Author: Olu Anisere

Private Sector Business Confidence Highest Since 2022 –PMI The Nigerian private sector remained in growth territory as the first half of 2025 drew to a close, and business confidence improved markedly in June, according to Stanbic IBTC purchasing manager index report released by Standard & Poor global rating. The report highlighted that rates of expansion in output, new orders, and purchasing eased from May. Although rates of inflation remained relatively sharp, there were further signs of cost pressures softening, and companies raised their output prices at the slowest pace in just over two years The headline PMI remained above the…

Conoil, Julius Berger Exit NGX 30 After H1 Index Review Aradel Holdings and Wema Bank have replaced Conoil and Julius Berger in the NGX 30 Index. This is according to the Nigerian Exchange Ltd. (NGX) on Tuesday, announcing the result of its half year (H1) market index review. The review has led to the entry and exit of some companies from several indices which took effect at the open of the market on Tuesday 1, July. The review covers the following indices: NGX 30; NGX Lotus Islamic; NGX Pension; NGX Pension Broad Index; Corporate Governance Index; Afrinvest Bank Value Index;…

U.S.-Africa Business Summit Yields $2.5bn in Deals, Commitments The United States says the 17th U.S.-Africa Business Summit yielded more than 2.5 billion dollars in new deals and commitments between U.S. and African partners. The U.S. Department of State said the summit, which held from June 22 to 25, attracted more than 2,700 U.S. and African public and private sector leaders. The Department said the summit was hosted by the Corporate Council on Africa and the President of Angola, noting this year’s summit marked a record turnout, including 12 African Heads of State. “During the summit, more than 2.5 billion dollars…

Offshore Investors Exit Drag Nigeria’s Balance of Payment in Q1 The Nigerian economy was impacted by a large-scale outflow of funds in the first quarter of the year, reflecting sharp risk-off sentiment that followed the US tariff threats. The financial market witnessed sharp outflows of funds from local debt and equities markets as offshore investors sought safe haven assets due to uncertainties.  The global trade dislocation triggered by the US resulted in huge capital flight that threatened the naira value in Q1. Offshore investors’ demand for forex spiked, forcing aggressive FX intervention from the Central Bank to keep the naira…

Credit to Private Sector Increases by 4.7% in 12 Months The amount of credit channeled to the private sector increased by 4.7% year on year at the end of May, according to data obtained from the Central Bank of Nigeria (CBN) report. Some analysts said the rate of growth was insignificant for the private sector to contribute meaningfully to Nigerian economic growth. Borrowing costs remain elevated since the monetary policy tightening pushed the benchmark interest rate near 28%. Many companies are scaling back on expansion projects due to elevated costs of borrowing from banks and other funding sources. The CBN…

US Companies Sign Major Trade Deals with Africa in Shift from Aid to Investment US companies have signed significant trade deals with Africa, marking a shift from traditional aid to trade-driven engagement. This move is part of the Trump administration’s strategy to challenge China’s dominant infrastructure influence on the continent. The deals were agreed upon at the US-Africa Business Summit in Angola, which concluded on June 26, 2025. The summit underscored Washington’s push for growth through trade, not aid, with US companies pledging investments in Africa ranging from power lines to digital infrastructure. One notable project is the Lobito Corridor…

CBN Ordered to Remit N3.6trn Unpaid Operating Surplus to FG Within 14-Day UPDATED: The House of Representatives has issued a directive to the Central Bank of Nigeria (CBN) to remit the sum of N3.64 trillion in unpaid operating surplus to the federal government within 14 days. This amount represents 70% of an outstanding N5.2 trillion in unpaid operating surplus for the period spanning 2016 to 2022. The resolution was passed following the appearance of the Central Bank of Nigeria (CBN) team, led by Deputy Governor of Operations Directorate, Dr. Bala Mohammed Bello, along with Minister of Finance and Coordinating Minister…

Trade Tensions Escalate: Trump Ends US-Canada Talks Over Digital Tax US President Donald Trump has abruptly terminated trade negotiations with Canada, citing the country’s digital services tax as a major point of contention. The tax, which targets large tech firms like Amazon, Apple, and Google, is estimated to cost American companies over $2 billion annually. In a statement on social media, Trump declared that all trade discussions with Canada are terminated “effective immediately.” He also warned of new tariffs on Canadian goods, stating that the US will notify Canada of the tariffs within the next seven days. The decision comes…

Dalori Takes Over as APC National Chairman After Ganduje’s Shock Resignation In a surprise move, Abdullahi Ganduje has resigned as the National Chairman of the All Progressives Congress (APC), effective immediately. The APC National Working Committee has accepted the resignation, and President Bola Tinubu has directed Ali Bukar Dalori, the Deputy National Chairman (North), to assume the position of Acting National Chairman. According to APC spokesman Felix Morka, Ganduje’s resignation is to enable him attend to “urgent and important personal matters.” Ganduje had been at the helm of the party since August 2023, following the resignation of Abdullahi Adamu. His…

TotalEnergies to Revive $20 Billion Mozambique LNG Project, Aims for 2029 Production French energy giant TotalEnergies has announced plans to resume its $20 billion liquefied natural gas (LNG) project in Mozambique, with production expected to start by 2029. The project, which was suspended in 2021 due to militant violence in the northern Cabo Delgado province, is set to restart following improved security conditions in the region. According to TotalEnergies CEO Patrick Pouyanné, the company has made significant progress in engineering work despite the halt in construction. “Production will be by 2029,” Pouyanné said, expressing confidence in meeting the target. With…