The International Monetary Fund (IMF) has said artificial intelligence (AI) could increase Sub-Saharan Africa's gross domestic product by about four per cent over the next decade if countries, including Nigeria, address long-standing constraints such as unreliable electricity, weak digital infrastructure and skills shortages. In its 2026 departmental paper, 'Unlocking the Potential: AI in Sub-Saharan Africa', …
Femi Otedola has significantly increased his stake in First HoldCo Plc after an insider-related company acquired 706.13 million ordinary shares worth about ₦77.6 billion. The new purchase reinforces his position as one of the lender's largest shareholders just days after the company posted record half-year earnings. A regulatory filing by First HoldCo on July 22, …
For many Nigerians, owning property in prime Lagos locations such as Lekki, Ikoyi or Victoria Island remains a lifetime ambition. Rising property prices, however, have placed such investments beyond the reach of most salary earners. But investment analysts say there is an alternative that allows retail investors to gain exposure to income-generating real estate without …
Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has seen the value of his investment in the financial services group rise by about $221 million (over ₦330 billion at current exchange rates) in just three weeks, highlighting the rewards—and risks—of long-term investing in Nigeria's equities market. According to an analysis of Nigerian Exchange …
The federal government has said that more than ₦40 trillion of the increase in Nigeria's public debt since 2023 resulted from the revaluation of the country's external debt following the sharp depreciation of the naira, rather than from new borrowing. Minister of Finance and Coordinating Minister of the Economy Wale Edun made the clarification on …
Following the Central Bank of Nigeria's decision to retain its benchmark interest rate, Governor Olayemi Cardoso used the post-Monetary Policy Committee (MPC) briefing on Tuesday to explain the bank's position on some of the country's most pressing financial and monetary issues. Responding to questions from journalists after the two-day MPC meeting, Cardoso defended the CBN's …
NUPRC targets 300,000 bpd production boost as 143 companies submit 200 bids for 37 oil and gas assets The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has stated that the ongoing 2025 licensing round could add about 500 million barrels to the nation's hydrocarbon reserves, marking a significant step toward achieving the government's target of …
Nigeria attracted $8 billion in private capital across 63 transactions in the second quarter of the year. The inflow accounted for 90 per cent of West Africa's total disclosed deal value. A new report, however, warned that the strong inflow is masking a widening funding gap for mid-sized businesses. The report, titled The Paradox of …
For much of 2026, Nigeria's fuel story was one of quiet triumph: a country that had spent decades importing the bulk of the petrol it consumed was steadily weaning itself off foreign supply, thanks largely to the Dangote Petroleum Refinery. In January, domestic refineries supplied 40.1 million liters of Premium Motor Spirit (PMS) per day, …
Retirees under Nigeria's Social Insurance Trust Fund scheme have received their first pension increase in 21 years, with the National Pension Commission (PenCom) confirming that monthly payments for some beneficiaries have risen more than elevenfold — from N18,000 to N206,000. PenCom Director-General Ms Omolola Oloworaran disclosed the figures while reviewing the Commission's recent reforms, describing …
