The Central Bank of Nigeria (CBN) has allotted a total of N829.32 billion across its three Treasury bill maturities at the Primary Market Auction held on Tuesday, May 20, 2026, amid strong investor demand that significantly exceeded the size of the offer. Auction results showed that total subscriptions surged to about N1.99 trillion, far […]
Chairman of FirstHoldCo, Femi Otedola, has expressed interest in acquiring $100 million worth of shares in the planned initial public offering (IPO) of the Dangote Petroleum Refinery & Petrochemicals, as investor enthusiasm builds around what is expected to become one of Africa’s most significant listings. Otedola said he had already repositioned his portfolio by
China’s exports of solar cells and panels to Africa surged sharply in April 2026, rising 83% year-on-year, as global demand for renewable energy continued to accelerate. According to China customs data reported by Reuters, shipments to African countries reached 123,787 metric tons in April 2026, up from 67,552 tons in April 2025, underscoring the
China’s Solar Panel Exports to Africa Jump 83% as Renewable Energy Demand Surges Read More »
Wema Bank Managing Director, Moruf Oseni, has reaffirmed the lender’s ambition to break into Nigeria’s tier-one banking league in the “not-too-distant future.” Speaking at the bank’s Annual General Meeting (AGM) held in Lagos, Oseni said the management team and staff are deliberately positioning Wema Bank among Nigeria’s top-tier financial institutions, supported by a strong
Wema Bank targets tier-one status as profitability triples in three years — Moruf Oseni Read More »
High logistics and energy costs are increasingly forcing Micro, Small and Medium Enterprises (MSMEs) out of Nigeria’s non-oil export market, according to the newly released 3T Impex Non-Oil Export Index Report 2026. The report, authored by Bamidele Ayemibo and published by 3T Impex Trade Consulting, analysed 87,824 export transactions recorded between 2021 and 2025, alongside
Rising logistics, energy costs pushing Nigerian MSMEs out of export market – Report Read More »
Nigeria’s gross external reserves rose to $49.49 billion as of May 15, 2026, rebounding from $48.35 billion recorded at the end of March 2026, according to the Central Bank of Nigeria (CBN). CBN Governor Olayemi Cardoso disclosed the latest reserve position on Wednesday at the end of the Monetary Policy Committee (MPC) meeting in Abuja,
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has retained the Monetary Policy Rate (MPR) at 26.5% following the conclusion of its 305th meeting held in Abuja. The decision was announced by Olayemi Cardoso after the MPC meeting, which was attended by 11 committee members. The committee also voted to retain
CBN retains interest rate at 26.5% as MPC adopts cautious stance on inflation Read More »
Every day, up to 12 million cars ply Nigerian roads. Many of the drivers of these vehicles do not have third-party motor insurance, while a significant portion of the ones that do are spotting fake third-party motor insurance policy documents. This action is rationalized by the aim to sail through police checkpoints seemingly compliant with
Webinar Insights on Strengthening Third-Party Motor Insurance Adoption in Nigeria Read More »
The Bank of Industry has secured a $200 million sovereign-guaranteed thematic financing facility from the African Development Bank Group to expand access to long-term financing for businesses operating in strategic sectors of Nigeria’s economy and accelerate the country’s industrial transformation agenda. The financing package, approved by the Board of Directors of the African Development Bank
The Federal Government has intensified efforts to position Nigeria as the leading maritime trade and logistics hub in West and Central Africa through major port expansion projects, infrastructure upgrades, and sweeping maritime reforms aimed at strengthening regional competitiveness and supply chain resilience. The Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed this on Monday
