Economy

  Shareholders of Abbey Mortgage Bank Plc have approved plans to raise up to N164.5 billion in fresh capital as the lender accelerates efforts to transform into a regional commercial bank. The approvals were granted at the bank’s Annual General Meeting (AGM) held on Monday, May 25, 2026, where shareholders overwhelmingly backed a N64.5 billion […]

  Nigeria has cancelled $717.7 million in undisbursed funding under the World Bank-backed Power Sector Recovery Performance-Based Operation (PSRO), marking a major setback for efforts to restore financial sustainability in the country’s electricity sector amid rising tariff deficits, foreign exchange pressures, and persistent operational inefficiencies. According to a World Bank restructuring paper obtained by Nairametrics

  Fintech company Moniepoint has announced a N3 billion investment to establish innovation hubs across three Nigerian federal universities over the next three years, in a move aimed at strengthening the country’s technology talent pipeline. The company disclosed on Monday that the Moniepoint Innovation Hubs will be located at Obafemi Awolowo University (OAU), University of

  Nigeria’s oil sector contributed 3.92% to the country’s total real Gross Domestic Product (GDP) in the first quarter of 2026, reflecting a slight decline from the corresponding period of 2025 despite improved growth in the sector. This was contained in the latest figures released by the National Bureau of Statistics (NBS) on Monday, May

  Nigeria has launched a new air cargo corridor in partnership with RwandAir, opening direct export routes to Kigali, Lusaka, and Harare as part of efforts to strengthen regional trade and improve market access for Nigerian exporters. The development was announced on Monday by the Minister of Industry, Trade and Investment, Jumoke Oduwole, who said

  Nigeria’s non-oil sector remained the primary driver of economic growth in the first quarter of 2026, while the agricultural sector recorded a significant rebound, according to the latest GDP report. The report showed that the economy continued to benefit from stronger activity across telecommunications, trade, financial services, manufacturing, construction, and agriculture, reinforcing signs of

The decision by the Central Bank of Nigeria to retain all major monetary policy parameters at its 305th Monetary Policy Committee (MPC) meeting is expected to significantly influence investment strategy, portfolio allocation, and market sentiment across Nigeria’s financial system. By maintaining the Monetary Policy Rate (MPR) at 26.5%, retaining the Cash Reserve Ratio (CRR) at

The decision by the Central Bank of Nigeria to retain the Monetary Policy Rate (MPR) at 26.50% is expected to significantly influence investment decisions across Nigeria’s mutual fund and pension fund industry, as fund managers continue adjusting portfolios amid elevated inflation, high fixed-income yields, and shifting market expectations. Interest rate decisions by the apex bank

The Nigerian naira recorded a notable recovery against the British pound sterling in recent foreign exchange trading sessions, strengthening to approximately N1,840/£1 as fresh political and economic uncertainty weighed on the United Kingdom’s currency outlook. Latest data released by the Central Bank of Nigeria showed the pound trading around N1,840/£1 in the Nigerian foreign exchange

Nigeria’s crude oil exports remained the backbone of trade relations with the United Kingdom in 2025, helping total bilateral trade between both countries rise to £7.6 billion, according to newly released figures from the UK Department for Business and Trade. The latest trade and investment fact sheet showed that crude oil remained Nigeria’s largest export