Author: Julius Alagbe

Zambia’s Economy Shows Resilience, GDP Grows by 4.5% – IMF The Zambian economy has demonstrated resilience amid last year’s drought, supported by a record-high maize harvest and mining production, the International Monetary Fund (IMF) said in a statement. The country’s economic activity continues to expand, and inflationary pressures have eased in 2025 with half-year gross domestic product growth of 4.5%. IMF said program implementation has progressed, although challenges remain. The authorities are advancing legislative reforms in line with program commitments. In meetings with the authorities, IMF staff team led by Ms. Mercedes Vera Martin discussed recent economic developments and policy…

Cadbury Nigeria Shares Hit Oversold, Analysts Now See Upside Cadbury Nigeria Plc has been upgraded to join stocks on the buying recommendation lists, as analysts consider the consumer goods oversold. The consumer goods company market value has been dragged down by investors that exited their positions. Despite a strong earnings harvest, trading activities have remained unimpressive, but analysts’ estimates suggest Cadbury Nigeria Plc has hit an oversold region. Equity analysts at CSL Stockbrokers Limited kept the stock target price at N83.03 at a reference market price of N69.60. With a target price set at N71.98, equity analysts at Meristem Securities…

Naira Exchange Rate Improves as Nigeria’s FX Reserves Climb The Nigerian naira exchange rate improved at the official window as additional inflows totalling $62 million in November boosted the nation’s external reserves. Gross external reserves expanded to $43.259 billion, recording first accretion in November from $43.197 billion at the end of October, Central Bank updated data revealed. With surplus US dollar liquidity in the currency market, the naira rebounded on Tuesday after spot rate depreciated significantly at the beginning of the week. The spot FX rate 19 basis points to close at ₦1,433.66/$, having traded within a range of ₦1,442.45/$…

Sub-Saharan African Banks Facing Higher Paid-In Capital Requirements Most sub-Saharan African banks will need to meet higher absolute capital requirements through capital raisings, earnings retention or mergers, Fitch Ratings says in a new report. The requirements, announced by several regulators, will reduce credit risks, encourage consolidation, especially among smaller and usually weaker banks, and support credit and economic growth. Requirements have been introduced in Angola, Burundi, Ethiopia, Kenya, Mauritania, Nigeria, Sierra Leone, Uganda and the West African Economic and Monetary Union (WAEMU) countries. The latter comprise Benin, Burkina Faso, Cote d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. Requirements differ across…

Naira Reclaims Value as External Reserves, FX Liquidity Improved The naira reclaimed value on Tuesday as US dollar volume or fx liquidity increased at the official window. The local currency gained about N3 on the dollar as demand pressure eased, with the spot fx rate closing at N1433 per dollar. The forex market experienced a surge in liquidity balance, driven by inflows from foreign portfolio investors seeking to take positions at this week’s auction. As results of higher demand for the greenback, the spot rate had plunged to N1436 at the Nigerian foreign exchange market in the absence of supportive…

NNPC Fast-Tracks Transformation Ahead of Initial Public Offer The Nigerian National Petroleum Company Limited (NNPCL) is fast-tracking its transformation through strategic investments in infrastructure, governance reforms, and operational efficiency, positioning the company for a landmark Initial Public Offering (IPO). Under its “Fit for the Future” strategy, NNPC Ltd. aims for global competitiveness, public listing, and a pivotal role in connecting Africa to international markets through extensive gas infrastructure development initiatives. Group Chief Executive Officer, Bashir Ojulari, disclosed this during a dialogue at the 2025 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), emphasising the company’s commitment to transparency, efficiency, and…

Reps Give Finance, Budget Ministers 7-day to Pay Contractors The House of Representatives has issued a seven-day ultimatum to the Minister of Finance, Mr Wale Edun and the Minister of Budget, Mr Atiku Bagudu to ensure payment to local contractors for jobs executed under the 2024 and 2025 Appropriations. The resolution followed a motion to Matters of Urgent Public Importance by the Minority Leader, Rep. Kingsley Chinda (PDP-Rivers) at plenary on Tuesday. The News Agency of Nigeria (NAN), reports that the local contractors, thronged the entrance of the National Assembly Complex, making access difficult insisting to continue the protest…

Tax Reform to Boost IGR, Strengthen Subnational Economies — Adedeji The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, says the Federal Government’s ongoing tax reforms are designed to boost Internally Generated Revenue (IGR) and strengthen subnational economies across the country. Adedeji stated this on Tuesday in Kano at the Northern Revenue Conference, themed ‘Readiness, Reforms, and Digital Transformation’. Represented by the Secretary, Joint Tax Board (JTB), Mr Adesokan Olusegun, Adedeji said the reforms aimed to simplify tax processes, promote voluntary compliance, and create a fair and transparent tax system. He said the Nigeria Tax Administration…

Nigeria, Ghana Explore Partnership to Fight Illicit Trade The Nigeria Customs Service (NCS) and the Ghana Revenue Authority (GRA) have expressed interest in forging a partnership to combat illicit trade by strengthening border control and intelligence sharing between the two countries. The organisations expressed this interest during a visit by NCS Comptroller-General Bashir Adeniyi to GRA Commissioner-General Anthony Sarpong at the GRA headquarters on Monday in Accra. Speaking during the visit, Sarpong urged Nigeria and Ghana to strengthen intelligence sharing and harmonise customs procedures to support the implementation of the African Continental Free Trade Area (AfCFTA) Agreement. Represented by Brig.-Gen.…

Nigeria on Track to Hit 2m Oil Production Per Day, NNPC Says The Nigerian National Petroleum Company Limited (NNPC) says Nigeria remains on track to grow crude oil production to two million barrels per day (mbpd) by 2027 and three million bpd by 2030. Mr Udy Ntia, Executive Vice President, Upstream, NNPC Ltd., made this known on Monday at the ongoing 2025 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). ADIPEC, the world’s largest energy exhibition and conference, is being hosted by the Abu Dhabi National Oil Company (ADNOC). The 41st edition, with the theme “Energy. Intelligence. Impact,” holding from…