Author: Ogochukwu Ndubuisi

World Bank Approves $800m Loan to Support Philippine Fiscal Reforms The World Bank on Friday announced the approval of an 800 million dollar loan to help the Philippines strengthen its fiscal resilience, attract higher-quality private investment. The loan will also equip its workforce with skills needed for better and more productive jobs. The new operation, called the Philippines Growth and Jobs Development Policy Loan, focuses on reforms in three key areas. The key areas are strengthening fiscal management through revenue and expenditure reforms; expanding opportunities for private investment and innovation by lowering the cost of doing business and promoting competition.…

CBN Directs Banks to Block Loan Defaulters from Accessing Credit The Central Bank of Nigeria (CBN) has instructed commercial banks across Nigeria to prevent loan defaulters from obtaining new credit facilities. The directive was conveyed in a circular issued by the apex bank to banks, targeting borrowers who have failed to meet their loan repayment obligations. According to the circular, the restriction particularly applies to large-ticket obligors—individuals or companies with significant outstanding debts to financial institutions. Under the new measure, banks are required to block such defaulters from accessing further credit until their existing obligations are settled. The circular further…

Mr Olayemi Cardoso, Governor, Central Bank of Nigeria (CBN), says reforms in Nigeria’s foreign exchange (FX) market have significantly improved liquidity, restored investor confidence and stabilised the Naira.

Oil Prices Rise Amidst Temporary Russia Crude Supply Oil prices edged higher on Friday after reports that Iran has begun laying mines in the Strait of Hormuz, raising concerns over shipping disruptions, though gains were capped by US measures aimed at stabilising global energy supplies. Brent traded at $99.39 per barrel, the US benchmark West Texas Intermediate (WTI) rose 0.6% to $95.81 per barrel, compared with $95.24 in the previous session. Iran began laying mines in the Strait of Hormuz using smaller boats after US forces destroyed larger Iranian vessels capable of quickly laying mines, according to media reports Thursday.…

PDP Counting Down to its Expiration — APC The Lagos State chapter of the All Progressives Congress (APC) says the Peoples Democratic Party (PDP) is steadily sliding into political irrelevance across Nigeria. The APC said the opposition party appeared to be counting down to its “expiration” due to persistent internal crises and lack of ideological direction. The party’s spokesman in Lagos, Seye Oladejo, made the remarks in a statement on Thursday. Oladejo said leadership crisis, internal divisions and absence of a coherent vision had weakened the PDP over the years. He said what once appeared as a dominant national platform…

NEPC Tasks Solid Mineral Sector on Export Competitiveness The Nigerian Export Promotion Council (NEPC) has tasked stakeholders in Plateau solid mineral sector to accelerate efforts in enhancing export of products. The council gave the charge on Thursday in Jos during a workshop on “Driving Solid Minerals Export Through Standards Documentation for Export Competitiveness” . The workshop is aimed at tackling the challenges of stakeholders in the sector, from the extraction processes to the export to international markets. Mrs Nonye Ayeni, The Executive Director/CEO of NEPC, who spoke on the importance of the training, stressed that there was need for stakeholders…

The naira strengthened across both exchange channels on Thursday, appreciating by 0.34% to N1,371.51/$ at the Nigerian foreign exchange market (NFEM) window.

Equities investors gained about N649 billion as the Nigerian Exchange (NGX) recovered from two days of sell pressure on Thursday.  The stock market performance indicators rose by 0.52%

Oil prices surged on Thursday, with Brent crude approaching $100 a barrel following reports of an attack on two oil tankers near Iraq’s Basra port, raising concerns about potential supply disruptions in the Middle East.

UN Relief Chief Slams ‘$1bn Daily’ Cost of War With Iran The UN emergency relief chief, Tom Fletcher, on Wednesday condemned the “one billion dollar-a-day” cost of the war in the Middle East. Fletcher said the cost of the war was unreasonable at a time when humanitarian needs are soaring and aid funding is falling dangerously short. “We’re seeing the consequences spread faster than we can respond”, the UN emergency relief chief warned, as violence reverberates across borders causing mass displacement and economic shocks. Speaking in Geneva, the UN’s top humanitarian aid official said, “this is a moment of grave…