Author: Ogochukwu Ndubuisi

Lagos Egg Powder Factory Begins Operations in Q4 – PAN The Poultry Association of Nigeria (PAN), Lagos State chapter, says its egg powder factory in Epe will begin operations before the end of the year. The PAN Chairman Lagos State, Mr Mojeed Iyiola, disclosed this in an interview with the News men on Tuesday in Lagos. Iyiola said the association was perfecting plans to ensure that its egg powder factory begins operations before the fourth quarter of the year to forestall further losses in the poultry sector due to egg glut. “Egg glut” refers to a situation where the supply…

FG Planning on Offsetting N4trn Debt Owed GenCos The Federal Government says plans were on the way to offset the N4 trillion debt owed the Power Generation Companies (GenCos) for electricity generated. Mr Bola Tunji, Special Adviser, Strategic Communications and Media Relations, to the Minister of Power made this known in an interview with the News men in Abuja on Tuesday. Tunji was reacting to a statement by the GenCos appealing to the Federal Government and stakeholders in the power sector to settle the more than N4 trillion debts owed them for electricity generated. According to him, the Minister of…

Minister Partners with NGO to Empower 100 Million Nigerian Women Hajiya Imaan Sulaiman-Ibrahim, Minister of Women Affairs, has partnered with the NGO Women in Philanthropy and Impact Africa (WIPIA) to explore initiatives aimed at empowering 100 million Nigerian women. Mr Jonathan Eze, Special Adviser on Media & Publicity to the Minister, made this known in a statement, following a high-level strategic brunch in Lagos organised by WIPIA in honour of the minister. According to the minister, the brunch was designed as an intimate yet catalytic engagement focused on accountability, connection, and collective action. “The gathering convened private sector leaders, philanthropists,…

FG, French Coy Sign MoU on Cybersecurity Resilience, Academy The National Information Technology Development Agency (NITDA) has signed a Memorandum of Understanding (MoU) with SecDojo, a French-based cybersecurity training and upskilling company to build cybersecurity resilience and an academy. Mrs Hadiza Umar, Head, Corporate Affairs and External Relations of NITDA said this in a statement on Tuesday in Abuja. Umar said the Director-General of NITDA, Malam Kashifu Inuwa, signed the MoU with Mr Younes Benzagmout, Chief Executive Officer of SecDojo at the on-going Gulf International Technology and Exhibition (GITEX) Africa in Marrakech, Morocco. Umar stated that the MoU was towards…

Africa’s Gas Consumption Hits 183bn Cubic Meters– Report The Gas Exporting Countries Forum (GECF) says Africa’s natural gas consumption continued to rise, reaching 183 billion cubic meters (bcm), marking a three per cent year-on-year (y-o-y) increase. The GECF says Africa’s gas consumption is expected to grow by four per cent, fuelled by ongoing industrialisation, increased demand in the power sector, and the expansion of Liquefied Natural Gas (LNG). The forum made this known on Tuesday in its 2025 Annual Gas Market Report (AGMR) made available to the News men. The Annual Gas Market Report 2025 offers a comprehensive and insightful…

CBN Spot FX Quotes for US Dollar, South African Rand, CFA The Central Bank of Nigeria (CBN) official US dollar-to-naira exchange rate lost about 5% in two weeks, according to data obtained from the authority. The Nigerian Foreign Exchange Market (NFEM) rate closed at N1,604.4809 per US dollar at the beginning of the week. The spot rate reached its intraday high of N1,630 and N1,593 as the lowest before closing that day at N1,599 per dollar.  At the beginning of the month, the NFEM rate was priced at N1531, with N1535 as its intraday highest rate. Analysts noted confusion about…

Sterling Rallies to Six Month High Ahead of Inflation Ahead of UK inflation data, the British pound, or sterling, has continued to strengthen against the US dollar in the forex market. On Tuesday, the sterling consolidated its rally against the dollar as U.S. tariffs stoked confusion across markets. FX data showed the pound rose above $1.32, a six-month high, as markets responded to easing trade fears. There is also mixed expectation about Bank of England (BoE) rates adjustment amidst inflation concerns.  Hopes that Trump might delay auto tariffs helped UK exporters, especially car parts makers reliant on US trade, lifting…

Ghana Inches Close to Access $370 million IMF Loan Ghana has inched close to accessing a $370 million loan from multilateral lender International Monetary Fund (IMF), an official statement said. At the just concluded meeting, Ghanaian authorities and the IMF reached a staff-level agreement on a package of economic policies and reforms to conclude the fourth review of the 36-month extended credit facility (ECF) supported program. Once the review is approved by the IMF Executive Board, Ghana will have access to about US$370 million in financing. Notwithstanding higher-than-expected growth and a further significant improvement in Ghana’s external position last year,…

Nigeria Bonds Yield Clicks 19% in Latest Selling Rally The Nigerian government bonds yield clicked 19% in the secondary market in the latest selling rally ahead of inflation and second-quarter auction sales. The secondary bond market was awash with sell-offs, with notable offers on the JAN 2026 (+199 bps) and MAR 2026 (+337bps) instruments. Consequently, the average yield curve expanded by 19 bps to reach 19”, a trader said in a report. According to analysts, caution prevailed during the bond trading session amid anticipation of the quarterly auction calendar release. Across the benchmark curve, the average yield expanded at the…

Money Market Rates Increase as FX Debits Hit Liquidity The short-term benchmark interest rates increased as outflows for foreign exchange sales to banks reduced the liquidity level in the financial system. In the Nigerian money market, the Nigerian Interbank Offered Rate (NIBOR) rose across all tenors, reflecting tighter liquidity conditions within the banking system. Conversely, major money market indicators declined. The open repo rate and overnight lending rate increased by 0.08% and 0.25%, respectively, closing at 26.67% and 27.21%. Investment firms reported that interbank liquidity tightened despite ₦28.11 billion in FGN Bond coupon inflows. The liquidity strain was driven by…