORY

Garanti BBVA, a leader in digital banking innovation, has teamed up with Mastercard to launch a groundbreaking AI-powered shopping assistant. This new tool allows customers to handle their entire shopping journey, from finding a product to paying for it without ever leaving their banking app.

The project was officially showcased at a special event featuring top executives from both companies, marking the first time “agentic commerce” has been fully implemented in Türkiye’s banking industry.

The AI assistant doesn’t just follow simple commands; it actually “reasons” and plans. It can find the best options for a user, compare prices, and complete the payment securely. To make sure everything is safe, the communication between the AI agent and the merchant follows Mastercard’s global security standards. This means the payment step becomes “invisible” and fits naturally into the user’s daily life, rather than being a separate, clunky transaction.

Ceren Acer Kezik, Executive Vice President at Garanti BBVA, explained that the bank wants to move beyond simple financial steps to create an ecosystem that adapts to how people live. By using data to understand what a customer actually needs, the bank can offer a hyper-personalized experience. Mastercard’s General Manager for Türkiye and Azerbaijan, Onur Faydacı, added that Türkiye’s strong digital infrastructure makes it the perfect place to launch this kind of global technology hub.

WHAT’S BEING SAID

  • “Our goal is to transform payment from a mere ‘transaction step’ into an invisible, frictionless, and secure experience,” said Ceren Acer Kezik, EVP of Retail Banking at Garanti BBVA.
  • “By setting standards for transactions carried out through AI agents, we will make these processes discoverable, tokenized, and authenticated,” noted Onur Faydacı, General Manager of Mastercard Türkiye and Azerbaijan.
  • The companies described the move as the “dawn of agentic commerce,” moving beyond executing commands to actual autonomous planning.

WHAT’S NEXT

  • App Integration: The AI assistant will officially go live on the Garanti BBVA Mobil and Bonus Flaş apps for all cardholders.
  • Merchant Expansion: More retailers, following the demo participation of Atelier Rebul, are expected to join the ecosystem to accept agent-led payments.
  • Global Hub: Mastercard plans to use the success of this launch in Türkiye to further develop agentic payment technologies for other international markets.

BOTTOM LINE

The Bottom Line is that Garanti BBVA and Mastercard are making shopping a lot easier by letting AI do the heavy lifting. By turning the banking app into a personal shopping assistant that can pay for things on its own, they are moving toward a future where “buying” is just a natural part of your day, not a chore.