Author: Ogochukwu Ndubuisi

NMDPRA Seeks Investment to Bridge Infrastructure Gaps The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says its forthcoming West Africa Refined Fuel Market Conference will identify critical infrastructure gaps. It said that the conference would also attract strategic investments and establish a credible African petroleum price benchmark. The Authority Chief Executive of NMDPRA, Malam Rabiu Umar, said this at a press conference in Abuja on Thursday. Umar said the initiative was aimed at strengthening Africa’s refining and downstream petroleum value chain while supporting the emergence of a transparent and competitive regional pricing and trading hub. The conference, being organised…

72% of World Trade Still Under WTO – Okonjo-Iweala The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, says in spite of certain policy uncertainties, 72 per cent of world trade still goes on under the Organisation. Okonjo-Iweala said this in Abuja at the ongoing 7th Africa Emerging Markets Forum. The forum was jointly organised by the Central Bank of Nigeria (CBN), Emerging Markets Forum (EMF) and the Centre for the Study of Economies of Africa (CSEA). According to Okonjo-Iweala, in modern terms, world merchandise trade grew by 4.6 per cent as surging demand for AI-related goods offset…

Customs Begins 2026 Tariff Reforms Nigeria Customs Service (NCS) has commenced implementation of the 2026 Fiscal Policy Measures and Tariff Amendments approved by President Bola Tinubu to strengthen Nigeria’s trade and fiscal framework. NCS spokesperson, Abdullahi Maiwada, disclosed this in a statement on Wednesday in Abuja, saying the measures would enhance economic competitiveness and boost revenue generation. He said the reforms were also designed to align Nigeria’s tariff regime with regional and international obligations while supporting legitimate trade and fiscal administration nationwide. The Comptroller-General of Customs, Bashir Adeniyi, recently announced revised import duties while defending the service’s 2026 budget proposal…

First Lady Empowers 1000 Petty Traders in Ile-Ife with N50m The First Lady, Sen. Oluremi Tinubu, on Wednesday disbursed N50 million to 1,000 petty traders in Ile-Ife, Osun, under the Renewed Hope Initiative. The empowerment programme, held at Kensington Hall, Ooni’s Palace, Ile-Ife, provided N50,000 each to the beneficiaries to support and expand their businesses. Represented by Alhaja Kudirat Fakokunde, the All Progressives Congress(APC) Women Leader in Osun, the First Lady urged the beneficiaries to invest the grant wisely. Mrs Tinubu noted that the intervention was designed to improve on their economic well-being and family welfare. Speaking, Dr Sekinat Oyebamiji,…

Iran Vows to Maintain Tighter Control Over Strait of Hormuz A senior Iranian diplomat has said Tehran will not allow the Strait of Hormuz to return to its pre-war status, warning that any European warship approaching the strategic waterway would be considered a “legitimate target.” Kazem Gharibabadi, Iran’s Deputy Foreign Minister for Legal and International Affairs, made the remarks while outlining Tehran’s position on the future management of the strait and its broader security strategy. According to Gharibabadi, restoring the strait to its previous status would mean Iran had failed to fully achieve its objectives during the conflict. “If the…

IMF Commends Zimbabwe’s Economic Resilience After Programme Review The International Monetary Fund (IMF) has commended Zimbabwe’s economic resilience in spite of a challenging external environment, following the successful completion of the first review under its 10-month Staff-Monitored Programme (SMP). The IMF, in a statement, said Zimbabwe’s economy grew by 8.3 per cent in 2025 and remained strong in early 2026, driven by improved agricultural production, robust mining activity and favourable gold prices. It said inflation had remained low, supported by tight monetary policy and exchange rate stability, adding that the country’s macroeconomic performance had continued to improve. According to the…

Afreximbank, Gebeya unveil $50,000 CANEX Create-thon for African creatives Afreximbank, through its Creative Africa Nexus (CANEX) programme, has partnered with pan-African technology company Gebeya, to unveil the CANEX Create-thon 2026. A statement issued by Vincent Musumba, Communications and Events Manager, Afreximbank, on Wednesday, said the competition aims to support African creatives with funding, technology and technical resources. According to the statement the competition with a total prize pool of 50,000 dollars, is designed to help creators transform original ideas into viable creative projects across music, video and gaming. The statement said participants would have access to Gebeya’s Dala Studio platform,…

United Capital Microfinance Bank grows capital to N5.6bn United Capital says its microfinance bank has grown its capital base from N200 million at inception in 2024 to N5.6 billion, as it pursues a national banking licence and positions for deeper expansion across Nigeria. The Group Chief Executive Officer of United Capital, Mr Peter Ashade, disclosed this during the Group’s Investor Relations Roundtable with the theme “Decoding Performance: Insights into United Capital’s Growth Drivers and Outlook” on Wednesday in Lagos. Ashade said the bank had applied for a national microfinance banking licence and expressed confidence that it would emerge as a…

AVA Capital Lists on Nigerian Exchange by Introduction AVA Capital Plc, an integrated financial services group, says it will be admitted to the Nigerian Exchange Ltd. (NGX) on July 31 through a Listing by Introduction, marking its transition into the public market. The company disclosed this in a statement on Tuesday, noting that the admission represents a strategic milestone in its corporate growth and is not intended to raise fresh capital. The Managing Director of AVA Capital, Mr Olukayode Fadahunsi, said that unlike an Initial Public Offering (IPO), the Listing by Introduction would not involve the issuance of new shares.…

Investors in the Nigerian stock market gained N481 billion as renewed demand for insurance stocks lifted the market ahead of the July 31 insurance recapitalisation deadline.