Author: Julius Alagbe

Fuel Import Tariff Will Strengthen Naira, Spur Investment — NECA The Nigeria Employers’ Consultative Association (NECA) has expressed support for the Federal Government’s 15 per cent import tariff on petrol and diesel. Mr Adewale-Smatt Oyerinde, Director-General of NECA, in a statement on Sunday in Abuja said the move will strengthen the Naira and attract investment. Oyerinde said the policy is a welcome step toward protecting local industries and encouraging domestic refining of petroleum products. “It is absurd for a country blessed with crude oil to spend so many years importing petrol and diesel,” he said. He said that the comatose…

NCC to Host Digital Economy Awareness, Sensitization Fora The Nigerian Communications Commission (NCC) is set to host the inaugural edition of the Digital Awareness and Sensitisation Fora as a platform to strengthen policy and innovation for a digital future. The fora are to facilitate a conducive environment to build infrastructure for innovation and inclusion and to lay a solid foundation for bridging gaps between policy and infrastructure for national development. The maiden edition, with the theme: “Leaving No One Behind: Digital Assets, Equity, and Empowerment” which is scheduled to take place on November 13, 2025, will bring together industry experts,…

Customs Intercepts 60,000 Litres of Diverted Petrol In Katsina The Nigeria Customs Service (NCS) said, on Friday, it intercepted a tanker loaded with 60,000 litres of petrol, suspected to be diverted to the border area in the state. The tanker, suspected to be en route to the border area for smuggling, was intercepted on the Jibia Road on Sept. 30 by the NCS’s special task force, ‘Operation Whirlwind’. The National Coordinator of the task force, ACG Kola Oladeji, disclosed this while handing over the tanker to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Katsina. Oladeji was represented…

COP30: UN Chief Calls for Shift to Clean Energy UN Secretary-General António Guterres has continued his campaign to accelerate the global shift from fossil fuels to clean energy – “the cheapest source of new electricity in nearly every country.” The latest push came on Friday, in his remarks to the Energy Transition Roundtable in Belém, Brazil, held just days before the formal opening of the COP30 climate change conference. “The fossil fuel age is ending. Clean energy is rising. Let us make the transition fair, fast, and final,” he said. The UN chief told world leaders that “the global energy landscape is…

How to Invest in Nigerian Treasury Bills Fixed interest rate investments like Treasury bills are better than naked money put in a savings account. Guess what? Banks will use your deposit to increase their bets at the treasury bills primary market – and they will make money that you are willing to borrow. Spot interest rate slowed down by 10 basis points to 16.04% for one-year treasury bills papers. If N16 million is okay on your N100 million investment in treasury bills, you are on the right path. (You get the interest upfront.) Many of us don’t like to lose…

Naira Closed N15 Weaker, CBN Sells US Dollar to Banks The Nigerian naira closed this week N15 weaker against the US dollar as foreign portfolio investors (FPIs) reacted negatively to US President Donald Trump’s invasion threat over Christian genocide in the country. Demand for the US dollar increased above previous average as offshore investors exited their positions in the financial market after Trump’s planned military action. Still, the FX market traded largely stable, supported by a relatively liquid currency market, exporters, non-bank corporate inflows and softened support from the Apex Bank intervention. The naira saw a huge loss early in…

Nigerian Exchange Shrinks to N95trn as Sectoral Indexes Plunge The Nigerian Exchange (NGX) market capitalisation shrank to N95 trillion on Friday as selling rallies persisted in the local bourse. Price depreciation in key market movers dragged the local bourse southward. Investors trimmed stockholding across sectoral names as unimpressive banking and oil and gas performance triggered selloffs.  Profit-taking activities heated up as the market recorded losses in nine out of the last 10 trading sessions. The NGX All-Share Index fell 0.33% to 149,524.81 points, trimming year-to-date gains to 45.27%. The Nigerian stock market contracted by ₦318.78 billion to ₦95 trillion. Market…

South African Rand Steady Versus Dollar as FX Reserves Climb The South African Rand was steady versus the US dollar amidst reports of a surge in the country’s foreign reserves.  ZARUSD pair traded at 17.37 per dollar on Friday in the forex market, little changed from its previous close of 17.3750/USD. The currency has been spurred by higher metal prices, including gold, as global investors continue to seek safe-haven investment options, while anticipated slowdown in US Fed rate cuts boosts sentiment. SA Rand experienced early rally, then selloffs before it stabilised against the greenback while the country seeks to reverse…

China’s Foreign Reserves Surge to $3.343trn in October China’s foreign exchange reserves increased to USD 3.343 trillion in October 2025, up from USD 3.339 trillion in September and exceeding market expectations of USD 3.32 trillion. According to China’s State Administration of Foreign Exchange data, the value of the country’s foreign exchange reserves increased by 0.14%, or $4.7 billion, from September. The administration said that the US dollar index and global financial asset prices generally rose in October and that the increase in foreign exchange reserves was due to the combined effect of exchange transactions and changes in asset prices. Also,…

Tinubu Woos Investors, Says Nigeria Ready for Partnerships President Bola Tinubu has assured domestic and international investors of Nigeria’s openness and readiness for business partnerships. The President said this at the 39th edition of the Lagos International Trade Fair (LITF) organised by the Lagos Chamber of Commerce and Industry (LCCI) on Friday in Lagos. He said the country was open for business. The President was represented at the fair by the Minister of State for Industry, Sen. John Enoh. The 2025 edition of the fair will run from Nov. 7 to 16, showcasing the best of Nigerian entrepreneurship and ingenuity,…