WHO says Ebola deaths in DRC have surpassed the previous national record.
The outbreak has recorded 4,945 confirmed cases and 2,325 deaths.
Conflict, weak health infrastructure and distrust are hampering the response.
UN agencies and neighbouring countries are strengthening preparedness against further spread.
Main Story
The World Health Organization (WHO) says the Ebola outbreak in the Democratic Republic of the Congo (DRC) has become the deadliest the country has recorded.
WHO said in a statement on Monday that the outbreak had claimed 2,325 lives, exceeding the 2,299 deaths recorded during the 2018-2020 Ebola outbreak.
The current outbreak, declared by DRC authorities on May 15, has also become the country’s largest in terms of confirmed cases, with 4,945 cases recorded.
Government data showed that 730 patients remained in isolation or hospitalised, while 1,040 people had recovered.
The fatality rate has risen to 46 per cent, with the outbreak now the second deadliest Ebola outbreak globally after the 2014-2016 West African epidemic.
WHO said the Bundibugyo strain was spreading at a faster rate than previous outbreaks, while the absence of an approved treatment has added to the challenge.
Vaccine trials are currently being conducted in the UK and Canada.
The response has also been complicated by inadequate health infrastructure, armed conflict around the epicentre and public distrust of medical authorities.
WHO warned that the outbreak was moving faster than the response efforts.
The UN and its health partners are also working to prevent Ebola from spreading to neighbouring countries, including South Sudan and the Central African Republic.
In June, WHO and the Africa Centres for Disease Control and Prevention launched a continental response plan covering emergency coordination, disease surveillance, laboratory testing, infection control, clinical care and community engagement.
The UN Office for the Coordination of Humanitarian Affairs (OCHA) has allocated $54.5 million to support the DRC response and preparedness efforts in neighbouring countries.
In the Central African Republic, the UN peacekeeping mission, MINUSCA, is supporting authorities with surveillance, preparedness, public awareness and technical assistance.
UN spokesperson Stéphane Dujarric said the mission was also helping transport health experts and deliver essential medical supplies.
The Issues
The response is being hindered by limited health infrastructure, insecurity in affected areas and distrust of health authorities, while the outbreak continues to spread rapidly.
What’s Being Said
“Responders need safe access to communities, and the resources to end this outbreak and save lives.” – WHO.
What’s Next
WHO said it aims to bring transmission under control within three months, while affected and neighbouring countries are strengthening disease surveillance and pandemic preparedness.
Bottom Line
The DRC’s latest Ebola outbreak has surpassed the country’s previous death toll record, putting greater pressure on health authorities and international partners to contain transmission and prevent regional spread.
Providus Bank has commenced the restructuring and beautification of Kainebisi Roundabout.
Asagba of Asaba, Epiphany Azinge, says the project will become a landmark for the city.
The initiative is part of efforts to improve Asaba’s urban landscape.
Providus Bank says the project will provide a recreational space for residents and visitors.
Main Story
Providus Bank has started the redevelopment and beautification of Kainebisi Roundabout in Asaba, Delta, as part of efforts to support urban renewal in the city.
Speaking at the commencement of the project on Monday, the Asagba of Asaba, Prof. Epiphany Azinge, said the intervention followed the community’s appeal for corporate support to implement its planned beautification projects.
Azinge said the Kainebisi statue, which represents the progenitor of the Asaba Kingdom, was inaugurated about a year ago alongside plans to improve other locations, including Ogbeke Square, Umuagu Altar and Stop Abortion Junction.
He said Providus Bank was the first corporate organisation to respond to the community’s request, praising the bank for its investment in Asaba.
The traditional ruler said the location of the roundabout made it particularly important because of its visibility to people entering the city through several major routes.
He expressed confidence that the completed project would become a major reference point in Asaba and contribute to the city’s urban regeneration.
Azinge also promised to monitor the project’s progress and urged the contractors to maintain momentum until completion.
The Issues
The project seeks to transform a major Asaba landmark while preserving its cultural significance and improving the appearance of the surrounding area.
What’s Being Said
“One thing that is clear is that the final output here will be magnificent, and this place will be a reference point in Nigeria and even beyond.” – Prof. Epiphany Azinge, Asagba of Asaba.
What’s Next
Providus Bank and its project partners are expected to complete the redevelopment within about five weeks, subject to favourable weather conditions.
Bottom Line
The Kainebisi Roundabout redevelopment combines urban beautification with Asaba’s cultural heritage, with Providus Bank supporting the community-led effort as part of its corporate social responsibility.
FG says agriculture and livestock development can help address food insecurity and unemployment.
Maiha identifies finance, infrastructure, climate change and market access as key sector challenges.
UNIPORT VC urges government to make agriculture more attractive to youths.
APRNet calls for stronger collaboration to develop sustainable solutions to hunger and poverty.
Main Story
The Federal Government says it is strengthening agriculture and livestock development as part of efforts to tackle food shortages and unemployment in Nigeria.
The Minister of Livestock Development, Idi Maiha, said this on Monday at the second International Conference of the Agrifood Systems Stakeholders Forum at the University of Port Harcourt (UNIPORT).
The conference, organised by the Agricultural Policy Research Network (APRNet), focused on addressing food insecurity, poverty and youth unemployment.
Represented by the Director, Ruminant and Monogastric Development, Victor Egbon, Maiha urged stakeholders to support the government’s coordinated national livestock development agenda.
He said the initiative was expected to raise agricultural productivity, generate employment and rebuild confidence in the sector.
Maiha acknowledged that farmers and other operators faced challenges including climate variability, flooding, drought, land degradation and rising input costs.
He also identified animal diseases, post-harvest losses, weak market connections and limited access to finance as constraints affecting the sector.
The minister said the government was working to improve access to skills, financing, infrastructure and markets.
He added that the livestock value chain presented investment opportunities in areas such as feed production, hatcheries, dairy collection, animal health, storage, processing and logistics.
According to him, waste-to-wealth businesses also offered opportunities that could contribute to the growth of the sector.
The Issues
The conference highlighted food insecurity, low agricultural productivity, climate pressures, limited financing and youth unemployment as major challenges requiring coordinated action across the agrifood sector.
What’s Being Said
“Our agrifood systems are under growing pressure from climate variability, flooding, drought, land degradation and rising input costs.” – Idi Maiha, Minister of Livestock Development.
What’s Next
The Federal Government is expected to deepen collaboration with stakeholders around livestock development, while APRNet and other partners continue to promote policy and practical solutions to food insecurity and youth unemployment.
Bottom Line
The government believes stronger investment in agriculture and livestock can increase food production, create jobs and make the sector more attractive to young Nigerians.
“Dai Dai” has topped the Billboard Global 200 for five weeks.
The song has led the Billboard Global Excl. U.S. chart for eight weeks.
It recorded 44.1 million global streams and 6,000 sales in the latest tracking period.
The feat gives Burna Boy his first Billboard Global 200 No. 1.
Main Story
Colombian singer Shakira and Nigerian Afrobeats star Burna Boy have maintained the top spot on the Billboard Global 200 with their World Cup anthem, “Dai Dai”.
According to Billboard charts, the song has now spent five weeks at No. 1 on the Billboard Global 200 and eight weeks atop the Billboard Global Excl. U.S. chart.
Data from Luminate showed that “Dai Dai” generated 44.1 million streams globally and sold 6,000 copies between Aug. 7 and Aug. 13.
The performance comes almost a month after the 2026 FIFA World Cup final, which was held on July 19 in New Jersey, United States.
Shakira and Burna Boy performed the song at the tournament’s opening ceremony in Mexico City and later during the halftime show of the final.
“Dai Dai” first reached the top of the Billboard Global 200 in mid-July and has remained at No. 1 despite the conclusion of the tournament.
The Issues
The song has continued to dominate global music charts even after the World Cup ended, extending its commercial momentum beyond the tournament.
What’s Being Said
“Dai Dai” has now topped the Billboard Global 200 for a fifth week and the Billboard Global Excl. U.S. chart for an eighth week. – Billboard charts.
What’s Next
The song’s continued chart performance will determine whether it can extend its run at No. 1 in the coming weeks.
Bottom Line
“Dai Dai” has become a major global success for both artistes, with the song giving Burna Boy his first No. 1 position on the Billboard Global 200.
Veteran actor Taiwo Hassan, popularly known as Ogogo, is battling stage 4 cancer.
His daughter says treatment was stopped after his condition worsened.
The family is seeking possible treatment options from medical professionals and traditional healers.
His children said the family is not seeking financial assistance.
Main Story
The family of veteran Nollywood actor Taiwo Hassan, popularly known as Ogogo, has appealed for medical assistance as he battles stage 4 cancer.
His daughter, Shaki Taiwo, made the appeal in a video posted on her Instagram account, @kira_taiwo, on Monday night.
Shaki said her father’s condition had deteriorated and that treatment had been stopped because chemotherapy was no longer considered an option.
She appealed to medical professionals and traditional healers who might have alternative treatment options to come forward and assist the family.
According to her, the family was urgently searching for any possible treatment that could improve the actor’s condition.
Shaki also disclosed that Senator Solomon Adeola, popularly known as Yayi, had been supporting the family and paying the actor’s medical bills.
She expressed appreciation to the senator, adding that the family was not asking for money but was seeking medical help for their father.
In a separate Instagram post, Ogogo’s second daughter, Haleemah, said the family only became aware of his diagnosis about three weeks ago.
The Issues
The actor’s family is seeking additional medical options after his condition reportedly worsened and chemotherapy was stopped.
What’s Being Said
“My daddy doesn’t want to die. Please, I don’t want my daddy to die. He’s in pain. He’s not happy.” – Shaki Taiwo, daughter of Taiwo Hassan.
What’s Next
The family is appealing to medical professionals and traditional healers with possible treatment options to assist the actor.
Bottom Line
The family of Taiwo Hassan is seeking urgent medical assistance as the veteran actor battles stage 4 cancer, with his children appealing for possible treatment options rather than financial support.
Troops rescued a Cameroonian national allegedly abducted by terrorists in Borno.
Three suspected ISWAP members were arrested in Adamawa.
Weapons, including locally fabricated guns and an AK-47 rifle, were recovered.
The military says operations are targeting terrorist networks and their logistics in the North-East.
Main Story
Troops operating under Operation HADIN KAI have arrested three suspected members of the Islamic State West Africa Province (ISWAP), recovered weapons and rescued a Cameroonian national in separate operations across Borno and Adamawa.
The military disclosed this in an operational report covering activities within the last 24 hours, made available to the News Agency of Nigeria (NAN) on Tuesday.
It said troops of the 151 Task Force Battalion rescued the Cameroonian national at about 2:15 p.m. on Aug. 17.
According to the report, the victim had allegedly been abducted by terrorists at Ashigashiya Village, an area between Gwoza in Borno and Cameroon.
The rescued man was subsequently placed in military custody for investigation and further necessary action.
In Adamawa, troops of the 232 Battalion arrested two suspected ISWAP members on Aug. 16 while deployed at Garaha in Hong Local Government Area.
The troops, working with local hunters, later apprehended another suspected associate who was receiving treatment for a gunshot wound.
Items recovered from the suspects included a mobile phone, SIM card, two bows and arrows, one locally made sword and four locally fabricated guns.
The military said all three suspects and the recovered items had been taken into custody for further action.
In a separate operation in Borno, troops of the 151 Task Force Battalion found an abandoned AK-47 rifle buried at Ngurusoye Village in Bama Local Government Area.
The weapon was discovered during a routine farm patrol and handed over to the appropriate military authorities.
The Issues
The operations are part of ongoing efforts to disrupt terrorist networks, restrict their movement and prevent them from accessing communities and logistical support in the North-East.
What’s Being Said
“The recovery of weapons and arrest of suspected operatives are expected to support ongoing investigations into terrorist activities and their support networks in the region.” – Military operational report.
What’s Next
The military says troops will continue intelligence-led patrols, offensive operations and collaboration with local security actors to disrupt terrorist activities across the region.
Bottom Line
The latest operations resulted in three arrests, the rescue of an alleged kidnapping victim and the recovery of several weapons, including an AK-47 rifle, as security forces intensify operations against terrorism in the North-East.
Cross River State is seeking a financing partnership with the Bank of Agriculture to expand food production.
Proposed interventions include hybrid seeds, tractor financing, mechanisation and agro-processing.
The state wants to move farmers from subsistence production to commercial agriculture.
BOA says its existing financing windows for women, youths and agricultural value chains can be adapted to the state.
A joint technical team is expected to identify priority crops, develop financing instruments and set targets for production and job creation.
The initiative is designed to support Governor Bassey Otu’s “People First” agenda.
Main Story
Cross River State is opening a new front in its drive for food security, with the state government engaging the Bank of Agriculture (BOA) on a financing framework aimed at increasing farm productivity, expanding mechanisation and reducing its dependence on food supplies from neighbouring states.
The discussions, held on Monday at the BOA headquarters in Abuja, brought together the state’s Commissioner for Special Duties and Intergovernmental Relations, Dodeye Arikpo, and the bank’s Managing Director, Ayo Sotinrin.
At the centre of the proposed partnership is a simple problem: Cross River has agricultural potential, but many of its farmers lack the capital, equipment, improved inputs and processing infrastructure required to turn that potential into large-scale food production.
Arikpo said the proposed collaboration would therefore move beyond conventional agricultural support by creating financing arrangements that enable farmers to produce more, process locally and access better markets.
“We cannot talk about food security without equipment, finance and markets. This collaboration is about giving farmers the tools to deliver,” he said.
According to the commissioner, the high cost of farm inputs, inadequate mechanisation and weak processing capacity have kept many farmers operating at subsistence level. This, he said, has contributed to the state’s reliance on food brought in from neighbouring states despite its significant agricultural resources.
“Our goal is to reverse that trend. We want Cross River to feed itself first, then supply the region,” Arikpo said.
From tractors to hybrid seeds
The proposed partnership covers several areas of the agricultural value chain, with mechanisation, improved seeds and agro-processing emerging as immediate priorities.
One proposal is a lease-to-own arrangement for tractors and farm implements, which could allow farmers and agricultural cooperatives to access machinery without bearing the full cost of purchasing equipment upfront.
The state is also seeking bulk procurement and distribution of certified hybrid seeds, potentially lowering input costs while improving yields.
Another major component is the proposed development of agro-processing clusters across Cross River’s 18 local government areas.
The emphasis on processing is significant because increasing farm output without adequate storage and processing capacity can leave farmers vulnerable to post-harvest losses and price crashes.
By connecting production with processing and markets, the state hopes to retain more value within the agricultural economy while creating opportunities beyond primary farming.
Women and youths take centre stage
The proposed financing framework is also expected to give priority to women and young people, groups that the state believes can play a greater role in transforming its agricultural economy.
Arikpo argued that bringing more youths and women into commercially viable agriculture could simultaneously address food insecurity and unemployment.
“If we get our young people and women into agriculture with the right support, we will solve unemployment and hunger at the same time,” he said.
The strategy could potentially extend beyond farming to include input supply, mechanisation services, transportation, processing, packaging and distribution, creating employment across the agricultural value chain.
BOA promises tailored financing
Responding to the proposal, BOA Managing Director Ayo Sotinrin said the bank already operates financing windows targeted at youths, women and agricultural value-chain operators and could adapt those products to Cross River’s priorities.
“The Bank of Agriculture is ready to align its products with Cross River’s agricultural priorities. We have done this in other states and we are willing to deepen it here,” Sotinrin said.
He identified farmer aggregation, priority value chains, market linkages and bankable project development as areas where the bank could provide financing and technical support.
The emphasis on aggregation could prove important because smallholder farmers often struggle to access formal financing individually due to limited collateral, inconsistent records and the relatively small scale of their operations.
Organising farmers into cooperatives or structured production groups can make it easier for lenders to assess borrowers, distribute inputs and monitor production.
Joint team to develop bankable projects
The immediate next step is the establishment of a joint technical team involving the state government and BOA.
The team is expected to meet within two weeks to identify priority crops and value chains, design suitable financing instruments, including single-digit interest loans, and map the requirements for mechanisation and processing hubs.
It will also establish measurable targets for yield improvement, job creation and agricultural output.
This approach is intended to ensure that the partnership does not remain at the level of political declarations but produces specific projects capable of attracting financing and being measured against clear outcomes.
The state government also plans to involve cooperatives and agro-industrialists in the implementation process, with Arikpo stressing the need to ensure that agricultural financing reaches genuine farmers rather than intermediaries.
The bigger food-security question
Cross River’s proposed partnership comes against the backdrop of Nigeria’s broader struggle with food inflation, high input costs, limited mechanisation and disruptions across agricultural supply chains.
For Cross River, the challenge is particularly interesting because the state has considerable agricultural potential but still imports food from other parts of the country to meet some of its consumption needs.
The state’s strategy is therefore not simply to increase the number of farmers but to build a more integrated agricultural economy in which farmers have access to inputs, machinery, finance, processing facilities and guaranteed markets.
If successfully implemented, the model could reduce post-harvest losses while allowing farmers to capture more value from their produce.
What’s Being Said
Dodeye Arikpo, Commissioner for Special Duties and Intergovernmental Relations
“This is not about politics. This is about food on the table. If farmers have finance and equipment, food prices will come down.”
Ayo Sotinrin, Managing Director, Bank of Agriculture
“The Bank of Agriculture is ready to align its products with Cross River’s agricultural priorities.”
What’s Next
The joint technical team is expected to develop the framework for the partnership, including identifying priority crops, financing mechanisms, mechanisation requirements and processing locations.
Particular attention is likely to be paid to crops with strong production and commercial potential in the state, including cassava, rice, plantain and palm oil.
The state will also need to establish effective monitoring mechanisms to ensure that subsidised financing, equipment and agricultural inputs reach farmers and are used for their intended purposes.
Bottom Line
Cross River’s engagement with BOA could mark a shift from agricultural support to agricultural financing and value-chain development.
The real test, however, will be implementation. If affordable finance can be combined with machinery, quality seeds, processing facilities and reliable markets, Cross River could move from producing mainly for subsistence to becoming a significant food supplier in the region.
By BizWatch Nigeria Fixed Income Desk | August 18, 2026
Key Points
DMO cuts spot rates across three reopened Nigerian Government bonds after strong investor demand
Investors submit about ₦17 trillion in bids against ₦1.1 trillion offered across three maturities
Real return widens to 11.07% as headline inflation falls to 15.43% while the benchmark rate stays at 26.5%
Main Story
The Debt Management Office (DMO) reduced spot rates across three reopened Nigerian Government bonds after investors submitted about ₦17 trillion in bids against ₦1.1 trillion offered.
The DMO allotted approximately ₦805.2 billion across the January 2035, April 2037 and June 2038 instruments, according to the August auction results supplied to BizWatch Nigeria.
The reopening bond maturing in 2035 was sold at 17.15%, down from 18.34% at the previous auction. The 2037 maturity cleared at 17.19%, compared with 18.35% previously, while the 2038 instrument was priced at 17.79%, down from 18.40%.
The lower auction rates followed a decline in Nigeria’s headline inflation, which has increased the real return available to investors in the local debt market. Headline inflation fell to 15.43%, while the benchmark interest rate remained at 26.5%, producing a reported real return of 11.07%.
The strong subscription level also indicates sustained demand for Nigerian Government securities despite the lower clearing rates. Investors’ total bids were substantially higher than the amount the DMO offered, allowing the debt manager to raise funds at lower rates across the reopened maturities.
In the secondary market, trading conditions remained positive, with strong local demand supporting bond prices. Average Federal Government of Nigeria (FGN) bond yields declined by five basis points to 16.90%.
What’s Being Said
The DMO’s August auction results show strong investor demand for the reopened bonds, with approximately ₦17 trillion in subscriptions against the ₦1.1 trillion offer.
The reported secondary-market performance also indicates that local demand remained strong enough to push bond prices higher and average FGN Bond yields lower.
What’s Next
Investors will watch subsequent primary-market auctions for evidence of whether the lower clearing-rate trend continues.
Developments in inflation and the Central Bank of Nigeria’s monetary-policy stance will also remain important to fixed-income investors as they assess the real return available on government securities.
Bottom Line
The Bottom Line: Strong demand is allowing the DMO to raise funds at lower rates while investors still retain a sizeable real return over inflation. The combination of disinflation and heavy subscription suggests the local bond market is entering a more favourable pricing environment for the government, although future inflation and monetary-policy decisions will remain critical.
NGX All-Share Index falls 0.07% to 242,454.65 points as market capitalisation loses ₦106.24 billion
Banking and Insurance stocks lead sectoral declines as 37 equities close lower against 19 gainers
Trading volume falls to 1.33 billion shares while LASACO and MTNN lead volume and value activity
Main Story
The Nigerian Exchange (NGX) equities market lost ₦106.24 billion in market capitalisation on Monday as profit-taking and sell-side pressure pushed the benchmark index lower.
The NGX All-Share Index (ASI) declined 0.07% to close at 242,454.65 points, reducing the year-to-date return to 55.81%, according to the market data supplied to BizWatch Nigeria.
Market capitalisation closed at ₦156.52 trillion, while market breadth weakened to 0.51x, with 19 gainers against 37 losers. The decline reflected broader risk-off positioning among investors as selling pressure spread across key stocks.
TRANSEXPR led the gainers with a 9.86% increase, followed by AVACAP at 9.72% and THOMASWY at 9.09%. RTBRISCOE recorded the largest decline at 9.91%, while FTGINSURE and MCNICHOLS fell 9.88% and 9.61%, respectively.
Trading activity was mixed. Total volume declined to 1.33 billion shares from 1.41 billion shares in the previous session, while traded value dropped sharply to ₦22.91 billion from ₦46.31 billion. The number of deals, however, increased to 45,439 from 39,072.
LASACO dominated volume activity with 730.69 million shares traded, while MTNN recorded the highest traded value at ₦7.30 billion.
Sector performance was also mixed. The Banking Index declined 1.48%, while Insurance fell 0.46%. Consumer Goods gained 0.43%, Oil & Gas slipped marginally by 0.01%, while the Industrial and Commodity sectors were broadly flat.
What’s Being Said
The market data points to increased selling pressure, particularly in banking and insurance stocks, although gains in Consumer Goods and continued activity in selected large-cap stocks provided some support.
What’s Next
Investors will monitor whether profit-taking persists in the next trading sessions or whether lower prices attract fresh buying.
A shift in portfolio positioning could also determine whether the NGX stabilises after the latest decline, particularly if investors begin rotating into sectors that have shown relative resilience.
Bottom Line
The Bottom Line: Monday’s decline points to a cautious phase in the equities market, with profit-taking outweighing buying interest despite the market’s strong year-to-date return. The key signal for investors will be whether the selling broadens further or gives way to renewed accumulation.
Naira appreciates to ₦1,349.54/$ at the Nigerian Foreign Exchange Market (NFEM)
Interbank FX turnover jumps 266% to $437.53 million as market activity increases
NFEM inflows rise to $1.77 billion while external reserves increase to $52.26 billion
Main Story
The naira strengthened to ₦1,349.54 per US dollar at the Nigerian Foreign Exchange Market (NFEM) on Monday as interbank foreign exchange turnover surged 266%.
The local currency appreciated from an opening rate of ₦1,357.61/$ to ₦1,349.54/$, while the spot rate traded between ₦1,347 and ₦1,361, according to official market data cited by MarketForces Africa.
Interbank FX turnover rose to $437.53 million from $119.59 million at Friday’s close, representing an increase of about 266%. The number of deals also increased to 178 from 137, pointing to stronger activity among financial institutions and market makers.
The improved trading activity came as FX liquidity strengthened at the official market. The research subsidiary of Coronation Group reported that total FX inflows into the NFEM window increased to $1.77 billion from $830 million in the preceding week.
Domestic sources accounted for 63.44% of total inflows. Exporters contributed 31.20%, while Non-Bank Corporates accounted for 17.67%, highlighting the role of autonomous market participants in supplying foreign exchange.
The Central Bank of Nigeria (CBN) contributed $252.1 million, equivalent to 14.27% of total NFEM inflows. Foreign Portfolio Investors (FPIs) remained the largest individual source, contributing 33.71% of aggregate inflows, according to Coronation Group’s research subsidiary.
The naira had appreciated by 0.59% in the previous week to close at ₦1,357.61/$, while the parallel market remained at ₦1,420/$.
Nigeria’s gross external reserves also increased by 0.39% week-on-week to $52.26 billion from $52.06 billion, according to the market report.
the issues
The increase in FX turnover and inflows points to improved liquidity in the official market, reducing immediate pressure on the naira. However, the composition of inflows remains important, with exporters, non-bank corporates, FPIs and the CBN providing different sources of FX supply.
what’s being said
Coronation Group’s research subsidiary reported that domestic sources accounted for 63.44% of NFEM inflows, with exporters and non-bank corporates making significant contributions.
The research firm expects the naira to remain broadly stable in the near term, supported by improved FX liquidity, sustained autonomous inflows and the country’s stronger external reserves position.
what’s next
Market participants will monitor whether the higher NFEM turnover and stronger FX inflows are sustained in subsequent trading sessions.
The direction of the naira will also depend on continued autonomous FX supply, CBN activity and movements in Nigeria’s external reserves.
The Bottom Line:
The naira’s latest appreciation is being supported by a measurable improvement in official-market FX liquidity rather than a single intervention. Sustaining the current level of inflows will be critical to keeping the currency broadly stable.
Elon Musk’s estimated wealth rose by $30.7 billion in 24 hours to $894.9 billion on August 18, 2026.
Forbes’ Real-Time Billionaires ranking continues to place Musk as the world’s richest person.
The latest gain reflects the continuing rebound in SpaceX shares after their sharp post-IPO decline.
Musk owns about 48.4 per cent of SpaceX, according to a recent regulatory filing.
SpaceX shares rose to about $146.23 on August 17, after trading below the $135 IPO price in July.
Main Story
Billionaire entrepreneur Elon Musk has seen his fortune surge by $30.7 billion in just 24 hours, taking his estimated net worth to $894.9 billion, as shares in SpaceX continued their recovery from a sharp sell-off following the company’s historic stock-market debut.
According to the latest Forbes Real-Time Billionaires ranking, Musk’s wealth increased by about 3.55 per cent, maintaining his position as the world’s richest person. The movement highlights how quickly the fortunes of ultra-wealthy entrepreneurs can change when their wealth is heavily tied to publicly traded companies.
Musk’s latest wealth increase is particularly significant because much of his fortune is linked to SpaceX. A regulatory filing shows that he retained a 48.4 per cent stake in the rocket, satellite and artificial-intelligence company as of June 30.
The SpaceX stake means that movements in the company’s share price can translate into tens of billions of dollars being added to, or wiped from, Musk’s paper wealth within a short period.
The SpaceX effect
SpaceX has become the biggest driver of the extraordinary swings in Musk’s fortune since its historic initial public offering in June.
The company priced its IPO at $135 per share, raising about $75 billion and giving SpaceX an initial valuation of approximately $1.77 trillion.
When trading began, however, investor demand pushed the stock sharply higher. SpaceX shares opened at $150 and eventually closed their first trading session at $160.95, giving the company a market value of roughly $2.2 trillion and helping push Musk above the $1 trillion wealth threshold. Forbes subsequently estimated his fortune at about $1.1 trillion after the first trading session.
That milestone made Musk the world’s first trillionaire on paper.
But the spectacular rise was followed by equally dramatic volatility.
SpaceX shares subsequently fell heavily, at one point dropping below their $135 IPO price in July. Reuters reported that the decline reflected concerns including the company’s valuation, heavy spending on AI and technology infrastructure, and broader market pressures.
The stock has since recovered. On Monday, August 17, SpaceX shares rose to an intraday high of about $149.79 before closing at $146.23, their strongest level since July 10.
Why the latest rebound matters
The recovery has once again demonstrated the extraordinary sensitivity of Musk’s wealth to SpaceX’s market value.
SpaceX has also attracted significant investor interest because its business stretches beyond rockets. The company combines its traditional space-launch operations with Starlink satellite internet and artificial-intelligence ambitions, giving investors exposure to several high-growth technology markets.
Its latest financial performance has also underscored the importance of Starlink. Barron’s reported that Starlink generated about $4.29 billion in revenue in the second quarter of 2026, accounting for nearly 70 per cent of SpaceX’s revenue during the period.
Musk’s other major assets include his stake in Tesla and interests in companies such as xAI, Neuralink and The Boring Company, meaning his overall wealth is spread across electric vehicles, artificial intelligence, space technology, satellite communications and other emerging technologies.
The Tesla factor
Tesla remains another major pillar of Musk’s fortune.
He owns a significant stake in the electric vehicle manufacturer, while the company is also increasingly positioning itself as an artificial-intelligence and robotics business.
Musk has said Tesla could complete the design phase, or “tape out,” of its next-generation AI6 chip by December 2026, provided development can be accelerated with AI.
In semiconductor manufacturing, tape-out is the point at which a chip design is finalised and sent for production.
The proposed AI6 chip is expected to support Tesla’s ambitions in autonomous driving and humanoid robotics. The company has also been linked to a reported $16.5 billion manufacturing agreement with Samsung Electronics for the chips.
A fortune that moves with the market
Musk’s latest $30.7 billion gain is not equivalent to receiving $30.7 billion in cash.
His net worth is largely an estimate based on the market value of his holdings. When SpaceX, Tesla or other assets rise in value, the estimated value of his wealth rises accordingly. When their valuations fall, his net worth can decline just as dramatically.
That was evident after SpaceX’s IPO, when the company’s shares experienced a sharp correction from their June highs.
Recent filings also show how valuable Musk’s SpaceX position has become. Reuters reported that his 48.4 per cent stake was worth more than $900 billion based on market prices at the time of its August 13 report.
The discrepancy between that valuation and Forbes’ current estimate of Musk’s overall fortune reflects the fact that net-worth calculations incorporate his other assets and liabilities, as well as different valuation methodologies and market prices.
What to watch
The immediate focus for investors is whether SpaceX can sustain its recovery as more shares become available for trading.
Another tranche of approximately 319 million SpaceX shares is scheduled to become tradable on August 20, potentially increasing the supply of shares available in the market.
That development could create additional volatility, particularly if early investors or employees decide to sell.
At the same time, investors will be watching SpaceX’s performance in Starlink, artificial intelligence and space launches, while Tesla’s autonomous-driving and robotics ambitions could influence the value of Musk’s other major asset.
Bottom Line
Elon Musk’s latest $30.7 billion one-day wealth increase is another illustration of the extraordinary relationship between his fortune and the market value of SpaceX.
The rebound has pushed his estimated wealth back towards the trillion-dollar mark after the post-IPO correction. But with SpaceX shares still volatile and another major share-unlock approaching, Musk’s fortune could continue to experience billion-dollar swings in either direction.
In Musk’s case, becoming hundreds of billions richer—or poorer—can now be a matter of what happens in the stock market over a single trading session.
For many Nigerians, owning a home has become increasingly difficult as land, building materials, labour and property prices continue to rise. Yet, one government-backed housing finance scheme allows eligible contributors to access long-term mortgage financing at a concessionary interest rate.
The Federal Mortgage Bank of Nigeria (FMBN) administers the National Housing Fund (NHF), a contributory scheme designed to mobilise long-term funds for affordable housing finance. Under its current NHF Mortgage Loan product, eligible contributors can access up to N50 million, subject to affordability and other lending conditions, at an interest rate of 6 per cent per annum for a maximum tenor of 30 years.
The facility can be used to buy, build, improve or renovate an owner-occupied home, with the property serving as security for the mortgage.
But the N50 million headline figure does not mean every applicant automatically qualifies for that amount. FMBN assesses income, repayment capacity, the value of the property and other conditions before determining how much an applicant can actually receive.
Here is what prospective applicants need to know.
What is the NHF Mortgage Loan?
The NHF Mortgage Loan is a housing finance facility administered by FMBN through licensed and FMBN-accredited Primary Mortgage Banks (PMBs) or mortgage loan originators.
FMBN provides funding to accredited PMBs at 4 per cent, which the institutions on-lend to eligible NHF contributors at a maximum of 6 per cent per annum. The mortgage can run for up to 30 years, subject to factors including the applicant’s age, income and years in service.
Unlike an ordinary commercial mortgage, the NHF facility is structured specifically around the Fund’s contributors and is intended to make long-term housing finance more accessible.
It is not, however, free money or a government grant. It is a repayable mortgage loan, secured by the property being financed.
Who can apply?
FMBN’s current conditions provide that an applicant must generally:
Be a Nigerian aged 18 or above;
Be a contributor to the National Housing Fund;
Have contributed to the NHF for at least six months;
Have a stable source of income or, if self-employed, provide satisfactory evidence of regular income;
Apply through an FMBN-accredited and licensed mortgage loan originator; and
Present a property that satisfies the applicable legal, planning and security requirements.
The six-month contribution requirement is important. A person who has never registered for the NHF cannot simply apply for the mortgage today and expect immediate approval.
How much can you actually borrow?
FMBN’s current NHF Mortgage Loan product page states a maximum of N50 million.
However, the maximum ceiling should not be interpreted as an automatic entitlement.
The amount approved depends on the applicant’s repayment capacity and the property being financed. FMBN’s published conditions also state that the loan should not exceed 90 per cent of the cost or value of the mortgaged property.
This means applicants may need to provide an equity contribution depending on the value of the property and the amount approved.
There is an important reason for the confusion surrounding the loan ceiling. Some older FMBN documents still state N15 million as the maximum, while the Bank’s current product page has been updated to N50 million.
For anyone preparing an application now, the safest position is to rely on the current FMBN product terms and the written terms supplied by the accredited mortgage institution, rather than older documents circulating online.
What does the 6 per cent interest rate mean?
The NHF mortgage is designed to be cheaper than many conventional mortgage products.
FMBN currently states that it provides the facility to accredited PMBs at 4 per cent, for onward lending to NHF contributors at 6 per cent per annum.
The rate is therefore one of the major attractions of the scheme.
But applicants should distinguish between the interest rate and other costs that may arise during a property transaction, such as valuation, legal, registration, insurance and other applicable charges.
Before signing any mortgage agreement, applicants should ask the accredited mortgage institution for a complete schedule showing the loan amount, interest, repayment amount and all applicable charges.
How long do you have to repay?
The maximum repayment period is 30 years, although not every applicant will receive the full 30-year tenor.
FMBN says the repayment period is subject to considerations such as the borrower’s age, income and years in service.
Another important affordability rule is that not more than one-third of the applicant’s income should be committed to loan repayment.
In practical terms, someone earning N300,000 monthly should not expect the mortgage assessment to treat the entire salary as available for repayment. The affordability calculation is designed to leave the borrower with sufficient income for other living expenses.
This rule can also affect the amount an applicant qualifies for, even where the property itself is worth considerably more.
Can you use the loan to build your own house?
Yes.
The NHF Mortgage Loan is not limited to buying an already completed house. FMBN states that the facility can be used to build, buy, improve or renovate an owner-occupied home.
For construction applications, however, applicants should expect additional documentation relating to the proposed development, including evidence of ownership or acceptable title to the land, approved building plans and construction-related documentation.
The property’s legal status is particularly important because the property ultimately serves as security for the mortgage.
Can you use it to buy land?
This is where applicants need to be careful.
The NHF Mortgage Loan is principally for residential accommodation, not simply the purchase of vacant land. FMBN’s published conditions describe the facility as being for building, purchasing or renovating residential accommodation.
Therefore, someone whose immediate plan is only to buy a plot of land should not assume that the NHF Mortgage Loan will automatically finance the transaction.
Applicants should discuss the specific proposal with an accredited mortgage loan originator before committing money to a property.
The property is part of the application
One of the biggest misconceptions about the NHF loan is that approval depends only on the applicant’s salary.
It does not.
The property itself must meet FMBN’s requirements. The Bank’s published conditions state that the property must comply with relevant planning laws, have sufficient value to secure the loan and be insured against applicable hazards. The mortgage is secured by a first legal mortgage over the property.
This means a prospective borrower cannot simply identify a house, agree a price with the seller and assume FMBN will finance it.
The property will undergo valuation and legal checks, while the mortgage institution will assess whether the title and other documentation are acceptable.
How to apply — step by step
1. Register as an NHF contributor
The first step is to establish your NHF contribution record.
FMBN now provides an online individual registration process. The current contributor portal requires details including an email address, mobile number and BVN, followed by OTP verification and completion of the registration information.
Existing contributors can also use the portal to activate their accounts and access information about their NHF records.
2. Complete the required contribution period
You generally need at least six months of continuous NHF contributions before applying for the mortgage facility.
Applicants should therefore verify their contribution history before approaching a mortgage institution.
3. Choose an accredited mortgage institution
This is one of the most important steps.
You do not simply walk into FMBN and collect the mortgage directly.
FMBN’s published conditions state that applicants must apply through a duly licensed and FMBN-accredited mortgage loan originator. The mortgage institution processes the application and accesses the NHF facility on behalf of the contributor.
Before dealing with anyone claiming to facilitate an NHF mortgage, verify that the institution is properly accredited.
4. Obtain the application form
The accredited mortgage institution provides the relevant NHF mortgage application form and explains the documents required for the particular transaction.
The requirements may differ depending on whether you are buying, constructing or renovating a home.
5. Prepare your documents
Applicants should be prepared to provide documents that establish their identity, income, NHF contribution history and the legal status of the property.
Depending on the transaction, these may include:
Completed mortgage application form;
Evidence of NHF contribution;
Proof of income;
Payslips or other evidence of regular income;
Employment or tax documents where applicable;
Property title documents;
Valuation report;
Approved building plans;
Bill of quantities for construction applications;
Relevant legal documents; and
Other documents requested by the mortgage institution.
FMBN’s published conditions make clear that the property must provide adequate security and comply with planning and legal requirements.
6. Property valuation and legal verification
The mortgage institution will assess both the applicant and the property.
The legal review is important because a defective or disputed title can undermine the security of the mortgage.
The property must be capable of securing the loan and meeting applicable planning requirements. FMBN’s conditions also require the mortgage property to be insured against hazards.
7. Affordability assessment
Your income will be assessed against the proposed repayment.
FMBN’s rules provide that not more than one-third of the applicant’s income should be committed to repayment.
Consequently, someone earning more may qualify for a larger mortgage, while a lower-income applicant may qualify for considerably less than the N50 million headline ceiling.
8. Approval and disbursement
Once the application, applicant, property and legal requirements have been satisfactorily assessed, the mortgage can proceed to approval and disbursement through the mortgage loan originator.
The money is intended for the approved housing purpose rather than unrestricted personal spending.
What if you are self-employed?
Being self-employed does not automatically disqualify a Nigerian from accessing the NHF facility.
FMBN’s conditions recognise self-employed applicants, provided they can produce satisfactory evidence of regular income capable of supporting repayment.
For such applicants, maintaining clear financial records can therefore be important when demonstrating repayment capacity.
What about people who already benefited from another FMBN product?
The NHF scheme has several housing products beyond the standard mortgage, including the Home Renovation Loan, Rent-to-Own and other housing programmes.
FMBN’s FAQ specifically addresses questions about whether contributors who have benefited from one facility can access another, meaning applicants should not assume that previous participation automatically makes them eligible or ineligible. The circumstances of the individual case matter.
There is a wider housing push behind the scheme
The mortgage facility is part of a broader effort to expand affordable housing finance.
In July 2026, FMBN said stakeholders were working on ways to increase access to affordable housing, particularly for low-income and informal-sector workers, while its Managing Director, Shehu Usman Osidi, stressed that partnerships across the housing value chain were necessary because no single institution could address Nigeria’s housing challenges alone.
The Bank has also been expanding other housing initiatives. In May, FMBN said some of its housing projects were being delivered under a cross-subsidy model, with units priced at N50 million and below, aligning with the Bank’s current NHF mortgage threshold.
In April, FMBN also signed an agreement with the Federal Government Staff Housing Loans Board to facilitate N10 billion in housing finance for federal civil servants.
And in July, the Bank announced that a national mortgage registry had reached a major milestone and was ready for deployment, part of efforts to improve transparency in housing finance.
A new opportunity for Nigerians in the diaspora
The expansion of housing finance is not limited to Nigerians living in the country.
FMBN announced in July that it would launch its Diaspora NHF Mortgage Loan in the United Kingdom, providing eligible Nigerians abroad with a pathway to finance homes in Nigeria.
That development could become increasingly important as Nigerians in the diaspora continue to invest in residential property at home.
Beware of people promising to “secure” the loan
Applicants should be particularly cautious about intermediaries who demand money in exchange for supposedly guaranteeing an NHF loan.
FMBN itself prominently warns about fraudsters posing as NHF facilitation officers. Its official website directs customers towards its authorised channels and warns against unauthorised access to account information.
Do not hand over your NHF login credentials, password or OTP to another person.
Also, do not assume that someone who claims to “work with FMBN” is authorised to process your application. Verify the mortgage institution and its accreditation before making payments or submitting sensitive documents.
The most important things to remember
The NHF mortgage is attractive because it combines a relatively low 6 per cent annual interest rate with a potential 30-year repayment period. The current FMBN product page also places the maximum loan at N50 million.
But the headline figures should not obscure the conditions.
You must first qualify as an NHF contributor, meet the six-month contribution requirement, demonstrate sufficient income, pass the affordability assessment and present a property that can legally and adequately secure the mortgage.
Most importantly, N50 million is a ceiling, not a guaranteed payout.
The amount you eventually qualify for will depend on your income, repayment capacity, the property and the terms of the mortgage assessment.
How to start
The safest starting point is FMBN’s official NHF Mortgage Loan page and its contributor portal:
For Nigerians who have been paying into the National Housing Fund, the NHF Mortgage Loan provides a government-backed route towards homeownership that can be used to buy, build, improve or renovate a home.
The current N50 million ceiling, 6 per cent interest rate and maximum 30-year tenor make the facility potentially attractive, but eligibility, income, property value and legal requirements remain decisive.
For prospective applicants, the smartest first move is not to pay an agent promising fast approval. It is to verify your NHF contribution record, confirm your eligibility, identify an accredited mortgage institution and obtain the current written requirements directly from FMBN or the accredited lender.
Overnight funding rate falls 6 basis points to 22.19% as banks maintain strong liquidity positions
Banks place ₦3.63 trillion with the CBN’s Standing Deposit Facility without accessing the lending window
About ₦2.22 trillion NGOMOB maturity due on August 18 is expected to provide further liquidity support
Main Story
Money market funding rates eased at the start of the week as banks maintained a ₦3.57 trillion liquidity surplus ahead of an expected ₦2.22 trillion NGOMOB maturity inflow.
The Overnight Rate (OVN) declined by six basis points to 22.19%, while the Open Repo Rate (OPR) held at 22.00%, according to market data cited by AIICO Capital Limited.
Deposit Money Banks placed ₦3.63 trillion with the Central Bank of Nigeria’s (CBN) Standing Deposit Facility (SDF), with no borrowing from the Standing Lending Facility (SLF), indicating that banks had sufficient liquidity to meet immediate funding requirements.
AIICO Capital said the liquidity position should strengthen further following the maturity of approximately ₦2.22 trillion in NGOMOB securities on August 18. The inflow is expected to reduce short-term funding pressures and support easier money market conditions.
The movement follows a volatile liquidity pattern in the previous week. System liquidity opened at ₦4.08 trillion and climbed to ₦6.47 trillion by midweek, supported by an OMO maturity of ₦2.48 trillion, according to market data cited in the report.
The liquidity surplus subsequently fell to ₦3.57 trillion following a Nigerian Treasury Bills auction that allotted ₦1.46 trillion and an OMO auction that sold ₦2.60 trillion.
In the Treasury Bills secondary market, yields increased across all maturities. Yields on one-month, three-month, six-month and 12-month bills rose by 51 basis points, six basis points, three basis points and three basis points, respectively.
The average Nigerian Treasury Bills yield consequently increased by eight basis points to 18.62%, with thin trading volumes contributing to the predominantly bearish market tone.
the issues
The divergent movement between ample system liquidity and Treasury Bills yields highlights the influence of liquidity distribution and market positioning on short-term funding conditions. While banks have maintained substantial balances at the CBN’s SDF, increased demand for government securities and recent liquidity sterilisation have kept yields elevated.
what’s being said
AIICO Capital Limited expects the approximately ₦2.22 trillion NGOMOB maturity to improve system liquidity and moderate short-term funding pressures.
Coronation Merchant Bank’s research subsidiary attributed an additional net liquidity inflow of approximately ₦1.16 trillion to factors that may include SDF repayment timing and/or Federal Account Allocation Committee (FAAC) inflows.
what’s next
The key near-term development is the expected ₦2.22 trillion NGOMOB maturity on August 18, which should provide fresh liquidity to the financial system.
Market participants will also monitor Treasury Bills yields and overnight funding rates to assess whether the expected liquidity injection translates into sustained easing in funding conditions.
The Bottom Line:
The expected NGOMOB maturity should give banks additional liquidity and reduce immediate funding pressure. However, elevated Treasury Bills yields suggest that liquidity conditions alone may not be enough to reverse the market’s cautious positioning.
FG targets 6,000MW electricity wheeling capacity before December 2026.
Power Minister Joseph Tegbe says 20 transmission projects will be commissioned before year-end.
Ijora substation capacity rises from 90MVA to 230MVA following transformer upgrades.
The Ijora project adds about 125MW of bulk transmission capacity.
World Bank approves additional $200m for Nigeria’s DARES off-grid electricity programme.
DARES has reached 5.3 million Nigerians against a 16.2 million target.
Main Story
The Federal Government has set a target to increase Nigeria’s electricity wheeling capacity to 6,000 megawatts before December 2026, as it intensifies investment in transmission infrastructure to improve the movement of available power to homes, businesses and industries.
The Minister of Power, Joseph Tegbe, disclosed this in Lagos while commissioning two new 100 MVA, 132/33 kV transformers at the Ijora Transmission Substation.
Tegbe also announced plans to commission 20 transmission projects before the end of the year, saying the investments were part of efforts to strengthen the national grid and increase its capacity to evacuate available electricity from generation plants.
According to him, the Federal Government’s priority is not simply to increase generation but to build a power system capable of reliably delivering electricity to consumers at the required quality and cost.
“The objective of this commitment is not just to generate more megawatts. The objective is to create a power system that can reliably deliver electricity to where it is needed, when it is needed, and at a quality and cost that supports economic activity.”
The minister said the Ijora upgrade was particularly significant because the substation serves one of Lagos’ major economic corridors, with industries, ports, commercial centres and communities depending on the facility.
He explained that the substation previously had three 30 MVA transformers, giving it an installed capacity of 90 MVA. Two of the transformers have now been replaced with 100 MVA units, taking the total installed capacity to 230 MVA.
Tegbe said the upgrade represents approximately 184MW of capacity and provides an additional 125MW of bulk transmission capacity, which he expects to translate into greater economic value.
The project is expected to improve electricity supply to Ijora, Costain, Oyigbo, Customs and Ajegunle, while supporting businesses and consumers within the Eko Electricity Distribution Company franchise area.
Earlier, Tegbe unveiled a 2×60 MVA, 132/33 kV gas-insulated switchgear substation on Apapa Road, funded by the Japan International Cooperation Agency.
He said strengthening transmission infrastructure was essential to achieving President Bola Tinubu’s ambition of transforming Nigeria into a $1 trillion economy, noting that transmission had historically constituted a major constraint to the performance of the electricity sector.
World Bank approves $200m for off-grid power
Meanwhile, the World Bank has approved an additional $200 million financing for Nigeria’s off-grid electricity sector under the Distributed Access through Renewable Energy Scale-Up (DARES) programme.
The funding is expected to support the deployment of solar mini-grids and other decentralised renewable-energy systems in communities, businesses and public institutions that remain underserved by the national grid.
The intervention comes amid persistent challenges of unreliable electricity, high energy costs and limited grid coverage, which have forced many businesses, particularly MSMEs, to depend heavily on petrol and diesel generators.
Under DARES, the Federal Government and development partners are also seeking to expand private-sector participation in the off-grid market, creating opportunities for renewable-energy companies, mini-grid developers, equipment suppliers and other players in the clean-energy value chain.
The programme is particularly targeted at areas where extending the conventional grid is technically difficult or economically unviable.
DARES reaches 5.3m Nigerians
DARES has so far reached 5.3 million Nigerians, against a target of 16.2 million people by the close of the programme.
Solar home unit deployment stands at 1.046 million, compared with a target of 2.75 million.
The World Bank released the additional funding after Nigeria met four performance conditions under the programme, although it continues to rate the country’s political and macroeconomic risks as high.
Mini-grid reforms create investment opportunities
Alongside the financing, changes to Nigeria’s mini-grid regulatory framework are expected to provide clearer operating guidelines for developers and improve the environment for private investment.
A more predictable regulatory framework could encourage renewable-energy companies to expand mini-grid projects as demand for alternative electricity sources increases among households, commercial users and industrial consumers.
For underserved communities, the combination of financing, private-sector participation and regulatory reforms could provide an alternative to waiting for conventional grid expansion.
The Issues
Nigeria’s electricity challenge extends beyond generation. Even when additional power is available, inadequate transmission and distribution infrastructure can prevent it from reaching consumers.
The country also faces a significant electricity-access gap, particularly in communities where extending the national grid is costly or technically challenging.
For businesses, unreliable electricity translates into higher operating costs because of dependence on diesel and petrol generators. The success of the current interventions will therefore depend not only on the number of projects commissioned but on whether they produce measurable improvements in reliability, affordability and access.
What’s Being Said
Joseph Tegbe, Minister of Power
“The most important thing is to be able to wheel comfortably, 6,000 megawatts before December.”
Tegbe said the government was working towards commissioning 20 transmission projects before the end of 2026 as part of efforts to remove structural constraints within the electricity value chain.
He also stressed that the objective was to ensure available electricity could be moved efficiently to where it was needed.
What’s Next
The Federal Government is expected to continue commissioning transmission projects as it works towards its 6,000MW wheeling target before December.
The World Bank’s additional $200 million financing will support further deployment of decentralised renewable-energy systems under DARES, while proposed mini-grid regulatory changes are expected to improve the operating environment for private-sector developers.
The combined interventions are expected to strengthen the national grid while expanding access to electricity in communities beyond the reliable reach of conventional grid infrastructure.
Bottom Line
The Federal Government’s 6,000MW wheeling target and the World Bank’s additional $200 million DARES financing represent a two-track response to Nigeria’s electricity challenge: strengthening the national transmission network while expanding decentralised renewable energy access.
The ultimate measure of success, however, will be whether the investments translate into more reliable electricity for households and businesses, lower dependence on generators and improved productivity across the economy.
Average Nigerian Treasury bill benchmark yield rises eight basis points to 18.61%
October maturities record the sharpest sell-offs, led by the October 8 bill at 73 basis points
July inflation falls to 15.43%, widening the reported real return to 11.07%
Main Story
Nigerian Treasury bill yields rose to an average 18.61% as investors trimmed positions in the secondary market despite continued moderation in inflation.
CardinalStone Securities Limited reported that selling was concentrated at the short and long ends of the curve, with the short end rising 24 basis points and the long end increasing four basis points.
The sharpest moves were recorded on October maturities. The October 8 bill rose 73 basis points, while the October 15 and October 22 bills increased by 63 basis points and 51 basis points, respectively, reflecting stronger selling pressure on those securities.
Nigeria’s headline inflation slowed to 15.43% in July from 15.91% in June, according to the Consumer Price Index data cited in the market report. The decline represented the second consecutive monthly moderation in inflation.
The combination of a 26.5% monetary policy rate and 15.43% inflation was reported to have widened the real return on investment to 11.07%.
Despite the sell-off, liquidity remained supportive of selective demand across the fixed-income market. AIICO Capital Limited said the newly issued August 12, 2027 Treasury bill closed at 17.40%/17.25%.
In the Open Market Operation segment, the actively traded December 29 bill closed at 19.65%/19.45% as investors sought to lock in relatively attractive yields.
The market report said both equities and debt markets traded lower as investors reassessed available investment opportunities following the Central Bank of Nigeria’s lifting of restrictions on OMO bills.
What’s Being Said
CardinalStone Securities Limited said selling pressure was concentrated at the short and long ends of the Treasury bill curve, with the October maturities recording the largest yield increases.
AIICO Capital Limited reported that the newly issued August 12, 2027 bill closed at 17.40%/17.25%, while the actively traded December 29 OMO bill closed at 19.65%/19.45%.
What’s Next
Investors will continue to assess Treasury bills against OMO bills as restrictions on the latter ease
Further inflation data will influence the real-return outlook for short-term fixed-income instruments
Liquidity conditions and investor positioning will remain key drivers of Treasury bill yields across the secondary market
The Bottom Line:
The rise in Treasury bill yields shows that easing inflation has not eliminated selling pressure in Nigeria’s fixed-income market. With OMO bills offering attractive yields and liquidity still supporting selective demand, investors are continuing to reposition across short-term instruments rather than uniformly increasing Treasury bill exposure.
Nigeria’s dollar-denominated Eurobond average yield rises one basis point to 6.89%
U.S. Treasury yields of about 4.7% and 5.29% pressure emerging-market dollar debt
Improving Nigerian inflation and external reserves provide some support for the sovereign curve
Main Story
Nigeria’s sovereign Eurobonds came under selling pressure as elevated U.S. Treasury yields encouraged investors to favour dollar-denominated U.S. assets over emerging-market debt.
According to a market report, the average yield on Nigeria’s U.S. dollar-denominated bonds increased by one basis point to 6.89%, reflecting cautious investor sentiment and subdued demand for the securities, Cowry Asset Limited said.
The pressure came as the U.S. 10-year Treasury yield held around 4.7%, while the 30-year yield climbed to about 5.29%, according to AIICO Capital Limited. Higher U.S. yields typically increase the relative attractiveness of U.S. fixed-income assets and can place pressure on emerging-market securities.
Nigeria’s domestic macroeconomic outlook provided some counterweight. The country has recorded average gross domestic product growth of about 4%, while headline inflation continued to moderate, according to the market report.
The report also linked stronger fiscal performance to higher hydrocarbon revenue, supported by elevated global oil prices and increased crude oil production. External reserves were reported above $52 billion, while the country’s net foreign exchange position stood above $40 billion, based on the latest disclosure cited from the Central Bank of Nigeria.
AIICO Capital said Nigeria’s July inflation data offered additional support to the sovereign curve, with headline inflation easing to 15.43% year-on-year from 15.91% in June.
However, selective buying interest was insufficient to offset selling across other maturities, leaving the average benchmark yield one basis point higher.
What’s Being Said
“We expect Nigerian Eurobonds to remain cautiously supported, with market direction continuing to depend largely on U.S. Treasury yield movements, expectations around the Federal Reserve’s monetary policy path, and broader emerging-market risk sentiment.” AIICO Capital Limited.
Cowry Asset Limited attributed the weaker Eurobond performance to cautious foreign investor sentiment and subdued international demand for Nigeria’s dollar-denominated sovereign securities.
What’s Next
Investors will continue to monitor movements in U.S. Treasury yields for signals on the relative attractiveness of Nigerian Eurobonds
Expectations surrounding the Federal Reserve’s monetary policy path will remain a key driver of international bond-market sentiment
Further Nigerian inflation, reserve and oil-market data will shape investor assessment of the country’s improving domestic macroeconomic position
The Bottom Line:
Nigeria’s improving domestic fundamentals are providing support for its sovereign debt, but external conditions remain the stronger near-term driver of Eurobond performance. As long as U.S. Treasury yields remain elevated, Nigerian dollar debt is likely to face selective demand rather than a broad-based buying wave.
At 19, while many young Nigerians are still deciding what career path to follow, Ishaq Jamilu is already designing one of the technologies that could shape the future of transportation.
From Kusada Local Government Area of Katsina State, the young automotive enthusiast has attracted international attention with a self-developed electric vehicle concept designed around one central idea: electric mobility should not be a luxury reserved for the wealthy.
Jamilu’s design was recently recognised by the International Art Magazine Japan, which featured his project in an article titled “Revolutionising Affordable Electric Vehicles: Reducing Costs Without Sacrificing Performance.” For a teenager who acquired much of his knowledge through the internet, technical drawings and hands-on mechanical work, the recognition has become both a personal milestone and a statement about what young Nigerian innovators can achieve with limited resources.
An idea born from curiosity
Jamilu said his fascination with automobiles began at an early age. Rather than waiting for formal training before experimenting with vehicle design, he turned to the internet, where he studied automotive engineering concepts, vehicle structures and design techniques.
His learning process was largely practical.
He experimented with technical drawings, explored 3D modelling and gained experience working as a vehicle mechanic. That combination gave him an unusual advantage: he was not looking at vehicles only as objects to be drawn on a computer or paper, but also as machines that must function in the real world.
“I have always been passionate about automobiles. I started learning by myself through the internet, studying vehicle designs and practising through drawings and 3D modelling.”
His mechanical experience, he added, helped him understand the difference between an attractive design and one that could potentially become a functional vehicle.
Designing for affordability
The electric vehicle concept that brought him international attention is built around affordability.
Electric vehicles are increasingly being promoted globally as an alternative to conventional petrol and diesel-powered cars because of their potential to reduce emissions and dependence on fossil fuels. But in many developing economies, high acquisition costs, charging infrastructure limitations and battery expenses remain significant barriers to widespread adoption.
Jamilu’s approach attempts to address one of those barriers: cost.
His concept seeks to reduce production expenses without eliminating the features that make electric vehicles practical. The proposed design includes a compact body structure, efficient use of interior space, a user-friendly cabin and features intended to improve energy conservation.
“The recognition has encouraged me to work harder, improve my skills and pursue my dream in automotive design.”
The project remains a concept rather than a commercially manufactured electric vehicle. But its importance lies in the problem it is attempting to solve and in the young designer’s effort to develop a locally informed approach to future mobility.
When Katsina met Japan
The moment Jamilu discovered that his work had attracted attention outside Nigeria was, by his own account, unexpected.
He had shared his automotive designs on social media, using the platform to showcase his work and connect with other people interested in vehicle design. The attention eventually reached the International Art Magazine Japan.
For Jamilu, the recognition carried significance beyond the publication itself.
“I was very happy and surprised that a project I developed through self-learning in Katsina could attract the attention of an international art magazine in Japan.”
The journey from Kusada to an international publication also illustrates the changing geography of innovation. A young person working largely outside Nigeria’s traditional technology and automotive centres can now use digital platforms to display an idea to a global audience.
But recognition, Jamilu knows, is not the same as completion.
From concept to the workshop
His next challenge is turning his ideas into physical prototypes.
Jamilu said he wants to study automotive design formally and receive professional training that will deepen his understanding of engineering, manufacturing and vehicle development. He also needs access to specialised equipment and mentorship.
“I want to study automotive design professionally, gain more knowledge and acquire the skills and equipment required to turn my concepts into functional vehicles.”
That transition—from designing on paper and through digital models to engineering a roadworthy prototype—is where many promising ideas encounter their greatest obstacles.
A successful electric vehicle requires expertise across several fields, including battery systems, electric motors, electronics, vehicle dynamics, safety, materials, software and manufacturing. It also requires testing and resources that are often difficult for individual young innovators to access.
Jamilu’s ambition is therefore dependent not only on talent, but also on whether institutions and industry players can provide a pathway from innovation to practical development.
The Peugeot 406 experiment
His interest in redesigning vehicles did not begin with the electric vehicle concept.
One of his earlier projects involved modifying and redesigning a Peugeot 406 Sedan, an exercise that allowed him to combine his mechanical experience with his interest in automotive styling and engineering.
The project demonstrates the way his learning has evolved: from observing vehicles, to repairing them, to imagining how they could be redesigned.
That progression is particularly important because automotive design is both artistic and technical. A designer must consider appearance, ergonomics and user experience while understanding how the underlying vehicle systems constrain what can actually be built.
For Jamilu, the workshop has become part of his classroom.
A bigger message for Nigerian youths
Beyond the electric vehicle itself, Jamilu’s story raises a broader question about the country’s approach to youth innovation.
Nigeria has a large population of young people with access to smartphones, computers and online educational resources. Yet access to advanced laboratories, fabrication equipment, technical mentorship and structured innovation programmes remains uneven.
Jamilu believes the gap between ideas and execution can be narrowed if young innovators receive the right support.
“I believe many Nigerian youths have great ideas, but they need encouragement, mentorship, training and access to modern equipment.”
His appeal extends to government agencies, private organisations and individuals to invest in specialised training, mentorship and opportunities for young people to develop their ideas.
Beyond recognition
For now, the 19-year-old’s electric vehicle remains a concept.
But the recognition from Japan has given him something perhaps more valuable than publicity: validation that an idea developed in Katsina can enter an international conversation about the future of mobility.
His immediate goal is to acquire formal training, improve the design and eventually develop functional vehicles.
His longer-term ambition is bigger—to become a professional automotive designer and contribute to affordable and environmentally friendly transportation in Nigeria.
The significance of Jamilu’s story, ultimately, may not be that a teenager from Katsina has designed an electric car.
It is that he has demonstrated how curiosity, digital learning, mechanical skills and determination can turn a young person’s fascination with automobiles into an idea capable of crossing borders.
The journey from a sketch to a working electric vehicle is still a long one. But for Jamilu, the road has already begun—and it started not in a major automotive laboratory, but in Kusada, Katsina State.
For several weeks, the contents of a 20-foot container at the Tin Can Island Port in Lagos remained hidden in plain sight.
The container had arrived aboard MV Velika on July 8, 2026, carrying what appeared to be ordinary cargo. But the Nigeria Customs Service’s risk-management system flagged it for examination. What followed was not merely another seizure at Nigeria’s busiest maritime gateway. It was the unravelling of a consignment containing hundreds of firearm components that, if successfully released into the country, could have added significantly to the arsenal available to criminal networks.
When Customs completed the physical examination and reassembled the components, the scale of the discovery became clearer: 399 fully assembled Jojef pump-action rifles and 535 assorted firearm components.
The seizure has since moved beyond the port’s walls. On August 17, the Nigeria Customs Service formally handed the weapons over to the National Centre for the Control of Small Arms and Light Weapons (NCCSALW), transforming what began as a Customs enforcement operation into another chapter in Nigeria’s wider battle against the circulation of illicit firearms.
According to the Comptroller-General of Customs, Bashir Adewale Adeniyi, MFR, the container was not opened due to a random suspicion or an officer’s chance observation. It was selected because the Service’s intelligence-driven risk-management system flagged it for inspection.
For Customs, the operation illustrates how the modernisation of cargo screening is changing the way the Service approaches enforcement. Rather than physically examining every container, risk-management systems allow officers to identify consignments considered more likely to contain prohibited or suspicious goods.
In this case, the firearms had allegedly been dismantled and concealed in knocked-down form, a method that could make them less immediately recognisable during cargo examination. It was only after detailed inspection and subsequent coupling of the components that the true scale of the shipment emerged.
The recovered components reportedly included 89 frames, 80 charging handles, 57 trigger groups and 25 locking lugs, alongside other parts.
The significance of those figures goes beyond the arithmetic. In a country confronting kidnapping, banditry, terrorism and other forms of armed violence, every firearm prevented from entering an illicit supply chain represents a potential threat removed before it can reach a criminal group.
The people behind the shipment
The investigation has also moved from the cargo to the people allegedly connected with it.
Customs identified Robert Eze and Ejiogu Godson as suspects arrested in connection with the consignment. One of them was reportedly arrested on July 31 at a bonded terminal while allegedly attempting to facilitate the release of the container. Both suspects were subsequently remanded by the Federal High Court in Lagos, with their arraignment scheduled for August 25, 2026. For investigators, the seizure therefore represents only the first layer of the case.
The larger questions are who financed the consignment, who arranged its shipment, who expected to receive the weapons, where they were ultimately intended to go, and whether the shipment forms part of a broader trafficking network.
Those questions are crucial because arms trafficking rarely ends with the person standing at the port. Behind a shipment can be a chain involving financiers, importers, intermediaries, clearing agents, transporters and final recipients.
The Customs investigation, therefore, has the potential to reveal much more than the contents of one container.
Why the timing matters
The seizure has also acquired a political and security dimension because of the approaching electioneering period.
Adeniyi warned that the country could not afford to allow ports and borders to become channels through which weapons enter the country, particularly at a time when political activity is expected to intensify.
“We will not allow the ports and the borders of this country to be used to bring in arms or anything else that threatens the safety of Nigerians,” the Customs chief said, promising stronger intelligence, risk-management systems and cooperation with sister security agencies.
His warning speaks to a longstanding Nigerian security problem: weapons that enter the country illegally can move far beyond the point of entry, eventually finding their way into communities where they can be used for kidnapping, banditry, communal violence, armed robbery and other crimes.
The European Union Agency for Asylum, in its January 2026 assessment of Nigeria’s security situation, described banditry as encompassing armed robbery, murder, kidnapping, cattle rustling and attacks on communities, with violence spreading from the North-West and North-Central regions to other parts of the country.
This makes the prevention of arms trafficking at ports and borders a critical part of the security response, rather than simply a Customs enforcement issue.
The bigger Nigerian arms problem
The 399 rifles are not an isolated discovery.
The NCCSALW, established in 2021 as Nigeria’s national authority for controlling small arms and light weapons, has repeatedly described illicit weapons proliferation as a significant driver of insecurity.
In April 2026, the Centre destroyed 2,800 illicit, obsolete, unserviceable and decommissioned small arms and light weapons, saying it had destroyed more than 16,000 weapons since its establishment. The exercise was presented as part of a broader effort to reduce the circulation and misuse of illicit firearms.
The Centre’s mandate is particularly important because confiscating a weapon is only one part of arms control. Seized firearms must be properly documented, profiled, secured and ultimately either authorised for legitimate security use or destroyed where they are illegal, obsolete or unserviceable. That is why the handover at Tin Can Port matters.
The weapons are no longer simply items seized by Customs. They have entered the custody of the national institution responsible for managing the country’s response to illicit small arms.
From Customs seizure to national security asset
Receiving the weapons, the Director-General of NCCSALW, DIG Johnson Babatunde Kokumo (Rtd.), commended Customs for what he described as its professionalism and continued collaboration with the Centre.
He said the firearms would be handled in accordance with Nigerian law and international best practices.
The Centre is expected to catalogue, profile and document the recovered weapons and components. Serviceable weapons required for authorised state security purposes will be properly accounted for, while obsolete, illegal and unserviceable weapons will be destroyed.
That process is more significant than it may initially appear.
The latest seizure also fits into a broader pattern of major arms interceptions by Customs.
In 2024, the Service intercepted a 40-foot container at Onne Port containing 844 firearms and 112,500 rounds of live ammunition, including hundreds of Jojef pump-action rifles. The NCCSALW subsequently took custody of the weapons.
More recently, Customs handed over another batch of prohibited firearms and ammunition to the NCCSALW, demonstrating that the two agencies are increasingly operating as complementary links in the national arms-control chain.
The NCCSALW has said it has received thousands of weapons from Customs since its establishment, while recent reports put the total at more than 21,000 firearms and weapons handed over by the Service.
The recurring appearance of firearms in maritime consignments raises a fundamental question: how many shipments are being attempted, and how many successfully evade detection?
There is no evidence from the present seizure alone to determine the answer. But the pattern demonstrates why intelligence, technology, cargo profiling and inter-agency cooperation remain essential.
The weapon that never reached its target
Adeniyi offered perhaps the simplest way to understand the significance of the seizure.
“Look carefully at what is laid out on these tables. 399 rifles. Somebody paid for them. Somebody arranged their shipment. Somebody was waiting at this end to collect them. And somebody, somewhere in this country, was going to be on the wrong end of them,” he said.
Those words shift the conversation from the spectacle of a weapons display to its human consequences. The rifles were not dangerous merely because they existed. Their danger lay in the possibility of where they would eventually end up and who might have used them.
For a country where armed criminality continues to threaten communities and livelihoods, stopping a firearm before it reaches its intended destination is arguably more valuable than recovering it after it has been used.
The 399 rifles therefore represent more than a successful Customs seizure. They are evidence of an increasingly sophisticated contest between criminal networks seeking to exploit Nigeria’s trade infrastructure and security agencies attempting to close those channels.
The immediate victory belongs to the agencies that stopped the shipment. For now, 399 rifles have been taken out of the equation.
Finance Minister Taiwo Oyedele says monthly FAAC allocations have risen above N2tn.
He attributed the increase to fuel subsidy removal and FX unification.
FAAC disbursement reached a record N2.8tn in June 2026.
Oyedele urged states to invest revenues in productivity, infrastructure and human capital.
He called for a review of allocation formulas covering the 774 LGAs.
The 2026 National Council on Finance and Economic Development retreat is expected to propose reforms on revenue mobilisation, debt sustainability and resource allocation.
Main Story
The Federal Government’s economic reforms have increased monthly allocations from the Federation Account to more than N2tn, up from an average of about N300bn under previous administrations, the Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, has said.
Oyedele disclosed this on Monday in Owerri while declaring open the 2026 National Council on Finance and Economic Development retreat, themed “Strengthening Fiscal Federalism for Equity, Sustainable Development and Economic Resilience in a Volatile Global Economy.”
The minister attributed the increase in distributable revenue to key decisions by President Bola Tinubu’s administration, particularly the removal of fuel subsidy and unification of the foreign exchange market. He said the reforms contributed to a record N2.8tn FAAC disbursement in June 2026.
Oyedele said the increased revenue had improved the ability of states to meet their salary obligations, noting that many states had struggled to pay workers under previous revenue conditions. However, he cautioned that higher allocations alone would not translate into prosperity without investments in local productivity, infrastructure, human capital and essential public services.
He urged state and local governments to reduce their dependence on monthly allocations by expanding internally generated revenue and developing their economies to attract investment and create jobs.
The minister also called for an urgent review of the revenue allocation formula to promote equity across the country’s 774 local government areas, while advocating stronger fiscal responsibility and debt sustainability frameworks.
Oyedele said the Federal Government had also expanded interventions aimed at cushioning the impact of its economic reforms, including cash transfers to 15 million vulnerable households and the NG-CARES programme.
The Issues
The rise in FAAC allocations provides additional fiscal space for the three tiers of government but also raises questions about how effectively states and local governments will convert increased revenues into sustainable economic development.
The continued dependence of many states on federation allocations remains a structural concern, particularly amid volatile global economic conditions. Improving internally generated revenue, strengthening accountability and ensuring productive use of public funds remain critical to sustaining the gains from the reforms.
What’s Being Said
Prof. Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy
“Ultimately, the federation cannot share its way into prosperity.”
Oyedele urged states to transform into economic platforms capable of attracting investment, supporting businesses and creating jobs rather than relying primarily on monthly allocations.
Gov. Hope Uzodimma, represented by Deputy Governor Chinyere Ekomaru
Uzodimma commended the Federal Government’s fiscal reforms but stressed the need for stronger revenue mobilisation and equitable resource allocation.
“Allocations must be equitable and must be built with resilience through diversification and prudent management of available resources.”
What’s Next
The three-day retreat is expected to generate recommendations on revenue mobilisation, fiscal responsibility, debt sustainability, economic diversification and improved resource allocation.
Stakeholders from the Revenue Mobilisation Allocation and Fiscal Commission, Office of the Accountant-General of the Federation, state Ministries of Finance, Central Bank of Nigeria and NNPC Ltd. are expected to contribute to the discussions.
Bottom Line
The sharp increase in FAAC distributions gives Nigeria’s states and local governments more resources to fund public services and development. But the Federal Government is warning that sustained prosperity will depend not on sharing more revenue, but on using the additional funds to expand productivity, strengthen local economies, attract investment and build long-term fiscal resilience.
Federal Government introduces a 70:30 contractor-government profit-oil reset
New greenfield projects must reach Final Investment Decision by December 31
Government also offers production tax credits of up to $3 or $4.50 per barrel for qualifying oil projects
Main Story
The Federal Government has introduced a profit-oil reset that gives contractors a 70% share and the government 30% for qualifying new deep offshore developments, even where older production in the same contract area has reached a higher government share, The provision is contained in the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, signed by President Bola Tinubu on August 6, 2026, and gazetted by the Federal Government.
Under the order, an approved Profit Oil Reset applies only to the eligible new project, allowing its profit-oil sliding scale to restart at 70:30 in favour of the contractor. Existing production in the same contract area will retain its applicable profit-oil ratio.
The incentive is restricted to greenfield crude oil or non-associated gas projects for which a Final Investment Decision had not been taken when the order commenced.
Qualifying projects must take FID on or before December 31, 2029, although extensions may be granted where force majeure prevents compliance with the deadline.
The order also requires eligible developments to be ring-fenced for cost recovery and tax purposes. Once a reset is approved, the government and contractor must execute an addendum to the relevant Production Sharing Contract within 30 days.
Beyond the profit-oil reset, the government introduced a Standard Production Tax Credit of up to $3 per barrel for qualifying oil projects with producible reserves of up to 400 million barrels, while projects with higher reserves can receive up to $4.50 per barrel.
For qualifying deep offshore gas projects, the tax credit is up to $1 per thousand standard cubic feet for projects with lower hydrocarbon liquids content and up to $0.50 per thousand cubic feet for projects with higher liquids content.
What’s Being Said
Professor Emeritus of Petroleum Economics, Wumi Iledare, welcomed the investment objective but said the incentives should be assessed against the value they create for Nigeria.
“The more important petroleum economics question is: How much incremental value will the tax remission create for Nigeria relative to the economic rent and government revenue forgone? That is the test that should guide our assessment of DOEO 2026.” Wumi Iledare, Professor Emeritus of Petroleum Economics.
Iledare said an incentive should generate additional investment and value rather than simply transfer economic rent from government to projects that would have proceeded without the concession.
What’s Next
The Nigeria Revenue Service is expected to publish implementation guidelines within 45 days, covering applications, economic valuation, computation, monitoring and ring-fencing
Qualifying projects must meet the FID deadline of December 31, 2029, subject to approved extensions for force majeure
Government and approved contractors must execute the required Production Sharing Contract addendum within 30 days of a Profit Oil Reset approval
The Bottom Line:
The 70:30 reset materially improves the fiscal terms available to new deep offshore developments by preventing mature production in an existing contract area from automatically determining the economics of a new project. The policy’s success, however, will depend on whether the improved terms generate genuinely additional investment and production rather than simply reducing government revenue from projects that would have proceeded anyway.
