Economy/Business

Economy/Business

Tinubu submits 2026-2028 MTEF to Senate

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President Tinubu has formally submitted Nigeria’s 2026-2028 Medium-Term Expenditure Framework to the Senate, establishing the critical fiscal parameters that will shape the nation’s next three annual budgets. This procedural step, following Federal Executive Council approval, initiates the essential legislative review prior to the detailed 2026 budget presentation. The executive’s request for expeditious action underscores the document’s urgency as the foundational blueprint for all forthcoming government spending and economic strategy. This process highlights the ongoing institutional effort to anchor

Economy/Business

PZ Cussons drops plan to quit Africa, unveils growth strategy

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PZ Cussons has decisively chosen to retain and double down on its Africa operations, rejecting external bids in favor of a long-term growth strategy centered on Nigeria, Kenya, and Ghana. This pivot is driven by a powerful demographic thesis, as Africa’s projected population boom and rising middle class present a generational opportunity. The company’s three-pillar plan focuses on deepening core market penetration, expanding into adjacent categories like grooming, and leveraging its strong local infrastructure for pan-African growth. This strategic

Economy/Business

Yuan weakens to 7.0686 against dollar

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The Chinese Yuan’s central parity rate strengthened to 7.0686 against the US dollar, reflecting a controlled adjustment within its managed floating exchange rate system. This daily fixing, determined by market-maker quotes, allows for a 2% trading band, illustrating China’s methodical approach to currency valuation. The move signals ongoing efforts to balance market forces with strategic economic management amidst global currency fluctuations. Ultimately, this mechanism provides stability while permitting measured responsiveness to foreign exchange pressures.

Economy/Business

Yuletide: NMDPRA warns against panic-buying, fuel hoarding

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The NMDPRA assures the public that fuel supplies are sufficient for the festive season and warns that panic-buying and hoarding are unnecessary and dangerous. The agency is actively monitoring retailers and will sanction any illegal practices like hoarding or pump adjustments to ensure fair distribution. Critically, storing fuel at home poses severe fire risks, threatening lives and property. Consumers are urged to avoid stockpiling and to use only certified retailers, as regulatory measures are firmly in place to guarantee steady, safe supply.

Economy/Business

Foundation unveils project to drive community-led economic transformation

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The Sahara Group Foundation is launching a scalable, community-led initiative to drive Africa’s economic transformation by establishing local business hubs. These hubs will empower entrepreneurs through shared facilities, targeted training, and market access to build resilient value chains and create sustainable jobs. Designed to be piloted in Nigeria and replicated continent-wide, the project represents a strategic corporate investment model focused on measurable impact and long-term community resilience. This approach sets a new benchmark by directly linking corporate resources to localized entrepreneurial growth and systemic economic strengthening.

Economy/Business

Lasaco Assurance shareholders approve N25bn capital raise 

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Lasaco Assurance is proactively raising ₦25 billion through a private placement and rights issue, not merely to meet new regulatory capital requirements but to significantly exceed them and fund strategic expansion. This move is designed to strengthen the company’s competitive position in both life and non-life insurance by investing in technology and talent. Leadership emphasizes that this capital infusion is a strategic growth lever aimed at enhancing long-term shareholder returns, not just a compliance exercise. The initiative underscores a forward-looking commitment to solidify market standing and deliver greater

Economy/Business

Profit-taking drags equities market down, loses N34bn

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The Nigerian stock market experienced a marginal contraction driven by profit-taking in major stocks, erasing N34 billion in market capitalization despite a positive breadth with more gainers than losers. This highlights a market in consolidation, where selective sell-offs in key equities like CHAMS and UACN can drive overall losses even amid broader individual stock advances. The sharp decline in total trade volume and value signals a significant drop in market participation and liquidity compared to the previous session. The divergence between the index’s slight loss and

Economy/Business

Tinubu’s reforms stabilised Nigeria’s economy, engendered development — Nasarawa SSG

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A senior Nasarawa State official asserts that Nigeria’s economy is stabilizing due to President Tinubu’s politically difficult reforms, with the fuel subsidy removal cited as the pivotal, high-impact decision. This policy has directly increased federal allocations to states, enabling previously unattainable infrastructure projects like hospitals, interchanges, and flyovers. The administration’s broader fiscal and security measures are credited with stabilizing the foreign exchange market and improving national security. Consequently, state governments are leveraging this enhanced revenue to align with and

Economy/Business

FEC okays industrial policy, N58bn for 200 NADDC EVs

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The Nigerian government has approved a comprehensive industrial policy and a series of major investments to drive economic diversification and industrial growth. Key actions include a significant ₦58 billion investment in 200 electric buses to boost the automotive sector and a new national industrial framework to unlock stalled engagement with development partners. These moves are strategically aligned with positioning Nigeria within the African Continental Free Trade Area, further emphasized by securing the hosting rights for the Intra-African Trade Fair. This coordinated push signals a clear commitment to transitioning from policy to

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