Author: Ogochukwu Ndubuisi

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…

Kano State Pension Board Clears N21bn out of N48.6bn Owed Pensions The Kano State Pension Board has so far cleared over N21 billion in pension liabilities out of a total debt of N48.6 billion inherited from the previous administrations in the state. The Executive Chairman of the Kano State pension fund trustees, Alhaji Habu Fagge. made this known while addressing newsmen in Kano. ”The state the board was at the time of the current administration’s takeover was “deeply troubling. ”Pensioners suffered irregular and arbitrary deductions under the previous government, sometimes losing half of their meager monthly entitlements. “At one point,…

Zenith Bank, UBA Surge after Dividend Markdown Zenith Bank, UBA, and other tier-1 banking names rallied in the equities market after their share prices were marked down for dividends, trading records obtained from the Nigerian Exchange revealed. The Nigerian top lenders in the trillion-naira valuation category saw a substantial price uptick in the local bourse as investors’ sentiment on dividend-paying stock boosted the banking index. As a result of this strong show, the Nigerian equities market closed in the green, with the All-Share Index (ASI) rising by 49 bps, bringing year-to-date gain to 1.76%. Investors began to take positions in…

Money Market Rates Fall over Liquidity Surplus in Banking System The liquidity surplus in the banking system dragged short-term benchmark interest rates lower sharply ahead of the treasury bills auction scheduled for Wednesday. Key money market indicators fell sharply in the absence of significant funding pressures, with a slowdown in borrowing activities at the standing lending facility of the Apex Bank. The financial system funding profile remained robust on Tuesday as N145 billion in bond coupon payments balanced out Central Bank of Nigeria (CBN) FX settlement outflows. Banks borrowing activity remains low in the absence of significant funding pressures in…

Nigeria’s FX Reserves Drop by $3bn, Hit 6-Month Low Tracking below $38 billion, Nigeria’s foreign reserves declined by $3 billion in less than four full months amidst fluctuation in FX inflows and aggressive interventions in the currency markets. Latest data from the Central Bank of Nigeria (CBN) showed that foreign reserves fell below $37.888 billion, the lowest level seen in six months. The authority said the nation’s net foreign exchange position has inched higher to $23 billion, accounting for 60% of the aggregate amount. This suggests that there is only a 40% claim against the balance in the nation’s foreign…