Author: Marketforces Africa

Nigerian Listed Companies Value Jumps by N1.77trn to N127.36trn The combined value of Nigerian listed companies jumped by N1.77 trillion week on week to N127.36 trillion, according to trading data from the Nigerian Exchange (NGX). The stock market maintained its upward momentum for a third consecutive week, despite trading only three sessions due to public holidays for Eid al-Fitr on March 19 and 20, 2026. Gains were driven primarily by strong activity in the industrial goods and banking sectors, according to stockbrokers. The NGX All-Share Index rose 1.39% week-to-date to 201,156.86 points, while market capitalisation increased by the same margin…

Oil Climbs as U.S. Threatens to Attack Iran’s Power Plant Oil prices rose on Monday, fueled by U.S. President Donald Trump’s threat to attack Iran’s power plants if the country does not reopen the Strait of Hormuz within 48 hours. International benchmark Brent crude was trading at $108.71 per barrel, up 2.2% from its previous close of $106.41. U.S. benchmark West Texas Intermediate (WTI) rose by 2.3% to $100.48 per barrel, compared to $98.23 in the previous session. The ongoing U.S.-Israeli military campaign against Iran has entered its 24th day, with reports indicating that the conflict may last longer than…

Group Executive, e-Business and Retail Products at FirstBank, Mr Chuma Ezirim, says the bank remains committed to supporting small and medium-scale enterprises (SMEs) with practical guidance to help them grow sustainably.

Nigeria’s Balance of Payments Declined by 38% to $4.23bn Nigeria’s balance of payment position remained in surplus at USD4.23 billion in 2025; however, this represents a 38.07% year-on-year decline from USD6.83 billion recorded in 2024. According to a Central Bank report, a major driver of this decline was the 14.4 per cent drop in crude oil exports, which fell to $31.54 billion from $36.85 billion in 2024. This shortfall in oil revenue occurred despite a 21.4 per cent surge in gas exports, rising to $10.51 billion. Furthermore, the Goods Account, a subset of the current account, recorded a higher surplus…

Nigeria Loses Nearly 90% of Forest Cover in 3 Decades — NCF The Nigerian Conservation Foundation (NCF) has called for urgent action to halt deforestation, noting that Nigeria has lost nearly 90 per cent of its forest cover over the past three decades. The foundation made the call in a statement issued on Saturday in Lagos by the Director of Communications, Policy and Advocacy, Mr Kunle Olawoyin, to mark the International Day of Forests, observed every March 21. Olawoyin said the 2026 theme: “Forests and Economies,” underscored the crucial role forests play in supporting environmental sustainability, livelihoods, and national development.…

FG Appoints Quest Merchant Bank as Transaction Advisor for Project BRIDGE The Federal Government (FG) has appointed Quest Merchant Bank as Transaction Advisor for Project BRIDGE, its flagship broadband infrastructure initiative aimed at expanding Nigeria’s fibre-optic network. The Acting Managing Director of Quest Merchant Bank, Mr Afolabi Olorode, disclosed the appointment in a statement on Thursday. Project BRIDGE (Broadband Infrastructure Development for Digital Economy) is an initiative of the Federal Ministry of Communications, Innovation and Digital Economy, led by the Minister, Bosun Tijani. The project is designed to deploy about 90,000 kilometres of open access fibre-optic cable nationwide to boost…

President Bola Tinubu has reaffirmed Nigeria’s commitment to strengthening bilateral relations with the United Kingdom, with an emphasis on security cooperation, economic growth, and shared democratic values.

Naira Drops to N1,353 as Foreign Reserves Decline The Nigerian naira dropped to N1353 per dollar at the official window on Wednesday, reflecting increased pressure from foreign payments by eligible market participants. Confirming this, the Central Bank of Nigeria (CBN) daily FX update publication indicated that the local currency reached an intraday high of N1,362 per dollar, up from N1355 the previous day. Meanwhile, the spot rate was quoted at an intraday low of N1,349 per dollar, a sharp retreat from N1340 from the previous trading session. Nigeria’s external reserves fell by $178 million over three consecutive international payments recorded…

African Sovereign Debt to Reach 45% of GDP in 2026 – S&P African sovereign debt is projected to reach 45% of the continent’s gross domestic product (GDP) by the end of 2026, driven by additional borrowing. In a non-rating note, S&P Global Ratings estimates that commercial long-term borrowing by rated African sovereigns will reach $155 billion in 2026, up from $140 billion in 2025. This rise is driven by maturing debt obligations and ongoing fiscal financing needs. Ratings analysts project that total outstanding African sovereign commercial debt will exceed $1.2 trillion, constituting 45% of GDP (including short-term debt) by the…

Temi Popoola, the Nigerian Exchange Group Chief Executive Officer (GCEO), says Nigeria’s capital market is undergoing a re-rating. This comes as global investors reassess the country’s economic trajectory and investment potential.