OpenAI’s annualised revenue was approaching $50 billion at the end of September, the Financial Times reported.
The figure was about $20 billion below earlier estimates of nearly $70 billion.
Differences in how OpenAI and rival Anthropic count sales through cloud partners reportedly explain the gap.
MAIN STORY
OpenAI’s annualised revenue was approaching $50 billion at the end of September, about $20 billion below figures reported earlier, the Financial Times reported on Thursday, citing financial documents shared with investors.
Earlier media reports had put the artificial intelligence company’s annualised revenue at nearly $70 billion. The Financial Times attributed the discrepancy to differences in how OpenAI and rival Anthropic calculate revenue from sales through cloud service providers.
Anthropic includes revenue from sales through cloud partners such as Amazon Web Services and Google Cloud in its calculations, while OpenAI handles those sales differently, according to the report.
The difference has complicated efforts by investors to compare the two companies’ growth using the same measure. Annualised revenue estimates project a company’s recent sales pace over a full year, rather than showing how much it has actually earned during 12 months.
OpenAI announced in March that it had raised $122 billion in committed capital at a post money valuation of $852 billion, according to the company’s funding announcement.
THE ISSUES
The revenue discrepancy shows why investors need to understand how fast growing technology companies calculate their sales before comparing their performance. A difference in accounting methods can produce significantly different estimates, even when the figures are intended to measure a similar business trend.
Revenue also does not show how much a company earns after paying its operating and development costs. The figures cited in the reports therefore do not, on their own, establish OpenAI’s profitability.
WHAT’S NEXT
The reported difference leaves investors with the task of distinguishing between estimates based on different calculation methods. The available reporting does not establish OpenAI’s final annual revenue for 2026.
BOTTOM LINE
OpenAI’s annualised revenue was reportedly approaching $50 billion at the end of September, below earlier estimates of nearly $70 billion. Differences in how sales through cloud partners are counted may explain the gap, according to the Financial Times.
Meta has begun blocking advertising from TikTok parent ByteDance across its platforms in seven markets.
The restriction also covers third party advertisers whose campaigns direct users to TikTok and other ByteDance services.
Meta says it is not obliged to provide advertising services to a competitor seeking to attract users away from its platforms.
MAIN STORY
Meta Platforms has begun blocking advertisements from ByteDance, the Chinese company behind TikTok, on its platforms in seven markets, including the United States, Canada and Egypt, according to a Bloomberg report.
The restriction, which began on Thursday, also covers Indonesia, Japan, Thailand and Vietnam. It extends to third party advertisers running campaigns that direct users to TikTok and other ByteDance owned services in the affected markets, Bloomberg reported, citing Meta.
Meta said the decision was a business choice and that it was not required to provide promotional services to a direct competitor.
“We don’t have to run ads from a competitor whose goal is to pull people off our apps,” Meta spokesperson Chris Sgro said in a statement quoted by Bloomberg.
“Declining promotional services to a competitor is a normal business practice across industries. We will continue to compete on product quality and user experience,” he added.
The move comes amid competition between Meta and TikTok for users and advertising revenue. Meta operates Facebook and Instagram, while TikTok competes for audiences and advertisers through short video content.
The companies have also clashed over child safety measures. Meta has called on TikTok and Google’s YouTube to adopt protections similar to those it agreed to introduce on Facebook and Instagram following a settlement with US states over claims concerning child safety.
The settlement resolved claims against Meta; it should not be interpreted as a finding that TikTok or YouTube committed the same alleged conduct.
THE ISSUES
The advertising restriction could affect ByteDance’s ability to use Meta’s platforms to reach audiences in the seven markets. It also applies to third party advertisers whose campaigns direct users to ByteDance services, extending the restriction beyond advertising purchased directly by the Chinese company.
For Meta, the decision means declining advertising business from a competitor while maintaining that the company will compete through its products and user experience. The financial effect of the restriction has not been quantified in the reporting available.
The dispute also reflects a broader disagreement over who should bear responsibility for child safety on social media. Meta has pushed rival platforms to adopt comparable safeguards, while the companies’ individual policies and legal positions should be considered separately.
WHAT’S BEING SAID
“We don’t have to run ads from a competitor whose goal is to pull people off our apps.”
– Chris Sgro, Meta spokesperson
“Declining promotional services to a competitor is a normal business practice across industries. We will continue to compete on product quality and user experience.”
– Chris Sgro, Meta spokesperson
WHAT’S NEXT
The restriction is being implemented across the seven markets identified by Meta. The report does not specify whether the company plans to extend the ban to additional countries or how much advertising revenue may be affected.
BOTTOM LINE
Meta has restricted ByteDance advertising on its platforms in seven markets, including the US and Canada, as competition with TikTok continues. The restriction also covers third party campaigns directing users to TikTok and other ByteDance services in those countries.
University of Lagos professor Isaiah Akoteyon calls for more funding for renewable energy research, storage and grid integration.
He urges stronger environmental regulations, energy efficiency and public education on energy conservation.
Energy administrators call for collaboration among professional bodies and government agencies to advance sustainable energy development.
MAIN STORY
Prof. Isaiah Akoteyon, Acting Dean of the Faculty of Environmental Sciences at the University of Lagos, has urged the Federal Government and private investors to increase investment in renewable energy technology to improve efficiency and support sustainable development.
Akoteyon made the call at the Society of Energy Administrators (SEA) of Nigeria’s sixth annual conference and induction of associate members in Lagos on Thursday.
The News Agency of Nigeria (NAN) reports that the conference was themed “Advancing Energy Process Environment Climate Adaptation Standardisation: Panacea for Climate Change and Sustainable Cities and Communities in Nigeria”.
In his presentation, Akoteyon called for more funding for research and development to improve renewable energy efficiency, energy storage solutions and integration with the electricity grid.
He also advocated the integration of environmental considerations into energy policies, alongside stricter environmental regulations to limit emissions from fossil fuels.
Akoteyon further urged governments and private investors to promote energy efficiency technologies and increase public awareness of energy conservation.
“There’s a need for public awareness and education. This is very essential to raise public awareness about the importance of energy conservation,” he said.
He added that campaigns encouraging consumers to reduce energy use and adopt energy efficient practices could help lower carbon emissions and overall energy consumption.
The environmental management expert also called for improved access to energy and greater cross border energy integration, describing both as important to sustainable energy development.
Mr Sesan Odukoya, Director of Oil and Gas at the Lagos State Ministry of the Environment and Water Resources, said the state government was willing to collaborate with SEA to promote a cleaner environment in Lagos.
Odukoya, who represented Dr Babatunde Ajayi, General Manager of the Lagos State Environmental Protection Agency (LASEPA), commended the society’s initiatives to protect the environment in Lagos and across Nigeria.
Dr Diran Fawibe, Chairman of SEA, said the society had worked to promote effective energy administration. He also commended its management for advancing the organisation’s work in the sector.
Mr Ismaila Lawal, Head of the Electrical Laboratory at the Standards Organisation of Nigeria (SON), described SEA’s activities as significant and expressed SON’s readiness to collaborate with the society.
Lawal urged SEA to formally engage SON’s management to enable the standards agency to participate in its activities.
Earlier, Dr Yekeen Adeboye, President and Project Director of SEA, commended the Federal Government for constitutional changes that expanded state participation in electricity regulation, describing the development as important to energy security across Nigeria’s six geopolitical zones.
“As Energy Administrators, we applaud the courage and commitment of President Bola Tinubu in the implementation of energy transition and climate change policies,” he said.
Adeboye also commended government initiatives involving compressed natural gas (CNG), electric vehicles and liquefied petroleum gas (LPG) for household use, describing them as cleaner energy options.
He said SEA was a professional body for energy operations and compliance administrators, comprising two divisions identified as Energy Process Engineering Compliance Administrators (EPECA) and EPMCA.
Adeboye said the society would continue to serve as a think tank for energy administration and the promotion of sustainable development goals in Nigeria and globally.
THE ISSUES
Improving renewable energy efficiency involves more than installing solar panels or other generation technologies. Research, energy storage and grid integration can affect how effectively electricity is generated, stored and delivered to users. Akoteyon’s recommendations point to the need to consider these components alongside investment in generation capacity.
His call for energy efficiency also has implications for households and businesses. Reducing avoidable energy consumption could lower electricity demand and energy costs, although the extent of any savings would depend on the technologies adopted and how they are used.
Cross border energy integration could broaden opportunities for electricity trade and cooperation between countries. However, the benefits would depend on infrastructure, regulatory coordination and the ability of participating systems to deliver electricity reliably.
The conference also highlighted the roles of professional bodies, environmental agencies and standards institutions in energy administration. Collaboration among these organisations could support consistent standards and better coordination, but the statements provided did not identify specific joint projects, implementation dates or measurable targets.
WHAT’S BEING SAID
“Governments should set stricter environmental regulations to limit emissions from fossil fuels, and this is a major standard,” he said. – Prof. Isaiah Akoteyon, Acting Dean, Faculty of Environmental Sciences, University of Lagos
“As Energy Administrators, we applaud the courage and commitment of President Bola Tinubu in the implementation of energy transition and climate change policies.” – Dr Yekeen Adeboye, President and Project Director, SEA
WHAT’S NEXT
SEA said it would continue contributing to energy administration and sustainable development. Lawal also called on the society to formally engage SON over possible collaboration. The material provided did not specify a timetable or concrete programme for implementing the recommendations made at the conference.
BOTTOM LINE
Akoteyon wants government and private investors to support renewable energy research, storage, grid integration and energy efficiency. The conference also highlighted the need for coordination among energy administrators, environmental agencies and standards institutions.
Nigeria To Save $700m Annually From Sugar Backward Integration - Dangote
KEY POINTS
NSDC says its investment in Oyo Sugar and Derivatives Industries has risen to N2.2 billion.
The 300 tonnes per day factory in Iseyin has reached commissioning and test running.
The Oyo State Government contributed about N850 million in equity funding towards outstanding factory works.
MAIN STORY
The National Sugar Development Council (NSDC) says it has invested about N2.2 billion in Oyo Sugar and Derivatives Industries Ltd. (OSDL), Iseyin, as the factory approaches commercial production.
The council disclosed this in a statement on Thursday, saying its financial intervention covered the sugar mill, sugarcane development and operational support.
According to the NSDC, the greenfield factory, designed to process 300 tonnes of sugarcane per day, has reached the commissioning and test running stage under the Nigeria Sugar Master Plan (NSMP).
The council said it initially provided about N1.64 billion for the procurement of the mill before increasing its total financial commitment to approximately N2.2 billion.
The Oyo State Government also contributed about N850 million in equity funding to complete outstanding work at the facility, the council said.
The project started as a cooperative farming initiative involving communities in Iseyin before developing into an integrated sugar manufacturing facility.
The NSDC said the factory was expected to support Federal Government efforts to expand domestic sugar production and reduce reliance on imported sugar.
It described the project as a milestone in implementing the Nigeria Sugar Master Plan and its Backward Integration Programme, which seeks to develop local sugarcane cultivation and processing.
NSDC Executive Secretary and Chief Executive Officer Kamar Bakrin attributed the factory’s progress to cooperation among the council, the state government and the project promoters.
“That this factory now stands ready for commissioning is the result of sustained commitment by the Council, by the Oyo state government and by the promoters themselves,” Bakrin said.
He said the council would continue to support the project as it moved towards full commercial production.
Bakrin added that the facility would demonstrate the potential of developing Nigeria’s sugar industry around locally cultivated sugarcane.
Media reports show that the Nigeria Sugar Master Plan aims to expand local sugarcane cultivation, increase processing capacity and promote an integrated domestic sugar industry.
With commissioning and test running underway, OSDL is expected to move towards commercial production, although the statement did not specify a date for the start of full operations.
THE ISSUES
Nigeria’s reliance on imported sugar makes domestic production capacity an important issue for the food and manufacturing sectors. A factory that processes locally grown sugarcane could support agricultural activity, create a market for farmers and contribute to local industrial production.
However, reaching the commissioning and test running stage does not by itself establish that a factory can sustain commercial output. Its longer term contribution will depend on successful operations, a reliable supply of sugarcane and the ability to maintain production at viable levels.
The reported N2.2 billion NSDC investment and N850 million state contribution represent separate funding commitments. The statement does not provide a full project cost, production forecast or expected annual output, so the total public funding involved and the factory’s projected contribution to national sugar supply cannot be determined from the figures provided.
WHAT’S BEING SAID
“That this factory now stands ready for commissioning is the result of sustained commitment by the Council, by the Oyo state government and by the promoters themselves.”
– Kamar Bakrin, Executive Secretary and Chief Executive Officer, NSDC
WHAT’S NEXT
The factory is at the commissioning and test running stage and is expected to transition to commercial production. The NSDC says it will remain involved during the transition, but no commissioning date or commercial production timetable was provided in the statement.
BOTTOM LINE
The NSDC says its investment in the Iseyin sugar factory has reached N2.2 billion, with additional equity funding from the Oyo State Government. The factory’s contribution to reducing sugar imports will depend on its ability to begin and sustain commercial production using locally grown sugarcane.
NGX Group Chairman Umaru Kwairanga urges capital market stakeholders to work more closely to expand long term funding.
He says issuing houses connect businesses and governments with sources of capital.
Kwairanga calls for stronger African capital market links to widen funding opportunities for businesses.
MAIN STORY
Dr Umaru Kwairanga, Group Chairman of Nigerian Exchange Group (NGX Group), has urged capital market stakeholders to strengthen collaboration to improve Nigeria’s ability to mobilise long term funding for economic development.
Kwairanga made the call in a goodwill message at the 30th anniversary celebration of the Association of Issuing Houses of Nigeria (AIHN) in Lagos on Wednesday night.
He said exchanges, regulators, issuing houses, stockbrokers, investors and other market participants needed to work more closely to develop a deeper, more accessible and efficient capital market.
According to him, collaboration, professionalism and innovation would be important to expanding access to capital and increasing the market’s contribution to economic growth.
Kwairanga said issuing houses had helped connect businesses and governments with sources of funding by turning financing requirements into opportunities for investors. He added that their work had supported enterprise and contributed to the development of Nigeria’s financial system.
He urged AIHN to build on its achievements over the past 30 years while adapting to the changing needs of issuers, investors and the wider economy.
“I encourage the association to continue strengthening the standards of professionalism, innovation and collaboration that have underpinned its contribution to the market,” he said.
The NGX Group chairman said Nigeria needed a capital market capable of mobilising long term funding, directing investment towards productive enterprises and widening participation in wealth creation.
He described the anniversary as an opportunity for stakeholders to consider how the market could respond to emerging opportunities and challenges.
“Our task is not simply to preserve what has been built over the last three decades. It is to build a market that is deeper, more accessible and better equipped to meet the financing needs of the economy in the decades ahead,” he said.
Kwairanga also called for greater use of growing connections among African capital markets to increase the pool of funding available to businesses across the continent.
He said Nigeria had an important role to play in advancing African capital market development, given the depth and potential of its own market.
He congratulated AIHN President Kemi Awodein, the association’s past presidents, executive committee members and its wider membership on reaching the 30 year milestone.
THE ISSUES
Nigeria’s ability to fund business expansion and public projects depends partly on how effectively its capital market connects organisations seeking funds with investors willing to provide them.
Stronger coordination among market institutions could help improve access to funding and make the process of raising capital more efficient. However, collaboration alone does not guarantee increased investment. The availability of suitable investment opportunities, investor confidence and the cost of raising funds also matter.
Cross border links among African exchanges could provide businesses with access to a wider investor base. The practical benefits would depend on how effectively participating markets connect investors and issuers and address barriers to investment.
WHAT’S BEING SAID
“They have helped transform financing needs into investible opportunities, supported enterprise and contributed to the development of a more sophisticated financial system.” – Dr Umaru Kwairanga, Group Chairman, NGX Group
“I encourage the association to continue strengthening the standards of professionalism, innovation and collaboration that have underpinned its contribution to the market.” – Dr Umaru Kwairanga, Group Chairman, NGX Group
“Our task is not simply to preserve what has been built over the last three decades. It is to build a market that is deeper, more accessible and better equipped to meet the financing needs of the economy in the decades ahead.” – Dr Umaru Kwairanga, Group Chairman, NGX Group
WHAT’S NEXT
Kwairanga urged AIHN and other capital market stakeholders to build on the association’s three decades of work by strengthening professionalism, innovation and collaboration. He also called for closer links among African capital markets. The statement did not specify new initiatives, implementation dates or funding targets.
BOTTOM LINE
Kwairanga wants Nigeria’s capital market to mobilise more long term funding by improving cooperation among market participants and widening access to investors. Stronger African market links could also expand financing opportunities for businesses across the continent.
• The Federal Government has identified generation rehabilitation, productive demand clusters, distribution infrastructure and distributed energy as investment opportunities.
• Power Minister Joseph Tegbe says investors must address constraints such as gas supply, transmission capacity and payment collection to improve electricity delivery.
• Mini grids, commercial solar, energy storage and embedded generation offer opportunities to serve businesses and communities with inadequate power supply.
MAIN STORY
The Federal Government has identified four areas for private investment in Nigeria’s electricity market, including existing power generation, dedicated electricity supply for productive businesses, distribution infrastructure and decentralised energy systems.
The Minister of Power, Mr Joseph Tegbe, outlined the opportunities in a speech delivered on his behalf by the ministry’s Deputy Director of Press and Public Relations, Mr Clement Ezeorah, at the 2026 Energy Conference organised by the Association of Energy Correspondents of Nigeria (NAEC) in Lagos on Thursday.
Tegbe said investment in existing generation assets could improve electricity output through plant rehabilitation, effective maintenance, reliable gas supply and adequate infrastructure to evacuate generated power.
He cautioned investors against expanding generation capacity without first identifying the factors limiting electricity delivery.
“Every proposed intervention should be tested against the binding constraint: fuel, plant condition, transmission, distribution or payment,” he said.
According to the minister, adding generation capacity where other constraints remain unresolved could tie up capital without delivering more electricity to consumers.
He identified industrial estates, ports, agro processing centres and commercial clusters as potential markets for embedded generation and dedicated power supply. Gas producers, he said, could work with developers, distributors and industrial customers to establish integrated gas to power projects.
Distribution infrastructure was another investment area identified by the minister. He listed feeder rehabilitation, substations, transformers, meters and digital revenue systems as opportunities to improve the delivery and commercial performance of electricity distribution.
Tegbe said better metering could strengthen customer confidence and improve energy accounting by helping operators distinguish technical losses from electricity theft and collection problems.
The fourth area covers distributed energy systems, including mini grids, commercial solar installations, energy storage and hybrid power systems. These could serve communities and businesses that receive inadequate electricity from existing infrastructure.
The minister also highlighted productive uses of electricity, such as irrigation, refrigeration and small scale manufacturing, saying these activities could generate sustained demand and help make investments in improved power supply commercially viable.
On the regulatory environment, Tegbe said the Electricity Act 2023 had widened opportunities for state participation and private investment while retaining the need for coordination across the national electricity system.
He described Nigeria’s electricity market as a combination of federal and state jurisdictions, alongside grid connected, embedded, captive and distributed power arrangements. These structures, he said, allow investors to match technologies and commercial models to the needs of particular customers.
Tegbe urged investors to assess the wider economic activity their projects could support rather than focus solely on electricity generation. He added that the government would pursue partnerships with clearly defined responsibilities, realistic milestones and measurable service outcomes.
Earlier, the conference chairman and Group Managing Director of Sahara Power Group, Dr Kola Adesina, said energy assets should generate value beyond ownership.
Adesina said reliable electricity could support manufacturing, logistics and services while expanding economic activity around energy investments. He urged investors to consider both sustainable financial returns and the wider economic benefits their projects could deliver.
The conference was held under the theme, “Access to Assets: Empowering Players and Driving Growth.”
THE ISSUES
Investment in additional generation capacity will not necessarily improve electricity supply if gas shortages, transmission limitations, distribution weaknesses or payment problems remain unresolved. Identifying the constraint affecting each project is therefore important to determining where capital can deliver the greatest improvement.
Dedicated power supply for industrial and commercial clusters offers investors identifiable groups of potential customers. However, the commercial viability of these projects will depend on demand, customers’ ability to pay, fuel costs and the infrastructure required to deliver electricity reliably.
Distribution investments such as transformers, substations and meters address problems between generation and the consumer. Better metering can also improve billing and revenue collection, although the equipment alone will not resolve every technical loss or payment challenge.
Distributed energy systems provide alternatives for businesses and communities that cannot depend entirely on existing grid supply. Their sustainability will depend on project costs, maintenance, financing and sufficient electricity demand from users.
Productive uses of electricity can strengthen the business case for power projects by linking supply to economic activity. Irrigation, refrigeration and small scale manufacturing can benefit from reliable electricity, but investors still need to establish whether the expected demand and revenues justify the investment.
WHAT’S BEING SAID
“Every proposed intervention should be tested against the binding constraint: fuel, plant condition, transmission, distribution or payment.” – Joseph Tegbe, Minister of Power
WHAT’S NEXT
Tegbe said the government would pursue partnerships with clear responsibilities, realistic milestones and measurable service outcomes. The supplied material does not specify individual projects, investment commitments or implementation deadlines arising from the conference.
BOTTOM LINE
The government is directing attention towards four areas of power sector investment, from improving existing generation to expanding distributed energy and strengthening electricity distribution. The commercial test will be whether projects address the constraints preventing reliable supply and generate sufficient value for investors and electricity users.
• NNPC Retail will forgo its petrol retail profit margin for 30 days under a measure backed by President Bola Tinubu.
• The Federal Government is negotiating a proposed N1,350 per litre ceiling on petrol’s ex gantry or landing cost.
• Other measures include forward crude sales to domestic refineries, expanded compressed natural gas adoption and targeted support for vulnerable households.
MAIN STORY
President Bola Tinubu has backed a 30 day waiver of NNPC Retail’s petrol profit margin as part of government efforts to cushion Nigerians against rising fuel prices and global oil market volatility.
The measure was announced on Thursday by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, according to a statement issued by Presidential Spokesperson, Mr Bayo Onanuga, in Abuja.
Under the arrangement, NNPC Retail will sell petrol at cost for the next 30 days, without adding its retail profit margin. If the company’s landing cost is N1,300 per litre, for instance, it will sell at that price without an additional retail margin.
Oyedele said the government was also negotiating a ceiling of N1,350 per litre on petrol’s ex gantry or landing cost. The proposed ceiling is not a confirmed retail pump price, and negotiations over the arrangement are still ongoing.
The minister expressed hope that other fuel marketers would adopt a similar approach, adding that the recent increase in crude oil and petrol prices was not expected to last indefinitely. He cautioned, however, against interpreting the NNPC measure as a return to petrol subsidy, which ended on May 29, 2023.
The government is also planning forward sales of crude oil to domestic refineries to reduce the exposure of domestic fuel prices to global market fluctuations. Oyedele said the arrangement would be supported by higher crude oil production and the release of previously committed crude volumes.
Under the proposed mechanism, refiners and importers would initially bear costs above the landing cost ceiling and recover the shortfall later if crude oil prices or the exchange rate improved.
“This is neither a subsidy nor a price control: it is designed to smooth prices over time rather than suppressing them,” Oyedele said.
He added that the proposed ceiling would be reviewed monthly, adjusted to reflect prevailing costs and published to promote transparency.
The government is also working with state governments and security agencies to curb road taxes and levies that contribute to transport fares and logistics costs. The statement said the initiative would be implemented under the 2025 tax reform laws.
Other measures announced include increased funding for cash transfers to vulnerable households, subsidised credit for small businesses and consumers, and an accelerated rollout of compressed natural gas (CNG) in collaboration with state governments.
Oyedele said CNG was 60 to 70 per cent cheaper than petrol. The government expects transport operators to reflect the cost difference in lower fares, although the extent of any savings passed on to passengers will depend on implementation and operating costs.
The government is also considering an excess profit tax targeting operators it believes are exploiting consumers across the energy value chain. According to the statement, proceeds would be used exclusively to cushion fuel price increases through transport support or vouchers for urban minimum wage earners. The proposal is under consideration and should not be understood as an enacted tax.
The Federal Government also plans to work with the National Assembly to consider enhanced tax relief for low income earners under the 2027 Finance Bill. Other measures under consideration include reducing regulatory costs that contribute to the prices of goods and services.
Another proposal is the establishment of a National Strategic Fuel Reserve. Under the plan, refined petroleum products would be released into the market under published rules when global disruptions or hoarding threatened supply and price stability.
The government said the reserve could help prevent artificial scarcity and market manipulation while strengthening energy security, without restoring fuel subsidies or fixing prices.
The statement also identified the newly launched address codes by the Nigerian Postal Service as a measure expected to improve logistics efficiency and reduce delivery costs.
The Presidency acknowledged the hardship Nigerians face following increases in petrol prices but maintained that restoring blanket subsidies would create longer term economic challenges.
“Removing the fuel subsidy came at a price. But the alternative has been tried.
“Nigeria has already lived through that cycle: scarcity, smuggling, a collapsing currency and a fiscal crisis,” the Presidency said.
It added that the government was working on a broader package of fiscal measures intended to reduce inflation sustainably to single digits in the near term.
THE ISSUES
The 30 day NNPC Retail margin waiver removes the company’s retail profit margin from its selling price but does not eliminate the underlying cost of procuring petrol. The extent of relief will depend on the cost at which NNPC Retail obtains the product and whether other marketers adopt similar measures.
The proposed N1,350 per litre ceiling concerns petrol’s ex gantry or landing cost, not a guaranteed price at filling stations. Its effect on retail prices will depend on the final terms, implementation and the costs incurred between landing or gantry sales and retail distribution.
Forward crude sales are intended to reduce the immediate effect of global price movements and exchange rate changes on domestic refining costs. Under the proposed arrangement, however, some costs could be deferred rather than eliminated. The statement does not provide all the contractual details governing how deferred costs would be recovered.
CNG adoption and targeted cash transfers could offer additional relief, but the outcome will depend on access, implementation and whether savings reach intended beneficiaries. The government’s estimate of CNG’s cost advantage does not, by itself, establish how much individual passengers will save on transport fares.
The proposed excess profit tax and strategic fuel reserve require further details on implementation, oversight and eligibility. Their impact will depend on the final rules, including how excess profits are identified and when reserve supplies can be released.
WHAT’S BEING SAID
“This is neither a subsidy nor a price control: it is designed to smooth prices over time rather than suppressing them.” – Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy
“Nigeria has already lived through that cycle: scarcity, smuggling, a collapsing currency and a fiscal crisis.” – The Presidency
WHAT’S NEXT
NNPC Retail’s margin waiver is scheduled to last 30 days. The government is still negotiating the proposed landing cost ceiling, while the excess profit tax, strategic fuel reserve and enhanced tax relief under the 2027 Finance Bill remain proposals or plans requiring further development. The government says the ceiling would be reviewed monthly if implemented.
BOTTOM LINE
The government is combining a temporary waiver of NNPC Retail’s profit margin with proposed measures to manage fuel costs and support vulnerable Nigerians. The extent of relief will depend on implementation, the final terms of the proposed ceiling and whether cost savings reach households and businesses.
• PenCom has warned pension operators that have yet to meet revised capital requirements to comply before July 2027.
• The commission says recapitalisation must improve service delivery, investment returns and retirement benefits, not merely increase institutional size.
• NAIPE has urged operators unable to meet the requirements independently to begin merger discussions early.
MAIN STORY
The National Pension Commission (PenCom) has warned pension operators that have yet to meet revised recapitalisation requirements to comply before the July 2027 deadline, as regulators and industry stakeholders push for stronger institutions and better retirement outcomes.
PenCom Director General, Mrs Omolola Oloworaran, gave the warning on Thursday in Lagos at the 11th Annual Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE), themed “Post Recapitalisation Market Dynamics in Insurance and Pension Sectors”.
Oloworaran said recapitalisation was necessary to strengthen pension institutions, improve their resilience to financial shocks and protect contributors’ retirement benefits. She cautioned operators that had not met the requirements against delaying compliance.
“I would like to warn the industry that all those who have not met the recapitalisation requirements must comply urgently. There is no going back,” she said.
She stressed that the exercise should deliver more than larger institutions, arguing that its value would depend on improvements in service delivery and the retirement outcomes experienced by Nigerians.
“If the people we exist to serve do not feel the impact, what is the importance of the reforms?” she asked.
The PenCom chief also said the commission was shifting its focus from accumulating pension assets to ensuring that the funds were allocated effectively to generate better returns for contributors. She urged pension and insurance editors to hold regulators and operators accountable for the results of their policies.
Also speaking at the conference, Mr Wale Oshin, Group Chief Executive Officer of Custodian Investment Plc, called for stronger collaboration between insurance companies and pension operators to improve retirement security.
Oshin said recapitalisation offered an opportunity to strengthen institutions, upgrade technology and improve their ability to meet long term obligations. However, he emphasised that increased capital must translate into better customer service and benefits.
He called for greater attention to annuities and retirement income, warning that inadequate benefits could weaken public confidence in the pension system.
NAIPE Chairman, Mrs Ebere Nwoji, said the conference was intended to examine how capital raised by insurance and pension institutions could be invested prudently.
She commended the Commissioner for Insurance, Mr Olusegun Omosehin, for completing the insurance industry’s recapitalisation exercise. Nwoji also congratulated the 50 insurance and reinsurance institutions that met the requirements, urging Nigerians to take advantage of the sector’s improved financial capacity by purchasing insurance policies.
On pensions, she urged pension fund administrators to meet the revised capital requirements before July 2027. She advised operators that could not meet the requirements independently to begin merger discussions early to maintain business continuity.
Nwoji also commended Oloworaran’s Pension Revolution 2.0 reforms, saying they could improve retirees’ welfare and reduce poverty in old age.
Mrs Ekeoma Ezeibe, President of the Nigerian Council of Registered Insurance Brokers, congratulated NAIPE and pledged the council’s continued support for the association. She said further efforts were needed to advance the insurance and pension sectors.
THE ISSUES
The July 2027 deadline places pressure on pension operators that have yet to meet the revised capital requirements. Those unable to comply independently may need to explore mergers early to avoid disruptions to their operations. The source material does not specify how many operators remain non compliant.
Recapitalisation is intended to strengthen financial institutions, but higher capital levels alone do not guarantee better outcomes for contributors. Service quality, investment performance and the ability to provide adequate retirement income will determine whether the exercise delivers practical benefits.
PenCom’s stated shift towards the effective allocation of pension assets places greater emphasis on investment performance rather than asset accumulation alone. For contributors, the key concern is whether pension investments generate returns that support adequate retirement benefits.
Calls for closer cooperation between pension and insurance operators highlight the importance of retirement income planning, particularly the role of annuities. The conference discussions suggest that the industry’s reforms need to address how Nigerians will sustain themselves financially after leaving employment.
WHAT’S BEING SAID
“I would like to warn the industry that all those who have not met the recapitalisation requirements must comply urgently. There is no going back.” – Mrs Omolola Oloworaran, Director General, PenCom
“If the people we exist to serve do not feel the impact, what is the importance of the reforms?” – Mrs Omolola Oloworaran, Director General, PenCom
WHAT’S NEXT
Pension operators that have not met the revised capital requirements are expected to work towards compliance before the July 2027 deadline. Those unable to meet the requirements independently have been urged to begin merger discussions early. The conference also placed emphasis on ensuring that recapitalisation translates into stronger retirement benefits, improved services and more effective investment of pension assets.
BOTTOM LINE
PenCom has warned pension operators not to miss the July 2027 recapitalisation deadline. The wider challenge is ensuring that stronger capital bases lead to better services, sounder investments and more adequate retirement income for Nigerians.
• Nigeria has highlighted gaps in data collection and monitoring as obstacles to assessing gender related killings across Africa.
• The country has called for safeguards against the use of digital technologies to facilitate violence, exploitation and trafficking.
• Nigeria advocates coordinated international action to combat trafficking in women and girls and strengthen investigations and prosecutions.
MAIN STORY
Nigeria has called for improved data collection and international cooperation to address violence against women and girls, highlighting difficulties in accurately assessing gender related killings across Africa.
The position was attributed to Nigeria’s delegation during an interactive dialogue on the advancement and empowerment of women and girls at the United Nations General Assembly’s Third Committee on Thursday. The specific intervention has not been independently confirmed against an official UN record.
According to the account of the intervention, Nigeria identified inadequate data collection, conflict and weak monitoring mechanisms as obstacles to establishing the scale of femicide across the continent. It stressed that reliable statistics were necessary to develop effective policies to prevent violence against women and girls.
The delegation also raised concerns about sexual violence and the killing of women and girls because of their sex, describing these as manifestations of gender inequality.
Digital technology was another area of concern. Nigeria warned that emerging technologies could pose risks to women’s safety and fundamental rights if used to facilitate trafficking, exploitation, violence, abuse or discrimination.
On human trafficking, the delegation called for stronger international cooperation, arguing that countries could not effectively address the problem through isolated national efforts.
It advocated a coordinated, comprehensive and survivor centred approach involving countries of origin, transit and destination. The delegation also emphasised effective investigations and the prosecution of perpetrators.
Nigeria reaffirmed its commitment to women’s rights, gender equality and sustainable development. It also aligned itself with the African Group’s position and called for closer cooperation between governments and relevant international institutions.
THE ISSUES
Gaps in data collection can limit the ability of governments to assess the scale and distribution of gender related killings. Reliable reporting can help policymakers identify patterns and determine where prevention measures and support services are needed. The supplied account does not provide figures showing the extent of these gaps across African countries.
The concerns attributed to Nigeria about digital technology point to the potential for technological tools to be misused against women and girls. However, the account does not identify specific technologies, cases or companies, so it does not establish the scale of technology facilitated abuse.
Human trafficking can involve countries of origin, transit and destination. The call for coordinated international action reflects the need for cooperation across national borders, including in investigations and efforts to prosecute perpetrators.
A survivor centred approach places the needs and protection of affected people within anti trafficking responses. The account does not specify new measures or implementation arrangements adopted by Nigeria.
WHAT’S NEXT
The account describes Nigeria’s call for stronger data collection, international cooperation and more effective responses to trafficking. It does not identify a new agreement, policy announcement or implementation deadline. The reported intervention should be checked against an official UN record or Nigerian delegation statement before publication.
BOTTOM LINE
The reported Nigerian position links efforts to prevent violence against women and girls with better data and stronger international cooperation. Confirmation of the original UN statement is still needed to establish the details of the intervention and its attribution.
• Nigeria has called for reforms to the international financial system to reduce borrowing costs and close development financing gaps in Africa.
• The country urged progress on international tax cooperation and implementation of the Sevilla Commitment.
• Nigeria identified insecurity, terrorism, climate change and geopolitical tensions as obstacles to Africa’s economic development.
MAIN STORY
Nigeria has called for urgent reforms of the international financial architecture, warning that high borrowing costs and persistent funding gaps are limiting African countries’ ability to finance development.
Nigeria’s Permanent Representative to the United Nations, Amb. Jimoh Ibrahim, made the call on Thursday during the UN General Assembly’s Second Committee debate on macroeconomic policies and financing for development.
The Nigerian delegation said rising interest rates in developed economies were making affordable credit harder for developing countries to obtain. It warned that the resulting borrowing costs complicated debt management, disrupted capital flows and threatened progress towards the Sustainable Development Goals.
Nigeria argued that domestic economic reforms alone would not be sufficient to address these challenges because national economies operate within an increasingly interconnected global system. It therefore called for stronger international cooperation to mobilise resources and widen access to development finance.
The delegation reaffirmed Nigeria’s commitment to the Sevilla Commitment, adopted at the Fourth International Conference on Financing for Development, describing it as a framework for addressing financing shortfalls and reforming the international financial system.
Nigeria also backed ongoing negotiations towards a United Nations Framework Convention on International Tax Cooperation. It urged member states to participate constructively in the process and work towards an effective convention that could secure broad acceptance before the 2027 deadline.
The delegation said stronger international tax cooperation was necessary to improve domestic resource mobilisation and provide more funding for sustainable development.
Beyond financing constraints, Nigeria identified terrorism, insecurity, climate change and geopolitical tensions as major challenges to Africa’s economic transformation. It called for coordinated international action to address these pressures and accelerate implementation of the UN 2030 Agenda and the African Union’s Agenda 2063.
Nigeria also aligned itself with positions presented by the Group of 77 and China and the African Group during the debate.
THE ISSUES
High borrowing costs can leave developing countries with less fiscal room to fund infrastructure and essential services when a larger share of public resources is required to service debt. Nigeria’s position is that the international financial system must be part of efforts to address these constraints.
The call for international tax cooperation centres on countries’ ability to mobilise revenue for development. The proposed UN convention provides a negotiating framework, but its eventual impact will depend on the agreement reached by member states and how it is implemented.
Nigeria’s appeal links development financing to broader challenges, including insecurity, climate change and geopolitical tensions. These pressures can complicate efforts to attract investment, sustain economic activity and meet development targets.
The Sevilla Commitment and the proposed tax convention represent separate international processes relevant to development finance. Nigeria’s support for both reflects its call for cooperation on financing sources as well as changes to the international financial system.
WHAT’S NEXT
Negotiations towards the UN Framework Convention on International Tax Cooperation are expected to continue ahead of the stated 2027 deadline. Nigeria has urged member states to work towards an effective and broadly acceptable agreement while supporting wider international efforts to close development financing gaps.
BOTTOM LINE
Nigeria wants international financial reforms and stronger tax cooperation to help developing countries access affordable financing and fund sustainable development. It argues that domestic reforms must be supported by coordinated global action to address debt pressures and wider barriers to Africa’s economic transformation.
• Nigeria’s 36 states recorded a 93 per cent increase in aggregate revenue in real terms between 2023 and 2025, according to the World Bank.
• Education’s share of state expenditure fell from 14.9 per cent in 2021 to 12.1 per cent in 2025, although actual spending on education increased.
• Capital expenditure rose to 61 per cent of total state spending, while social protection’s share increased to 4.4 per cent.
MAIN STORY
Nigeria’s state governments directed a growing proportion of public spending towards infrastructure between 2023 and 2025, while education expenditure grew more slowly than overall spending, according to the World Bank’s latest Nigeria Development
The report, titled Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities, found that aggregate state revenue increased by about 93 per cent in real terms over the two years, while expenditure rose by 92 per cent.
The increase in available funds followed economic reforms, including petrol subsidy removal and exchange rate changes, alongside stronger revenue administration and higher allocations from the Federation Account. States also benefited from refunds, settlements of outstanding federal obligations, intervention funds and increased Value Added Tax collections.
Despite the additional revenue, education accounted for 12.1 per cent of total state expenditure in 2025, down from 14.9 per cent in 2021. The World Bank said, however, that actual spending on education rose substantially in real terms, but did not keep pace with the growth in expenditure on economic infrastructure.
Health spending also increased in real terms, although its share of state expenditure remained broadly stable at about seven per cent. Social protection recorded a larger increase in its budget share, rising from 1.4 per cent in 2021 to 4.4 per cent in 2025.
Capital expenditure accounted for 61 per cent of state spending, compared with 46 per cent previously. Transport infrastructure recorded the largest increase, while spending on housing, agriculture and other economic investments also grew.
Mathew Verghis, the World Bank’s Country Director for Nigeria, said the increase in state revenues created an opportunity to improve infrastructure and essential services, but warned that better spending efficiency and accountability would be necessary to turn additional resources into improved living conditions.
“The bold macroeconomic reforms have substantially increased fiscal revenues at the state level, providing a unique opportunity to improve infrastructure, education, healthcare, and water services, which are critical to creating more and better jobs. Strengthening spending efficiency, accountability, and service delivery will be essential to ensuring that public resources improve the lives of Nigerians,” Verghis said.
The report also noted progress in states’ fiscal reporting, transparency and internally generated revenue. It called for more efficient spending and stronger investment in human capital to help translate economic reforms into employment opportunities and better living standards.
The World Bank projected that Nigeria’s economy would grow by an average of 4.4 per cent between 2026 and 2028, with the outlook dependent on sustained reforms and improvements in public service delivery.
THE ISSUES
The decline in education’s share of state expenditure does not mean that states spent less money on education in absolute terms. The World Bank says education spending increased in real terms, but more slowly than spending on economic infrastructure. The distinction matters when assessing whether states are increasing education funding sufficiently to keep pace with their expanding budgets.
The growing share of capital expenditure points to a shift towards infrastructure investment. Transport recorded the largest increase, but the share of capital spending alone does not establish whether individual projects were completed efficiently or delivered the expected benefits.
Health spending’s share remained broadly stable while social protection took up a larger proportion of state expenditure. The different trends indicate that the additional fiscal space did not affect all categories of public spending equally.
The report’s central concern is how effectively states convert increased revenue into public services and improved living standards. Stronger fiscal reporting and higher revenue collections create opportunities, but accountability, spending efficiency and service delivery remain important to achieving better outcomes.
WHAT’S BEING SAID
“The bold macroeconomic reforms have substantially increased fiscal revenues at the state level, providing a unique opportunity to improve infrastructure, education, healthcare, and water services, which are critical to creating more and better jobs. Strengthening spending efficiency, accountability, and service delivery will be essential to ensuring that public resources improve the lives of Nigerians.” – Mathew Verghis, World Bank Country Director for Nigeria
WHAT’S NEXT
The World Bank has urged states to improve spending efficiency, strengthen accountability and use their increased fiscal resources to improve infrastructure and essential services. Its economic outlook also depends on sustained reforms and better public service delivery.
BOTTOM LINE
Nigeria’s states collected substantially more revenue between 2023 and 2025 and increased spending on education, health and social protection. However, infrastructure spending grew faster, reducing education’s share of total expenditure and leaving states with the challenge of ensuring that higher revenues translate into better public services.
• The Nigeria Customs Service says it will support Nigeria’s drive to become a $1 trillion economy by 2030.
• Comptroller General Bashir Adeniyi says Customs reforms are aimed at improving trade and revenue generation.
• The service reported N3.35 trillion in revenue between January and May 2026.
MAIN STORY
The Nigeria Customs Service (NCS) has reaffirmed its commitment to Nigeria’s ambition of building a $1 trillion economy by 2030, with Comptroller General Bashir Adeniyi calling for effective implementation of plans aimed at achieving the target.
Adeniyi stated this while delivering a keynote address at The New Nigeria Festival in Abuja, according to a statement issued by the NCS spokesperson, Abdullahi Maiwada, on Thursday.
The festival, organised by Bullion Strategic Synergy Ltd and endorsed by the Office of the Vice President and the Federal Ministry of Information and National Orientation, was held under the theme, “Great Ideas, Bold Execution”.
Adeniyi said Customs had an important role in the country’s economic transformation through its responsibilities for revenue collection, trade facilitation and border management.
He said the service was moving from discussions about Nigeria’s economic ambitions to practical measures aimed at supporting their achievement.
According to him, ongoing modernisation efforts by the NCS include the deployment of B’Odogwu, the Authorised Economic Operator programme and the Advance Ruling mechanism.
He said the initiatives were designed to facilitate legitimate trade by making the trading environment more predictable, while also supporting revenue generation.
Adeniyi said achieving the $1 trillion target would require institutions to convert national aspirations and strategies into measurable results.
He described the target as achievable if the plans developed to reach it were effectively implemented.
“Execution is nothing if it is not concrete. We have to move from ideas to action and ensure that whatever we plan translates into results.
“That is how we can begin to see the kind of transformation we are talking about,” he said.
The NCS said it generated N3.35 trillion in revenue between January and May 2026, while continuing its anti smuggling operations, trade facilitation activities and border security responsibilities across the country.
In September, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the service was on course to meet its N11 trillion revenue target for the year.
Oyedele also commended the NCS for its trade reforms and said its revenue collection reached N4.03 trillion in the first half of 2026.
THE ISSUES
Customs is linking its core responsibilities of revenue collection, trade facilitation and border management to the wider objective of expanding Nigeria’s economy. The service’s performance therefore has implications for both government revenue and the movement of legitimate trade.
The modernisation measures highlighted by Adeniyi are intended to make the trading environment more predictable. Their stated objective is to facilitate legitimate trade while supporting the NCS revenue mandate.
The reported revenue figures are relevant to the NCS’s N11 trillion annual revenue target for 2026. Oyedele said the service had generated N4.03 trillion in the first half of the year, while the NCS separately reported N3.35 trillion between January and May.
WHAT’S BEING SAID
“Execution is nothing if it is not concrete. We have to move from ideas to action and ensure that whatever we plan translates into results.” – Bashir Adeniyi, Comptroller General, Nigeria Customs Service
“That is how we can begin to see the kind of transformation we are talking about.”
– Bashir Adeniyi, Comptroller General, Nigeria Customs Service
WHAT’S NEXT
The NCS is expected to continue implementing its modernisation reforms, including B’Odogwu, the Authorised Economic Operator programme and the Advance Ruling mechanism, alongside its revenue collection, trade facilitation and border management functions.
BOTTOM LINE
The NCS says its ongoing reforms and revenue collection efforts form part of its contribution to Nigeria’s $1 trillion economic ambition. Adeniyi said the target would depend on turning plans into concrete and measurable results.
• Stanbic IBTC Capital won the Best Corporate Bond House of the Year at the 2025 AIHN Awards.
• The firm also received the Best Commercial Paper House and Equity House of the Year awards.
• AIHN marked its 30th anniversary with awards recognising firms involved in major capital market transactions.
MAIN STORY
Stanbic IBTC Capital Ltd has won three awards at the Association of Issuing Houses of Nigeria, AIHN, Awards, including the Best Corporate Bond House of the Year.
The firm, a subsidiary of Stanbic IBTC Holdings, also emerged as the Best Commercial Paper House of the Year and Equity House of the Year.
The awards were presented at AIHN’s 30th anniversary and awards night held in Lagos on Wednesday.
Chapel Hill Denham Advisory Ltd also won three awards, taking the Best Public Sector Bond House, Best Debt Capital Market House and Best Investment Banking Firm of the Year categories.
United Capital Plc was named Most Prolific Issuing House of the Year, while Iron Capital Markets Ltd received the Best Prodigy Firm of the Year award.
Eight firms shared the Best Corporate Sukuk Deal of the Year award for their roles in TAJBank Ltd’s Series 2 Mudarabah Sukuk Issue.
The firms were Ava Capital Partners Ltd, Greenwich Capital Markets Ltd, FCMB Capital Markets Ltd, Finmal Finance Services Ltd, FSDH Capital Ltd, Marble Advisory Ltd, One17 Financial Services Ltd and Tiddo Securities Ltd.
Seven firms were recognised in the Equity Deal of the Year category for their roles in Zenith Bank Plc’s rights issue. They were Stanbic IBTC Capital Ltd, Quantum Zenith Capital Ltd, CardinalStone Partners Ltd, Chapel Hill Denham Advisory Ltd, Coronation Merchant Bank, Meristem Capital Ltd and Vetiva Advisory Services Ltd.
Rand Merchant Bank and Vetiva Advisory Services Ltd jointly received the Best M&A Deal of the Year award for their roles in Helios Investment Partners’ divestment of a 75 per cent stake in Axella Ltd.
Five firms were recognised for Innovative Issuance of the Year for their involvement in the first two series of the Ministry of Finance Incorporated Real Estate Investment Fund, MREIF.
They were Vetiva Advisory Services Ltd, Constant Capital Markets & Securities Ltd, Parthian Partners Ltd, Iron Capital Markets Ltd and ICMG Securities Ltd.
The awards formed part of activities marking AIHN’s 30 years of contribution to the development of Nigeria’s capital market.
Speaking at the event, AIHN President Kemi Awodein said the association would prioritise digitalisation, investor education and collaboration as it seeks to deepen the capital market.
Awodein, the association’s first female president, said she was building on the foundation laid by previous leaders.
“Going forward, we will focus on digitalisation, investor education and collaboration to deepen Nigeria’s capital market,” she said.
She said technology and digitalisation would be used to improve the association’s activities and strengthen its contribution to the capital market.
Awodein also said greater investor education and collaboration among stakeholders were needed to support the development of the real economy.
She added that AIHN would continue initiatives aimed at financing the real economy and expanding opportunities for Nigerians to participate in wealth creation.
Victor Ndukauba, Group Deputy Managing Director of Afrinvest, said Nigeria’s capital market had undergone rapid changes, driven partly by digital technology and changing patterns of investor participation.
He said the contribution of issuing houses over the past three decades had helped lay foundations for the development of the Nigerian economy.
Ndukauba said digital technology would increasingly influence how companies access investors and how investors participate in the capital market, urging stakeholders to adapt as the market evolves.
THE ISSUES
The awards recognise activity across several segments of Nigeria’s capital market, including corporate and public sector debt, equity transactions, mergers and acquisitions, Sukuk and structured investment products.
Stanbic IBTC Capital’s three awards span corporate bonds, commercial paper and equity, reflecting recognition across both debt and equity segments.
Several of the awards were given jointly to firms involved in major transactions. This includes the TAJBank Sukuk, Zenith Bank rights issue, Axella divestment and MREIF transactions.
AIHN is placing digitalisation and investor education among its priorities as it enters another phase after 30 years of operations.
Ndukauba said technological changes would increasingly affect the relationship between companies seeking capital and investors participating in the market, making adaptation an important consideration for industry stakeholders.
WHAT’S BEING SAID
“Going forward, we will focus on digitalisation, investor education and collaboration to deepen Nigeria’s capital market.” – Kemi Awodein, President, AIHN
“Looking back over 30 years, we can see some of the important landmarks that have shaped the market.” – Victor Ndukauba, Group Deputy Managing Director, Afrinvest
“Issuing houses can take pride in their contribution to laying the foundations for the growth and development of the Nigerian economy.” – Victor Ndukauba, Group Deputy Managing Director, Afrinvest
WHAT’S NEXT
AIHN will focus on digitalisation, investor education and collaboration as it seeks to deepen the capital market and strengthen its contribution to financing the real economy.
BOTTOM LINE
Stanbic IBTC Capital won three awards at AIHN’s 30th anniversary event, covering corporate bonds, commercial paper and equity. AIHN is entering its next decade with digitalisation, investor education and collaboration identified as key areas of focus.
• Iraqi Airways has resumed direct flights between Iraq and Iran after services were suspended on Sept. 25.
• The airline’s first resumed service operated from Najaf International Airport to Tehran on Thursday.
• Daily flights will connect Najaf with Tehran, Mashhad and Isfahan.
MAIN STORY
Iraqi Airways has resumed direct flights between Iraq and Iran, with its first service after a suspension operating from Najaf International Airport to Tehran on Thursday.
The national carrier said the new schedule would include daily flights from Najaf to three Iranian cities, Tehran, Mashhad and Isfahan.
The airline said the services resumed after it completed the technical and regulatory requirements necessary to restart the routes.
The development follows the return of direct air services between the two countries on Sunday, when Najaf International Airport received a flight operated by Iran’s Caspian Airlines.
The flights are operating under an official agreement between Baghdad and Washington that provides specific exemptions for the routes.
Najaf International Airport suspended flights to and from Iran on Sept. 25 following sanctions imposed by the US Treasury Department on Iran’s aviation sector.
The return of Iraqi Airways services brings back scheduled connections between Najaf and major Iranian cities after the suspension.
THE ISSUES
The resumed Iraqi Airways schedule connects Najaf with Tehran, Mashhad and Isfahan, giving passengers direct air links between the Iraqi city and three major Iranian destinations.
The restart followed the completion of technical and regulatory requirements by Iraqi Airways, while the affected routes operate under specific exemptions provided through an agreement between Baghdad and Washington.
The development follows the return of Iranian airline operations to Najaf on Sunday, when Caspian Airlines operated a flight to the airport.
The resumption comes after Najaf International Airport halted flights to and from Iran on Sept. 25 following US Treasury sanctions affecting Iran’s aviation sector.
WHAT’S NEXT
Iraqi Airways is scheduled to operate daily flights from Najaf to Tehran, Mashhad and Isfahan following the resumption of the routes.
BOTTOM LINE
Iraqi Airways has resumed direct services between Najaf and three Iranian cities after flights were suspended in September. The restart follows the completion of technical and regulatory requirements and the application of specific exemptions covering the routes.
• NCDMB says Nigerian content in the oil and gas industry has risen from five per cent in 2010 to 61 per cent.
• The board says its next priority is to make Nigerian companies competitive enough to operate in international markets.
• More than 10,000 Nigerians have been trained in critical skills, while 17,000 have registered for training in 10 priority areas.
MAIN STORY
Nigerian content in the oil and gas industry has risen from five per cent in 2010 to 61 per cent, but the Nigerian Content Development and Monitoring Board, NCDMB, says local companies must now build the capacity to compete beyond Nigeria.
The Executive Secretary of the NCDMB, Felix Ogbe, stated this in a speech delivered at the 2026 Association of Energy Correspondents of Nigeria, NAEC, Conference in Lagos on Thursday. He was represented by the board’s General Manager, Corporate Communications, Dr Obinna Ezeobi.
Ogbe said competitiveness would be the board’s next priority as the current 10 year Nigerian Content Plan approaches its end.
He said Nigerian companies needed to develop the capacity, skills and agility required to operate across international markets, arguing that participation in domestic projects alone was no longer sufficient.
“The next frontier is about being competitive,” he said.
According to Ogbe, Nigerian companies must move beyond having the capacity to execute projects within Nigeria and develop businesses capable of competing globally.
He said the NCDMB had trained more than 10,000 Nigerians in critical skills over the past 15 years, while another 17,000 Nigerians had registered for training in 10 priority skills required for emerging oil and gas projects.
The training programme, he said, was designed to prepare Nigerians for opportunities expected from new investments and Final Investment Decisions in the industry.
The board is also seeking to strengthen indigenous companies through financing, equipment development, research and development and strategic partnerships, Ogbe said.
He added that the NCDMB was promoting local manufacturing of equipment to reduce the industry’s dependence on imported components.
The board was also linking Nigerian companies with foreign firms and Original Equipment Manufacturers to strengthen their capabilities, while creating opportunities for indigenous businesses to expand into other African markets.
Ogbe said these efforts reflected a broader shift in the Nigerian content agenda, with the focus moving from participation in domestic projects to developing companies capable of competing internationally.
Earlier, the Chairman of NAEC, Ugo Amadi, said indigenous operators continued to face difficulties in developing oil and gas assets.
He identified high entry costs, lengthy approval processes and funding gaps as major constraints to indigenous participation.
According to Amadi, removing those barriers would help unlock investment, expand local capacity and increase production.
The conference, themed “Access to Assets: Empowering Players and Driving Growth,” brought together policymakers, regulators and industry leaders to examine barriers to investment and indigenous participation in Nigeria’s energy sector.
THE ISSUES
NCDMB’s reported increase in Nigerian content from five per cent in 2010 to 61 per cent marks a substantial expansion in local participation in the oil and gas industry. The board is now seeking to extend that progress by focusing on the ability of Nigerian companies to compete internationally.
Skills development is a major part of the board’s strategy. More than 10,000 Nigerians have received training in critical skills over 15 years, while 17,000 others are registered for training in 10 priority areas linked to emerging oil and gas projects.
The NCDMB is also using financing, equipment development, research and development and strategic partnerships to strengthen indigenous companies. Its push for local equipment manufacturing is aimed at reducing dependence on imported components.
Access to oil and gas assets remains a challenge for indigenous operators. NAEC identified high entry costs, lengthy approval processes and funding gaps as key barriers to greater local participation.
The NCDMB’s focus is extending beyond Nigeria, with the board seeking to connect indigenous companies with foreign firms and OEMs and create opportunities for them to expand into other African markets.
WHAT’S BEING SAID
“The next frontier is about being competitive. – Felix Ogbe, Executive Secretary, NCDMB
“It is not enough to have the capacity to operate in Nigeria. It is not enough to have Nigerian content and products.” – Felix Ogbe, Executive Secretary, NCDMB
“Going forward, Nigerian companies need to be competitive and able to operate across the globe.” – Felix Ogbe, Executive Secretary, NCDMB
WHAT’S NEXT
The NCDMB is continuing its focus on skills development, financing, equipment development, research and development and strategic partnerships as it seeks to strengthen indigenous companies.
The board also plans to deepen connections between Nigerian companies, foreign firms and OEMs while opening opportunities for indigenous businesses in other African markets.
BOTTOM LINE
Nigeria has increased local content in its oil and gas industry substantially over the past 15 years. The NCDMB now wants the next phase to produce Nigerian companies capable of competing for opportunities beyond the domestic market.
• Australia has become the first country to endorse the Global Rooftop Solar Declaration, which seeks to double the number of solar powered homes worldwide to 300 million by 2030.
• The declaration calls for simpler installation rules, affordable household financing, stronger electricity grids, more storage and a larger skilled workforce.
• The initiative is being promoted ahead of COP31 in Türkiye, with its backers urging governments at national, regional and local levels to sign on.
MAIN STORY
Australia has endorsed a global initiative seeking to double the number of homes using rooftop solar to 300 million by 2030, making household solar a prominent issue ahead of the COP31 climate summit in November.
The Global Rooftop Solar Declaration was endorsed by Chris Bowen, Australia’s Minister for Climate Change and Energy and President of Negotiations for COP31, during the 2026 Pacific Pre COP meeting in Fiji.
The declaration provides a framework for governments to make residential solar and battery systems easier and less costly for households to adopt. Its proposed measures include reducing administrative barriers to installation, expanding access to affordable finance, improving electricity grids and developing more local workers with the skills required to support the sector.
The declaration forms the policy framework for the 300 Million Solar Homes initiative, which estimates that about 150 million homes worldwide currently have rooftop solar. The initiative is seeking another 150 million solar homes by 2030. The Global Solar Council, Solar Citizens and Smart Energy Council Australia are among the organisations supporting the campaign and have called on governments to endorse it.
The initiative comes as rooftop solar and battery storage continue to expand as part of the global energy system. The Global Solar Council says the two technologies could account for 42 per cent of solar growth and 34 per cent of renewable energy growth by 2030.
The campaign also presents rooftop solar as an energy security measure for households facing volatile electricity and fuel costs. According to the Global Solar Council, an Australian household can save as much as AU$1,500 annually from solar alone, although actual savings depend on household circumstances and system use.
Australia has one of the world’s highest rates of household solar adoption, with rooftop systems installed on more than 40 per cent of homes, according to the declaration’s backers. The country’s rooftop systems also supply about one eighth of its electricity.
The declaration points to the Pacific as another area where solar and storage are being deployed. It says five islands in Tonga now operate entirely on solar and battery storage.
Australia’s endorsement comes shortly before COP31, which will be held in Antalya, Türkiye, in November. The 2026 Pacific Pre COP meeting brought together ministers and other participants from more than 50 countries and focused on accelerating the clean energy transition ahead of the summit.
The Global Rooftop Solar Declaration is voluntary and non binding. Its backers are now seeking wider government support for the measures needed to increase household solar deployment.
THE ISSUES
The central challenge is no longer simply whether rooftop solar technology exists, but whether households can access it at a cost and under conditions that make adoption practical. The declaration therefore places emphasis on finance, installation rules and grid connections alongside the technology itself.
Greater household solar deployment also creates demands on electricity networks. The declaration calls for grid modernisation and increased storage as governments seek to integrate more distributed generation into their electricity systems.
The proposed expansion would create demand for installers, technicians and other skilled workers. Workforce development is therefore included among the measures governments are being encouraged to support.
For households, the appeal extends beyond climate policy to electricity costs and energy security. The campaign’s supporters argue that generating and storing electricity at home can give consumers greater control over their energy supply and reduce exposure to volatile fuel costs.
The 300 million target represents a significant acceleration in deployment. The initiative is asking governments to move rooftop solar from individual household programmes into a broader energy policy priority.
WHAT’S BEING SAID
“Families everywhere want to bring down their energy bills, and rooftop solar and storage lets them do just that. It took the world around 30 years to reach the first 150 million solar homes. We want to add the next 150 million in just four years. Australia’s support and practical experience in implementation is exactly what we need to realise that ambition in every corner of the world.”
– Sonia Dunlop, CEO, Global Solar Council
“Rooftop and home solar is the sleeping giant in global climate diplomacy, despite powering millions of homes. This pivotal Declaration provides a pathway to rapidly change that. We now call on national, state and local leaders around the world to sign onto the Global Rooftop Solar Declaration ahead of COP31 and help bring the benefits of home solar to millions more people.”
– Heidi Lee Douglas, CEO, Solar Citizens
“Solar is the cheapest, cleanest form of power in the world. Australia already leads the world in rooftop solar and home batteries, and today we have shown that the Australian Government is prepared to take that leadership globally. Rooftop solar cuts power bills, gives countries greater control over their own energy and protects households and economies from volatile fuel costs and supply.”
– David McElrea, CEO, Smart Energy Council Australia
WHAT’S NEXT
The declaration’s supporters are seeking endorsements from other national, regional and local governments ahead of COP31. The framework calls for action on permitting, finance, grid integration, storage, consumer protection, workforce development and access for underserved communities.
BOTTOM LINE
Australia’s endorsement gives the 300 Million Solar Homes campaign its first national government backing ahead of COP31. The initiative now faces the harder task of getting other governments to translate the voluntary declaration into policies that make household solar and storage more affordable and accessible.
LASUSTECH students lit up the three-day Manufacturers Association of Nigeria (MAN) Made in Nigeria Expo 2026 (5-7 October), and the road to the expo began with a partnership.
Before the event, MAN signed a Memorandum of Understanding (MoU) with the students, and exhibiting at the expo was one of the benefits of that agreement. Over the three days, young innovators from the Lagos State University of Science and Technology (LASUSTECH) put their work in front of manufacturers, industry leaders and visitors.
Watch to see the products, the people behind them, and what the MAN-LASUSTECH partnership means for homegrown innovation and the future of Nigerian manufacturing.
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Hello, my fellow Paragraph-Scanning Philosophers, WhatsApp-Broadcast Skimmers, and Midnight Timeline Detectives. Welcome back to our weekly sanctuary! Today is Thursday, October 8, 2026. If you spent your week trying to read a three-paragraph corporate email without scrolling past the first sentence, or if you saw the recent headlines where regulatory authorities bluntly declared that “We are ignorant in this country, we don’t read,” pull up an ergonomic plastic chair. You are in the safest, most literate room on the internet.
Forget post-independence hangovers, corporate boundary wars, or synthetic juice panic; today, we are diving straight into a fiery national debate: our complicated relationship with the printed word, why long-form content gives people high blood pressure, and how we consume information in the age of fast-paced algorithms.
Let’s break down the explicit details, hilarious street realities, and cognitive physics behind our reading habits.
Every few months, a public figure or agency head drops a brutal truth bomb about reading culture in Nigeria, and the internet splits cleanly into two violently typing factions.
This week, the conversation reignited after a high-profile lamentation over how little attention citizens pay to terms and conditions, instruction manuals, long policy documents, and proper book pages. Naturally, the street response across social media was swift and merciless:
The Defense Team: Urban professionals and content creators immediately jumped to X and TikTok to protest. “We read everyday o!” they argued. “From reading 400-page group chat arguments, decoding complex crypto whitepapers, to scanning through endless Twitter threads—Nigerians read more than anyone else on earth!”
The Realists: On the other hand, teachers, editors, and corporate compliance officers nodded in solemn agreement. They pointed out the painful truth: while we consume billions of words of short-form text daily, asking someone to read a 2-page employment contract, a medication leaflet, or a book chapter without a 10-second video attached is treated like a form of capital punishment.
Why has traditional reading hit such a massive cultural roadblock? The answer lies in how our brains have been re-engineered by modern technology. Consider how the average Nigerian digests information on a typical weekday:
The Headline-Only Economist: Millions of people form absolute, unshakable political and economic opinions based entirely on bold-text headlines without ever clicking the link to read the actual article.
The Terms & Conditions Scroll: When signing up for a loan app or a new digital service, the “I Have Read and Agree to Terms” button is clicked faster than humanly possible. If a clause stated that clicking Agree meant trading your firstborn child for a ₦50,000 overdraft, half the country would be working on child-rearing for loan sharks by Friday morning!
The WhatsApp Broadcast Filter: If a message on a family group chat doesn’t start with “URGENT WARNING! Forward to 50 groups immediately!!” or feature at least four crying emojis, it is instantly ignored.
Behind the funny memes and viral group chat jokes lies a serious, educational reality. In a world saturated with deepfakes, AI-generated rumors, and sensationalized headlines, shallow reading is an expensive hazard.
When we refuse to read deeply, we become vulnerable to misinformation, bad contracts, and manipulation. Reclaiming our reading culture isn’t about being academic snobs; it’s about protecting our minds and our pockets.
Lessons to Carry into the Weekend
Read Before You Sign: Whether it’s a house tenancy agreement, a loan app form, or a workspace policy, take five minutes to read the fine print. Your future self will thank you.
Feed Your Brain Quality Words: Balance your daily diet of short-form internet noise by picking up a physical book, a well-written column, or a long-form article for at least 15 minutes a day.
Fight the Skimming Habit: Slow down. Not every piece of information can or should be summarized in 10 seconds. Deep comprehension is a superpower.
Stay safe out there, keep your hustle sharp, read your documents carefully, and don’t let the Lagos traffic humble you too early. See you next Thursday!
• Young Nigerians in agriculture identified access to youth friendly finance, reliable markets and post harvest infrastructure as major barriers to expanding their businesses.
• Participants called for shared processing and aggregation facilities to reduce the cost of meeting required standards.
• Speakers urged financial institutions and development partners to develop patient financing, agricultural insurance and better data systems for young agripreneurs.
MAIN STORY
Nigerian youths in the food and agriculture sector have called for improved access to finance, markets and post harvest infrastructure, saying the gaps are limiting their ability to build profitable businesses across the food value chain.
They made the call on Wednesday at the Youth Entrepreneurship for the Future of Food and Agriculture (YEFFA) Nigeria Youth Convening on Youth and Food Systems Transformation in Abuja.
The event, hosted by the Alliance for a Green Revolution in Africa (AGRA) in partnership with the Mastercard Foundation, was held under the theme, “From Dialogue to Action.”
A report by the News Agency of Nigeria (NAN) said the YEFFA programme is a six year partnership between AGRA and the Mastercard Foundation running from 2023 to 2029.
The programme is targeting 10 million young people and aims to support 1.5 million into dignified work, with young women expected to account for at least half of the beneficiaries.
Dr Rufus Idris, Country Director, AGRA Nigeria, said the traditional expectation that young people would become leaders in the future needed to give way to opportunities for them to participate meaningfully in the economy now.
Idris said Nigerian farmers were generally between 50 and 60 years old, while more than 70 per cent of the country’s population was below 30, making youth participation important to the future of food production and agribusiness.
He said opportunities for young people should extend beyond farming into businesses driven by data, technology, innovation and access to wider markets.
Dr Ayodele Olaleye, Programme Lead, Market Systems Development, Mastercard Foundation, said youth programmes should involve young people in their design and implementation rather than being developed without their input.
Olaleye said young participants should also use such platforms to raise issues affecting youths across different parts of the country, including those in rural and urban communities.
The discussions subsequently focused on three major constraints identified by participants: access to youth friendly finance, reliable routes to market and inadequate post harvest infrastructure.
Baliqees Salaudeen, an agripreneur and Regional Coordinator, African Youth Initiative on Climate Change (AYICC), said the lack of suitable processing facilities was particularly difficult for young people seeking to move from primary production into value addition.
She called for shared processing centres and aggregation hubs that meet required standards, arguing that individual young businesses would struggle to afford the equipment needed to process agricultural products to certified standards.
Mr Tobi Olanrewaju, Founder and Agribusiness Leader, said young agripreneurs were also dealing with unpredictable prices, limited access to financing designed around their needs and inadequate support within the wider agricultural ecosystem.
He said farmers who produce at scale without storage or processing capacity could become vulnerable to prices determined by aggregators.
Olanrewaju also called for patient financing and agricultural insurance tailored to young businesses, saying such measures could help protect their investments.
Ifeoluwa Tryphena, Founder, Slate Systems Lab Ltd., identified fragmented agricultural data as another challenge for the sector.
She said the absence of sufficiently integrated farm, market and financial data made it harder for banks, insurers and policymakers to assess risks and make informed decisions.
Tryphena therefore called for better integration of data across the food value chain to help financial institutions and other stakeholders assess and manage risks associated with agricultural businesses.
THE ISSUES
Access to suitable finance remains central to the concerns raised by the young agripreneurs. The participants were not only seeking more funding but financing designed around the realities of young businesses, including longer timeframes and protection against agricultural risks.
Market access becomes more difficult when producers lack storage and processing capacity. Without the ability to preserve or add value to their output, young farmers can have less control over when and how their produce is sold.
Processing infrastructure is also a barrier to moving beyond primary production. Shared facilities that meet required standards could allow smaller businesses to access equipment and processing capacity without each enterprise bearing the full cost.
Better agricultural data could improve how financial institutions, insurers and policymakers assess the sector. Fragmented information about farms, markets and finances can make it harder to understand risks and determine where support is needed.
WHAT’S BEING SAID
“Africa’s food economy will soon be worth one trillion dollars. The question is how much of that market our young people will command. – Dr Rufus Idris, Country Director, AGRA Nigeria
“As we say, you cannot shave a man’s head in his absence. Programmes for young people must be designed with them and led by them at every stage.” – Dr Ayodele Olaleye, Programme Lead, Market Systems Development, Mastercard Foundation
“Farmers carry the cost of seed, labour and risk. They deserve to be profitable.” – Baliqees Salaudeen, Agripreneur and Regional Coordinator, AYICC
WHAT’S NEXT
The young participants called for greater access to youth friendly finance, reliable market channels, shared processing infrastructure, agricultural insurance and better integrated data to support youth participation across Nigeria’s food system.
BOTTOM LINE
Young agripreneurs say financing, market access and inadequate post harvest infrastructure are limiting their ability to build profitable businesses in Nigeria’s food economy. They want support systems designed around the realities of young enterprises rather than approaches built without their participation.
• Market capitalisation fell by N110 billion to N162.385 trillion as the All Share Index declined by 0.07 per cent.
• Trading volume dropped 22.85 per cent, while the value of transactions and number of deals also fell from the previous session.
• Thomas Wyatt Nigeria recorded the biggest loss, while Tripple Gee led the gainers.
MAIN STORY
The Nigerian stock market closed lower on Wednesday as profit taking across 31 equities pushed market capitalisation down by N110 billion.
Market capitalisation fell from N162.495 trillion at the opening to N162.385 trillion by the close, while the All Share Index declined by 176.75 points from 250,273.50 to 250,096.75.
The movement represented a 0.07 per cent decline in the benchmark index and took the market’s year to date return to 60.72 per cent.
The sell offs were led by Thomas Wyatt Nigeria, Sovereign Trust Insurance, Livingtrust Mortgage Bank, Neimeth International Pharmaceutical and Veritas Kapital Assurance, which recorded the biggest declines among the 31 losing equities.
Thomas Wyatt Nigeria posted the steepest fall, declining 9.74 per cent to N2.41 per share. Sovereign Trust Insurance fell 7.60 per cent to N2.31, while Livingtrust Mortgage Bank dropped 7.25 per cent to N3.20.
Neimeth International Pharmaceutical declined 4.61 per cent to N7.25, while Veritas Kapital Assurance lost 4.42 per cent to close at N1.08 per share.
The market recorded 23 gainers, led by Tripple Gee, whose share price rose 9.96 per cent to N3.09. Critical Minerals Financing Corp gained 9.86 per cent to N4.01, while Champion Breweries advanced 9.50 per cent to N10.95.
WAPIC increased by 9.24 per cent to N2.60, while Multi Trex Integrated Foods rose 8.33 per cent to close at 39k per share.
Trading activity also weakened compared with the previous session, with 446.99 million shares exchanged in 38,905 transactions valued at N22.95 billion.
The previous session recorded 579.25 million shares worth N36.07 billion in 41,072 deals. The latest figures therefore represented a 22.85 per cent decline in traded volume, alongside lower transaction value and fewer deals.
Zenith Bank remained the most actively traded stock, leading the market in both volume and value. A total of 34.90 million shares in the bank changed hands, representing 7.81 per cent of total market volume, while transactions in the stock were valued at N4.74 billion, equivalent to 20.69 per cent of total traded value.
THE ISSUES
The market’s decline was relatively small compared with its cumulative performance for the year. Despite Wednesday’s 0.07 per cent fall in the All Share Index, the market retained a year to date return of 60.72 per cent.
Trading activity weakened across all three measures reported by NAN. Investors traded fewer shares, the total value of transactions was lower and the number of deals also declined compared with the previous session.
The market breadth remained negative because the number of declining equities exceeded those that gained. Thirty one equities lost ground against 23 gainers, reflecting the broader weakness across the session.
Zenith Bank accounted for a significant portion of the day’s trading activity, with 34.90 million shares exchanged and transactions valued at N4.74 billion. It led the market by both volume and value during the session.
WHAT’S NEXT
Trading will resume in the next session, with investors monitoring market prices and trading activity following Wednesday’s decline.
BOTTOM LINE
Nigerian equities closed lower on Wednesday as profit taking pushed market capitalisation down by N110 billion. The decline came alongside weaker trading activity, although the market remained up 60.72 per cent year to date.
