Author: Olu Anisere

Traditional European Banks Under Pressure as Neobanks Expand Europe’s traditional banks are said to be heading into tougher times, according to a report by Strategy& the strategy consultancy arm of global accounting firm PwC as reported on Thursday. Analysts cite two main challenges which include the fading boost from higher interest rates and mounting pressure from digital-only challengers like neobanks, modern alternatives to traditional banks which usually have no physical branches. The study focused solely on retail banking. Profits at European banks raised another four per cent in 2024, mainly due to higher interest rates. The costs also increased by…

LCCI, Confederation of Indian Industry Mull Partnership for Economic Growth The Lagos Chamber of Commerce and Industry (LCCI) and the Confederation of Indian Industry (CII) has mulled defence, agriculture, pharmaceuticals and technology sectors partnership for economic growth. Mr Gabriel Idahosa, President, LCCI, at the Nigeria-India Business-to-Business Meeting in held in Lagos on Thursday, said the collaboration poised to unlock the immense potential of both countries. Idahosa revealed that Nigeria and India had a history of cooperation in defense, characterised by knowledge exchange and capacity building. He noted that security was the bedrock upon which economic prosperity was built, and that…

Nigeria Needs 40% Growth to Withstand U.S. Tariff Shock – Yemi Kale An economist, Dr. Yemi Kale, says Nigeria requires 40 per cent annual growth rate to cushion the potential negative impact of the United States’ (U.S.) recent tariff hike on its one trillion dollar economic growth vision.Kale, who is the Group Chief Economist and Managing Director, Research and Trade Intelligence, Afreximbank, said this on Wednesday in Lagos at the 2025 Vanguard Discourse. He urged the government to implement policies that foresee and mitigate the impact of the U.S. tariff hike on Nigerian exports. He called for sustainable reforms that…

DMO Needs to Hike Rates to Keep Foreign Investors – Investment Firm With the latest round of foreign portfolio investors rotating out of naira-priced assets, Nigeria’s top investment banking firm has advised the Debt Office to increase spot rates and fully roll over maturing bills. Naira yields have fallen, thus reducing offshore investors’ initial excitement to bring a flood of US dollars into the Nigerian debt market.  The fixed income market situation worsened in the recent past week as foreign investors sought flight to safety amidst the US-initiated global trade isolation policy. Much of the worry about Nigeria is about…

Afreximbank to Establish Trade Centres in Africa’s Commercial Capitals The African Export-Import Bank (Afreximbank) is setting up trade centres in several major commercial capitals across Africa and the Caribbean as part of its efforts to boost intra-African trade. Dr Robert Tomusange, Director and Global Head of Real Estate and Administration for Anglophone West Africa at Afreximbank, disclosed this while briefing the media on Thursday in Abuja. He said the trade centres, dubbed “The Afreximbank – African Trade Centres (AATCs),” were designed to promote economic diversification and bridge the gap in trade information and facilitation services across the continent. He said…

Oil Prices Pull Back amidst U.S.–China Tariffs Face Off Oil prices retreated in the market amidst a U.S. tariffs pause. President Donald Trump announced a 90-day pause for countries hit by higher US tariffs, but a trade war with China has escalated. In a dramatic change of policy, just hours after levies against roughly 60 of America’s trading partners kicked in, Trump said he was authorising a universal “lowered reciprocal tariff of 10%” as negotiations continued. At the same time, he increased tariffs on goods from China to 125%, accusing Beijing of a “lack of respect” after it retaliated by…

Unilever Nigeria Dips 9.8% Ahead of Qualification Date Unilever Nigeria Plc dipped by 9.75% to close at N34.75 in the equities segment of the Nigerian Exchange as investors offloaded the consumer goods stock in the latest market rout. The market valued Unilever Nigeria’s 5.745 billion shares at N199.351 billion following a share price depreciation. The consumer goods company share price slipped in the equities market as more than 2.44 million units valued at N84.736 million exchanged hands in the local bourse. The selloff was driven by investors’ weak sentiment in the market. Ticker: Unilever Nigeria’s price has been steadied at…

Nigeria to Launch e-Visa, Digital Cards Mr Festus Keyamo, Minister of Aviation and Aerospace Development, says the Federal Government will launch an e-visa system and digital landing/exit cards to enhance national security. He disclosed this on Wednesday in Abuja when he received a delegation led by the Minister of Interior, Mr Olubunmi Tunji-Ojo. According to Keyamo, the e-visa system will enable applicants to submit visa requests online and upload required documents electronically. He added that the manual landing and exit cards would be digitalised, requiring visitors to pre-fill their information before travelling to Nigeria. “What we are doing here today…

Naira Gains as CBN Supplies Additional FX Worth $98m The naira exchange rate rose to N1611 per US dollar in the Nigerian foreign exchange market as the Central Bank sold more dollars to boost supply. The total FX sales by the Central Bank of Nigeria (CBN) inched above $560 million in four days to step down pressure against the local currency. Cardinalstone estimated monthly FX sales of $714.65 million, which the investment firm said can be sustained for 32 months. Meanwhile, the market anticipates fresh OMO bill sales could drive US dollar inflows into the economy, though the authority has…

VFD Group Soars as Investors React to Dividend Update Diversified investment company VFD Group Plc’s market value soared by about 54% in the last seven trading sessions in the equities segment of the Nigerian Exchange. Up by 27.4% in three days, the market is reacting positively to the group’s dividend notice filed on the Nigerian Exchange last week. Its share price moved against the trend on the Nigerian Exchange on Wednesday, gaining 10% as more than 1.179 million units valued at N84.852 million exchanged hands. The rally pushed up the company’s share price to N72.6 on Wednesday, from N47.2 in…