Author: Julius Alagbe

Nigeria’s Gross External Reserves Increase to $42.865 billion Nigeria’s gross external reserves climbed to $42.865 billion on Wednesday, and most projections sampled by MarketForces Africa showed the year-end balance will reach $43 billion. The foreign reserves balance is noted to provide liquidity cover for about 12 months of imports, and the net position has surpassed the pre-naira reform era. Key drivers of the accretion into the foreign reserves are increases in hydrocarbon earnings, foreign portfolio investment flows and remittances. Updated data from the Central Bank of Nigeria (CBN) shows that the currency external reserves balance is the highest seen since…

NNPC Ltd. Applauds Ekperikpo, Mshelbila’s Emergence as GECF Chairman, Secretary-General The Nigerian National Petroleum Company Limited (NNPC Ltd.) has lauded President Bola Tinubu’s strategic role in the emergence of Dr Philip Mshelbila and Dr Ekperikpe Ekpo in top Gas Exporting Countries Forum (GECF) positions. Mshelbila, Managing Director of the Nigeria Liquefied Natural Gas (NLNG) was elected as the new Secretary-General of the GECF at its 27th Ministerial Meeting held on Thursday, in Doha, Qatar. The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, also emerged as the President of the 2026 GECF Ministerial Meeting. The Group CEO, NNPC Ltd.,…

Lagos Reaffirms Commitment to Reforms, Tech-Driven Growth Gov. Babajide Sanwo-Olu of Lagos State has restated his administration’s commitment to deepening reforms that will make Lagos a more efficient, inclusive and technology-driven economy. Sanwo-Olu made this known during a South Africa–Nigeria Economic Diplomacy Roundtable at MTN Plaza, Ikoyi, on Thursday. The governor was represented by his Deputy, Dr Obafemi Hamzat. He said Lagos remained open to partnerships that would bring in capital, technology and expertise to drive growth and development. According to him, South African businesses have played important roles in the economy of Lagos State, especially in telecommunications, retail market,…

Senate Urges Strict Compliance, Transparency in Public Procurement The Senate Committee on Public Procurement has emphasised the urgent need to make Nigeria’s procurement process more transparent and strictly compliant with established procedures to ensure accountability and value for money. It stated that public procurement in Nigeria should become a model of transparency and efficiency, ensuring every naira spent results in measurable, impactful projects that positively affect citizens and national development. Sen. Olajide Ipinsagba (Ondo North), Committee Chairman, made the call during a two-day retreat for committee members in Abuja on Thursday, aimed at strengthening oversight and governance in procurement processes.…

Nigerian Exchange Expands by 50.1%, Market Cap Hits N98trn Recording a 50.1% year-to-date gain, the Nigerian Exchange (NGX) market capitalisation hit $98 trillion on Thursday as the third-quarter earnings release continues to fuel the rally. Equities investors increased their positions in some value and growth stocks in anticipation that their results would trigger market re-rating. Stockbrokers said the rally will likely push market value of all the listed companies above N100 trillion in October, reflecting increase appetite for risk assets amidst yield slowdown in the fixed income market. Due to sustained bargain hunting, NGX key market performance indicators climbed by…

Petroleum Institute Urges Early Take Off of Africa Energy Bank The Petroleum Training Institute (PTI) has called for the early inauguration of the Africa Energy Bank (AEB) to enhance access to affordable energy financing and accelerate sustainable growth across the continent. Dr Samuel Onoji, Principal and Chief Executive of PTI, made the call on Wednesday in Abuja at the opening of the fourth Biennial International Conference on Hydrocarbon Science and Technology (ICHST 2025). The conference, organised by the PTI, has its theme as “Transforming Africa’s Hydrocarbon Sector: Balancing Growth, Environment and Governance.” Onoji said that Africa’s hydrocarbon resources remained pivotal…

Nigerian Breweries Posts N2.91bn After Tax Loss in Q3, EPS Breaks With negative net income, Nigerian Breweries Plc reported a loss per share of N0.13 in the third quarter of 2025, a significant moderation from a loss per share of N6.35 in the equivalent period in 2024. Its unaudited report revealed that earnings loss was primarily due to a one-off impairment charge of N6.08 billion that arose from post-acquisition fair value adjustments. In its commentary note, Cordros Securities Limited hinted that the fair value was linked to the full integration of Distell Wines and Spirits Nigeria Limited into the group’s…

MTN Nigeria Hits 52-Week High pf N10.45T as Q3 Earnings Loom Investors pitched their tents with MTN Nigeria ahead of the third quarter of 2025 earnings release. The telecom company’s market value edged higher to about N10.5 trillion, its record high on the Nigerian Exchange. Investors seeking positions are on the rise, with projections showing the telecom company will maintain its earnings growth and strengthened balance sheet quality. With higher earnings expectations, equity analysts have raised their target prices for the telco, which controls about 60% of the market share in the Nigerian telecom sector. Some stockbrokers confirmed that MTN…

Naira Steadies at N1463/$ in Absence of FX Liquidity Pressure Reflecting the absence of demand pressures, the naira held its position against the US dollar at the Nigerian foreign exchange market. An update to the FX report by the Apex Bank showed signals there was general improvement in US dollar volume supplied versus demand. The spot rate touched an intraday low of N1452 per dollar, though the rate closed much higher at N1462 per dollar, tracking the intraday high of N1466. The update FX data signalled absence of US dollar demand pressures in the currency market as against last week…

NSE Launches $17.4m Engineering Education Partnership with Indian Software Firm The Nigerian Society of Engineers (NSE) has launched a 17.4 million dollar partnership with MIDAS IT, India, a software company, towards providing engineering education in 15 Nigerian universities. Dr Felicia Agubata, Vice President, NSE Corporate Services, in a statement on Wednesday in Lagos, said the support areas for the universities include civil, structural and geo-technical engineering education and research. She said the initiative was part of the NSE’s ongoing efforts to enhance the practical knowledge and technical capabilities of engineering students in Nigeria. According to her, donation of MIDAS software…