Month: October 2025

Fintech pioneer Lidya shuts down after nine years of operations

Nigerian digital lender Lidya has officially ceased operations after nine years, marking the end of one of Nigeria’s early fintech innovators. The company cited severe financial distress as the reason for shutting down.

In an email to its customers, Lidya stated:

“Despite best efforts to restructure and sustain operations, the Company has encountered severe financial distress and is no longer able to continue in business. As a result, the Company has ceased all operations.”

From rapid rise to shutdown

Founded in 2016 by Tunde Kehinde and Ercin Eksin, both part of the founding team at Jumia, Lidya entered the market with a bold mission—to make it easier for small and medium-sized enterprises (SMEs) to access loans without collateral.

The platform became popular for its data-driven loan assessment model, offering businesses loans between $500 and $50,000, often approved within 24 hours. This positioned Lidya as a trailblazer in Nigeria’s growing digital lending space.

By 2021, the company had issued over 32,000 loans worth nearly $150 million, analyzing more than $50 billion in credit applications across Nigeria and other markets.

Global expansion and funding success

To diversify its operations, Lidya expanded into Poland and the Czech Republic in 2020, with an ambitious goal of disbursing €1 billion in loans over five years.

The following year, it raised $8.3 million in a pre-Series B round led by Alitheia Capital through its uMunthu Fund, with participation from Bamboo Capital Partners, Accion Venture Lab, and Flourish Ventures.

This brought Lidya’s total funding to $16.5 million, including its earlier $1.3 million seed round (2017) and $6.9 million Series A (2018).

Challenges and retreat to Nigeria

Despite early success, Lidya struggled to sustain its European expansion and withdrew from Poland and the Czech Republic in 2023, refocusing on Nigeria’s lending market.

That same year, the company launched Lidya Collect, a repayment management tool designed to help businesses recover loans and improve cash flow. However, the product soon faced operational issues, with users reporting frozen funds and failed transactions.

One affected customer told reporters:

“Our money is stuck. We’ve processed millions of transactions on the platform, and now that it’s failing, we’re left to recover debts manually. It’s been a horrible experience.”

In its shutdown notice, Lidya confirmed it could not process refunds or settle outstanding claims due to its financial state.

Internal struggles and collapse

Lidya’s closure follows months of internal turmoil, including executive resignations, unpaid salaries, and mass staff exits.

Co-founder Tunde Kehinde departed in October 2024, followed by Chief Technology Officer Cristiano Machado in September. The company’s Portugal-based tech team was reportedly dissolved between May and September 2024 after payroll failures.

The wave of resignations and unaddressed financial troubles eventually culminated in the company’s total shutdown—ending what was once one of Nigeria’s most promising fintech success stories.

Registered loan apps rise to 492 as FCCPC enforces ₦100 million penalty rule

The number of officially registered digital lenders in Nigeria, commonly known as loan apps, has surged to 492 as more companies rushed to comply with new regulations introduced by the Federal Competition and Consumer Protection Commission (FCCPC) to avoid hefty fines.

The surge follows the implementation of the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations, 2025, which took effect on July 21, 2025. The rule mandates all digital lenders in Nigeria to register with the FCCPC within 90 days of starting operations or face severe penalties.

According to the FCCPC, non-compliant lenders could face fines of up to ₦100 million or 19% of annual turnover, alongside the possible disqualification of directors for as long as five years.

Sharp increase in registrations

FCCPC data shows that as of May 2025, the number of registered digital lenders stood at 425. This means 67 new lenders have completed registration in the last few months.

Out of the 492 approved companies, 434 have received full approval, 36 hold conditional approvals, while 22 are licensed directly by the Central Bank of Nigeria (CBN) — which exempts them from FCCPC registration but keeps them under regulatory watch.

Despite this progress, 103 loan apps remain under the Commission’s watchlist for possible sanctions.

Why the new rules matter

According to the FCCPC’s Executive Vice Chairman, Tunji Bello, the regulations aim to address widespread unethical practices among digital lenders, including harassment, defamation, and data privacy violations.

“For too long, Nigerians have endured harassment, data breaches, and unethical practices by unregulated digital lenders,” Bello said. “These regulations draw a clear line that innovation is welcome, but not at the expense of consumers’ rights and dignity.”

The FCCPC emphasized that the new framework promotes responsible digital finance, ensuring transparency, fair interest rates, and lawful debt recovery methods.

Key features of the 2025 lending regulations

The new framework establishes clear operational and ethical standards for digital and non-traditional lenders. Highlights include:

Mandatory registration of all electronic and mobile lenders
Strict data privacy rules prohibiting access to users’ contacts, photos, or transactions
Transparent disclosure of loan terms, interest rates, and repayment plans
Bans on automatic lending, deceptive marketing, and monopolistic partnerships
Requirement for at least one locally owned service provider for airtime and data lending services

Industry reactions

The President of the Money Lenders Association (MLA), Gbemi Adelekan, welcomed the reforms, noting that they would restore trust in the digital lending space and push lenders to adopt credit bureau systems for debt recovery.

“It’s a good step in the right direction,” Adelekan said. “These rules will compel lenders to act responsibly and clearly state all loan conditions.”

He also noted that many retired bankers and entrepreneurs are entering the digital lending sector due to its lower entry barriers compared to traditional microfinance banking.

Background

The new regulation builds on the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending (2022), which first required all digital money lenders to register with the FCCPC.

However, harassment, privacy violations, and defamation of borrowers have persisted, prompting the Commission to toughen enforcement.

The FCCPC said it will continue working with the CBN, Google, and other stakeholders to ensure full compliance and protect Nigerian consumers from unethical digital lending practices.

FG disburses N32.9 billion to primary healthcare centres nationwide

The Federal Government has disbursed ₦32.9 billion to primary healthcare facilities across all wards in Nigeria under the Basic Health Care Provision Fund (BHCPF), marking the third round of funding in 2025.

The announcement was made by the Coordinating Minister of Health and Social Welfare, Prof. Muhammed Ali Pate, in a statement titled “The Red Letter” released on October 22, 2025. He confirmed that the funds have already begun reaching the commercial bank accounts of primary healthcare centres nationwide.

According to Pate, the BHCPF is a key initiative aimed at strengthening community-level health services by directly funding facilities rather than centralizing resources in Abuja.

“This money is not sitting in Abuja. It has already begun its journey into the commercial bank accounts of primary health care facilities in every ward across Nigeria,” he said.

Strengthening transparency and community participation

Pate emphasized that the BHCPF reflects the government’s renewed effort to improve healthcare delivery by empowering local health institutions to plan and manage resources transparently in collaboration with their communities.

He called on ward health committees, traditional rulers, women and youth groups, and faith-based organizations to play active roles in monitoring how the funds are utilized.

“Without community participation, the full potential of these funds will not be realized,” he warned, urging citizens to hold their local health centres accountable for visible improvements such as better infrastructure, safe deliveries, and improved access to essential medicines.

About the Basic Health Care Provision Fund (BHCPF)

Established under the National Health Act of 2014, the BHCPF aims to expand access to quality healthcare, particularly for poor and vulnerable Nigerians.

The fund is financed by at least 1% of the Federal Government’s Consolidated Revenue Fund and contributions from development partners. It supports essential health services, strengthens primary healthcare systems, and provides emergency medical care.

The programme is jointly managed by the National Health Insurance Authority (NHIA), the National Primary Health Care Development Agency (NPHCDA), and the National Emergency Medical Treatment Committee, ensuring equitable delivery of medical supplies, affordable care, and ambulance services across the country.

Eligible Nigerians can access these benefits by enrolling through their State Social Health Insurance Authorities.

Ghanaian Pension Funds Poised to Boost Private Equity Investments – AVCA Report

A new report from the African Private Capital Association (AVCA) has revealed that 65% of Ghanaian pension funds plan to increase their investments in private equity over the next five years, signaling a major shift in how institutional investors allocate capital in one of Africa’s most dynamic pension markets.

The report, titled “Pension Funds and Private Capital in Ghana,” was produced in collaboration with the Chamber of Corporate Trustees of Ghana and British International Investment (BII) through the Ghana Investment Support Programme (GHISP). It provides the most comprehensive analysis to date of how domestic pension assets can be mobilized to drive sustainable, long-term growth in Ghana’s real economy.

Policy Push Toward Private Capital

The growing momentum follows a May 2025 policy directive from the Ghanaian government, which mandates pension funds and insurance firms to allocate at least 5% of their assets to private equity and venture capital by 2026. The move aims to unlock domestic pools of capital and direct them toward productive sectors such as agriculture, manufacturing, and technology.

“This mirrors a broader shift across Africa, where governments are enacting policies to channel domestic savings into productive investments at home and across borders,” said Abi Mustapha-Maduakor, CEO of AVCA. “With these foundations in place, Ghana’s pension system can become a catalyst for long-term, sustainable growth.”

Untapped Potential in Ghana’s Pension Industry

Ghana’s pension industry has witnessed impressive growth, with total assets under management reaching GHS 86.4 billion (US$6.2 billion) by the end of 2024. However, the report points to significant underutilization of private market opportunities.

Currently, Ghana deploys just 4.4% of its 25% regulatory limit for alternative investments. In contrast, Nigeria utilizes 34% of its 5% cap, while South Africa allocates around 8% under a 15% ceiling.

The disparity, AVCA noted, highlights the potential for Ghanaian pension funds to play a greater role in financing infrastructure, innovation, and industrial development.

Sectors and Asset Classes in Focus

According to the report, Ghanaian pension funds are particularly interested in sectors such as healthcare (55%), agribusiness (45%), and technology (40%). In terms of asset classes, 38% of respondents expressed preference for real assets like property and infrastructure, 24% favored private equity, and 19% showed interest in venture capital opportunities.

A growing number of funds are also pursuing risk-mitigation strategies. About 28% said they prefer investing through DFI-backed vehicles due to their de-risking features, while 22% favor co-investment models that provide shared oversight and due diligence.

Barriers to Deeper Participation

Despite growing appetite, several challenges continue to limit pension fund participation in private markets. These include:

Regulatory hurdles, such as lengthy and complex licensing procedures.
Limited investable pipelines within the domestic market.
Data and transparency gaps, which make performance benchmarking difficult.
Limited fund manager relationships, with 89% of pension funds having engaged with fewer than three managers in the past year.

Strategic Priorities for Reform

To unlock this potential, the report outlines four key action areas:

Enhancing transparency and engagement between pension funds and fund managers.
Building institutional capacity through training and pooled investment vehicles.
Expanding blended finance and co-investment structures to reduce risk.
Advancing regulatory reforms to recognize Limited Partnerships and streamline fund approvals.

“Ghana’s pension funds are at an inflection point,” Mustapha-Maduakor said. “The data highlights both the scale of available domestic capital and the structural barriers that still hold it back. Overcoming these will require collaboration, capacity building, and regulatory clarity.”

The report is part of AVCA’s Knowledge Exchange Initiative (KEI)—a year-long capacity-building program launched with BII’s support through GHISP—to deepen local participation in Africa’s private markets. AVCA projects that Ghana’s pension allocations to private capital will rise steadily over the next five years, positioning the country as a regional leader in pension-led private investment.

Nigeria’s Pension Industry Maintains Growth Momentum

Meanwhile, Nigeria’s pension fund industry recorded steady growth in August 2025, with total assets under management rising to N25.90 trillion, up from N25.80 trillion in July—representing a N97.88 billion increase.

According to the National Pension Commission (PenCom), the sector posted a 0.38% month-on-month gain and a 22.5% year-on-year rise from N21.13 trillion in August 2024. The growth was largely driven by new contributions and asset revaluation gains.

Government securities remain the industry’s strongest pillar, expanding from N14.31 trillion in January 2025 to N15.82 trillion by August.

Ghana’s Economy Shows Signs of Stability

Adding to investor optimism, Ghana’s economy has shown signs of stabilization, with inflation dropping to single digits for the first time since 2021. The Ghana Statistical Service reported a year-on-year inflation rate of 9.4% in September 2025, down from 11.5% in August, marking the ninth consecutive month of decline.

The slowdown was driven by easing food inflation (down to 11%) and a slight moderation in non-food inflation (8.2%), underscoring the country’s improving macroeconomic outlook.

With falling inflation, stronger fiscal discipline, and pension reforms aimed at unlocking local capital, analysts believe Ghana is entering a new phase where domestic savings could become a major engine for investment-led growth across West Africa.

TETFund to Roll Out Electric Campus Shuttles in 12 Universities by November

The Tertiary Education Trust Fund (TETFund) has announced plans to introduce electric-powered campus shuttle services across 12 Nigerian tertiary institutions by November 2025, marking a significant step toward cleaner, more efficient mobility in the nation’s education sector.

The initiative, according to TETFund Executive Secretary Sonny Echono, is part of the government’s broader agenda to modernize public universities and improve students’ welfare through sustainable and technology-driven solutions. Echono disclosed the plan on Wednesday in Abuja during a meeting with the National Association of Nigerian Students (NANS) delegation, led by its National Secretary, Comrade Shedrack Anzaku.

Boosting Student Mobility and Safety

Echono explained that the electric shuttle scheme was designed to address the mobility challenges students face within and around campus environments, particularly for those living off-campus. The project aims to reduce travel stress, minimize transportation costs, and enhance campus safety.

“Students currently face many risks and spend so much time moving around campuses, especially those who live off-campus. From next month, we will be launching electric student shuttle services in selected institutions,” Echono said.

He added that the vehicles will be operated and managed by students to ensure transparency, accountability, and long-term sustainability. Charging stations will be installed within each participating campus, while ride fares will remain minimal to ensure affordability for all students.

Aligned with President Tinubu’s Student Welfare Agenda

According to TETFund, the project directly aligns with President Bola Tinubu’s directive to enhance student welfare and create inclusive learning environments across Nigeria’s higher education system. The electric shuttle service is one of several welfare-based initiatives introduced under this mandate.

Echono further noted that the program reflects a growing commitment to clean energy adoption and environmental sustainability within the education sector, consistent with Nigeria’s national energy transition goals.

Broader Development Initiatives Underway

Beyond the electric shuttle project, TETFund is also intensifying its investments in student housing, digital learning infrastructure, and campus energy systems. Echono revealed that new student hostels are under construction across 72 institutions nationwide, with completed facilities scheduled for commissioning starting December 2025.

He added that TETFund is scaling up support for research laboratories, e-learning platforms, and renewable energy projects to make Nigeria’s higher institutions globally competitive.

“These interventions are not isolated efforts. They form part of a broader drive to modernize our tertiary institutions, improve power reliability, and create learning environments that meet 21st-century standards,” Echono said.

The Executive Secretary also linked the ongoing projects to the National Student Loan Scheme, now managed by the Nigeria Education Loan Fund (NELFund), emphasizing that the government’s education reform efforts are focused on inclusion, affordability, and quality access.

NANS Commends TETFund’s Impact

In response, Comrade Anzaku of NANS applauded TETFund for its consistent interventions, stating that many of the facilities and structures that define Nigerian campuses today owe their existence to the Fund’s projects.

He described the electric shuttle plan as a “transformative step” that would not only ease student movement but also help campuses transition toward sustainable mobility solutions.

Transition to Clean Energy Transportation

The TETFund initiative comes amid Nigeria’s broader shift toward cleaner energy alternatives, following the government’s removal of fuel subsidies in 2023. This policy change has prompted public agencies and transport operators to explore electric and compressed natural gas (CNG)-powered mobility solutions.

Automotive expert Richard Akpodiete told Nairametrics that Nigeria’s transition would benefit from adopting hybrid vehicles in the short term, noting that countries such as Germany achieved smoother transitions by developing hybrid infrastructure and aligning incentives with energy regulations.

He explained that hybrid options offer a practical bridge for Nigeria, allowing drivers to switch between fuel and electricity until nationwide charging infrastructure becomes stable.

Record Funding for Tertiary Institutions

In August 2025, TETFund received a record N1.6 trillion allocation, the highest in its history, for interventions across Nigerian tertiary institutions. Out of this, N70 billion was earmarked for renewable energy initiatives—including solar and gas-powered systems—while N25 billion was designated for campus security upgrades such as smart street lighting and surveillance systems.

With the introduction of electric campus shuttles, TETFund aims to combine infrastructure renewal with innovation, setting a new benchmark for sustainable transport and student welfare in Nigeria’s education system.

Presco Plc Reports N27.67 Billion Q3 Profit, Declares N10 Interim Dividend

Presco Plc has reported a robust financial performance for the third quarter of 2025, posting a pre-tax profit of N27.67 billion, representing a 66% year-on-year increase from the N16.64 billion recorded in Q3 2024. The impressive performance underscores the company’s resilience and strong operational strategy amid Nigeria’s challenging economic environment.

Strong Nine-Month Performance Surpasses 2024 Full-Year Results

The company’s cumulative pre-tax profit for the nine months ended September 30, 2025, surged to N139.65 billion, a remarkable 108% jump year-on-year, already exceeding its total profit for the entire 2024 fiscal year by 9%.

Revenue also showed significant momentum, reaching N75.76 billion in Q3 2025, up by 87% YoY, while the nine-month total climbed to N274.5 billion—the highest figure the company has ever achieved in its operating history.

Second Interim Dividend Declared

Following this strong showing, the Board of Directors announced a second interim dividend of N10 per share, payable on November 21, 2025, to shareholders on record as of November 7, 2025.

This dividend marks Presco’s continued commitment to delivering value to investors, coming just months after its earlier interim payout for the year.

Management Attributes Success to Strategic Discipline

Speaking on the results, Reji George, Managing Director of Presco Plc, emphasized that the company’s consistent growth reflects the strength of its long-term business model and adaptability to Nigeria’s changing economic realities.

“Presco’s nine-month performance reflects not just strong numbers, but the strength of our model in an evolving Nigeria. Our discipline, efficiency, and innovation continue to translate into measurable growth,” George stated.

He added that the performance was supported by strong operational efficiency, improved agricultural yields, and sustained demand across the company’s product portfolio—especially in the edible oils segment.

Rising Cost Pressures Temper Margins

Despite the positive top-line and bottom-line growth, Presco faced rising cost pressures during the quarter. The cost of sales jumped by 244% YoY to N46.92 billion, bringing the nine-month total to N72.41 billion, a 101% YoY increase.

As a result, the gross profit for Q3 grew by a modest 7.23% to N28.84 billion, narrowing the gross margin to 38%. However, for the nine-month period, Presco maintained a robust gross profit of N202 billion, up 118.5% YoY, with a healthy 74% margin.

Operating and Financial Costs

Operating profit for the quarter stood at N36.04 billion, reflecting a 76% YoY increase, supported by higher other income and foreign exchange gains. However, finance costs rose sharply by 161% YoY to N10.48 billion, bringing the nine-month finance cost to N29.98 billion—a steep 255% increase compared to the previous year.

Despite these cost increases, Presco recorded a post-tax profit of N21.94 billion for the quarter, a 70% rise YoY from N12.89 billion in Q3 2024.

Strong Balance Sheet

Presco’s total assets grew by 29% YoY to N612.82 billion, driven by expansion in property, plant, and equipment, which stood at N290.37 billion.
Meanwhile, retained earnings rose by 54% to N195.52 billion, even though total equity saw a slight decline of 4.24% to N202.23 billion.

Key Financial Highlights (Q3 2025 vs Q3 2024)

Revenue: N75.76 billion (+86.85% YoY)
Cost of Sales: N46.92 billion (+243.79% YoY)
Gross Profit: N28.84 billion (+7.23% YoY)
Operating Profit: N36.04 billion (+76.14% YoY)
Post-Tax Profit: N21.94 billion (+70.20% YoY)
Total Assets: N612.82 billion (+28.99% YoY)

Share Price Performance

As of October 22, 2025, Presco Plc’s shares traded at N1,479.90 per share, representing a year-to-date gain of 212%, reflecting strong investor confidence in the company’s fundamentals and growth outlook.

Outlook

With its continuous expansion, strong cash flows, and dividend consistency, Presco Plc remains one of Nigeria’s top-performing companies in the agribusiness and manufacturing sectors. The firm’s ability to maintain double-digit growth amid inflationary pressures highlights its operational excellence and strategic foresight going into 2026.

Dangote Refinery to Double Capacity to 1.4 Million Barrels Per Day, Poised to Become World’s Largest

Africa’s richest man, Aliko Dangote, has unveiled ambitious plans to expand the Dangote Refinery’s capacity from 650,000 barrels per day (b/d) to 1.4 million b/d, a move that would make it the largest oil refinery in the world.

Speaking in an exclusive interview with S&P Global, Dangote confirmed that the Lagos-based $20 billion refinery is preparing for its next growth phase, supported by new financing arrangements and possible investment partnerships from the Middle East.

Once completed, the expansion will allow the refinery — situated within the Lekki Free Zone — to surpass India’s Jamnagar Refinery, which currently holds the global record with a 1.36 million b/d capacity.

Expansion Blueprint and Petrochemical Growth

Dangote noted that the refinery was originally designed with room for expansion, including empty concrete plots designated for an additional refining system, which engineers say will enable seamless scaling.

“We started with 650,000 barrels per day and later targeted 700,000 by the end of the year. Our long-term goal is to reach 1.4 million barrels per day,” Dangote said.

Beyond crude refining, the expansion will bolster petrochemical production, including linear alkylbenzene and base oils, while raising polypropylene output from one million to 1.5 million metric tonnes annually.

Dangote added that his group’s power generation capacity — currently double its consumption — provides a strong foundation for the refinery’s continued industrial growth despite Nigeria’s infrastructural challenges.

$4 Billion Financing Deal and Listing Plans

As part of its broader growth strategy, Dangote Industries secured a $4 billion financing package in August 2025, easing concerns about its debt obligations and reinforcing its financial stability.

The company also plans to list between 5% and 10% of the refinery’s shares on the Nigerian Stock Exchange (NSE), similar to its cement and sugar subsidiaries. Dangote explained that the group would retain 65–70% ownership, with the remainder offered to investors gradually based on market conditions.

The additional capital will fund petrochemical and international projects, including a new plant in China, expanding Dangote Industries’ global footprint.

Refinery Stabilization and Market Impact

The refinery, which began operations in 2024, has encountered temporary challenges — including a short-lived shutdown of its residue fluid catalytic cracker (RFCC) in September 2025 — but operations have since stabilized.

Currently, the Dangote Refinery meets about 80% of Nigeria’s domestic fuel demand, positioning the nation as a net exporter of diesel and jet fuel for the first time in decades.

Dangote on Africa’s Energy Independence

Dangote reiterated his vision for Africa’s energy self-sufficiency, urging more private sector involvement in refining and production.

“Without substantial private investment, most African governments will not have the capacity to build refineries,” he warned, citing high interest rates and inadequate infrastructure as major barriers.

With the planned expansion to 1.4 million barrels per day, Dangote Refinery is on track not only to redefine Nigeria’s energy landscape but also to cement Africa’s position as a major force in the global downstream oil industry.

Naira strengthens slightly below ₦1,500/$ amid improved forex stability

The Nigerian naira showed mild resilience in the unofficial foreign exchange market on Wednesday, appreciating marginally against the US dollar as trading activity began.

Data from the black market indicated that the naira strengthened from ₦1,500/$ to ₦1,495/$ in early morning trading, while in the Nigerian Foreign Exchange Market (NFEM), the local currency appreciated to ₦1,464/$ — showing a modest but steady improvement in value.

CBN interventions support recovery

According to market analysts, the Central Bank of Nigeria’s (CBN) recent interventions, increased dollar liquidity, and fluctuations in import demand remain the major factors driving the naira’s short-term volatility.

CBN data confirmed a slight gain, with the official rate appreciating from ₦1,464.5/$ to ₦1,464/$ earlier in the week. The interventions are reportedly aimed at stabilizing the market and narrowing the gap between the official and parallel exchange rates.

While the naira’s black-market value remains higher than the official rate, the latest movement indicates a short-term stabilization amid broader economic pressures.

Inflation decline may strengthen naira further

In a new report, CardinalStone Research projected that Nigeria’s declining inflation could further support the naira’s appreciation. The investment firm noted that easing inflation, coupled with a persistent current account surplus and rising external reserves, could lead to a stronger naira before year-end.

“We predict that the foreign exchange rate will close the year between ₦1,400/$ and ₦1,450/$,” the report stated.

Analysts added that consistent monetary tightening and improved fiscal coordination could enhance confidence in the local currency, especially if Nigeria’s external reserves continue their upward trend.

Global dollar weakness offers added relief

Globally, the US Dollar Index (DXY) — which measures the dollar’s strength against six major currencies — fell slightly to around 98.90 during Wednesday’s European trading session.

The dip was attributed to concerns over the prolonged US government shutdown and uncertainty surrounding fiscal policy, which weakened investor sentiment toward the dollar.

Market watchers noted that the continued political stalemate in Washington could hurt confidence in US fiscal management, potentially reducing the dollar’s dominance in the short term.

Outlook for the naira

Despite lingering challenges in the parallel market, traders say Nigeria’s currency has shown signs of resilience in recent weeks, buoyed by improved forex supply and investor confidence.

However, structural issues — including limited dollar inflows from exports and persistent demand from importers — continue to weigh on long-term stability.

If the Central Bank maintains its current pace of intervention and inflation continues to ease, analysts believe the naira could strengthen further, potentially keeping the exchange rate below ₦1,500/$ in the coming months.

Speaker Abbas urges Algeria to adopt visa-free policy for Nigerians to enhance trade, education, and research ties

The Speaker of Nigeria’s House of Representatives, Rt. Hon. Abbas Tajudeen, has called for visa-free access and simplified visa procedures between Nigeria and Algeria to deepen bilateral trade, research collaboration, and people-to-people relations.

Tajudeen made the appeal during a meeting with Algeria’s Minister of Foreign Affairs, National Community Abroad and African Affairs, Mr. Ahmed Attaf, in Algiers. The details were contained in a statement by Musa Abdullahi Krishi, Special Adviser on Media and Publicity to the Speaker.

Pushing for a Nigeria–Algeria visa facilitation framework

According to the statement, Speaker Abbas proposed that both countries’ parliaments work together to develop a bilateral visa facilitation framework. This, he said, should include visa-free access for holders of diplomatic and official passports, and simplified visa processes for business executives, students, researchers, and tourists.

He stressed that easing movement between both nations would strengthen cooperation under the African Continental Free Trade Agreement (AfCFTA), remove barriers to trade, and promote regional economic growth.

Strengthening bilateral relations

Recalling earlier discussions between Algeria’s foreign minister and Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, Tajudeen emphasized the need to revive the Nigeria–Algeria Binational Commission to serve as a platform for sustained strategic engagement.

“Our parliaments must take the lead in restoring the Binational Commission to ensure continuity and structure in our bilateral cooperation,” he said.

Tajudeen also highlighted the ongoing construction of a new Nigerian Embassy chancery in Algiers as a demonstration of Nigeria’s commitment to improving diplomatic relations and providing better consular services to its citizens.

Support for the Trans-Saharan Gas Pipeline Project

The Speaker reaffirmed Nigeria’s legislative backing for the Trans-Saharan Gas Pipeline Project (TSGP) and pledged to mobilize support from other West African parliaments participating in the initiative.

He noted that the project represents a critical step toward enhancing Africa’s energy security and expanding gas exports to Europe.

Algeria welcomes deeper cooperation

According to Algerian media outlet Al24, the meeting provided an opportunity for both sides to review existing areas of cooperation and explore new opportunities in trade, energy, and parliamentary diplomacy.

Algeria’s Ministry of Foreign Affairs described the engagement as part of efforts to give “greater momentum” to Algeria–Nigeria relations, emphasizing the role of legislative collaboration in supporting regional integration and strategic projects.

Background: Strengthening energy and economic ties

The meeting follows Nigeria’s signing of a tripartite agreement with Algeria and Niger Republic in February 2025 to advance the TSGP. The project aims to transport up to one trillion cubic feet of natural gas annually through a 2,565-mile pipeline linking Nigeria’s Warri hydrocarbon fields to Algeria’s Hassi R’Mel hub on the Mediterranean coast.

By advocating for visa-free access and parliamentary cooperation, Speaker Abbas aims to position Nigeria and Algeria as stronger economic and strategic partners within Africa and beyond.

FG launches nationwide revenue recovery drive to improve fiscal transparency

The Federal Government has officially launched a major revenue recovery initiative designed to close financial leakages and strengthen Nigeria’s fiscal governance framework.

The programme was inaugurated at the headquarters of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) in Abuja, where consultants engaged for the recovery exercise were formally introduced.

RMAFC Chairman, Dr. Mohammed Bello Shehu, said the move demonstrates the Commission’s renewed commitment to ensuring that all funds due to the Federation are properly accounted for and remitted into the Federation Account.

“This is not just another administrative process—it is a deliberate and result-oriented effort to strengthen fiscal governance and ensure that every recoverable naira is transparently remitted,” Dr. Shehu stated.

Strategic push under the Renewed Hope Agenda

According to Shehu, engaging consultants aligns with President Bola Tinubu’s Renewed Hope Agenda, focusing on plugging revenue leakages, improving transparency, and boosting the financial capacity of federal, state, and local governments.

He noted that the exercise would cover various sectors of the economy, identifying and recovering unremitted funds through inter-agency collaboration with the Federal Inland Revenue Service (FIRS) and the Office of the Special Adviser to the President on Revenue.

Representing the FIRS Executive Chairman, Coordinating Director Mr. Shettima Tamadi lauded RMAFC’s proactive approach, saying, “Nigeria has a significant revenue gap, but with stronger cooperation between agencies, we can bridge that gap and achieve lasting fiscal growth.”

Consultants tasked with strict timelines

RMAFC Secretary, Mr. Joseph Nwaeze Okechukwu, urged the consultants to complete the assignment within the stipulated six-month timeframe and ensure timely recovery of all outstanding revenues.

Accepting the mandate on behalf of the consultants, lead partner Mr. Temitayo Ojeleke described the engagement as “a national call to duty,” pledging transparency and measurable results.

“We approach this task as partners in Nigeria’s economic renewal and are fully committed to strengthening the nation’s revenue base,” Ojeleke said.

Background context

The initiative follows an August directive by the Federal Government for RMAFC to conduct due diligence in developing a new and equitable revenue allocation formula for Nigeria.

During that meeting, Secretary to the Government of the Federation (SGF) Senator George Akume expressed confidence in RMAFC’s capacity to produce a fair and effective framework reflecting the country’s fiscal realities.

The new revenue recovery drive marks another milestone in RMAFC’s broader efforts to enhance transparency, improve accountability, and maximize the Federation’s revenue potential.

‹ Previous
1
…
3
4
5
6
7
…
15
Next ›

Forgot Password