Nigeria’s economic activity strengthened in August, but the improvement masks a fragile industrial recovery, with 11 of the 16 industrial subsectors surveyed still operating in contraction. The warning is contained in the Central Bank of Nigeria’s (CBN) August 2026 Purchasing Managers’ Index (PMI), a monthly survey that tracks whether business activity is expanding or shrinking. …
The World Bank has challenged Nigerian banks to unlock the full economic value of the ₦4.65 trillion raised in the recently concluded recapitalisation exercise, warning that the fresh capital must reach businesses that can create jobs and expand production. World Bank Country Director for Nigeria, Matthew Verghis, said the banking sector was now stronger and …
The Central Bank of Nigeria (CBN) has elevated terrorism financing controls to a current supervisory priority. The move signals a tighter scrutiny of banks and other financial institutions as the regulator steps up efforts to prevent the financial system from being used by illicit actors. It hinted at this in a circular issued on Tuesday …
Nigeria’s trade with the rest of the world has changed significantly over the past year, with the country selling more goods to its African neighbours, finding a major new market for fertiliser in the United States, and sharply reducing its dependence on American imports. The changes, seen in Nigeria’s trade figures from the second quarter …
President of Dangote Industries Limited, Aliko Dangote, on Monday said the proposed initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE is designed to give ordinary Nigerians and Africans an opportunity to own a stake in the massive industrial facility. Dangote disclosed this in Lagos while signing the IPO registration documents, describing the …
Nigeria’s economy is gaining momentum, with growth accelerating to 4.43 per cent in the second quarter of 2026 and foreign exchange reserves climbing to a 17-year high of $53.11 billion. The improvement in headline indicators, however, has yet to translate into meaningful gains for millions of Nigerians, the Alliance for Economic Research and Ethics has …
The Securities and Exchange Commission (SEC) has approved the initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE, clearing the company to offer 4.1 billion ordinary shares at ₦525 each in a transaction that could raise about ₦2.15 trillion if fully subscribed. The approval, which also covers the registration of the refinery’s existing 120.13 …
Nigeria is winning back the confidence of international investors and global rating agencies, but the government still faces a major problem at home, as much of its revenue is being swallowed by debt payments. Foreign reserves have climbed to their highest level in more than 17 years. The naira has become more stable, inflation has …
The initial public offering of Dangote Petroleum Refinery, which could raise about $5 billion and become Africa’s largest IPO, will open within the next 10 to 12 days, billionaire businessman Aliko Dangote has said. Dangote disclosed the timeline on Thursday while speaking with investors and analysts in Botswana, Reuters reported. The planned listing comes as …
Nigeria’s economic reforms have pushed state government revenues to record levels, but the gains have yet to translate fully into better living conditions for millions of Nigerians, according to a new analysis by civic organisation BudgIT. The report comes shortly after the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said Nigeria’s …
