Author: Marketforces Africa

Ecobank Nigeria Grows Revenue Amid Transformation Ecobank Nigeria Limited says it recorded a 30 per cent revenue increase, reaching N113.7 billion in the first half of the year, compared to N87.6 billion posted in the same period of 2024. The bank had said the rise in its ongoing comprehensive transformations aimed at accelerating revenue growth, improving asset quality, and enhancing operational efficiency. The bank has also ramped up its impairment provisions to support loan write-offs, with gross impairment charges rising over 200 per cent to N32.8 billion in the first half of the year. Moreso, its profit before tax nearly…

Airlines to Enforce $10,000 Declaration For Passengers The Nigeria Civil Aviation Authority (NCAA) has mandated all international airlines operating in the country to enforce the $10,000 currency declaration requirement for all inbound passengers. In a directive dated April 24, 2025, the authority emphasised the need to address lapses in compliance with existing financial disclosure laws. The move aimed to bolster Nigeria’s anti-money laundering efforts and align with international financial standards, NCAA spokesman Michael Achimugu, said in a statement Tuesday. The directive mandated international airlines to announce, either inflight or pre-landing, the legal obligation for passengers to declare cash or negotiable…

Fiscal, Debt Outlook Magnify Economic Challenges Facing Malawi Fiscal and debt outlooks, in addition to foreign exchange shortages among buckets of other issues, are restricting growth in Malawi, with inflation standing taller amidst structurally deficient economic structures.  Following the completion of Article IV consultation with Malawi, the International Monetary Fund (IMF) said Malawi continues to face significant macroeconomic challenges. The fund said the country’s performance has been affected by external shocks, structurally low growth, persistent inflation, unsustainable fiscal and debt dynamics, and declining Official Development Assistance (ODA). Malawi’s economic activity in 2024 was hindered by lower-than-expected agricultural output and critical…

Reps Move to Prohibit Public Servants from Using Private Schools, Hospitals The House of Representatives has introduced a bill seeking to prohibit public and civil servants from patronising private schools and healthcare facilities. The bill, sponsored by Rep. Amobi Ogah (LP–Abia), was presented for first reading during Tuesday’s plenary session. In his lead debate, Ogah described the proposed legislation as a turning point in Nigeria’s history. He said the bill aimed to bar all public and civil servants, including their immediate family members, from using private educational and healthcare services. According to him, the objective is to eliminate conflicts of…

Energy Prices, FX Stability Drive Disinflation, Cardoso Says Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has attributed the decline in headline inflation in June to moderation in energy prices and stability in the foreign exchange market. Cardoso said this on Tuesday in Abuja while presenting a communiqué from the 301st meeting of the apex bank’s Monetary Policy Committee (MPC). He noted, however, that there was an uptick in month-on-month headline inflation, suggesting the persistence of underlying price pressures. According to him, continued global uncertainties associated with tariff wars and geopolitical tensions can further exacerbate supply chain disruption…

Tinubu Sets Q1 2026 Take-Off For Single Window Project President Bola Tinubu has directed the National Single Window (NSW) Steering Committee to ensure that the platform becomes fully operational by the first quarter of 2026. The directive was delivered during Tuesday’s fifth steering committee meeting at the State House, Abuja. This is contained in a statement on the event issued by the Presidential Spokesperson, Mr Bayo Onanuga on Tuesday in Abuja. Onanuga said that the President was represented at the even by his Chief of Staff, Femi Gbajabiamila. Tinubu said the recent Tax Reform Acts, signed into law in June,…

Audit Query: NNPC GCEO Bayo Ojulari Shuns Senate for 4th Time Mr Bayo Ojulari, the Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company Limited (NNPC), on Tuesday failed to appear before the Senate Committee on Public Accounts for the fourth time to respond to the audit query raised against the company. Ojulari’s non-appearance on a fourth invitation infuriated all the members of the committee, chaired by Sen. Aliyu Wadada. The committee threatened to sanction the GCEO should he refuse to appear before the panel on Wednesday by 3 p.m. The committee had earlier sent three invitations to Ojulari…

International Traders Frustrate Refineries in Africa – Dangote Alhaji Aliko Dangote, president of the Dangote Group, says the international traders are frustrating the establishment of refineries and the efficient operation of existing ones in Africa due to dubious interests. Dangote said the international traders maintained the offshore Lomé floating market, where more than two million tonnes of petroleum products were stored in vessels offshore and sold to African countries at inflated prices. Dangote disclosed this on Tuesday in Abuja at the inaugural Global Community Insights Conference on West African Refined Fuel. The conference was organised by the Nigerian Midstream and…

FG Initiates Palm Oil Traceability System to Boost Quality, Exports The Federal Government (FG) has inaugurated the National Palm Oil Traceability System (NaPOTS) Framework and inaugurated a 16-member Inter-Agency Committee to implement it. NaPOTS aims to improve product quality, promote sustainability, support climate-smart practices, and position Nigerian palm oil for competitive markets both domestically and internationally. Speaking at the inauguration on Tuesday in Abuja, Sen. Abubakar Kyari, Minister of Agriculture and Food Security, called the inauguration a major milestone in Nigeria’s agricultural transformation. Represented by Dr Marcus Ogunbiyi, Permanent Secretary of the ministry, Kyari emphasised that the inter-agency committee would…

Naira Falls as CBN Direct Interventions Ease, FX Supply Rises The naira fell against the US dollar to N1,535 at the Nigerian foreign exchange market (NFEM) as Central Bank direct interventions eased. FX update from the CBN platform showed that the naira depreciated to N1,535.23 per dollar on Tuesday from the official spot rate of N1,532.54 the previous day. The local currency regained strength against the dollar amidst reforms that boosted foreign investors’ confidence and sentiment. Elevated yields on government borrowing instruments have been a major driver of hot money into the economy as the authority has mortgaged significant hydrocarbon…