Nigeria’s economic expansion strengthened in March 2026, with the composite Purchasing Managers’ Index (PMI) rising to 53.2 points, signalling sustained growth for the sixteenth consecutive month. Data published by the Central Bank of Nigeria (CBN) showed continued expansion in aggregate economic activity, reflecting resilience across key sectors despite prevailing macroeconomic pressures. Out of 36 subsectors surveyed, 31 recorded growth, underscoring broad-based improvements in business conditions and a steady recovery trajectory across the economy. However, the pace of expansion moderated slightly compared to the previous month. The CBN noted that while all major sectors—industry, services, and agriculture—remained in expansion territory, the…
Author: Abdoulaye Kay
African banks are entering a new phase of transformation, as the focus shifts from aggressive capital raising to the more complex task of delivering sustainable returns in an increasingly volatile and interconnected financial landscape. This transition comes at a time when regulators across the continent are grappling with rising cross-border risks, rapid financial integration, and the growing influence of technology on financial systems. At the centre of this shift is a clear message from policymakers: stronger capital buffers alone are no longer sufficient; banks must now prove their ability to translate resilience into profitability. Speaking at the 4th Annual IMF/AFRITAC…
The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has warned that the global trading system is undergoing its most severe disruption in eight decades. Speaking on Thursday at the opening of the WTO ministerial conference, Okonjo-Iweala said the current challenges reflect a fundamental shift in the global order. “The world order and the multilateral system we used to know has irrevocably changed,” she said. “We cannot deny the scale of the problems confronting the world today.” Trade ministers from the WTO’s 166 member countries are meeting in Yaoundé amid deep divisions and mounting global economic uncertainty, much of…
An Abuja High Court on Thursday issued a bench warrant for the arrest of the factional National Chairman of the Peoples Democratic Party (PDP), Senator Tanimu Turaki (SAN), over his failure to appear for arraignment. Justice Peter Kekemeke granted the order after Turaki did not attend court despite being duly served with the charge and a hearing notice. The Inspector-General of Police (IGP) had charged Turaki with allegedly providing false information to the police. ALSO READ PDP factions ‘break the ice’, opt for reconciliation When the matter was called, prosecution counsel, Usman Rabiu, informed the court that the day’s proceedings…
Former President of the Court of Appeal, Ayo Salami, has questioned the legal basis for the participation of Peter Obi in the 2023 presidential election, arguing that his candidacy under the Labour Party (LP) was inconsistent with constitutional and electoral provisions. Speaking with journalists in Ilorin on Tuesday, Salami anchored his position on party membership requirements and the constitutional prohibition of independent candidacy. Under Nigeria’s legal framework, particularly provisions of the 1999 Constitution (as amended) and the Electoral Act, a candidate must be duly sponsored by a political party and be a recognised member of that party. Salami argued that…
Iran launched a fresh wave of missiles at Israel on Tuesday, hours after Donald Trump claimed “very good” talks were underway to end the conflict—an assertion swiftly denied by Tehran. Trump’s unexpected remarks buoyed jittery global markets and briefly pushed oil prices lower. He said Washington was engaging an unnamed “top person” in Iran, while warning that failure to reach a deal within five days could see the US escalate its bombing campaign. He also reiterated an earlier ultimatum for Iran to reopen the Strait of Hormuz or risk severe military action targeting its power infrastructure. ALSO READ Iran rejects…
The Federal Government has shortlisted 65 student innovators from 30,639 applicants across 404 tertiary institutions for the final stage of the Student Venture Capital Grant (S-VCG). This was disclosed in a statement by the Federal Ministry of Education. The initiative is a flagship programme of President Bola Ahmed Tinubu aimed at supporting student-led ventures and strengthening Nigeria’s innovation-driven economy. The Minister of Education, Dr Maruf Olatunji Alausa, described the development as a major milestone in building a pipeline of innovators and entrepreneurs. “The quality and ambition demonstrated by these 65 student innovators are deeply encouraging. Reaching this stage marks a…
There is a growing tension in the Federal Executive Council (FEC), following a directive by President Bola Tinubu that all appointees in his administration nursing elective postitions should resign before March 31, in line with the provisions of the Electoral Act. It was also gathered that President Tinubu, unwilling to openly take a stand ahead of the primaries in the states, has fenced off several ministers and top aides who have been lobbying for his “anointing” before resigning to pursue their 2027 political ambitions. In a move that has sent shockwaves through the political atmosphere in Abuja, the President, it…
The European Union (EU) has announced a €288 million support package for Nigeria, targeting key sectors including healthcare, agriculture, finance, migration, climate, and digital public infrastructure. The funding was unveiled by the EU delegation to Nigeria and ECOWAS during an EU–Nigeria ministerial news conference in Abuja, marking a new phase under the EU–Nigeria Partnership framework. Mr. Stefano Signore, Director-General for International Partnerships at the European Commission, said the initiative reflects an acceleration of EU investments in Nigeria under its Global Gateway strategy. According to him, while progress has been made, more is expected through the strategy, particularly in the health…
The success of ongoing reforms by the Central Bank of Nigeria (CBN) may hinge on whether the naira can sustainably strengthen beyond the critical N1,300/$ threshold—a level widely regarded by analysts as a psychological and structural benchmark. The naira is currently navigating a complex environment shaped by improving macroeconomic fundamentals on one hand, and rising external risks—particularly geopolitical tensions in the Middle East—on the other. ALSO READ CBN tightens grip on inflation, targets stability despite global risks Since the start of the year, the Nigerian currency has ranked among the better-performing emerging market currencies, supported by a stronger balance of…