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China’s zero-tariff policy will boost trade relations and market access, say experts

Keypoints

  • Trade experts stated that China’s zero-tariff policy for 53 African countries will enhance market access for Nigerian products.
  • Announced by Chinese President Xi Jinping on February 14, 2026, the zero-tariff initiative took official effect on May 1.
  • Abuja Chamber of Commerce and Industry President Emeka Obegolu noted that Nigeria must overcome structural and production constraints to benefit fully.
  • OY-ITC President Chinedu Amadi reported that Nigeria’s trade with China exceeded 15 billion dollars in 2024, with exports below three billion dollars.
  • Analysts emphasized that raw material exports alone will not transform the economy, making value addition and processing capacity essential.

Main Story

Experts have stated that China’s zero-tariff policy on goods and services from 53 African countries will boost Africa-China trade relations and improve market access for Nigerian products.

The experts disclosed this on Sunday in Abuja, while reacting to China’s removal of tariffs on goods from 53 African countries.

The Chinese President, Xi Jinping, officially announced China’s zero-tariff policy for 53 African countries on February 14, 2026, during the 39th African Union Summit in Addis Ababa, and the policy took effect on May 1, opening access to the Chinese market for African exports.

The report indicated that the organized private sector received the development with cautious optimism because of its long-term economic implications for Nigeria.

Chief Emeka Obegolu, the President of Abuja Chamber of Commerce and Industry, said that the policy offers major opportunities to expand exports, boost industrialisation, and diversify the economy away from overdependence on crude oil.

He identified cocoa, sesame, cashew, ginger, leather products, textiles, and processed agricultural products as areas with strong export potential, but warned that success will depend on domestic production capacity and public-private collaboration.

The Issues

  • High domestic logistics costs, which currently reach up to 50 per cent of product value in Nigeria, severely reduce the competitiveness of local exporters despite the tariff removal.
  • A severe trade imbalance persists between both nations, with Nigeria importing over 12 billion dollars from China in 2024 while exporting less than three billion dollars.
  • Strict Chinese import rules, hygiene regulations, and certification requirements present a major barrier for local firms struggling to meet international packaging standards.

What’s Being Said

  • “Nigeria should work for increased value addition and local processing to enhance the competitiveness and value of Nigerian products in global markets,” Chief Emeka Obegolu stated.
  • Economist Prof. Emmanuel Oladipo noted that “China has strict import rules. Nigerian exporters must meet international standards for packaging, hygiene and certification.”
  • “Nigeria exported more than 700 million dollars in agricultural products globally in 2024, but only a small portion reached China in spite rising demand there,” Dr Chinedu Amadi stated.
  • Amadi added that “solid minerals such as lithium, tin and limestone also present opportunities, especially given China’s dominance in battery manufacturing and global clean energy demand.”
  • ACCI Director-General Agabaidu Jideani cautioned that “market access alone would not guarantee market penetration for Nigerian businesses.”

What’s Next

  • The Abuja Chamber of Commerce and Industry will mobilize local small and medium enterprises to build export value chains that align with Chinese import standards.
  • Government agencies will face increased pressure to implement ease of doing business policies, export financing frameworks, and infrastructure upgrades at major ports.
  • Early-moving agribusinesses are expected to adjust their corporate strategies by investing directly in domestic aggregation, sorting, and packaging facilities.

Bottom Line

China’s newly implemented zero-tariff policy opens a massive consumer market for Nigerian agricultural and solid mineral products, but domestic infrastructure deficits and strict foreign quality standards mean tariff removal alone will not automatically guarantee export growth.

LOTUS Bank partners presidential initiative to scale CNG and electric vehicle infrastructure

Key points

  • LOTUS Bank is collaborating with the Presidential Initiative on Compressed Natural Gas and Electric Vehicle (Pi-CNG and EV) to expand green mobility infrastructure.
  • The agreement was finalized in Kano during the official inauguration of the Northern Corridor of the CNG and EV Programme.
  • The partnership focuses on delivering structured financing solutions across the CNG value chain, fleet conversions, and clean mobility asset acquisition.
  • LOTUS Bank previously executed a N100 billion renewable energy financing initiative in partnership with the Rural Electrification Agency.
  • Deputy Chief of Staff to the President, Ibrahim Hadeja, described the initiative as a critical economic strategy to lower transport costs and enhance energy security.

Main Story

LOTUS Bank has partnered with the Presidential Initiative on Compressed Natural Gas and Electric Vehicle to accelerate the adoption of cleaner and more affordable mobility alternatives across the country.

The Managing Director of the non-interest bank, Dr Isiaka Ajani-Lawal, disclosed this in a statement issued in Abuja on Monday, noting that the collaboration would focus on expanding CNG and EV infrastructure nationwide.

The agreement was finalized during the formal inauguration of the Northern Corridor of the Compressed Natural Gas and Electric Vehicle Programme in Kano.

The report indicated that the bank is actively designing tailored financial products to support the entire green mobility value chain, including integrated energy hubs, fleet conversion, and asset acquisition for institutional participants.

Ajani-Lawal explained that the partnership aligns with the bank’s ethical financing framework and follows its previous signature of a N100 billion renewable energy financing agreement with the Rural Electrification Agency.

Deputy Chief of Staff to the President, Ibrahim Hadeja, who represented Vice President Kashim Shettima at the launch, affirmed that the strategy is vital to lowering national transportation costs and strengthening energy independence.

The Issues

  • Securing widespread adoption of CNG and electric vehicles requires high upfront capital for refueling and charging stations, presenting a major infrastructure bottleneck across the northern transport corridors.
  • Local transport operators face high conversion costs to switch traditional combustion engines to dual-fuel or pure electric systems without sustained, low-cost credit facilities.
  • Ensuring long-term viability for green mobility assets depends heavily on stabilizing domestic gas pricing structures and expanding the capacity of the national electricity grid.

What’s Being Said

  • “At LOTUS bank, we believe sustainable finance must go beyond banking transactions to creating meaningful impact within communities and sectors critical to national growth,” Dr Isiaka Ajani-Lawal stated.
  • “Our collaboration with Pi-CNG and EV reflects our commitment to ethical financing, infrastructure development, energy transition and inclusive economic growth,” Ajani-Lawal added in the statement.
  • “We are proud to support initiatives that provide affordable alternatives capable of improving livelihoods while advancing Nigeria’s sustainability objectives,” the Managing Director emphasized.
  • Representing the Vice President, Deputy Chief of Staff Ibrahim Hadeja noted that the initiative was “a critical economic strategy aimed at reducing transportation costs, strengthening energy security and improving the lives of citizens.”

What’s Next

  • LOTUS Bank will roll out specialized non-interest credit facilities targeted at corporate fleet owners and logistics firms looking to convert their vehicles to CNG.
  • Project developers will begin constructing integrated energy hubs and refueling points along the newly commissioned Northern Corridor.
  • The Pi-CNG and EV team will expand their sensitization campaigns to technical workshops and transport unions to build local capacity for vehicle maintenance and conversion safety.

Bottom Line

The partnership between LOTUS Bank and the presidential initiative introduces essential ethical financing into Nigeria’s green transport switch, offering the capital necessary to build out a functional nationwide refueling and charging network.

Naira opens weaker as FX reserves show fresh recovery

By Boluwatife Oshadiya, Markets Correspondent | May 18, 2026, 10:45 AM

Key Points

  • Naira depreciates to ₦1,371.04 at the official market despite CBN interventions
  • Parallel market rate weakens to ₦1,380/$ as FX demand pressures persist
  • Nigeria’s external reserves rise 0.19% to $48.54 billion on fresh inflows

Main Story

The Nigerian naira opened the week on a weaker note after losing ₦10 against the United States dollar amid sustained foreign exchange demand pressures and limited market liquidity.

Data published by the Central Bank of Nigeria showed the local currency depreciated by 0.70% at the official market to close at ₦1,371.04/$ on Friday, while opening Monday at ₦1,381.39 amid continued volatility in interbank trading activity.

Pressure also persisted in the parallel market, where the naira weakened to ₦1,380 per dollar as demand for foreign currency outpaced available supply in the informal segment.

The depreciation comes despite continued interventions by the apex bank aimed at stabilising the market and improving dollar liquidity for importers and manufacturers.

However, Nigeria’s foreign exchange reserves recorded a modest improvement, rising by 0.19% to $48.54 billion. Analysts attributed the increase to fresh inflows into the country’s external reserve position after weeks of relatively stagnant movement.

The rebound in oil prices also provided mild support for Nigeria’s external outlook. Brent crude rose by 3.24% to $109.20 per barrel, while US West Texas Intermediate climbed 3.73% to $104.90. Nigeria’s Bonny Light crude gained 5.99% to trade at $116.99 per barrel.

The rally followed heightened geopolitical tensions in the Middle East after US President Donald Trump issued fresh warnings to Iran, reigniting concerns over potential supply disruptions through the Strait of Hormuz — a major global oil shipping route.

What’s Being Said

“The naira is expected to remain under pressure in the near term due to sustained FX demand and limited market liquidity despite the modest rise in external reserves,” said analysts at Cowry Asset Management Limited.

“Higher crude oil prices may provide temporary support through improved export earnings, but oil market volatility driven by geopolitical tensions continues to pose risks to Nigeria’s external position,” the firm added.

Independent market analysts also warned that without stronger autonomous FX inflows or broader policy support, the local currency could continue trading within a weak and volatile range.

What’s Next

  • Investors are expected to monitor the next round of FX interventions by the CBN for signs of improved liquidity
  • Oil market volatility linked to Middle East tensions may continue influencing Nigeria’s external reserves and FX outlook
  • Analysts expect demand for foreign currency from importers and manufacturers to remain elevated in the short term

Bottom Line

The Bottom Line: Nigeria’s improving external reserves and rising oil prices are offering temporary support for the naira, but underlying FX liquidity pressures remain unresolved. Without stronger foreign capital inflows and sustained policy stability, the local currency is likely to remain volatile despite the CBN’s interventions.

Oil prices rise as Trump warns Iran “Clock is Ticking”

By Boluwatife Oshadiya, Energy Correspondent | May 18, 2026, 11:10 AM

Key Points

  • Brent crude climbs above $110 per barrel amid renewed Middle East tensions
  • Trump warns Iran to comply with US demands as fears grow over Hormuz disruption
  • UAE confirms drone attack near Barakah Nuclear Power Plant

Main Story

Global oil prices advanced on Monday as escalating geopolitical tensions in the Middle East heightened concerns over potential disruptions to global crude supply routes.

International benchmark Brent crude traded at $110.73 per barrel during early trading, up 1.3% from the previous session, while US West Texas Intermediate crude rose 1.6% to $102.68 per barrel.

The market rally followed fresh remarks from US President Donald Trump, who warned Iran that the “clock is ticking” and urged Tehran to comply with US demands regarding a ceasefire agreement and nuclear restrictions.

In a post on Truth Social, Trump stated that “TIME IS OF THE ESSENCE!” as diplomatic tensions between Washington and Tehran intensified.

Investors remained focused on developments around the Strait of Hormuz, a strategic shipping route responsible for transporting nearly one-fifth of the world’s crude oil supply. Concerns over possible disruptions have continued to support bullish sentiment in the energy market.

Regional tensions escalated further after the United Arab Emirates confirmed that its air defence systems intercepted two drones, while a third struck an electrical generator outside the Barakah Nuclear Power Plant in the Al Dhafra region.

The UAE Defence Ministry said investigations were ongoing to determine the source of the attack.

Analysts said the sustained rise in oil prices could worsen inflationary pressures globally and complicate monetary policy decisions for central banks already battling elevated consumer prices.

What’s Being Said

“A prolonged conflict involving Iran could keep oil prices elevated for an extended period and increase the likelihood that global interest rates remain higher for longer,” analysts tracking the energy market said.

“Markets are reacting not only to physical supply risks but also to broader fears of geopolitical instability across major energy transit routes,” energy strategists noted.

What’s Next

  • Investors will closely monitor diplomatic developments between the US, Iran and Israel
  • Further disruptions around the Strait of Hormuz could trigger additional spikes in oil prices
  • Central banks may reassess inflation and interest rate projections if energy prices remain elevated

Bottom Line

The Bottom Line: Oil markets are increasingly being driven by geopolitical risk rather than supply fundamentals alone. If tensions involving Iran escalate further, energy prices could remain elevated for longer, adding fresh inflationary pressure to an already fragile global economy.

Yield on Nigerian bonds rises amid inflation concerns

By Boluwatife Oshadiya | May 18, 2026

Key Points

  • Average bond yields edge higher to 16.11% amid cautious investor sentiment
  • Analysts expect inflation trends to influence DMO auction pricing this month
  • Sell pressures increase across mid- and long-dated maturities

Main Story

Yields on Nigerian government bonds rose slightly in the secondary market as investors adopted a cautious stance following renewed inflation concerns and expectations of tighter monetary conditions.

Market data showed the average benchmark yield climbed by one basis point to 16.11%, reflecting weaker demand for fixed-income securities ahead of fresh bond supply expected from the Debt Management Office this month.

Traders said sell pressures persisted across most maturities as investors reassessed real returns in an environment of rising consumer prices and elevated primary market yields.

Despite the cautious sentiment in the bond market, Nigerian Treasury bills continued to attract stronger investor interest due to their relatively shorter tenors and attractive yields.

Nigeria’s latest inflation data showed headline inflation rose slightly to 15.69% year-on-year in April 2026 from 15.38% in March, marking the second consecutive monthly increase after months of disinflation.

However, month-on-month inflation slowed to 2.13%, suggesting that the pace of price increases may be moderating. Food inflation also eased significantly year-on-year to 16.06%, supported by slower increases in the prices of grains, vegetables, tubers and proteins.

Analysts noted that inflation trends, liquidity conditions and monetary policy expectations are likely to remain key drivers of fixed-income market performance in the coming weeks.

The Issues

The bond market continues to face pressure from Nigeria’s inflationary environment and tight monetary conditions maintained by the Central Bank of Nigeria.

Although inflationary pressures appear to be easing gradually on a month-on-month basis, investors remain cautious because real returns can quickly erode if inflation accelerates again.

At the same time, elevated yields in the primary market have encouraged investors to shift away from the secondary market in anticipation of better returns from new issuances. This has increased sell-side pressure, particularly on mid- and long-term bonds.

Regional inflation disparities also remain a concern, with northern states such as Sokoto, Bauchi and Zamfara continuing to record higher price pressures compared to other parts of the country.

What’s Being Said

“Sentiment in the domestic bond market is expected to remain cautious in the near term as investors continue to assess liquidity conditions, inflation expectations and the direction of monetary policy,” analysts at Cowry Asset Management Limited said in a market note.

“Elevated yields in the primary market may sustain sell-side pressure in the secondary market, particularly across mid- to long-dated maturities,” the firm added.

Market analysts also noted that intermittent bargain hunting could emerge if yields rise further to more attractive levels.

What’s Next

  • Investors are expected to focus on the DMO’s upcoming bond auction for fresh yield direction
  • Inflation data and monetary policy expectations will remain key market drivers
  • Analysts expect cautious trading sentiment to persist across the fixed-income market in the near term

Bottom Line

The Bottom Line: Nigeria’s bond market is entering a more cautious phase as investors weigh slowing inflation against persistently high yields and tight liquidity conditions. Unless inflation moderates more decisively, fixed-income investors are likely to remain defensive ahead of new government debt issuances.

Federal Government’s $500m research fund positions STI at centre of development, says don

Keypoints

  • Professor Peter Onwualu stated that the approval of the $500 million National Research and Innovation Fund (NRIF) shows Nigeria’s readiness to prioritize science and technology.
  • Onwualu, President of the African University of Science and Technology (AUST), spoke at a Science, Technology, and Innovation (STI) workshop in Abuja on Monday.
  • The academic identified fragmented and inadequate funding as a primary barrier preventing local researchers from scaling their prototypes.
  • Nigeria remains the only country out of six participating West African nations under the Science Granting Councils Initiative without an operational NRIF.
  • He called on stakeholders to collaborate to build a globally competitive national research framework capable of unlocking Nigeria’s intellectual capital.

Main Story

The President of the African University of Science and Technology, Professor Peter Onwualu, has stated that the Federal Government’s approval of the 500 million dollars National Research and Innovation Fund demonstrates Nigeria’s readiness to position science, technology, and innovation at the centre of national development.

Onwualu disclosed this while speaking on the sidelines of a workshop on Science, Technology and Innovation and the Renewed Hope Agenda in Abuja on Monday. He noted that the fund, if well managed, would propel the future of Nigeria’s development and the collective aspiration to build a resilient, knowledge-driven, and innovation-led economy.

The report indicated that Onwualu expressed appreciation to President Bola Tinubu for his visionary leadership through the recent announcement of the establishment of the research fund.

He identified inadequate, fragmented, and epileptic funding for research and innovation as one of the major constraints confronting Nigeria’s national innovation system, leaving many researchers struggling to translate prototypes into scalable commercial solutions.

He added that ongoing West African regional capacity-building projects, including the Science Granting Councils Initiative, were currently supporting efforts toward the full operationalisation of the fund.

The Issues

  • Persistent deficits and fragmentation in existing funding lines have long restricted Nigerian scientists to academic publishing rather than industrial scaling.
  • Delays in the practical operationalisation of the NRIF have left Nigeria lagging behind its regional West African peers who already run functional science grant systems.
  • Anchoring national economic development plans on advanced technology requires a simultaneous overhaul of domestic human capital and university research infrastructure.

What’s Being Said

  • “This bold and historic commitment sends a strong signal that Nigeria is prepared to place research, innovation, science and technology at the centre of national development and economic transformation,” Professor Peter Onwualu stated.
  • “It is a landmark intervention that has the potential to reposition Nigeria as a leading knowledge economy in Africa,” Onwualu added during the workshop.
  • The don emphasized that “many researchers and innovators have struggled to translate ideas, prototypes and research outputs into scalable solutions.”
  • “The Renewed Hope Agenda can only achieve sustainable development when anchored on a strong STI ecosystem supported by strategic investment in research and innovation,” the AUST president highlighted.

What’s Next

  • The Ministry of Innovation, Science, and Technology will establish the administrative structures required to disburse the $500 million fund transparently.
  • Universities and technology hubs will likely roll out specific research frameworks targeting high-growth sectors like artificial intelligence, renewable energy, and agricultural technology.
  • International development partners will continue providing technical assistance under the Science Granting Councils Initiative to align Nigeria’s grant implementation with global best practices.

Bottom Line

The approval of the $500 million National Research and Innovation Fund marks a critical structural shift for Nigeria’s scientific community, offering the capital required to transform raw intellectual property into tangible economic drivers.

Beyond visibility: How Tewa Onasanya is equipping women to own their spotlight

For more than two decades, Dr. Tewa Onasanya has quietly built a movement around one powerful idea; that African women deserve not only to be seen but to be recognised, empowered, and positioned for influence.

What began as a passion for storytelling has evolved into a multi-dimensional ecosystem spanning media, women’s empowerment, wellness advocacy, entrepreneurship, and mindset transformation. Through platforms such as Exquisite Magazine, the Exquisite Lady of the Year (ELOY) Awards, the ELOY Foundation, and her work as a Mindset Stylist, Onasanya has steadily become one of the leading voices shaping conversations around female visibility and intentional living in Nigeria and beyond.

For Onasanya, the defining turning point in her journey was the realisation that life did not have to be dictated by societal expectations, financial limitations, or internal fears. That understanding, she says, pushed her into entrepreneurship “unintentionally,” but ultimately shaped the trajectory of her life.

Another pivotal moment came with the launch of Exquisite Magazine, a platform she created after recognising a glaring gap in media representation for African women.

“At the time, many women were doing incredible work but were largely unseen. I  realised visibility was power.” She recalls.

That conviction became the foundation upon which the magazine was built — not merely as a lifestyle publication, but as a platform dedicated to showcasing women beyond aesthetics, highlighting their impact, intellect, and personal journeys.

Over the years, the publication grew into more than a magazine. It became a credibility platform for women seeking not just exposure, but recognition and positioning.

Onasanya’s transition from pharmacology into publishing and mindset coaching may appear unconventional, but for her, it was a natural progression.

She says her scientific training equipped her with an understanding of systems and structure, skills that later became transferable across industries. While she initially aspired to become a medical doctor, her passion gradually expanded beyond clinical healing into emotional, mental, and transformational impact.

“I was always drawn to people, their stories, their potential, and their transformation,” she says.

That passion would later shape her philosophy as a Mindset Stylist, a role through which she now works with women navigating success, visibility, and personal fulfilment.

According to her, many high-achieving women battle invisible struggles despite external success.

“At the top, the barriers become more internal than external, self-doubt, fear of being fully seen, and the pressure to maintain a certain image are common challenges.”

Her work, she says, centres on helping women align success with peace, clarity, and authenticity.

In an era dominated by social media validation and performative visibility, Onasanya believes the meaning of visibility has fundamentally changed for African women. “Visibility in 2026 is about positioning, power, and ownership,” she says. “It’s not just about being seen, it’s about being recognised, respected, and rewarded.”

She argues that true visibility means influencing decision-making spaces, monetising expertise, and owning one’s narrative without emotional exhaustion or burnout.

This philosophy also underpins the work of the ELOY Foundation, which was established to sustain women empowerment through mentorship, grants, affordable financing, and business development support.

Despite increasing conversations around women inclusion, Onasanya says systemic barriers continue to hinder the growth of female-led businesses in Nigeria. “Access remains a major challenge, access to funding, networks, and the right information,” she notes.

She also points to what she describes as a “confidence gap,” where many women are qualified and capable, yet struggle to position themselves boldly for larger opportunities.

For this reason, the foundation’s intervention goes beyond financial support to include mindset development, structure, and strategic visibility.

At the heart of Onasanya’s message is intentional living, a philosophy deeply explored in her book, Rule Your Mind. She believes high-performing women distinguish themselves through intentionality, particularly in how they manage their thoughts, energy, habits, and environments.

She emphasises that consistency, self-awareness, and aligned action remain critical ingredients for sustainable success. To the next generation of women leaders, her advice is direct and uncompromising: “Convince yourself first.”

According to her, self-belief remains the foundation upon which influence, leadership, and success are built. “If you don’t believe in yourself, no one will,” she says.

Yet beyond the public platforms, conferences, and advocacy work, Onasanya describes herself in simpler terms a woman who values peace, connection, growth, and presence.

“When work stops, I love the quiet moments,” she says. “I’m constantly choosing to live intentionally, love deeply, and expand fully.”

In a society where many women are still fighting to occupy space without apology, Tewa Onasanya’s work continues to challenge old narratives and inspire a new generation to embrace visibility not as vanity, but as power.

About Tewa Onasanya

Dr. Tewa Onasanya is a multifaceted entrepreneur, publisher, wellness advocate, philanthropist, and mindset stylist who has spent over two decades empowering African women through media, mentorship, and transformational leadership. As the founder of Exquisite Magazine and the Exquisite Lady of the Year (ELOY) Awards, she has created platforms that amplify the voices, achievements, and influence of women across different sectors. Her work is driven by a strong belief that visibility is not just about being seen, but about being recognised, respected, and positioned for impact.

Although she studied Pharmacology at the University of Portsmouth in the United Kingdom, Onasanya’s passion gradually evolved beyond science into storytelling, empowerment, and human development. Through the ELOY Foundation and her work as a Mindset Stylist, she has focused on helping women overcome internal limitations, build confidence, and access opportunities for growth. She believes many women possess the talent and potential to succeed but are often held back by self-doubt, lack of visibility, and limited access to networks and funding.

Man City defeat Chelsea to win FA cup

By Boluwatife Oshadiya | May 18, 2026

Key Points

  • Manchester City defeated Chelsea 1-0 to win the FA Cup at Wembley
  • Antoine Semenyo scored the decisive goal with a stunning back-heel finish
  • Pep Guardiola secured his 20th trophy as Manchester City manager

Main Story

Manchester City FC claimed their eighth FA Cup title after defeating Chelsea FC 1-0 at Wembley Stadium on Saturday courtesy of a spectacular second-half goal from Antoine Semenyo.

The Ghana international produced the defining moment of the final in the 72nd minute when he improvised an audacious back-heel finish from Erling Haaland’s low cross to seal victory for Pep Guardiola’s side.

Semenyo’s goal delivered City’s second domestic trophy of the season following their League Cup triumph earlier in the campaign and ended the club’s run of consecutive FA Cup final defeats.

The final was largely tense and tactical, with Chelsea sitting deep for long periods while City dominated possession without creating many clear-cut chances in the opening half.

Erling Haaland came closest before the break after forcing a strong save from Chelsea goalkeeper Robert Sanchez.

Chelsea thought they should have received a penalty shortly before halftime when Joao Pedro went down under a challenge from Abdukodir Khusanov, but the appeals were waved away.

The breakthrough eventually arrived when Haaland burst into the penalty area and cut the ball back for Semenyo, who guided an instinctive finish into the far corner.

The victory marked Guardiola’s third FA Cup triumph as Manchester City manager after previous successes in 2019 and 2023.

What’s Being Said

Guardiola praised Semenyo’s composure after the match and described the winger’s finish as world-class.

“In finals, moments decide everything and Antoine produced something special,” Guardiola said.

Chelsea supporters, meanwhile, voiced frustration over the club’s direction before kick-off, with protests against ownership continuing amid another disappointing campaign.

What’s Next

  • Manchester City will return focus to the Premier League title race this week
  • City face Bournemouth in a crucial league fixture as they continue chasing Arsenal
  • Chelsea are expected to review their managerial situation and summer recruitment plans following another trophyless season

The Bottom Line: Manchester City’s latest trophy under Guardiola reinforces the club’s culture of consistency in high-pressure matches, while Chelsea’s defeat further highlights the gap between heavy spending and sustained footballing identity at Stamford Bridge.

Saudi Arabia sets May 26 for Arafat day, May 27 for Eid al-Adha

Key points

  • Saudi Supreme Court announces May 26, 2026, as the Day of Arafat for the 1447 AH Hajj season.
  • Eid al-Adha will be observed on Wednesday, May 27, 2026, following moon sighting confirmation.
  • Nigeria’s Sultan of Sokoto also declares May 18 as the start of Dhul Hijjah.

Main story

The Supreme Court of Saudi Arabia has announced that the Day of Arafat, the peak of the annual Hajj pilgrimage, will take place on Tuesday, May 26, 2026.

The court also confirmed that Eid al-Adha celebrations will be observed the following day, Wednesday, May 27, 2026.

The announcement follows the official declaration that Monday, May 18, marks the first day of Dhul Hijjah 1447 AH after the sighting of the new crescent moon.

In a statement, the court said its Crescent Sighting Department reached the decision after reviewing verified testimonies from witnesses confirming the sighting of the Dhul Hijjah crescent.

The court also offered prayers for the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and Crown Prince Mohammed bin Salman, commending their continued service to pilgrims and the holy sites.

It further prayed for the safety, ease, and comfort of all pilgrims performing Hajj, as well as for the continued peace, stability, and prosperity of the Kingdom of Saudi Arabia.

The announcement was also confirmed by Haramain Info, the official social media handle of the Two Holy Mosques, which stated that Eid al-Adha will fall on Wednesday, May 27, 2026, following the confirmed moon sighting.

The issues

The Islamic calendar relies on lunar sightings, which often leads to variations in the start of months and key religious observances across different countries. While Saudi Arabia’s announcement sets the benchmark for global Hajj activities, some nations may independently confirm dates based on local moon sighting practices.

What’s being said

Haramain Info stated that the crescent moon for Dhul Hijjah 1447 AH had been sighted in Saudi Arabia, confirming the commencement of the holy month and the timeline for Hajj rites and Eid celebrations.

In Nigeria, the Sultan of Sokoto and President-General of the Nigeria Supreme Council for Islamic Affairs, Muhammad Sa’ad Abubakar, also declared Monday, May 18, as the beginning of Dhul Hijjah, aligning Nigeria with the broader Islamic calendar for the season.

Dhul Hijjah, the twelfth and final month of the Islamic calendar, is regarded as one of the holiest periods in Islam, marked by the Hajj pilgrimage, the Day of Arafat, and Eid al-Adha celebrations.

What’s next

Muslims across the world will now prepare for the Hajj pilgrimage in Makkah, culminating in the Day of Arafat on May 26 and Eid al-Adha on May 27. Religious authorities in various countries will continue to issue guidance on local observance and arrangements for the sacred season.

Bottom line

Saudi Arabia’s confirmation of key Hajj dates sets the global timeline for the 2026 pilgrimage season, as Muslims worldwide prepare for one of the most significant spiritual periods in the Islamic calendar.

Bruno Fernandes Equals EPL Assist Record as United Beat Forest

By Boluwatife Oshadiya, Football Correspondent | May 18, 2026

Key Points

  • Bruno Fernandes matched the Premier League single-season assist record with 20 assists
  • Manchester United defeated Nottingham Forest 3-2 at Old Trafford
  • United secured third place as Michael Carrick’s unbeaten run continued

Main Story

Manchester United FC secured a dramatic 3-2 victory over Nottingham Forest FC at Old Trafford as captain Bruno Fernandes equalled the Premier League record for most assists in a single season.

Fernandes registered his 20th assist of the campaign when his cross was converted by Bryan Mbeumo late in the second half, drawing level with Premier League legends Thierry Henry and Kevin De Bruyne.

United opened the scoring after five minutes when Luke Shaw volleyed home before Forest equalised through Morato early in the second half.

Matheus Cunha restored United’s lead shortly afterwards in controversial circumstances after the ball appeared to strike Mbeumo’s arm in the build-up. Despite a VAR review, referee Michael Salisbury allowed the goal to stand.

Fernandes then produced the decisive moment with a driven cross that Mbeumo converted for United’s third goal.

Forest responded through Morgan Gibbs-White, who returned from injury to score late on, but United held firm to secure another important victory under interim manager Michael Carrick.

The result confirmed United’s third-place finish and continued their strong run of form since Carrick took charge in January following a turbulent first half of the season.

Brazilian midfielder Casemiro received a standing ovation during what is expected to be his final appearance at Old Trafford.

What’s Being Said

Fernandes’ performance further strengthened his credentials after recently being named the Football Writers’ Player of the Season.

“We kept fighting until the end and showed the mentality needed to finish strongly,” Fernandes said after the match.

Meanwhile, reports in England indicate Manchester United are preparing to offer Carrick a two-year contract following the club’s resurgence under his leadership.

What’s Next

  • Manchester United will conclude their Premier League campaign next weekend
  • Fernandes could break the all-time assist record if he registers another assist before the season ends
  • United are expected to confirm Michael Carrick’s long-term future in the coming days

Chelsea appoint Xabi Alonso on Four-Year deal

By Boluwatife Oshadiya | May 18, 2026

Key Points

  • Chelsea have appointed Xabi Alonso as the club’s new manager on a four-year contract
  • Alonso will officially take charge at Stamford Bridge from July 1, 2026
  • The former Bayer Leverkusen coach arrives after establishing himself as one of Europe’s most highly rated managers

Main Story

Chelsea FC have confirmed the appointment of Xabi Alonso as the club’s new men’s first-team manager on a four-year deal beginning July 1, 2026. The Premier League club announced the appointment on Sunday, ending weeks of speculation surrounding the managerial position at Stamford Bridge. Alonso replaces the outgoing coaching setup after Chelsea endured another inconsistent domestic campaign despite significant investment in the squad.

The Spaniard arrives in west London with his reputation significantly enhanced following his historic spell at Bayer 04 Leverkusen, where he guided the German side to their first-ever Bundesliga title and established them as one of Europe’s most tactically admired teams.

Chelsea said the appointment reflected the club’s confidence in Alonso’s leadership qualities, coaching philosophy, and ability to develop a winning culture.

In his first statement as Chelsea manager, Alonso said the club’s ambitions aligned with his own long-term vision.

“Chelsea is one of the biggest clubs in world football and it fills me with immense pride to become manager,” Alonso said.

“From my conversations with the ownership group and sporting leadership, it is clear we share the same ambition. We want to build a team capable of competing consistently at the highest level and fighting for trophies.”

The 44-year-old added that he was eager to begin work with what he described as a talented squad possessing significant potential.

“There is great talent in the squad and huge potential at this football club and it will be my great honour to lead it. Now the focus is on hard work, building the right culture and winning trophies,” he said.

Alonso enjoyed a decorated playing career with Liverpool FC, Real Madrid CF and FC Bayern Munich, winning league titles in Spain and Germany as well as the UEFA Champions League.

What’s Being Said

Chelsea described Alonso as more than just an elite tactician, saying the club viewed him as a proven leader capable of driving the next phase of its sporting project.

“We look forward to beginning this new chapter with Xabi Alonso as we continue building a team capable of competing for major honours,” the club said in its statement.

Football analysts across Europe have also described the appointment as one of Chelsea’s most ambitious managerial hires in recent years due to Alonso’s growing status within elite coaching circles.

What’s Next

  • Alonso will officially assume duties at Chelsea on July 1 ahead of pre-season preparations
  • Chelsea are expected to be active in the summer transfer market as Alonso begins reshaping the squad
  • The club’s immediate priority will be securing Champions League qualification and competing for domestic trophies next season

Tinubu’s economic reforms steering Nigeria toward sustainable growth, productivity — Yilwatda

Key points

  • APC National Chairman, Prof. Nentawe Yilwatda, says Tinubu’s reforms are yielding early signs of economic recovery.
  • He cites rising trade activity, improved oil production, and power sector gains as key indicators.
  • Government acknowledges current economic hardship but insists reforms are long-term and structural.

Main story

The National Chairman of the All Progressives Congress (APC), Prof. Nentawe Yilwatda, has said that President Bola Tinubu’s economic reforms are gradually steering Nigeria towards sustainable growth, improved productivity, and national renewal.

Yilwatda gave the assurance in a statement issued in Abuja on Sunday and signed by his Special Adviser on Media and Information Strategy, Mr Abimbola Tooki.

He said early indicators of economic recovery are already emerging, pointing to increased international trade confidence, sectoral growth, rising investments, improved foreign reserves, macroeconomic stability, and renewed momentum in the agricultural sector.

According to him, the Renewed Hope Agenda was never intended as a short-term populist intervention but a long-term structural reform programme aimed at repositioning the Nigerian economy.

Yilwatda explained that the reforms are designed to correct decades of structural weaknesses that undermined productivity, discouraged investment, and reduced Nigeria’s global competitiveness.

He acknowledged the economic hardship currently being experienced by citizens, particularly rising inflation and cost-of-living pressures. Still, he maintained that the Federal Government is responding through targeted interventions, infrastructure development, and support for key productive sectors.

He further noted that several performance indicators already suggest an improvement in investor confidence and increased economic activity across various sectors.

One of the key highlights, he said, is the maritime sector performance report showing that Nigerian ports handled 1,092 ocean-going vessels in the first quarter of 2026, which he described as evidence of rising trade and export activity.

He also cited improvements in crude oil production, which he said had reached about 99.2 per cent of Nigeria’s Organisation of Petroleum Exporting Countries (OPEC) production quota, attributing this to better security coordination and operational efficiency.

In the power sector, Yilwatda referenced the commissioning of new 330kV transmission lines in Edo State and the addition of 600 megawatts to the national grid, describing it as a significant step toward strengthening industrial capacity and electricity supply.

He added that growing investor interest in manufacturing, energy, and automotive spare parts production signals a gradual repositioning of the economy towards long-term self-reliance and competitiveness.

The issues

Nigeria’s ongoing economic reforms have continued to generate debate amid persistent inflation, high living costs, and currency pressures. While the government promotes structural reforms as necessary for long-term stability, citizens continue to feel the immediate impact of adjustment policies on household incomes and purchasing power.

What’s being said

Yilwatda maintained that the reforms are “strategic and long-term,” stressing that great nations are built through difficult but necessary decisions. He said current economic policies are laying the foundation for a more stable and productive Nigeria.

He also argued that rising port activity, improved oil output, and infrastructure expansion demonstrate that the reforms are beginning to yield measurable results.

What’s next

The APC leadership says the Federal Government will continue implementing policies aimed at stabilising the economy, attracting investment, expanding infrastructure, and supporting local industries. Further reforms in energy, trade facilitation, and industrial production are expected to remain central to the administration’s economic agenda.

Bottom line

While acknowledging current economic hardship, the APC insists that Tinubu’s reform agenda is beginning to show early signs of recovery, with government officials projecting long-term gains in productivity, stability, and national prosperity.

Navy dismantles reconstructed illegal refinery in Rivers–Bayelsa border operation

Nigerian Navy

 Key points

  • Nigerian Navy dismantles illegal refining cluster along Rivers–Bayelsa border under Operation DELTA SENTINEL.
  • About 8,500 litres of suspected crude oil and illegally refined products recovered.
  • Equipment used for refining activities destroyed as security operations intensify in the Niger Delta.

Main story

The Nigerian Navy has dismantled a reconstructed illegal refining site located along the Rivers–Bayelsa border, recovering approximately 8,500 litres of suspected petroleum products in a coordinated security operation.

The operation was carried out by personnel of the Nigerian Navy Ship (NNS) SOROH under Operation DELTA SENTINEL, according to a statement issued on Sunday in Abuja by the Director of Naval Information, Captain Abiodun Folorunsho.

Folorunsho said the raid was triggered by credible intelligence on illegal refining activities around the Egboama/Ogbogolo axis in Ahoada West Local Government Area of Rivers State.

He explained that the operation combined land and water-based insertion tactics, supported by aerial surveillance, which enabled personnel to locate concealed refining camps within the creek network.

During the operation, naval operatives uncovered about 5,500 litres of suspected crude oil and 3,000 litres of suspected illegally refined Automotive Gas Oil (AGO).

The Navy also recovered generators, welding machines, and other equipment believed to have been used to rebuild and expand the illegal refining infrastructure.

According to the statement, findings indicated deliberate attempts by criminal networks to reconstruct refining facilities previously destroyed during earlier security operations.

All identified sites and equipment were subsequently deactivated in line with standard operational procedures, while surveillance has been intensified across adjoining creek corridors to prevent reactivation.

The issues

Illegal refining and crude oil theft remain persistent security and economic challenges in the Niger Delta, often leading to environmental degradation, revenue losses, and destruction of critical infrastructure. Criminal networks have repeatedly demonstrated resilience by reconstructing destroyed facilities, complicating enforcement efforts.

What’s being said

Captain Abiodun Folorunsho said the operation reflects the Navy’s sustained intelligence-driven approach aimed at dismantling illegal refining networks and protecting national economic assets. He reaffirmed the service’s commitment to denying criminal elements freedom of action within Nigeria’s maritime environment.

What’s next

The Nigerian Navy says surveillance operations will continue across identified creek corridors to detect and dismantle any attempt to rebuild illegal refining sites. Security agencies are also expected to sustain coordinated operations under ongoing maritime security frameworks in the Niger Delta.

Bottom line

The latest operation underscores the Nigerian Navy’s intensified crackdown on oil theft, as authorities move to disrupt rebuilt illegal refining networks and safeguard national petroleum resources in the Niger Delta.

Oyetola to declare open PMAWCA board meeting as NPA  hosts West, Central African port leaders in Lagos

 KEY POINTS

  • Minister of Marine and Blue Economy, Gboyega Oyetola, will formally open the PMAWCA Board of Directors meeting in Lagos.
  • Nigerian Ports Authority (NPA) is hosting maritime leaders from across West and Central Africa for a three-day strategic summit.
  • Discussions will focus on resilient port systems, regional cooperation, and inclusive economic development.

Main story
The Minister of Marine and Blue Economy, Gboyega Oyetola, is expected to officially declare open the Board of Directors meeting of the Port Management Association of West and Central Africa (PMAWCA), as Nigeria, through the Nigerian Ports Authority (NPA), hosts top maritime stakeholders in Lagos.

The three-day high-level meeting, scheduled to hold from May 18 to 20, 2026, will bring together port authorities, chief executives, and maritime policymakers from across West and Central Africa. The gathering is aimed at strengthening regional collaboration and redefining the future of port operations in the sub-region.

With the theme “Ports of the Future: Combining Logistical Resilience with Inclusive Community Development,” the meeting will focus on improving port infrastructure, enhancing logistics resilience, deepening regional integration, and ensuring that port development translates into measurable socio-economic benefits for host communities.

According to the Managing Director of the NPA and President of PMAWCA, Abubakar Dantsoho, the conference provides a critical platform for stakeholders to reflect on the evolving role of ports in global trade and economic development.

He noted that ports remain central to international commerce and regional prosperity, stressing their importance in driving sustainable growth across member states.

Dantsoho further assured participants of a conducive environment for robust engagements that would produce actionable policy directions aimed at strengthening maritime cooperation in the region.

The meeting will also feature discussions on port security, infrastructure development, trade facilitation, and strategies for building future-ready ports amid global economic and logistical disruptions.

Nigeria’s role as host reinforces its growing influence in the regional maritime space, following its successful hosting of the 43rd PMAWCA Annual Council and Managing Directors’ Roundtable in 2023.

The issues
Despite ongoing reforms in the maritime sector, ports across West and Central Africa continue to face challenges including inadequate infrastructure, congestion, security concerns, and uneven technological adoption. The meeting is expected to address these gaps while promoting harmonised regional standards and improved operational efficiency.

What’s being said
Dantsoho described the summit as a strategic opportunity for maritime leaders to shape the future of ports, noting that their role in global trade and sustainable development cannot be overstated. He emphasised that ports serve as gateways of prosperity, linking nations to global markets and driving economic integration.

What’s next
Deliberations at the meeting will include reviews of PMAWCA midterm committee reports and the development of new collaborative frameworks among member ports. Outcomes are expected to influence future policy direction on maritime trade, infrastructure development, and regional integration strategies.

Bottom line
The Lagos-hosted PMAWCA Board meeting positions Nigeria at the centre of regional maritime discourse, with stakeholders expected to chart practical solutions for building resilient, efficient, and development-driven ports across West and Central Africa.

Nigeria’s Food Inflation Surpasses Headline Rate For First Time In Eight Months

First Aquagrico Farms To Build Nigeria's Largest Farmer's Market

By Boluwatife Oshadiya | May 18, 2026, 11:58 AM

Key Points

  • Nigeria’s food inflation rose to 16.06% in April 2026, exceeding headline inflation for the first time since August 2025
  • Rising prices of staple foods including garri, tomatoes, beans and yam drove the increase
  • Enugu, Kwara and Adamawa recorded the highest food inflation rates nationwide

Main Story

Nigeria’s food inflation rate rose above the country’s headline inflation rate in April 2026 for the first time in eight months, signalling renewed pressure on household food costs despite broader moderation in consumer prices.

Data compiled from the National Bureau of Statistics’ Consumer Price Index report showed that food inflation increased to 16.06% in April, slightly higher than the all-item inflation rate of 15.69%.

The development marked the first reversal since August 2025, when food inflation last exceeded headline inflation.

According to the data, food inflation had remained below headline inflation for seven consecutive months between September 2025 and March 2026. In January 2026, food inflation dropped to 8.89% while headline inflation stood significantly higher at 15.10%.

However, food prices accelerated sharply during the first four months of 2026. Food inflation climbed from 12.12% in February to 14.31% in March before reaching 16.06% in April.

The increase represented a rise of approximately 80.6% between January and April, compared to a modest 3.9% increase in headline inflation over the same period.

The National Bureau of Statistics attributed the rise in food inflation to higher average prices of staple commodities including millet, yam flour, fresh pepper, beef, garri, tomatoes, cassava tuber, beans, crayfish, soybeans, wheat grain and plantain.

Although the year-on-year food inflation rate accelerated, the month-on-month food inflation figure moderated slightly to 3.63% in April from 4.17% recorded in March.

At the broader level, headline inflation rose marginally from 15.38% in March to 15.69% in April, while the Consumer Price Index increased from 135.4 points to 138.3 points.

The NBS stated that food and non-alcoholic beverages remained the largest contributor to overall inflation, accounting for 6.40 percentage points of the headline figure. Restaurants and accommodation services contributed 3.56 percentage points, while transport accounted for 1.70 percentage points.

At the state level, Enugu recorded the highest food inflation rate at 32.67%, followed by Kwara at 30.77% and Adamawa at 30.14%.

The Issues

The renewed acceleration in food inflation highlights the persistent structural weaknesses within Nigeria’s food supply chain despite recent moderation in broader inflation trends.

Rising transportation costs, insecurity affecting agricultural production areas, exchange-rate pressures on imported food inputs, and post-harvest losses continue to increase the cost of food distribution nationwide.

The sharp increase in staple food prices also raises concerns about household purchasing power, particularly for low-income earners already dealing with elevated living costs.

Food inflation remains one of the most politically and economically sensitive indicators in Nigeria because it directly affects consumption patterns, poverty levels, and social stability. Sustained increases could complicate the CBN’s broader inflation management efforts even as headline inflation shows signs of stabilisation.

What’s Being Said

“Food prices remain highly vulnerable to supply-side disruptions, especially transportation and production challenges affecting key agricultural regions,” said Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.

“The latest figures suggest inflationary pressures are increasingly concentrated in food items, which could weaken consumer spending if the trend continues,” said an economist at Lagos-based research firm Comercio Partners.

“Despite moderation in headline inflation, the rising cost of staple foods continues to affect millions of households across the country,” said Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise.

What’s Next

  • Analysts expect the next inflation reports to determine whether food prices continue to outpace headline inflation in the second quarter
  • Government agencies are likely to intensify interventions targeted at food production and distribution to stabilise staple prices
  • The CBN’s future monetary policy decisions may increasingly consider food-driven inflationary pressures alongside broader macroeconomic indicators

The Bottom Line: Nigeria’s broader inflation environment may be cooling compared to 2025 levels, but rising food prices remain a major threat to household purchasing power and economic stability. The return of food inflation above headline inflation suggests supply-side pressures are once again becoming the dominant driver of consumer hardship.

FGN bonds, Treasury bills deliver highest returns before Q1 yield decline

FGN Bond For Jan. 2021 Oversubscribed

By Boluwatife Oshadiya | May 18, 2026, 11:42 AM

Key Points

  • Nigeria’s 364-day Treasury bill recorded Q1 2026’s highest sovereign yield at 18.47% in January
  • Bond and Treasury bill yields declined steadily after the CBN began easing monetary policy in February
  • Total subscriptions for FGN bonds reached N5.88 trillion in Q1, highlighting strong investor appetite for sovereign debt

Main Story

Nigeria’s fixed-income market delivered some of the strongest sovereign returns seen in recent years during the first quarter of 2026, before yields began to decline following the Central Bank of Nigeria’s monetary policy easing cycle.

A review of auction data from the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO) showed that investors who entered the market early in January secured the highest yields across Treasury bills and Federal Government bonds.

The 364-day Treasury bill posted the quarter’s highest stop rate at 18.47% during the January 7 primary market auction, making it the best-performing risk-free naira instrument during the period. The 182-day Treasury bill peaked at 16.65%, while the 91-day instrument remained relatively stable within the 15.80% to 15.95% range throughout the quarter.

On the bond side, the 18.50% FGN FEB 2031 bond delivered the highest yield-to-maturity stop rate at 17.62% during the DMO’s January auction. Demand remained elevated, with total subscriptions across Q1 bond auctions reaching N5.88 trillion against a combined offer of N2.45 trillion.

The strong yields were largely driven by the Federal Government’s aggressive domestic borrowing programme to finance its widening fiscal deficit, which rose from an initial N23.85 trillion projection to about N29.20 trillion. Tight liquidity management by the CBN also contributed to elevated rates at the start of the quarter.

However, market conditions shifted in February after the CBN’s Monetary Policy Committee reduced the Monetary Policy Rate by 50 basis points to 26.50%, signalling the beginning of a new easing cycle.

Following the rate cut, yields across Treasury bills and bonds compressed sharply. The 364-day Treasury bill rate fell from 18.47% in January to 15.90% by February 18, before settling at 16.43% at the final auction of March.

Similarly, the 19.00% FGN FEB 2034 bond experienced the sharpest yield decline during the quarter, with its stop rate falling by 200 basis points between January and February.

Despite declining yields, investor appetite remained robust. At the March 25 Treasury bill auction, the one-year instrument attracted subscriptions worth N2.726 trillion against an offer of N200 billion, reflecting a subscription ratio of 13.6 times.

The sustained demand was supported by excess market liquidity, increased pension fund allocations into sovereign instruments, and expectations that rates could decline further in subsequent quarters.

The Issues

The Q1 fixed-income performance reflects the broader tension between Nigeria’s rising fiscal financing needs and the CBN’s inflation-control strategy.

The Federal Government’s elevated borrowing programme continues to increase pressure on the domestic debt market, with sovereign instruments becoming increasingly attractive to institutional investors seeking low-risk returns in a volatile macroeconomic environment.

At the same time, the CBN’s gradual shift toward monetary easing suggests policymakers are attempting to balance inflation management with the need to support economic growth and credit expansion.

The quarter also highlighted the growing influence of Pension Fund Administrators in Nigeria’s debt market. Regulatory adjustments by the National Pension Commission contributed to stronger demand for government securities, even as yields moderated.

For investors, the rapid yield compression demonstrates how quickly opportunities can narrow once policy direction changes in a rate-sensitive environment.

What’s Being Said

“The fixed-income market in Q1 reflected a classic transition from tightening to easing, and investors who entered early benefited significantly from the elevated yields,” said a Lagos-based fixed-income analyst at a leading investment firm.

“Government borrowing requirements remain a major driver of market activity, but lower yields could gradually reduce the attractiveness of sovereign debt if inflation pressures persist,” said Bismarck Rewane, Chief Executive Officer of Financial Derivatives Company.

“Investor demand for Nigerian sovereign instruments remains resilient because pension funds and institutional investors still prioritise safety and liquidity in the current macroeconomic climate,” said an analyst at Vetiva Capital Management.

What’s Next

  • Investors are expected to closely monitor the next CBN Monetary Policy Committee meeting for further guidance on interest rate direction
  • DMO bond auctions in Q2 2026 are likely to reflect continued yield moderation if liquidity conditions remain elevated
  • Analysts expect inflation trends and exchange-rate stability to determine the pace of additional monetary easing during the second half of 2026

The Bottom Line:

Nigeria’s Q1 2026 fixed-income market rewarded early investors with some of the highest sovereign yields seen in years, but the rapid compression that followed confirms the peak of the rate cycle has likely passed. For institutional investors, the market remains attractive, though future returns may depend more on timing and inflation trends than exceptionally high yields.

Katsina APC aspirant accuses authorities of detention to thwart primary bid

KKey points

Former APC House of Representatives aspirant, Ahmed Saleh, alleges he was detained by the Department of State Services (DSS) to stop him from participating in the Mani/Bindawa Federal Constituency primary in Katsina State.

He claims the alleged detention was carried out on the directive of Katsina State Governor, Dikko Umaru Radda.

Saleh says he was held throughout the duration of the primary and only released after voting and collation had ended.

The APC primary was won by Hajiya Jamila Abdu Mani, who polled 24,989 votes, while Saleh secured 1,256 votes.

The governor’s media aide has dismissed the allegations, insisting that governors cannot direct security agencies such as the DSS.

Main story

A former aspirant for the All Progressives Congress (APC) ticket for the Mani/Bindawa Federal Constituency in Katsina State, Ahmed Saleh, has alleged that he was detained by operatives of the Department of State Services (DSS) to prevent him from participating in the party’s primary election.

Saleh made the allegation shortly after the controversial primary election held under the All Progressives Congress, where official results declared Hajiya Jamila Abdu Mani the winner with a wide margin.

The result was announced by the Chairman of the APC Electoral Committee for the constituency, Shafi’u Abdu Duwan, who confirmed Mani’s victory over Saleh.

According to Saleh, however, he was unable to take part in the exercise because he was allegedly taken into custody and held until the process was concluded.

He maintained that what was presented as a direct primary in the constituency was not fairly conducted due to his absence.

The issues

The central dispute revolves around Saleh’s allegation that his detention was politically motivated and intended to influence the outcome of the APC primary election.

He argued that his inability to participate rendered the exercise unfair and amounted to a denial of his political rights within the party structure.

The allegations also raise questions about the involvement of security agencies in electoral processes and the credibility of internal party primaries.

What’s being said

“I got the shock of my life. DSS operatives came and accosted me to the state headquarters on the instructions of His Excellency, the Executive Governor, Dikko Umaru Radda that I should be arrested and detained and never allowed to go to Mani Local Government where the primary election was to take place”, Saleh said.

“It turned into a gathering of selected individuals who later announced results in favour of the governor’s aide”, Saleh added.

“It defies logic therefore for the aggrieved aspirant to accuse His Excellency, Governor Radda of his purported arrest or detention by the DSS.” — Maiwada Dammallam, Media aide to Governor Dikko Umaru Radda

“Governors are not constitutionally empowered to exercise authority over security agencies, the DSS in this regard”, Maiwada Dammallam stated.

What’s next

The allegations are likely to intensify scrutiny within the APC over the conduct of its primaries in Katsina State.

Further clarification from the DSS may be necessary to establish the circumstances surrounding the alleged detention.

The party is expected to face continued internal debate as stakeholders assess the credibility of the exercise.

Bottom line

While the APC has declared a winner for the Mani/Bindawa primary, Ahmed Saleh’s allegations of detention and exclusion have cast a shadow over the process, leaving the dispute politically unresolved.

Major bills before National Assembly could reshape Nigeria’s business environment in 2026

President Buhari Applauds 9th National Assembly

By Boluwatife Oshadiya | May 18, 2026

Key Points

  • Seven major bills before the National Assembly could significantly alter Nigeria’s regulatory, fintech, mining, media, and maritime sectors
  • Proposed legislation includes plans for a fintech regulator, a 50-year economic framework, and tighter alcohol industry controls
  • Several of the bills are already at advanced legislative stages, including second reading in the House of Representatives

Main Story

Nigeria’s evolving legislative agenda could significantly redefine the country’s business environment in 2026, as lawmakers consider a series of bills targeting key sectors including fintech, mining, energy, media regulation, and maritime development.

The proposed laws, currently before the National Assembly, reflect broader efforts by lawmakers to address long-standing regulatory gaps, strengthen institutional oversight, and stimulate investment across critical sectors of the economy.

Among the most closely watched proposals is the Bill to Establish the Nigeria Fintech Regulatory Commission (NFRC), sponsored by Hon. Fuad Kayode Laguda. The bill seeks to create a dedicated regulator for Nigeria’s fast-growing fintech ecosystem, which industry stakeholders argue is currently burdened by overlapping compliance requirements from multiple agencies.

Nigeria’s fintech sector has emerged as one of Africa’s largest digital finance markets, with reports showing more than 430 fintech firms operating in the country as of 2025. Nine leading companies in the sector reportedly held a combined valuation of $10.6 billion by January 2026.

Lawmakers are also considering the National Blue Economy Growth, Jobs and Credit Guarantee Bill, sponsored by Rep. Thomas Ereyitomi. The legislation is designed to unlock investment opportunities within Nigeria’s maritime economy through structured financing and sectoral reforms.

In the extractive sector, the Nigerian Minerals and Mining Act (Amendment) Bill, 2026, sponsored by Hon. Kabiru Amadu Mai-Palace, seeks to revise the country’s mining framework by addressing disputes around mining rights, improving host community protections, and redefining the balance of authority between federal and state governments.

Despite Nigeria’s vast mineral deposits, the mining sector contributed less than one percent to the country’s Gross Domestic Product as of 2025, according to industry estimates, largely due to illegal mining activities, weak infrastructure, and low investor confidence.

Another major proposal is the Bill Seeking to Establish a 50-Year National Economic Plan for Nigeria, sponsored by Amobi Ogah. The bill aims to create a long-term economic planning institution responsible for implementing and monitoring a national development framework covering 2026 to 2076.

The proposed framework is intended to address policy inconsistencies that have historically disrupted economic continuity across successive administrations.

The National Assembly is also reviewing the National Alcohol Control Bill, 2025, sponsored by Hon. Adelegbe Oluwatimehin, which seeks stricter controls over alcohol production, advertising, distribution, and consumption.

Industry operators have expressed concerns that tighter restrictions could affect manufacturers, distributors, advertisers, and hospitality businesses operating within the alcohol value chain.

In the energy sector, lawmakers are considering amendments to the West African Gas Pipeline Project Act. The amendment bill seeks to empower the West African Gas Pipeline Authority (WAGPA) to implement a new licensing regime for companies transporting gas through the regional pipeline network.

The development comes as Nigeria continues to dominate gas supply to the regional infrastructure. Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, recently disclosed that Nigeria currently supplies more than 68 percent of the gas flowing through the 678-kilometre subsea pipeline.

Meanwhile, proposed amendments to the Cybercrimes (Prohibition, Prevention, etc.) Act, sponsored by Hon. Akintunde Rotimi, are drawing attention from media and civil society groups. The amendment seeks to clarify Section 24 of the law to prevent what critics describe as vague interpretations capable of criminalising investigative journalism and whistleblowing activities.

The proposed changes would encourage civil remedies for public-interest publication disputes while exempting journalists and whistleblowers from prosecution where confidential information is lawfully obtained.

What’s Being Said

“A 50-year national economic plan for Nigeria, 2026–2076, represents a bold and transformative legislative initiative aimed at addressing one of the country’s persistent development challenges — policy inconsistency and short-term economic planning,” said Amobi Ogah, sponsor of the long-term economic planning bill.

“Operators are expected to structure their commercial relationships in a manner consistent with Nigerian law,” the Federal Competition and Consumer Protection Commission stated earlier this year while defending new digital lending compliance requirements affecting telecom operators.

“Nigeria loses an estimated ₦428 billion annually to illicit trade in spirits and wines,” said Tony Okwoju, Director-General of the Spirits and Wines Association of Nigeria (SWAN), while speaking on the need for stronger industry regulation.

What’s Next

  • The Cybercrimes Amendment Bill is expected to proceed to formal legislative consideration after its scheduled first reading
  • The West African Gas Pipeline Project Amendment Bill has already advanced to second reading in the House of Representatives
  • Stakeholders across the fintech, mining, and alcohol industries are expected to intensify lobbying efforts as committee-level reviews begin in the coming months

Bottom Line

Nigeria’s legislative agenda for 2026 signals a broader attempt to tighten regulation while simultaneously creating new frameworks for long-term investment and sectoral growth. How effectively these bills balance oversight with business competitiveness could shape investor confidence and economic expansion across multiple industries in the years ahead.

Bitcoin climbs as Italy’s largest bank expands crypto exposure

Byline: By BizWatch Nigeria Reporter

Key Points

  • Bitcoin rebounded by about 1% to trade around $78,500 after recent sell pressure.
  • Italy’s largest bank, Intesa Sanpaolo, reportedly doubled its crypto-related holdings to $235 million in Q1 2026.
  • Institutional demand from traditional financial firms is strengthening long-term sentiment in the digital asset market.
  • Comments from Strategy chairman Michael Saylor about potential Bitcoin sales added short-term uncertainty to the market.

Main Story

Bitcoin staged a modest recovery in the cryptocurrency market, climbing by approximately 1% to trade around $78,500 as renewed institutional interest helped improve investor sentiment.

The recovery follows a sharp selloff that pushed the world’s largest cryptocurrency below the $80,000 threshold after failing to break above a key resistance level near $82,000.

Market data showed Bitcoin briefly fell below $79,000, while trading volumes declined significantly over the weekend as investors reacted to rising macroeconomic pressures.

Analysts attributed the recent weakness in crypto markets to a combination of geopolitical tensions linked to the Iran conflict, elevated oil prices, and rising global bond yields, all of which contributed to broader risk-off sentiment across financial markets.

Despite the pressure, market confidence improved after reports emerged that Italy’s largest bank, Intesa Sanpaolo, increased its crypto-related exposure to approximately $235 million during the first quarter of 2026.

The banking giant reportedly expanded its positions in Bitcoin and Ethereum exchange-traded funds (ETFs) while also initiating a new stake in XRP-related products.

The development reflects a growing trend among European financial institutions moving deeper into digital asset services and regulated crypto investments.

Market analysts believe increasing participation from major banks and institutional investors could provide stronger long-term support for Bitcoin and the broader cryptocurrency ecosystem.

The approval and expansion of crypto ETFs in major financial markets have also contributed to the growing integration of digital assets into traditional finance.

However, the market continues to face short-term uncertainty following comments from Michael Saylor, executive chairman of Strategy, formerly known as MicroStrategy.

Saylor recently indicated that the company could sell limited amounts of Bitcoin if necessary, representing a notable shift from its long-standing position of holding the asset indefinitely.

He clarified that Strategy remains committed to being a long-term net buyer of Bitcoin and suggested that any future sales would primarily demonstrate the cryptocurrency’s utility as a corporate treasury asset.

The comments came as Strategy moves ahead with a $1.5 billion note buyback programme, with Bitcoin sales listed among potential funding options.

Strategy remains one of the world’s largest corporate holders of Bitcoin, making its market decisions closely watched by investors and analysts.

What’s Being Said

Market analysts say Bitcoin’s recent price movement increasingly mirrors traditional risk-sensitive assets such as the Russell 2000 Index, reinforcing its role as a risk-on investment.

Analysts also noted that growing exposure from major European banks validates digital assets within regulated financial systems and strengthens long-term institutional adoption.

However, some investors remain cautious over the possibility of additional Bitcoin supply entering the market if large corporate holders decide to sell portions of their holdings.

What’s Next

Investors are expected to closely monitor macroeconomic developments, including global interest rate trends, oil price movements, and geopolitical tensions, for further direction in crypto markets.

Market participants are also watching for additional institutional adoption from banks, asset managers, and public companies as the digital asset industry matures.

Bitcoin’s ability to reclaim and sustain levels above $80,000 could become a major short-term indicator for broader market sentiment.

Bottom Line

Bitcoin’s rebound highlights the growing influence of institutional investors in shaping crypto market sentiment. While macroeconomic uncertainty and potential corporate Bitcoin sales continue to pressure prices in the short term, expanding participation from major financial institutions could strengthen long-term confidence in digital assets.

FX challenges force Dangote out of flour, textile businesses

Byline: By BizWatch Nigeria Reporter

Key Points

  • Aliko Dangote says persistent foreign exchange volatility forced his exit from Nigeria’s flour and textile sectors.
  • The billionaire industrialist disclosed that rising operational costs and difficulty accessing FX made the businesses unsustainable.
  • Dangote Group is now concentrating on export-driven sectors including cement, fertiliser, petrochemicals, and refining.
  • Dangote also revealed he abandoned plans to acquire Arsenal Football Club to focus on completing the Dangote Refinery project.

Main Story

President of the Dangote Group, Aliko Dangote, has disclosed that severe foreign exchange challenges and mounting operational pressures forced him to exit Nigeria’s flour and textile industries, marking a major strategic shift in the evolution of one of Africa’s largest conglomerates.

Dangote made the disclosure during an interview with Nicolai Tangen, released on YouTube on May 14, 2026, where he reflected on the business decisions that reshaped the Dangote Group over the years.

According to the billionaire businessman, the persistent difficulty in accessing foreign exchange for industrial production significantly weakened the viability of operating in the flour and textile sectors. He explained that manufacturers dependent on imported machinery, raw materials, and industrial inputs have continued to face pressure from currency instability and rising production costs.

Nigeria’s manufacturing sector has struggled in recent years due to FX scarcity, high inflation, rising energy costs, and supply chain disruptions. Several manufacturers have either scaled down operations or exited specific business lines as the cost of importing production materials surged following the depreciation of the naira.

Dangote stated that the experience reinforced his decision to focus on industries capable of generating stronger export earnings and improving long-term dollar liquidity for the group.

Today, the Dangote Group’s core investments are concentrated in cement, fertiliser, petrochemicals, and oil refining. These sectors are expected to strengthen Nigeria’s export capacity while helping improve foreign exchange inflows into the economy.

The billionaire industrialist disclosed that the group is already performing strongly in exports and plans to pay future dividends in dollars across major business divisions, including the refinery, petrochemical, fertiliser, and cement businesses.

Dangote also reflected on the sacrifices made while building his industrial empire. He revealed that he sold his private properties in the United States and the United Kingdom to channel more resources into his industrial projects.

He further disclosed that he abandoned his long-standing ambition of acquiring English Premier League club Arsenal F.C., despite seriously considering the purchase when the club was valued at around $2 billion.

According to him, committing such capital to football ownership would have distracted from the completion of the multibillion-dollar Dangote Refinery and other strategic investments.

The Dangote Refinery, located in Lagos, is regarded as one of Africa’s largest single-train refineries and is expected to significantly reduce Nigeria’s dependence on imported refined petroleum products.

What’s Being Said

Dangote said the realities of Nigeria’s FX market made continued investment in flour and textile manufacturing increasingly difficult.

He noted that the group’s future strategy is now focused on export-oriented industries capable of generating stable foreign currency earnings.

The billionaire businessman also maintained that completing the refinery project represented a more impactful contribution to Nigeria’s economy than pursuing ownership of a football club.

What’s Next

Industry analysts expect large Nigerian manufacturers to continue restructuring operations as FX volatility and production costs remain major concerns for the private sector.

Economic stakeholders are also watching the performance of the Dangote Refinery and other export-focused projects as the Federal Government intensifies efforts to stabilise the naira and boost foreign exchange earnings.

The manufacturing sector is expected to remain under pressure unless access to FX improves and broader macroeconomic conditions stabilise.

Bottom Line

Dangote’s exit from the flour and textile industries highlights the growing pressure Nigeria’s foreign exchange crisis continues to place on manufacturers. While the Dangote Group is repositioning toward export-driven sectors with stronger dollar earnings, the development also underscores the broader structural challenges facing industrial production in Africa’s largest economy.

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