Author: Olu Anisere

AfDB Approves $46m to Transform Healthcare in Sokoto State The African Development Bank Group (AfDB) Board of Directors has approved a $46 million loan to finance the Sokoto State Health Infrastructure Project, a transformative initiative designed to enhance healthcare access and quality in Nigeria’s Sokoto State. The project addresses critical health system gaps in Sokoto, where key indicators reflect a critical need for intervention. Only one in 20 children is fully vaccinated, while infant mortality stands at 104 deaths per 1,000 live births, nearly double Nigeria’s national average of 63. Less than 14 percent of health facilities in the state…

Nigeria’s Price Inflation Eases to Weakest Since May 2023 – PMI With an employment rate reaching a 21-month high, Nigeria’s selling price inflation rate eased to the weakest level since May 2023, according to the Stanbic IBTC purchasing manager index (PMI) report released by S & P Global on Friday. The PMI stated the start of the third quarter saw a pickup in growth momentum in the Nigerian private sector. Rates of expansion in output and new orders accelerated, leading to a sharp rise in purchasing activity and the fastest increase in employment since October 2023. Firms were helped to…

Banking Stocks Drive Midday Rally in Equity Market Banking stocks are driving midday rally in the equity market after the local bourse reported a huge capital appreciation that lifted value of listed companies above N88 trillion. Bargain hunting persisted during intraday session on Thursday amidst earnings releases and interim dividends declarations. Investors are opening positions across banking names, and some industrial stocks are also making uptrend. Stockbrokers said buying interest in expected to continue as yields in fixed income market fell amidst high interest rate environment. Based on pattern, companies earnings have been impressive given that many listed entities are…

Ghana Cuts Interest Rate by 3% as Inflation Pressures Ease The Central Bank of Ghana has cut its benchmark interest rate by three per cent on the back of easing inflationary pressures, as the West African country emerges from a severe economic crisis. The Bank of Ghana announced that its benchmark rate would drop from 28 per cent to 25 per cent — the first such reduction in more than a year, which comes as the cedi currency has recovered against the dollar. “We remain committed to our price stability mandate while creating the conditions for sustainable growth,” said the…

Coca-Cola Sells Chi Limited to UAC of Nigeria The Coca-Cola Company has announced the sale of Chivita|Hollandia (CHI Ltd.) to UAC of Nigeria Plc for an undisclosed amount. Head of public affairs and communications, Mrs Zainab Obagun made the statement available in Lagos on Wednesday. ChivitaHollandia is a leading food and beverage player in Nigeria with portfolios across value-added dairy products, juices, nectars, still drinks and snacks. The Hollandia brand is a market leader in evaporated milk and drinking yoghurt, while the Chivita brand is a market leader in fruit juice. UAC is a holding company focused on domestic manufacturing,…

Niger Gets $144m AfDB Loan to Enhance Energy Access The Board of Directors of the African Development Bank Group has approved a loan of $144.27 million to Niger for the first phase of a program that will reform energy sector laws and address the country’s critical power shortage. Niger’s Energy Sector Governance and Competitiveness Support Program is expected to address governance challenges by strengthening public financial management systems, particularly tax revenue mobilization and tax revenue control system. It will also support the clearance of domestic arrears, public-private dialogue, and the adoption of an industrial and commercial policy to bolster support…

Nigerian Stocks See Sharp Intraday Rally, Indexes Spike The Nigerian stock marker All-Share Index pops during the intraday trading session as investors increase bets on MTN Nigeria, Ecobank Transnational Incorporation (ETI), and other valued stocks. The rally is significant enough to push the Nigerian stock market capitalisation to N86 trillion, reflecting an untamed appetite for risky investment. Other early risers in the local bourse include some banking heavyweights like GTCO, Zenith, and UBA. The industrial index is gained support as Dangote Cement gained attention after earnings beat. At the noon, the stock market key performance indicators have gained traction, which…

Unilever Nigeria Profit Rises by 225%, Declares Interim Dividend Unilever Nigeria Plc boosted its earnings performance in the first half of 2025 as the consumer goods company grew revenue. Details from its half-year financial results showed that profit surged by 224.6% year-on-year to settle at N14.4 billion in the first half of 2025 from N4.44 billion in the comparable period in 2024.  Hence, earnings per share increased to N2.51 from 77 kobo in the equivalent period in 2024. Revenue surged by 53.5% year on year to N98.10 billion in the first half of 2025, up from N63.91 billion reported in…

GCR Upgrades LAPO Microfinance Bank Rating Outlook GCR Ratings has affirmed LAPO Microfinance Bank Limited’s national scale long and short-term issuer ratings of BBB-(NG) and A3(NG), respectively, with the outlook revised to stable from negative. In its rating note, GCR said the ratings of LAPO Microfinance Bank Limited’s balance its strong capitalisation against a modest competitive position, moderate liquidity, and weak asset quality metrics. LAPO has grown steadily over the years, registering total assets of NGN125 billion as of 31 December 2024, from N104.6 billion in 2023, representing an estimated market share of 3.0% of the microfinance subsector. However, the…

Angola Gets €85m Facility from AFC to Fund National Projects Angola has secured 85 million euro from Africa Finance Corporation (AFC) to fund national projects with the intention of enhancing the nation’s road network. In an official statement, AFC said it has disbursed €75 million of an €85 million sovereign facility to the Government of Angola, through the Ministry of Finance. The facility is for the Angolan government to support the construction of 186 priority bridges and critical upgrades to the national road network, according to the statement. AFC said the project, which is part of Angola’s National Development Plan…