Author: Ogochukwu Ndubuisi

Nigeria Safe for Investment- Edun Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has assured investors that Nigeria is safe for investment. Edun said this at the Nigeria Investment Forum, at the ongoing World Bank/International Monetary Fund (IMF) Meetings in Washington D.C. on Wednesday. According to the Minister, efforts are geared towards maintaining fiscal congruence. ” That’s one of the reasons for the new team at the Nigerian National Petroleum Company Limited (NNPCL), and their mandate is increase production and save costs,” he said. Edun said that the administration was intensifying efforts to diversify and stabilise…

Naira Appreciates as CBN Sells Additional Dollars in FX Market The Nigerian local currency, the naira, appreciated against the US dollar in the official foreign exchange market as the Central Bank (CBN) sold additional dollars to boost liquidity. Data from the CBN highlighted that the naira appreciated by 0.02% in the official window, closing at N1,602.30 per dollar. Spot FX rate continue to fluctuate even with persistent support by the Apex Bank. The Central Bank was in the forex market again today, selling $50.00 million at rates between N1,599.05 and N1,604 per dollar. Meanwhile, the local currency weakened to N1,620…

GTCO, First Holdco, UBA Drive Intraday Rally on NGX The Nigerian Exchange (NGX) All-Share Index climbs during the intraday trading session as equities investors are showing huge interest in banking stocks. The market also sees heightened demand for International Breweries and Nigerian Breweries in addition to a moderate buying interest in Dangote Sugar Refinery shares. According to trading details, GTCO, First Holdco, UBA, and United Capital (UCAP) Plc are top financial services company stocks driving intraday rally in the equities market on Wednesday. Equities investors have started taking positions on banking names after the holiday ahead of the first quarter…

Stanbic Bank Opens N50bn Commercial Paper for Subscription at 20.76% Stanbic IBTC Bank Limited has opened up to N50 billion in commercial paper for subscription at a discount rate of 20.76%, according to a document released by Cordros Capital Limited. The financial services company is in the market to raise up to N50 billion in Series 2 commercial paper via an offer for subscription that opened on April 22 and is set to close on April 24. The offer document showed that investors are allowed to make a minimum subscription of N5 million and subsequent additions of N1000 at a…

Insurance Industry Records N1.2trn Gross Premium growth in Q3 2024 The insurance industry has recorded 61 per cent year-on-year increase in third quarter (Q3) of 2024, reaching N1.2 trillion. Mr Kunle Ahmed, Chairman of Nigerian Insurance Association (NIA) disclosed this during a quarterly news conference on the performance of the industry by the association in Lagos. Ahmed said this growth was largly driven by the non-life insurance sector. He said, “The 2024 performance of the insurance industry revealed a complex landscape marked by significant growth in certain areas alongside persistent and emerging challenges. “While specific data for the entire year…

Enugu State, Firm Sign MoU to Develop Business Park The Enugu State Government and the Lion Business Park Limited have signed a Memorandum of Understanding to build a world-class industrial and commercial hub within the Enugu Industrial Park Free Trade Zone. In a speech at the brief event at the Government House, Enugu on Tuesday, Gov. Peter Mbah said the project would leverage the incentives associated with doing business in a Free Trade Zone to attract foreign direct investments. According to him, the project will also promote human capital, innovation and technology development as well as create jobs for shared…

IMF Projects 3% Economic Growth for Nigeria The International Monetary Fund (IMF) has released it new economic outlook report, reversing Nigeria’s economic growth projections for 2025 and 2026. The April report was released on Tuesday during World Economic Outlook (WEO) at a press briefing at the ongoing IMF/World Bank 2025 Spring Meetings in Washington, D.C. The report cut the forecast for Nigeria’s growth to 3.0 per cent for 2025 and 2.7 per cent for 2026, from the 3.2 per cent and 3.0 per cent projection earlier stated in the January WEO update. The IMF report cited mounting global uncertainties and…

The Nigeria Customs Service (NCS) has collected ₦1.75 trillion as revenue for the first quarter of 2025.

FG Reforms to Drive Long-Term Economic Resilience – Edun The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has stated that the Federal Government’s economic reforms will foster long-term resilience aimed at lifting millions of Nigerians out of poverty. Edun said this during the ongoing International Monetary Fund (IMF)-World Bank 2025 Spring Meetings in Washington, D.C., on Tuesday. He also emphasised that the reforms would ensure equitable and sustainable development. “Following the significant progress made in stabilising Nigeria’s economy over the past year, the government is now targeting rapid, inclusive growth with a clear focus on…

Katsina Spends N7.6bn on Provision of Electricity The Katsina Government has spent N7.6 billion for various power supply-related projects across the state, with particular focus on renewable energy solutions. Malam Faruq Lawal-Jobe, the state Deputy Governor, made this known while addressing newsmen in Katsina on the achievements of Gov. Dikko Radda’s administration. Among the key projects highlighted is the provision of 74km of solar street lighting in Katsina metropolis and the provision of 11km of solar street lights from Al-Qalam University Roundabout to Darma Rice Mill, Katsina. “In an effort to provide a sustainable power solution to critical facilities of…